VNET(US:VNET)2021-11-19 01:49Financial Highlights - VNET Group's net revenue grew by 25.3% year-over-year in 3Q21[12] - Adjusted EBITDA increased by 22.2% year-over-year in 3Q21[12] - The adjusted cash gross margin was 43.2% in 3Q21, a 1.0 percentage point increase year-over-year[53] - The company's revenue guidance for 2021 is RMB 6190 million to RMB 6210 million, representing a 28.5% year-over-year increase[65] - The adjusted EBITDA guidance for 2021 is RMB 1740 million to RMB 1760 million, representing a 32.2% year-over-year increase[65] Capacity and Operations - Net cabinet additions in 3Q21 were 2,388 R[12] - Total capacity reached 65,264 R[12] - Mature cabinets had a utilization rate of 75.5%[12] - Retail MRR (Monthly Recurring Revenue) per cabinet was RMB 9,296[12] - The company has approximately 230 MW of capacity in service and/or under MOU (Memorandum of Understanding)[12, 21, 22] Strategic Positioning - VNET Group has an approximately 11% market share in China's carrier-neutral data center services market[13] - The company employs a dual-core strategy, targeting both wholesale and retail IDC market opportunities[16]