VNET Reports Unaudited Third Quarter 2025 Financial Results

BEIJING, Nov. 20, 2025 /PRNewswire/ -- VNET Group, Inc. (Nasdaq: VNET) ("VNET" or the "Company"), a leading carrier- and cloud-neutral internet data center services provider in China, today announced its unaudited financial results for the third quarter ended September 30, 2025.

"We delivered another strong quarter, demonstrating our strategy's effectiveness in capturing opportunities," said Josh Sheng Chen, Founder, Executive Chairperson and interim Chief Executive Officer of VNET. "Our wholesale IDC business sustained its robust growth trajectory in the third quarter, driven by our rapid delivery capabilities and customers' fast move-in pace. Order momentum remained solid, underscored by three new wholesale orders totaling 63MW and a combined capacity of approximately 2MW in retail orders from customers in various industries. This upward trend accelerated as we entered the fourth quarter, bolstered by a 32MW wholesale order from another customer in the internet sector. As a pioneer in AIDC development, we are uniquely positioned to capitalize on the accelerating AI-driven demand. We will continue to execute our effective dual-core strategy and advance our Hyperscale 2.0 framework, seizing opportunities to further unleash our growth potential in the AI era."

Qiyu Wang, Chief Financial Officer of VNET, commented, "This quarter's robust growth and enhanced profitability are yet another testament to our high-quality growth strategy. Our total net revenues rose 21.7% year over year to RMB2.58 billion, driven by significant wholesale revenue growth of 82.7% year over year. Adjusted EBITDA also increased by 27.5% year over year to RMB758.3 million, with an adjusted EBITDA margin of 29.4%, up 1.3 percentage points year over year. Building on the raised guidance we announced in June, we are pleased to further increase our full-year revenue and adjusted EBITDA guidance this quarter, thanks to fast move-ins among wholesale IDC customers and our ongoing operational efficiency gains. Looking ahead, we will continue to consolidate our core strengths and capture growth opportunities, delivering sustainable, long-term value for all stakeholders."

Third Quarter 2025 Financial Highlights

Third Quarter 2025 Operational Highlights

Wholesale IDC Business

Retail IDC Business [10]

[1] IDC business refers to managed hosting services, consisting of the wholesale IDC business and the retail IDC business. Beginning in the first quarter of 2024, our IDC business was subdivided into wholesale IDC business and retail IDC business according to the nature and scale of our data center projects. Prior to 2024, the subdivision was based on customer contract types.

[2] Non-IDC business consists of cloud services and VPN services.

[3] Utilization rate is calculated by dividing capacity utilized by customers by the capacity in service.

[4] Mature wholesale capacity refers to wholesale data centers in which utilization rate is at or above 80%.

[5] Ramp-up wholesale capacity refers to wholesale data centers in which utilization rate is below 80%.

[6] Total capacity committed is the capacity committed to customers pursuant to customer agreements remaining in effect.

[7] Commitment rate is calculated by total capacity committed divided by total capacity in service.

[8] Total capacity pre-committed is the capacity under construction which is pre-committed to customers pursuant to customer agreements remaining in effect.

[9] Pre-commitment rate is calculated by total capacity pre-committed divided by total capacity under construction.

[10] For retail IDC business, since the first quarter of 2024, we have excluded a certain number of reserved cabinets from the capacity in service. Reserved cabinets refer to those that have not been utilized on a large scale, those that are planned to be closed, or those that are planned to be further upgraded. As of September 30, 2024, June 30, 2025, and September 30, 2025, 4,150, 3,791 and 3,791 reserved cabinets, respectively, were excluded from the calculation of utilization rate of retail IDC business capacity.

[11] Mature retail capacity refers to retail data centers that came into service prior to the past 24 months.

[12] Ramp-up retail capacity refers to retail data centers that came into service within the past 24 months, or mature retail data centers that have undergone improvements within the past 24 months.

Third Quarter 2025 Financial Results

TOTAL NET REVENUES: Total net revenues in the third quarter of 2025 were RMB2.58 billion (US$362.7 million), representing an increase of 21.7% from RMB2.12 billion in the same period of 2024. The year-over-year increase was mainly driven by the continued growth of our wholesale IDC business.

Net revenues from IDC business increased by 30.4% to RMB1.95 billion (US$274.6 million) from RMB1.50 billion in the same period of 2024. The year-over-year increase was mainly driven by an increase in wholesale revenues.

Net revenues from non-IDC business increased slightly by 0.8% to RMB627.1 million (US$88.1 million) from RMB622.3 million in the same period of 2024.

GROSS PROFIT: Gross profit in the third quarter of 2025 was RMB539.0 million (US$75.7 million), representing an increase of 9.6% from RMB491.7 million in the same period of 2024. Gross margin in the third quarter of 2025 was 20.9%, compared with 23.2% in the same period of 2024.

ADJUSTED CASH GROSS PROFIT (non-GAAP), which excludes depreciation, amortization, and share-based compensation expenses, was RMB1.05 billion (US$147.6 million) in the third quarter of 2025, compared with RMB860.7 million in the same period of 2024. Adjusted cash gross margin (non-GAAP) in the third quarter of 2025 was 40.7%, compared with 40.6% in the same period of 2024.

OPERATING EXPENSES: Total operating expenses in the third quarter of 2025 were RMB333.3 million (US$46.8 million), compared with RMB300.3 million in the same period of 2024.

Sales and marketing expenses were RMB71.3 million (US$10.0 million) in the third quarter of 2025, compared with RMB60.7 million in the same period of 2024.

Research and development expenses were RMB71.3 million (US$10.0 million) in the third quarter of 2025, compared with RMB53.1 million in the same period of 2024.

General and administrative expenses were RMB185.8 million (US$26.1 million) in the third quarter of 2025, compared with RMB132.5 million in the same period of 2024.

ADJUSTED OPERATING EXPENSES (non-GAAP), which exclude share-based compensation expenses, were RMB331.4 million (US$46.5 million) in the third quarter of 2025, compared with RMB293.6 million in the same period of 2024. As a percentage of total net revenues, adjusted operating expenses (non-GAAP) in the third quarter of 2025 were 12.8%, compared with 13.8% in the same period of 2024.

ADJUSTED EBITDA (non-GAAP): Adjusted EBITDA in the third quarter of 2025 was RMB758.3 million (US$106.5 million), representing an increase of 27.5% from RMB594.8 million in the same period of 2024. Adjusted EBITDA margin (non-GAAP) in the third quarter of 2025 was 29.4%, compared with 28.0% in the same period of 2024.

NET LOSS ATTRIBUTABLE TO VNET GROUP, INC.: Net loss attributable to VNET Group, Inc. in the third quarter of 2025 was RMB307.0 million (US$43.1 million), compared with a net income attributable to VNET Group, Inc. of RMB317.6 million in the same period of 2024. The year-on-year change is mainly attributable to RMB337.2 million in fair value changes of financial instruments in the third quarter of 2025, and a RMB246.2 million gain on debt extinguishment in the same period of 2024.

LOSS PER SHARE: Basic and diluted loss per share in the third quarter of 2025 were both RMB0.19 (US$0.03), which represents the equivalent of RMB1.14 (US$0.16) per American depositary share ("ADS"), respectively. Each ADS represents six Class A ordinary shares.

LIQUIDITY: As of September 30, 2025, the aggregate amount of the Company's cash and cash equivalents, restricted cash and short-term investments was RMB5.33 billion (US$748.3 million).

Total short-term debt, consisting of short-term bank borrowings and the current portion of long-term borrowings, was RMB3.00 billion (US$422.1 million). Total long-term debt was RMB16.48 billion (US$2.31 billion), comprised of long-term borrowings of RMB10.99 billion (US$1.54 billion) and convertible notes of RMB5.49 billion (US$771.2 million).

Net cash generated from operating activities in the third quarter of 2025 was RMB809.8 million (US$113.8 million), compared with RMB760.4 million in the same period of 2024. During the third quarter of 2025, the Company obtained new debt financing, refinancing facilities and other financings of RMB2.41 billion (US$338.4 million).

Business Outlook

The Company increased its full year 2025 guidance for total net revenues and adjusted EBITDA. Specifically, the Company now expects total net revenues for 2025 to be between RMB9,550 million to RMB9,867 million, representing year-over-year growth of 16% to 19%, and adjusted EBITDA (non-GAAP) to be in the range of RMB2,910 million to RMB2,945 million, representing year-over-year growth of 20% to 21%. If the RMB87.7 million disposal gain of E-JS02 data center were excluded from the adjusted EBITDA calculation for 2024, year-over-year growth would be 24% to 26%. Please note our updated guidance factors in the impact of the private REIT transactions issued early this November.

The forecast reflects the Company's current and preliminary views on the market and its operational conditions and is subject to change.

Conference Call

The Company's management will host an earnings conference call at 7:00 AM U.S. Eastern Time on Thursday, November 20, 2025, or 8:00 PM Beijing Time on Thursday, November 20, 2025.

For participants who wish to join the call, please access the links provided below to complete the online registration process.

English line:

https://s1.c-conf.com/diamondpass/10051108-p4c7lo.html

Chinese line (listen-only mode):

https://s1.c-conf.com/diamondpass/10051109-lspout.html

Participants can choose between the English and Chinese options for pre-registration above. Please note that the Chinese option will be in listen-only mode. Upon registration, each participant will receive an email containing details for the conference call, including dial-in numbers, a conference call passcode and a unique access PIN, which will be used to join the conference call.

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.vnet.com.

A replay of the conference call will be accessible through November 27, 2025, by dialing the following numbers:

US/Canada:

1 855 883 1031

Mainland China:

400 1209 216

Hong Kong, China:

800 930 639

International:

+61 7 3107 6325

Reply PIN (English line):

10051108

Reply PIN (Chinese line):

10051109

Non-GAAP Disclosure

In evaluating its business, VNET considers and uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission as a supplemental measure to review and assess its operating performance: adjusted cash gross profit, adjusted cash gross margin, adjusted operating expenses, adjusted EBITDA and adjusted EBITDA margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP results" set forth at the end of this press release.

The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the Company's current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for, or superior to, U.S. GAAP results. In addition, the Company's calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.1190 to US$1.00, the noon buying rate in effect on September 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

Statement Regarding Unaudited Condensed Financial Information

The unaudited financial information set forth above is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited condensed financial information.

About VNET

VNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China. VNET provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security, and speed of its customers' internet infrastructure. Customers may locate their servers and equipment in VNET's data centers and connect to China's internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 7,000 hosting and related enterprise customers that span numerous industries ranging from internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.

Safe Harbor Statement

This announcement contains forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "target," "believes," "estimates" and similar statements. Among other things, quotations from management in this announcement as well as VNET's strategic and operational plans contain forward-looking statements. VNET may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about VNET's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: VNET's goals and strategies; VNET's liquidity conditions; VNET's expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, VNET's services; VNET's expectations regarding keeping and strengthening its relationships with customers; VNET's plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where VNET provides solutions and services. Further information regarding these and other risks is included in VNET's reports filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and VNET undertakes no duty to update such information, except as required under applicable law.

Investor Relations Contact:

Xinyuan Liu

Tel: +86 10 8456 2121

Email: ir@vnet.com

VNET GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(Amount in thousands of Renminbi ("RMB") and US dollars ("US$"))

As of

December 31, 2024

September 30, 2025

RMB

US$

Assets

Current assets:

Cash and cash equivalents

1,492,436

3,503,014

492,065

Restricted cash

545,795

536,746

75,396

Short-term Investments

1,245,995

175,024

Accounts and notes receivable, net

1,655,984

2,197,982

308,749

Amounts due from related parties

336,360

376,791

52,928

Prepaid expenses and other current assets

2,789,573

3,102,152

435,758

Total current assets

6,820,148

10,962,680

1,539,920

Non-current assets:

Restricted cash

42,842

41,475

5,826

Derivative financial instrument

6,768

16,418

2,306

Long-term investments, net

794,688

791,352

111,161

Property and equipment, net

17,216,635

22,263,071

3,127,275

Intangible assets,net

1,403,787

1,934,143

271,687

Land use rights, net

766,213

910,107

127,842

Operating lease right-of-use assets, net

4,618,212

5,014,020

704,315

Deferred tax assets, net

306,623

382,588

53,742

Other non-current assets

381,126

1,038,957

145,941

Total non-current assets

25,536,894

32,392,131

4,550,095

Total assets

32,357,042

43,354,811

6,090,015

Liabilities and Shareholders' Equity

Current liabilities:

Short-term bank borrowings

589,000

1,039,997

146,088

Current portion of long-term borrowings

1,420,190

1,964,645

275,972

Current portion of finance lease liabilities

208,299

326,384

45,847

Current portion of operating lease liabilities

899,818

970,109

136,270

Accounts and notes payable

709,260

750,806

105,465

Amounts due to related parties

355,679

614,469

86,314

Income taxes payable

69,569

45,103

6,336

Advances from customers

1,378,806

1,678,642

235,797

Deferred revenue

87,830

91,324

12,828

Current portion of deferred government

grants

6,727

55,246

7,760

Accrued expenses and other payables

3,618,237

4,635,493

651,144

Total current liabilities

9,343,415

12,172,218

1,709,821

Non-current liabilities:

Long-term borrowings

7,767,390

10,986,557

1,543,273

Convertible notes

1,897,738

5,489,924

771,165

Non-current portion of finance lease

liabilities

1,532,309

1,761,178

247,391

Non-current portion of operating lease

liabilities

3,779,293

4,122,983

579,152

Unrecognized tax benefits

107,850

15,150

Deferred tax liabilities

734,404

903,643

126,934

Deferred government grants

273,824

220,640

30,993

Total non-current liabilities

16,092,808

23,592,775

3,314,058

Mezzanine equity:

Redeemable non-controlling interests

1,248,101

175,320

Total mezzanine equity

1,248,101

175,320

Shareholders' equity

Ordinary shares

112

Treasury stock

(161,892)

(179,087)

(25,156)

Additional paid-in capital

17,298,692

17,240,286

2,421,729

Statutory reserves

107,380

122,443

17,199

Accumulated other comprehensive loss

(18,504)

(6,885)

(967)

Accumulated deficit

(10,859,888)

(11,431,556)

(1,605,781)

Total VNET Group, Inc. shareholders'

equity

6,365,900

5,745,313

807,040

Noncontrolling interest

554,919

596,404

83,776

Total shareholders' equity

6,920,819

6,341,717

890,816

Total liabilities, mezzanine equity and shareholders' equity

32,357,042

43,354,811

6,090,015

VNET GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for number of shares and per share data)

Three months ended

Nine months ended

September 30, 2024

June 30, 2025

September 30, 2025

September 30, 2024

September 30, 2025

RMB

US$

RMB

US$

Net revenues

2,120,794

2,434,205

2,581,747

362,656

6,012,680

7,262,172

1,020,111

Cost of revenues

(1,629,111)

(1,886,470)

(2,042,718)

(286,939)

(4,685,381)

(5,610,067)

(788,041)

Gross profit

491,683

547,735

539,029

75,717

1,327,299

1,652,105

232,070

Operating income (expenses)

Operating income (loss)

11,767

(1,143)

12,767

1,793

15,716

13,085

1,838

Sales and marketing expenses

(60,700)

(69,963)

(71,328)

(10,019)

(190,668)

(205,637)

(28,886)

Research and development expenses

(53,127)

(67,570)

(71,295)

(10,015)

(190,514)

(182,468)

(25,631)

General and administrative expenses

(132,482)

(212,473)

(185,765)

(26,094)

(466,076)

(578,008)

(81,192)

Allowance for doubtful debt

(65,731)

(23,568)

(17,664)

(2,481)

(63,309)

(71,784)

(10,083)

Total operating expenses

(300,273)

(374,717)

(333,285)

(46,816)

(894,851)

(1,024,812)

(143,954)

Operating profit

191,410

173,018

205,744

28,901

432,448

627,293

88,116

Interest income

4,218

16,869

8,724

1,225

21,796

32,344

4,543

Interest expense

(93,996)

(157,508)

(151,017)

(21,213)

(323,850)

(409,178)

(57,477)

Other income

15,584

5,234

7,355

1,033

50,873

14,400

2,023

Other expenses

(8,783)

(5,499)

(5,525)

(776)

(17,105)

(13,462)

(1,891)

Changes in the fair value of financial instruments

(7,107)

70,404

(337,216)

(47,368)

(2,537)

(601,716)

(84,523)

Gain on debt extinguishment

246,175

Foreign exchange gain (loss)

14,833

9,258

16,174

2,272

(17,915)

34,959

4,911

Income (loss) before income taxes and gain from equity

method investments

362,334

111,776

(255,761)

(35,926)

389,885

(315,360)

(44,298)

Income tax expenses

(31,149)

(95,048)

(21,467)

(3,015)

(151,682)

(168,577)

(23,680)

Gain from equity method investments

965

1,919

270

6,770

5,174

727

Net income (loss)

332,150

16,769

(275,309)

(38,671)

244,973

(478,763)

(67,251)

Net income attributable to noncontrolling interest

(14,524)

(13,656)

(16,471)

(2,314)

(50,677)

(47,462)

(6,667)

Net income attributable to redeemable non-controlling

interests

(15,027)

(15,263)

(2,144)

(30,290)

(4,255)

Net income (loss) attributable to the VNET

Group, Inc.

317,626

(11,914)

(307,043)

(43,129)

194,296

(556,515)

(78,173)

Accretion to redemption amount of redeemable non-

controlling interests

(67)

(23)

(3)

(90)

(13)

Net profit (loss) attributable to the Company's

ordinary shareholders

317,626

(11,981)

(307,066)

(43,132)

194,296

(556,605)

(78,186)

Earnings (loss) per share

Basic

0.20

(0.01)

(0.19)

(0.03)

0.12

(0.35)

(0.05)

Diluted

0.05

(0.01)

(0.19)

(0.03)

(0.02)

(0.35)

(0.05)

Shares used in earnings (loss) per share computation

Basic*

1,602,860,426

1,610,484,726

1,613,726,084

1,588,659,647

1,611,021,595

Diluted*

1,740,565,086

1,610,484,726

1,613,726,084

1,725,023,283

1,611,021,595

Earnings (loss) per ADS (6 ordinary shares equal to 1 ADS)

Basic

1.20

(0.06)

(1.14)

(0.16)

0.72

(2.10)

(0.30)

Diluted

0.30

(0.06)

(1.14)

(0.16)

(0.12)

(2.10)

(0.30)

* Shares used in earnings (loss) per share/ADS computation were computed under weighted average method.

VNET GROUP, INC.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(Amount in thousands of Renminbi ("RMB") and US dollars ("US$"))

Three months ended

Nine months ended

September 30, 2024

June 30, 2025

September 30, 2025

September 30, 2024

September 30, 2025

RMB

US$

RMB

US$

Gross profit

491,683

547,735

539,029

75,717

1,327,299

1,652,105

232,070

Plus: depreciation and amortization

368,764

513,891

511,334

71,827

1,085,984

1,427,624

200,537

Plus: share-based compensation

expenses

234

196

384

234

689

Adjusted cash gross profit

860,681

1,061,822

1,050,747

147,598

2,413,517

3,080,418

432,704

Adjusted cash gross margin

40.6 %

43.6 %

40.7 %

40.1 %

42.4 %

Operating expenses

(300,273)

(374,717)

(333,285)

(46,816)

(894,851)

(1,024,812)

(143,954)

Plus: share-based compensation

expenses

6,709

9,163

1,899

267

105,428

17,391

2,443

Adjusted operating expenses

(293,564)

(365,554)

(331,386)

(46,549)

(789,423)

(1,007,421)

(141,511)

Operating profit

191,410

173,018

205,744

28,901

432,448

627,293

88,116

Plus: depreciation and amortization

396,428

550,087

550,248

77,293

1,170,313

1,527,775

214,605

Plus: share-based compensation

expenses

6,943

9,359

2,283

321

105,662

18,080

2,540

Adjusted EBITDA

594,781

732,464

758,275

106,515

1,708,423

2,173,148

305,261

Adjusted EBITDA margin

28.0 %

30.1 %

29.4 %

28.4 %

29.9 %

VNET GROUP, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Amount in thousands of Renminbi ("RMB") and US dollars ("US$"))

Three months ended

September 30, 2024

June 30, 2025

September 30, 2025

RMB

US$

CASH FLOWS FROM OPERATING ACTIVITIES

Net cash generated from operating activities

760,366

366,596

809,817

113,753

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of property and equipment

(1,426,892)

(1,870,296)

(2,184,378)

(306,838)

Purchases of intangible assets

(33,806)

(24,388)

(37,074)

(5,208)

Proceeds from (payments for) investments

92,426

(1,216,168)

(5,000)

(702)

Proceeds from (payments for) other investing activities

31,762

(171,213)

(62,689)

(8,806)

Net cash used in investing activities

(1,336,510)

(3,282,065)

(2,289,141)

(321,554)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from bank borrowings

745,534

1,004,537

1,867,856

262,376

Repayments of bank borrowings

(129,893)

(381,728)

(231,432)

(32,509)

Payments for finance leases

(27,669)

(44,471)

(44,824)

(6,296)

Contribution from noncontrolling interest in a subsidiary

(4,555)

250,657

35,210

(Payments for) proceeds from other financing activities

(59,645)

8,875

299,027

42,004

Net cash generated from financing activities

528,327

582,658

2,141,285

300,785

Effect of foreign exchange rate changes on

cash, cash equivalents and restricted cash

(6,049)

(14,764)

(808)

(113)

Net (decrease) increase in cash, cash

equivalents and restricted cash

(53,866)

(2,347,575)

661,152

92,871

Cash, cash equivalents and restricted cash at

beginning of period

2,135,833

5,767,658

3,420,083

480,416

Cash, cash equivalents and restricted cash at

end of period

2,081,967

3,420,083

4,081,235

573,287

SOURCE VNET Group, Inc.