VNET Group, Inc. announced robust unaudited financial results for the fourth quarter and full year ended December 31, 2024. For Q4 2024, total net revenues increased by 18.3% year-over-year to RMB2.25 billion, driven by a 125.4% surge in wholesale IDC revenues to RMB665.2 million. The company reported a net loss attributable to VNET of RMB11.1 million, a significant improvement from a RMB2.44 billion loss in Q4 2023.
For the full year 2024, VNET achieved total net revenues of RMB8.26 billion, an 11.4% increase from 2023, and returned to full-year profitability with a net income attributable to VNET of RMB183.2 million, compared to a RMB2.64 billion net loss in 2023. Adjusted EBITDA for the full year reached RMB2.43 billion, up 19.1% year-over-year, including an RMB87.7 million disposal gain.
Operationally, VNET secured significant new orders in Q4, including 32MW in the Yangtze River Delta, 1.5MW in the Greater Bay Area, a 100MW framework agreement in Ulanqab (with 28MW for Q4 2025 delivery), and a 64MW order through a joint venture with Changzhou Gaoxin Group. The company provided an optimistic outlook for 2025, projecting total net revenues between RMB9.10 billion and RMB9.30 billion (10-13% YoY growth) and adjusted EBITDA between RMB2.70 billion and RMB2.76 billion (11-14% YoY growth).
VNET plans an ambitious CapEx of RMB10 billion to RMB12 billion for 2025, primarily allocated to expand its wholesale IDC business to support a planned delivery of 400 to 450 megawatts. This substantial investment, approximately three times 2024's total deliveries, underscores the company's confidence in capturing rising AI-driven market opportunities and driving sustainable growth. Over 90% of this CapEx is already committed to determined orders and capacity, providing strong visibility into future revenue streams.
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