Business Performance - VNET's wholesale IDC business capacity in service increased by 109MW, a 16.1% QoQ increase, reaching 783MW[8] - Utilized capacity in the wholesale IDC business increased by 70MW, a 13.8% QoQ increase, reaching 582MW, with a utilization rate of 74.3%[8] - Total net revenues reached RMB2,582 million, a 21.7% YoY increase and a 6.1% QoQ increase[8] - Wholesale IDC revenues reached RMB956 million, an 82.7% YoY increase and an 11.9% QoQ increase[8] - Adjusted EBITDA reached RMB758 million, a 27.5% YoY increase and a 3.5% QoQ increase[8] Guidance - Total net revenues guidance raised to RMB9,550 - 9,867 million, reflecting a 16% - 19% YoY increase[8] - Adjusted EBITDA guidance raised to RMB2,910 - 2,945 million, reflecting a 24% - 26% YoY increase[8] - FY2025 capex is expected to be RMB10 billion – 12 billion[58] Customer Orders - Secured three wholesale orders totaling 63MW in 3Q25, including a 20MW order from a leading cloud services provider, a 40MW order from an internet company, and a 3MW order from an intelligent driving company[8] - Secured a 32MW order from an internet company in 4Q25[8] - Secured a combined capacity of around 2MW in multiple retail data centers from customers in various industries in 3Q25[8]

Financial Performance - Total net revenues for 1Q25 reached RMB 2,246 million, an increase of 18.3% year-over-year and 3.5% quarter-over-quarter[8] - Wholesale IDC revenue for 1Q25 reached RMB 673 million, representing a significant increase of 86.5% year-over-year and 14.1% quarter-over-quarter[8] - Adjusted EBITDA for 1Q25 reached RMB 682 million, up 26.4% year-over-year and 18.1% quarter-over-quarter[8] - Adjusted cash gross profit reached RMB 968 million in 1Q25, with an adjusted cash gross margin of 43.1%[39] IDC Business Growth - Wholesale IDC business capacity in service increased to 573MW, with a quarter-over-quarter increase of 88MW, representing an 18.1% growth[8] - Wholesale IDC business capacity utilized increased to 437MW, a quarter-over-quarter increase of 84MW, representing a 23.9% growth[8] - The retail IDC business maintained a stable utilization rate of 63.7% in 1Q25[8] - The company secured a total of 129MW in new orders, including 55MW from a cloud computing customer, 64MW from an Internet customer, and 6MW from an intelligent driving customer for the wholesale IDC business[8, 9] Capacity and Infrastructure - Wholesale capacity in service is primarily located in the Yangtze River Delta (52.1%) and Greater Beijing Area (47.9%)[18] - Wholesale capacity under construction is heavily concentrated in the Greater Beijing Area (89.5%)[19] - The company expects FY2025 capital expenditure to be between RMB 10 billion and RMB 12 billion to support delivery plans[59, 62] Future Outlook - The company anticipates revenues between RMB 9,100 million and RMB 9,300 million for FY2025, implying a year-over-year growth of 10% to 13%[62] - Adjusted EBITDA is projected to be between RMB 2,700 million and RMB 2,760 million for FY2025, indicating a year-over-year growth of 15% to 18%[62] - The company plans to deliver between 400MW and 450MW in FY2025, a significant increase compared to the 153MW delivered in FY2024[62]

Financial Performance - Total net revenues for 4Q24 reached RMB 2,246 million, and RMB 8,259 million for FY2024[7] - Wholesale IDC revenue for 4Q24 reached RMB 665 million, a 125.4% year-over-year increase, and RMB 1,951 million for FY2024, a 90.4% year-over-year increase[7] - Adjusted EBITDA for 4Q24 reached RMB 721 million, a 63.8% year-over-year increase, and RMB 2,430 million for FY2024, a 19.1% year-over-year increase[7] - Adjusted EBITDA margin reached 32.1% in 4Q24 and 29.4% for FY2024[13, 17] IDC Business Growth - Wholesale IDC capacity in service increased to 486 MW, with capacity utilized increasing to 353 MW in 4Q24[7] - Self-built retail cabinets increased by 189R quarter-over-quarter[7] - The company plans to deliver 400-450 MW of capacity over the next 12 months, a 161%-194% year-over-year increase[7] - 406MW of data center capacity is under construction, with a pre-commitment rate of 82.9%[35] Future Guidance - The company projects FY2025 revenues to be between RMB 9,100 million and RMB 9,300 million, implying a 10%-13% year-over-year increase[21] - Adjusted EBITDA for FY2025 is guided to be between RMB 2,700 million and RMB 2,760 million, a 15%-18% year-over-year increase[21] - FY2025 capital expenditure is expected to be between RMB 10,000 million and RMB 12,000 million, a 101%-141% year-over-year increase[21]