)
Visual
earnings real time
VNET Group (VNET) investor relations material
VNET Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Achieved strong Q3 2025 growth in both wholesale and retail IDC businesses, with total net revenues reaching RMB2.58 billion, up 21.7% year-over-year, driven by rapid delivery and high AI-driven demand.
Secured significant new wholesale orders totaling 63MW in Q3 and an additional 32MW in Q4, highlighting solid order momentum.
Retail MRR per cabinet increased for six consecutive quarters, reaching RMB8,948, with utilization rate at 64.8%.
Positioned to capitalize on AI-driven demand with a dual-core strategy and Hyperscale 2.0 framework.
Financial highlights
Total net revenues rose 21.7% year-over-year to RMB2.58 billion in Q3 2025.
Wholesale IDC revenues surged 82.7% year-over-year to RMB956 million; retail IDC revenues grew 2.4% to RMB999.1 million.
Adjusted EBITDA increased 27.5% year-over-year to RMB758 million, with margin at 29.4%.
Adjusted cash gross profit rose 22.1% to RMB1.05 billion; adjusted cash gross margin at 40.7%.
Net loss for the quarter was RMB307 million, mainly due to fair value changes and absence of prior year gains.
Outlook and guidance
Full-year 2025 revenue guidance raised to RMB9.55–9.867 billion (16–19% YoY growth); adjusted EBITDA guidance increased to RMB2.91–2.945 billion (20–21% YoY growth; 24–26% YoY growth excluding one-off gains).
CapEx for 2025 expected at RMB10–12 billion, mainly for wholesale IDC expansion and a delivery plan three times greater than 2024.
Guidance reflects impact of recent private REIT transactions.
Confident in sustaining order momentum and growth into 2026, with a focus on AI-driven demand and resource planning over a five-year horizon.
Wholesale IDC utilization rate trend explanation
Drivers of Q3 2025 net loss
Impact of private REIT transactions on guidance
Wholesale IDC IRR trends given faster move-ins?
Retail MRR growth sustainability drivers?
CapEx funding strategy beyond private REITs?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next VNET Group earnings date
Q4 202511 Mar, 2026
Next VNET Group earnings date
Q4 202511 Mar, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
Related articles
)
)
Frequently asked questions
VNET Group Inc, formerly 21Vianet Group Inc, is a carrier-neutral Internet data center services provider in China. The Company provides hosting and related services, managed network services and cloud services for enterprises, government entities and small-to medium-sized businesses. The Company provides its data center services principally through its approximately 20 self-built or self-operated data centers and approximately 15 network operation centers located in major cities across China, including Beijing, Shanghai and Guangzhou.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage