VNET(US:VNET)2025-03-12 15:31Financial 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]