Core 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]

Financial Performance - Total Net Revenues reached RMB 2,434 million, a 22.1% year-over-year increase and an 8.4% quarter-over-quarter increase[8] - Wholesale IDC Revenue was RMB 854 million, showing a significant increase of 112.5% year-over-year and 26.9% quarter-over-quarter[8] - Adjusted EBITDA reached RMB 732 million, representing a 27.7% year-over-year increase and a 7.3% quarter-over-quarter increase[8] - The company's FY2025 revised guidance projects revenues between RMB 9,150 million and RMB 9,350 million, implying an 11%-13% year-over-year growth[66] - The company's FY2025 revised guidance projects Adjusted EBITDA between RMB 2,760 million and RMB 2,820 million, implying an 18%-20% year-over-year growth[66] IDC Business Growth - Wholesale IDC Business capacity in service increased to 674MW, with a quarter-over-quarter increase of 101MW, representing a 17.5% growth[8] - Wholesale IDC Business capacity utilized increased to 511MW, with a quarter-over-quarter increase of 74MW, representing a 17.0% growth[8] - The utilization rate of the company's wholesale IDC business was 75.9% in 2Q25[8] - The company secured a 20MW order from a leading cloud services provider via its JV project[8] - The company plans to grow data center assets under management to 10GW by 2036[12] Capacity and Infrastructure - Wholesale capacity in service is distributed with 55.0% in the Greater Beijing Area and 45.0% in the Yangtze River Delta[18] - Wholesale capacity under construction is distributed with 77.4% in the Greater Beijing Area and 22.6% in the Yangtze River Delta[19] - Wholesale capacity held for future development is heavily concentrated in the Greater Beijing Area, accounting for 98.1%[20]