VNET(US:VNET) Zheng Quan Shi Bao Wang·2025-11-24 12:05Core Insights - Century Internet (VNET.US), the first Chinese IDC company listed on the US stock market, reported a 21.7% year-on-year revenue growth for Q3 2025, reaching 2.58 billion RMB [2] - The company’s adjusted EBITDA increased by 27.5% year-on-year to 758 million RMB, with an adjusted EBITDA margin rising from 28% to 29.4% [2] - The company’s founder and chairman, Chen Sheng, highlighted strong demand for base IDC services, with three new orders totaling 63 MW in capacity [2][4] Financial Performance - Q3 total revenue reached 2.58 billion RMB, a 21.7% increase year-on-year [2] - Adjusted EBITDA for Q3 was 758 million RMB, reflecting a 27.5% year-on-year growth [2] - Adjusted cash gross profit grew by 22.1% year-on-year to 1.05 billion RMB, with an adjusted cash gross margin of 40.7% [2] Business Growth and Orders - The company secured three base IDC orders in Q3, totaling 63 MW, including a 20 MW order from a joint venture and a 40 MW order from an internet company [4] - In Q4, the company won an additional 32 MW base order from another internet client, indicating continued strong demand [3][4] - The operational capacity for base IDC reached 783 MW as of September 30, 2025, with a quarterly increase of 109 MW [4] Market Outlook - Century Internet raised its full-year revenue guidance to between 9.55 billion and 9.867 billion RMB, representing a year-on-year growth of 16% to 19% [3] - The adjusted EBITDA guidance for the year is set between 2.91 billion and 2.9445 billion RMB, indicating a growth of 24% to 26% [3] - The company aims to leverage its unique advantages in the AI-driven market and continue its dual-engine strategy to enhance growth potential [3] Industry Developments - The rapid development and application of artificial intelligence are creating new growth opportunities for the Chinese IDC industry [4] - Century Internet signed a strategic cooperation agreement with the Guangxi Zhuang Autonomous Region government to establish an AI innovation cooperation center [5] - The company successfully issued the first green real estate ABS in the national data center industry, amounting to 860 million RMB, marking a breakthrough in green finance [5]