VNET(US:VNET)2020-05-15 18:32Financial Performance & Growth - 1Q20 net revenues increased by 25.1% year-over-year to CNY 1,090.797 million[65] - 1Q20 adjusted EBITDA increased by 2.3% year-over-year to CNY 259.389 million[65] - The company projects 2020 revenue to be between CNY 4,600 million and CNY 4,800 million, representing a 24% year-over-year increase[88] - The company projects 2020 adjusted EBITDA to be between CNY 1,250 million and CNY 1,350 million, representing a 24% year-over-year increase[88] IDC Capacity & Expansion - Total IDC capacity reached 39,646 R as of 1Q20[14] - The company is targeting 15,000 cabinet expansion in FY2020 and another 15,000 in FY2021[26] - Self-built cabinets accounted for 89% of the total capacity as of 1Q20[47] - Beijing accounted for approximately 50% of the company's self-built cabinets, with approximately 17,800 cabinets[34] Market Position & Strategy - The company is a leading carrier-neutral IDC service provider in China[16,47] - The company employs a dual-core strategy, addressing both wholesale and scale retail IDC market opportunities[16] - Over 90% of net revenues were recurring revenues since IPO[54] Shareholding Structure - Tuspark Innovation Venture Ltd holds 21.0% of share and 50.7% of voting power[92]