VNET Group, Inc. announced strong unaudited financial results for the second quarter ended June 30, 2025, with total net revenues increasing by 22.1% year-over-year to RMB2.43 billion. This robust growth was primarily driven by the wholesale IDC business, which saw its revenues surge by an impressive 112.5% year-over-year to RMB854.1 million. Adjusted EBITDA for the quarter increased by 27.7% year-over-year to RMB732.5 million, with the adjusted EBITDA margin improving to 30.1%.
Operationally, VNET's wholesale capacity in service expanded by 101MW quarter-over-quarter to 674MW, and utilized wholesale capacity grew by 74MW quarter-over-quarter to 511MW. The company also secured a 20MW wholesale order through its joint venture project in Hebei Province and approximately 4MW in retail orders. These figures demonstrate continued strong demand and efficient delivery capabilities.
In late June, VNET unveiled its 'Hyperscale 2.0 framework,' outlining its vision to grow data center assets under management to 10 gigawatts by 2036, focusing on building greener and more intelligent AI data centers. The company reiterated its full-year 2025 guidance, expecting total net revenues between RMB9.15 billion and RMB9.35 billion, and adjusted EBITDA between RMB2.76 billion and RMB2.82 billion, reflecting confidence in sustained growth. The Board also authorized a US$50 million share repurchase program on June 27, 2025.
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