UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of April 2023 Commission File Number: 001-35126 VNET Group, Inc. Guanjie Building, Southeast 1st Floor 10# Jiuxianqiao East Road Chaoyang District Beijing 100016 The People's Republic of China (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual rep ...

Financial Liabilities and Borrowings - Long-term borrowings (current portions) had an outstanding balance of RMB484.0 million (US$70.2 million), and long-term borrowings (excluding current portions) had an outstanding balance of RMB3,049.9 million (US$442.2 million) as of December 31, 2022[471] - The long-term borrowings bore a weighted-average interest rate of 5.11% per annum, and a hypothetical 1% decrease in interest rates would have resulted in a decrease of approximately RMB40.8 million (US$5.9 million) in interest expense for the year ended December 31, 2022[471] - Long-term borrowings increased from RMB2,215,015 in 2021 to RMB3,049,856 in 2022, up by 37.7%[520] - Convertible promissory notes rose from RMB4,266,951 in 2021 to RMB5,859,259 in 2022, a growth of 37.3%[520] - US$300 million 7.875% Senior Notes due 2021 issued on April 15, 2019[495] - US$600 million 0.00% Convertible Senior Notes due 2026 issued on January 26, 2021[495] Foreign Exchange and Currency Impact - The Renminbi depreciated by 2.3% against the U.S. dollar in 2021 and then appreciated 9.2% in 2022[472] - A hypothetical 10% increase in the exchange rate of the U.S. dollar against the RMB would have resulted in an increase of RMB70.0 million (US$10.1 million) in the value of the company's U.S. dollar-denominated financial assets at December 31, 2022[472] - The RMB depreciated by 9.2% against the USD in the year ended December 31, 2022[635] Cash and Cash Equivalents - As of December 31, 2022, the company had total U.S. dollar-denominated cash and cash equivalents, restricted cash, and short-term investments amounting to US$101.5 million[472] - Cash and cash equivalents rose to RMB 2,661,321 thousand (US$ 385,855 thousand) in 2022 from RMB 1,372,481 thousand in 2021[516] - Restricted cash decreased to RMB 327,673 thousand (US$ 47,508 thousand) in 2022 from RMB 327,767 thousand in 2021[516] - Cash and cash equivalents and restricted cash at the end of 2022 stood at RMB 2,989,494 thousand (US$ 433,435 thousand), up from RMB 1,708,473 thousand in 2021[530] - As of December 31, 2022, the company held RMB2,677,823 (US$388,248) in cash and cash equivalents and restricted cash at major financial institutions in the PRC, and US$45,187 (RMB311,671) outside the PRC[629] Financial Performance and Metrics - Net revenues from hosting and related services increased to RMB 7,065,232 thousand (USD 1,024,362 thousand) in 2022, up 14.1% from RMB 6,189,801 thousand in 2021[524] - Gross profit for 2022 was RMB 1,358,256 thousand (USD 196,928 thousand), a decrease of 5.5% compared to RMB 1,438,030 thousand in 2021[524] - Operating income for 2022 was RMB 60,013 thousand (USD 8,701 thousand), compared to no operating income in 2021[524] - Net loss attributable to VNET Group, Inc. was RMB 775,952 thousand (USD 112,504 thousand) in 2022, compared to a net income of RMB 500,098 thousand in 2021[524] - Basic loss per share was RMB 0.87 (USD 0.13) in 2022, compared to earnings per share of RMB 0.57 in 2021[524] - Comprehensive loss attributable to VNET Group, Inc. was RMB 674,487 thousand (USD 97,793 thousand) in 2022, compared to a comprehensive income of RMB 465,190 thousand in 2021[526] - The company reported a net loss of RMB 66,764 thousand in 2022, compared to a net profit of RMB 92,594 thousand in 2021[568] Assets and Liabilities - Total assets increased to RMB 26,948,405 thousand (US$ 3,907,153 thousand) as of December 31, 2022, compared to RMB 23,095,039 thousand in 2021[516] - Accounts and notes receivable increased to RMB 1,763,693 thousand (US$ 255,711 thousand) in 2022, up from RMB 1,405,997 thousand in 2021[516] - Property and equipment, net, grew to RMB 11,964,498 thousand (US$ 1,734,689 thousand) in 2022 from RMB 10,092,419 thousand in 2021[516] - Intangible assets, net, increased to RMB 1,497,131 thousand (US$ 217,064 thousand) in 2022 from RMB 900,335 thousand in 2021[516] - Goodwill remained stable at RMB 1,364,191 thousand (US$ 197,789 thousand) in 2022, slightly up from RMB 1,339,657 thousand in 2021[516] - Operating lease right-of-use assets, net, rose to RMB 3,503,925 thousand (US$ 508,021 thousand) in 2022 from RMB 2,869,338 thousand in 2021[516] - Long-term investments, net, increased to RMB 242,194 thousand (US$ 35,115 thousand) in 2022 from RMB 98,243 thousand in 2021[516] - Deferred tax assets, net, grew to RMB 196,098 thousand (US$ 28,432 thousand) in 2022 from RMB 168,002 thousand in 2021[516] - Current liabilities increased from RMB5,179,995 in 2021 to RMB6,332,085 in 2022, a growth of 22.2%[518] - Non-current liabilities rose from RMB10,314,043 in 2021 to RMB13,634,464 in 2022, an increase of 32.2%[520] - Total liabilities grew from RMB15,494,038 in 2021 to RMB19,966,549 in 2022, up by 28.9%[520] - Shareholders' equity decreased from RMB7,601,001 in 2021 to RMB6,981,856 in 2022, a decline of 8.1%[522] - Accumulated deficit widened from RMB7,590,382 in 2021 to RMB8,369,868 in 2022, an increase of 10.3%[522] - Total liabilities and shareholders' equity increased from RMB23,095,039 in 2021 to RMB26,948,405 in 2022, up by 16.7%[522] Cash Flow and Financing Activities - Net cash generated from operating activities increased by 75.8% to RMB 2,440,214 thousand (USD 353,797 thousand) in 2022 from RMB 1,387,922 thousand in 2021[528] - Depreciation and amortization expenses rose to RMB 1,595,942 thousand (USD 231,390 thousand) in 2022, up 25.9% from RMB 1,267,578 thousand in 2021[528] - Foreign exchange loss, net was RMB 523,235 thousand (USD 75,862 thousand) in 2022, compared to a gain of RMB 110,036 thousand in 2021[528] - Net cash used in investing activities decreased from RMB 3,889,174 thousand in 2020 to RMB 3,559,252 thousand in 2022, reflecting a reduction in investment outflows[530] - Proceeds from issuance of 2027 Convertible Notes, net of issuance cost, amounted to RMB 1,592,627 thousand (US$ 230,910 thousand) in 2022[530] - Net cash generated from financing activities increased significantly from RMB 967,577 thousand in 2021 to RMB 2,298,080 thousand (US$ 333,191 thousand) in 2022[530] - Income taxes paid increased from RMB 82,995 thousand in 2021 to RMB 159,784 thousand (US$ 23,167 thousand) in 2022[532] - Right-of-use assets obtained in exchange for new operating lease liabilities totaled RMB 944,148 thousand (US$ 136,889 thousand) in 2022[532] Acquisitions and Investments - The company acquired 100% equity interest in Dermot Entities on August 10, 2014[548] - The company acquired 100% equity interest in SH Shuzhong on June 30, 2020[548] - The company acquired 100% equity interest in Shulifang on July 21, 2020[548] - The company acquired 100% equity interest in LF Huahai on September 11, 2020[548] - The company acquired 100% equity interest in BJ JHC and BJ ST on November 17, 2020[548] - The company acquired 100% equity interest in BJ TenxCloud on July 15, 2021[548] - The company acquired 100% equity interest in Zhongke Zijing and Gu'an Junhui on August 16, 2021[548] - On August 5, 2022, the company acquired 100% equity interests in KS Kunhui for RMB50,000, resulting in goodwill of RMB24,534 (US$3,557)[639][640] - On August 1, 2022, the company acquired 100% equity interests in BJ JiangHeCloud for a total cash consideration of RMB847,438, with RMB57,500 being refundable[643][644] - BJ TenxCloud acquisition total consideration was RMB414,743, consisting of RMB199,790 in cash and RMB214,953 in share-settled liabilities as of July 15, 2021[645] - BJ TenxCloud's revenue and net profit since acquisition were RMB91,038 and RMB9,351, respectively, for the year ended December 31, 2021[649] - Goodwill from BJ TenxCloud acquisition was RMB344,664, primarily due to expected synergies[649] - Zhongke Zijing acquisition total cash consideration was RMB151,884, aimed at establishing a data center[649] - SH Hesheng acquisition total cash consideration was RMB137,557[654] Internal Control and Auditing - The company's management concluded that its internal control over financial reporting was effective as of December 31, 2022, based on the criteria established within the Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission[483] - The independent registered public accounting firm, KPMG Huazhen LLP, issued an attestation report confirming the company's effective internal control over financial reporting as of December 31, 2022[486] - Audit fees increased from $1.215 million in 2021 to $2.275 million in 2022, representing an 87.2% increase[489] - Audit-related fees were $600,000 in 2021 but were not reported for 2022[489] - Other fees increased significantly from $27,000 in 2021 to $240,000 in 2022, a 788.9% increase[489] - The company changed its independent registered public accounting firm from Ernst & Young Hua Ming LLP to KPMG Huazhen LLP on September 7, 2022[491] Regulatory and Compliance - The company was identified as a Commission-Identified Issuer under the HFCA Act on May 26, 2022, but expects to be removed from the list after filing the annual report[492] - The company adopted ASU 2021-10 from January 1, 2022, which requires disclosure of government assistance, with no material impact on its consolidated financial statements[626] Subsidiaries and Corporate Structure - The company changed its name from 21Vianet Group, Inc. to VNET Group, Inc. on October 8, 2021 to promote brand awareness[541] - VNET Group Limited (VNET HK) is a wholly-owned subsidiary established on May 25, 2007, in Hong Kong, primarily engaged in investment holding[542] - VNET Data Center Co., Ltd. (VNET China) was incorporated on June 12, 2000, in the PRC, providing technical and consultation services and rental of long-lived assets[542] - VNET (Foshan) Technology Co., Ltd. (FS Technology) was established on December 20, 2011, in the PRC, focusing on trading network equipment and providing technical and internet data center services[542] - VNET Anhui Suzhou Technology Co., Ltd. (SZ Technology) was incorporated on November 16, 2011, in the PRC, offering technical and internet data center services and trading network equipment[542] - VNET Hangzhou Information Technology Co., Ltd. (HZ Technology) was established on March 4, 2013, in the PRC, providing internet data center services[542] - iJoy Holding Limited (iJoy BVI) was incorporated on April 30, 2013, in the British Virgin Islands, primarily engaged in investment holding[542] - VNET Mobile Limited (VNET Mobile) was established on April 30, 2013, in Hong Kong, focusing on investment holding and provision of telecommunication services[542] - WiFire Group Inc. (WiFire Group) was incorporated on March 7, 2014, in the British Virgin Islands, primarily engaged in investment holding[542] - Joytone Infotech Co., Ltd. (SZ Zhuoaiyi) was established on April 30, 2013, in the PRC, providing technical and consultation services[542] - VNET Ventures Limited (Ventures) was incorporated on March 6, 2014, in Hong Kong, primarily engaged in investment holding[542] - SH Blue Cloud was incorporated on March 21, 2013, providing Office 365 and Windows Azure platform services[548] - SH Edge Network was established on January 7, 2021, offering internet data center services[548] - SZ DYX, held 20% by the company, provides virtual private network services and was incorporated on August 10, 2014[548] Revenue Recognition and Deferred Revenue - The company provides hosting services, VPN services, and public cloud services through a strategic partnership with Microsoft[603] - Revenue is recognized when the company satisfies a performance obligation and the customer obtains control of the promised goods or services[603] - The company's deferred revenue amounted to RMB55,695 and RMB95,078 (US$13,785) as of December 31, 2021 and 2022, respectively[607] - Revenue recognized from opening deferred revenue balance was RMB39,374 (US$5,709) for the year ended December 31, 2022[607] Interest and Financing Costs - Total interest costs for the years ended December 31, 2020, 2021, and 2022 were RMB412,285, RMB388,370, and RMB334,766 (US$48,537), respectively[612] - Interest expense and amortization cost of 2025, 2026, and 2027 Convertible Notes were RMB18,880, RMB25,919, and RMB58,350 (US$8,460) for the years ended December 31, 2020, 2021, and 2022, respectively[612] - Interest expense on bank and other borrowings were RMB39,424, RMB103,925, and RMB172,328 (US$24,986) for the years ended December 31, 2020, 2021, and 2022, respectively[612] - Interest expense on finance leases were RMB130,196, RMB124,567, and RMB104,088 (US$15,091) for the years ended December 31, 2020, 2021, and 2022, respectively[612] - Total interest costs capitalized during the period were RMB31,676, RMB53,420, and RMB61,461 (US$8,911) for the years ended December 31, 2020, 2021, and 2022, respectively[612] Shareholder Equity and Compensation - Total shareholders' equity as of December 31, 2020, was RMB 6,897,480 thousand, with noncontrolling interest contributing RMB 332,546 thousand[534] - Share-based compensation in 2020 amounted to RMB 139,641 thousand, contributing to the increase in additional paid-in capital[534] - Total shareholders' equity as of December 31, 2021 was RMB 7,601,001 thousand, with noncontrolling interest contributing RMB 358,772 thousand[536] - Consolidated net income for 2021 was RMB 500,098 thousand, with a contribution of RMB 15,003 thousand from noncontrolling interest[536] - Total shareholders' equity as of December 31, 2022 decreased to RMB 6,981,856 thousand, with noncontrolling interest at RMB 372,243 thousand[538] - Consolidated net loss for 2022 was RMB 775,952 thousand, partially offset by a foreign exchange difference gain of RMB 101,465 thousand[538] - Share-based compensation in 2022 amounted to RMB 41,871 thousand[538] - Accumulated deficit increased from RMB 7,590,382 thousand in 2021 to RMB 8,369,868 thousand in 2022[538] - Additional paid-in capital grew from RMB 15,198,055 thousand in 2021 to RMB 15,239,926 thousand in 2022[538] - Statutory reserves increased from RMB 74,462 thousand in 2021 to RMB 77,996 thousand in 2022[538] - Total shareholders' equity in USD terms as of December 31, 2022 was USD 1,012,275 thousand[538] Depreciation and Amortization - Property and equipment are depreciated using the straight-line method over estimated useful lives, with motor vehicles depreciated over 2-8 years[585] - The company capitalized internal-use software development costs amounting to RMB8

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