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VNET Reports Unaudited Fourth Quarter and Full Year 2024 Financial Results
VNETVNET(VNET) Prnewswire·2025-03-12 09:45

Core Viewpoint - VNET Group, Inc. reported strong financial results for Q4 and full year 2024, driven by significant growth in its wholesale IDC business, which is benefiting from increased demand for AI-driven services in China [2][8][27]. Financial Highlights - Total net revenues for Q4 2024 were RMB2.25 billion (US307.8million),anincreaseof18.3307.8 million), an increase of 18.3% from RMB1.90 billion in Q4 2023 [8][13]. - Net revenues from the IDC business rose by 28.3% to RMB1.63 billion (US223.3 million) compared to RMB1.27 billion in the same period of 2023 [14]. - Wholesale IDC revenues surged by 125.4% to RMB665.2 million (US91.1million)fromRMB295.1millioninQ42023[8][28].−RetailIDCrevenuesslightlydecreasedby1.191.1 million) from RMB295.1 million in Q4 2023 [8][28]. - Retail IDC revenues slightly decreased by 1.1% to RMB964.8 million (US132.2 million) from RMB975.2 million in Q4 2023 [8][28]. - Adjusted EBITDA for Q4 2024 was RMB721.3 million (US98.8million),reflectingayear−over−yearincreaseof63.898.8 million), reflecting a year-over-year increase of 63.8% [21]. Operational Highlights - The company secured multiple significant orders in Q4 2024, including a 32MW order from an internet customer in the Yangtze River Delta and a 100MW framework agreement in Ulanqab [2]. - Capacity in service increased to 486MW as of December 31, 2024, up from 332MW a year earlier [8]. - The utilization rate of wholesale capacity was 72.6% as of December 31, 2024, compared to 65.8% a year prior [8]. Full Year Financial Results - Total net revenues for the full year 2024 reached RMB8.26 billion (US1.13 billion), an increase of 11.4% from RMB7.41 billion in 2023 [27]. - Net income attributable to VNET Group, Inc. for 2024 was RMB248.4 million (US34.0million),asignificantrecoveryfromanetlossofRMB2.60billionin2023[35].−AdjustedcashgrossprofitforthefullyearwasRMB3.34billion(US34.0 million), a significant recovery from a net loss of RMB2.60 billion in 2023 [35]. - Adjusted cash gross profit for the full year was RMB3.34 billion (US457.2 million), up 12.1% from RMB2.98 billion in 2023 [31]. Business Outlook - The company anticipates total net revenues for 2025 to be between RMB9,100 million to RMB9,300 million, representing year-over-year growth of 10% to 13% [38]. - Adjusted EBITDA for 2025 is expected to range from RMB2,700 million to RMB2,760 million, indicating a growth of 11% to 14% year-over-year [38].