VNET(US:VNET) Prnewswire·2025-11-20 08:30Core Insights - VNET Group, Inc. reported strong financial results for Q3 2025, with total net revenues increasing by 21.7% year-over-year to RMB2.58 billion (US$362.7 million) [6][11][25] - The company's wholesale IDC business experienced significant growth, with revenues rising by 82.7% year-over-year, driven by rapid delivery capabilities and strong customer demand [2][17] - Adjusted EBITDA increased by 27.5% year-over-year to RMB758.3 million (US$106.5 million), with an adjusted EBITDA margin of 29.4% [20][25] Financial Highlights - Total net revenues rose to RMB2.58 billion (US$362.7 million), up from RMB2.12 billion in Q3 2024 [6][11] - IDC business revenues increased by 30.4% to RMB1.95 billion (US$274.6 million) [12] - Wholesale revenues surged by 82.7% to RMB955.5 million (US$134.2 million) [17] - Retail revenues saw a slight increase of 2.4% to RMB999.1 million (US$140.3 million) [17] - Adjusted cash gross profit grew by 22.1% to RMB1.05 billion (US$147.6 million), with a gross margin of 40.7% [14] Operational Highlights - Capacity in service reached 783MW as of September 30, 2025, up from 674MW as of June 30, 2025 [6] - Customer capacity utilization increased to 582MW, compared to 511MW in the previous quarter [6] - The utilization rate of wholesale capacity was 74.3%, a slight decrease from 75.9% in the previous quarter [6] Business Outlook - The company raised its full-year 2025 guidance for total net revenues to between RMB9,550 million and RMB9,867 million, representing year-over-year growth of 16% to 19% [25] - Adjusted EBITDA guidance for 2025 is now expected to be in the range of RMB2,910 million to RMB2,945 million, indicating year-over-year growth of 20% to 21% [25]