$VNET

21Vianet Group, Inc.

CIK:0001508475|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Net revenues
Hosting and related services (including related parties amounts of RMB938, RMB7,954 and nil for the years ended December 31, 2023, 2024 and 2025, respectively)	¥ 9,949,261	$ 1,422,725	¥ 8,259,069	¥ 7,412,930
Cost of revenues
Hosting and related services (including related parties amounts of RMB50,709, RMB34,153 and RMB40,426 for the years ended December 31, 2023, 2024 and 2025, respectively)	(7,756,772)	(1,109,204)	(6,426,914)	(6,120,445)
Gross profit	2,192,489	313,521	1,832,155	1,292,485
Operating income (expenses)
Operating income	27,755	3,969	114,585	106,273
Sales and marketing expenses	(279,201)	(39,925)	(263,756)	(266,207)
Research and development expenses	(261,133)	(37,342)	(246,612)	(322,220)
General and administrative expenses	(796,861)	(113,950)	(659,030)	(541,850)
Provision for doubtful debt	(102,749)	(14,693)	(107,899)	(368,505)
Impairment of long-lived assets				(506,686)
Impairment of goodwill				(1,364,191)
Total operating expenses	(1,412,189)	(201,941)	(1,162,712)	(3,263,386)
Operating (loss) profit	780,300	111,580	669,443	(1,970,901)
Interest income	37,358	5,342	27,958	41,802
Interest expense	(598,625)	(85,602)	(400,975)	(312,172)
Changes in the fair value of financial instruments	(314,332)	(44,949)	(74,112)	(165,930)
Impairment of long-term investments				(11,166)
Gain on debt extinguishment			246,175
Gain on deconsolidation of a subsidiary	469,838	67,186
Foreign exchange (loss) gain, net	5,523	790	(19,242)	(78,965)
Other income	55,576	7,949	52,728	27,344
Other expenses	(18,433)	(2,636)	(27,290)	(16,086)
(Loss) income before income taxes and gain from equity method investments	417,205	59,660	474,685	(2,486,074)
Income tax expenses	(557,510)	(79,723)	(234,229)	(114,374)
Gain from equity method investments	6,884	984	7,967	3,279
Net (loss) income	(133,421)	(19,079)	248,423	(2,597,169)
Net income attributable to noncontrolling interests	(67,518)	(9,655)	(65,223)	(46,667)
Net income attributable to redeemable noncontrolling interests	(50,903)	(7,279)
Net (loss) income attributable to VNET Group, Inc.	(251,842)	(36,013)	183,200	(2,643,836)
Accretion to redemption value of redeemable noncontrolling interests	(4,929)	(705)
Net loss attributable to the Company's ordinary shareholders	¥ (256,771)	$ (36,718)	¥ 168,122	¥ (2,643,836)
(Loss) earnings per share:
Basic (in dollars per share) \| (per share)	¥ (0.16)	$ (0.02)	¥ 0.11	¥ (2.93)
Diluted (in dollars per share) \| (per share)	¥ (0.16)	$ (0.02)	¥ 0.02	¥ (2.93)
Shares used in (loss) earning per share computation:
Basic (in shares) \| shares	1,612,272,787	1,612,272,787	1,593,594,519	901,143,138
Diluted (in shares) \| shares	1,612,272,787	1,612,272,787	1,742,346,367	901,143,138

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	¥ (133,421)	$ (19,079)	¥ 248,423	¥ (2,597,169)
Adjustments to reconcile net (loss) income to net cash generated from operating activities:
Foreign exchange loss (gain), net	(5,523)	(790)	19,242	78,965
Depreciation and amortization	2,126,025	304,017	1,598,256	1,807,339
Loss (gain) on disposal of property and equipment	(37,368)	(5,344)	(126,604)	3,198
Provision for doubtful debt	102,749	14,693	107,899	368,505
Share-based compensation expense	25,778	3,686	148,557	35,296
Deferred income tax (benefits) expenses	61,606	8,810	(12,937)	(43,152)
Gain from equity method investments	(6,884)	(984)	(7,967)	(3,279)
Gain from disposal of subsidiaries	(469,838)	(67,186)		(495)
Impairment of long-lived assets				506,686
Impairment of goodwill				1,364,191
Impairment of long-term investments				11,166
Reduction in the carrying amount of right-of-use assets	679,782	97,208	470,581	433,121
Changes in the fair value of financial instruments	314,332	44,949	74,112	165,930
Gain on debt extinguishment of 2027 convertible notes			(246,175)
Loss on debt extinguishment of 2026 convertible notes			41,261
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:
Accounts and notes receivable	(663,664)	(94,903)	(62,046)	(5,766)
Amounts due from related parties	23,375	3,343	(25,088)	(2,886)
Prepaid expenses and other current assets	264,878	37,879	114,978	(365,762)
Accounts and notes payables	32,608	4,663	20,043	(24,430)
Amounts due to related parties	60,210	8,610	(401)	6,131
Income taxes payable	84,774	12,123	34,372	(6,820)
Unrecognized tax benefits	10,884	1,556	9,393	11,283
Advances from customers	(438,726)	(62,737)	(226,441)	447,284
Deferred revenue	50,841	7,270	(5,588)	399
Deferred government grants	89,490	12,797	140,881	155,333
Operating lease liabilities	(648,700)	(92,763)	(449,059)	(481,647)
Accrued expenses and other payables	395,342	56,533	139,701	200,059
Net cash generated from operating activities	1,918,550	274,351	2,005,393	2,063,480
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(7,656,631)	(1,094,884)	(4,923,721)	(2,967,447)
Purchases of intangible assets	(210,564)	(30,110)	(130,058)	(50,906)
Purchases of land use rights			(74,641)	(42,275)
Proceeds from disposal of property and equipment	63,153	9,031	276,817	31,703
Proceeds from disposal of subsidiaries, net	755,964	108,101		12,704
Payments for short-term investments	(1,453,688)	(207,875)	(167,068)	(503,276)
Payments of loans to third parties			(39,054)	(1,600)
Receipts of loans to third parties	40,546	5,798		93,996
Payments of loans to related parties	(116,426)	(16,649)	(63,892)	(115,048)
Receipt of loans to a related party			28,313	9,800
Proceeds received from maturity of short-term investments	1,092,482	156,223	529,350	144,516
Proceeds from disposal of long-term investments	22,049	3,153	26,911
Payments for long-term investments	(278,620)	(39,842)	(53,665)	(517,278)
Proceeds from collection of the deposit associated with an acquisition	9,500	1,358	200,000
Payments for acquisitions, net of cash acquired	(279,359)	(39,948)		2
Net cash used in investing activities	(8,011,594)	(1,145,644)	(4,390,708)	(3,905,109)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of ordinary shares (Note 25)				2,122,123
Payment of issuance costs of ordinary shares			(35,791)	(1,880)
Proceeds from long-term bank borrowings	4,976,027	711,562	3,014,789	1,813,927
Proceeds from short-term bank borrowings	1,326,961	189,753	818,020	30,000
Proceeds from other long-term borrowings	1,321,253	188,937	1,844,191	1,020,008
Repayments of long-term bank borrowings	(725,940)	(103,808)	(822,302)	(292,625)
Proceeds from borrowings from non controlling shareholder	1,449,800	207,319
Repayments of short-term bank borrowings	(743,400)	(106,305)	(259,020)
Repayments and deposits for other long-term borrowings	(1,411,231)	(201,803)	(765,886)	(268,124)
Payments for purchase of property and equipment through finance leases	(211,604)	(30,259)	(102,646)	(210,902)
Proceeds from loan from a related party (Note 22)				350,000
Repayment of loans from third parties				(78,000)
Contribution from noncontrolling interest in subsidiaries	1,583,761	226,475	16,000
Payments for acquisition of noncontrolling interest	(303,267)	(43,367)	(46,397)	(10,122)
Payments for share repurchase and cancellation	(17,195)	(2,459)
Refund of prepayment for share repurchase plan				7,317
Dividends to noncontrolling interests			(26,272)	(11,413)
Dividends to redeemable noncontrolling interests	(34,301)	(4,905)
Payments for other financing activities	(5,100)	(730)
Net cash generated from (used in) financing activities	10,220,881	1,461,566	(627,654)	3,941,134
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash	(7,225)	(1,033)	(4,945)	9,988
Net increase (decrease) in cash and cash equivalents and restricted cash	4,120,612	589,240	(3,017,914)	2,109,493
Cash and cash equivalents and restricted cash at beginning of year	2,081,073	297,589	5,098,987	2,989,494
Cash and cash equivalents and restricted cash at end of year	6,201,685	886,829	2,081,073	5,098,987
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets
Cash and cash equivalents	5,523,571	789,860	1,492,436	2,243,537
Restricted cash-current	656,010	93,808	545,795	2,854,568
Restricted cash-non-current	22,104	3,161	42,842	882
Total cash and cash equivalents and restricted cash	6,201,685		2,081,073	5,098,987
Supplemental disclosures of cash flow information:
Income taxes paid	(422,299)	(60,388)	(211,896)	(145,605)
Interest paid	(570,733)	(81,614)	(434,193)	(251,066)
Supplemental disclosures of non-cash activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	932,911	133,404	1,077,247	952,999
Property and equipment obtained in exchange for new finance lease liabilities	506,677	72,454	593,378	265,974
Purchase of property and equipment included in accrued expenses and other payables	192,933	27,589	940,804	270,909
Purchase of intangible assets included in accrued expenses and other payables	25,060	3,584	219	3,497
Payables for issuance cost of ordinary shares included in accrued expenses and other payables				35,840
Asset acquisition settled with equity interests of a subsidiary				116,996
Consideration payable for acquisition of noncontrolling interest included in accrued expenses and other payables				47,549
2025 Convertible Notes
Adjustments to reconcile net (loss) income to net cash generated from operating activities:
Changes in the fair value of financial instruments				21,816
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of Convertible Notes				¥ (529,175)
2026 Convertible Notes
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of Convertible Notes			¥ (4,262,340)
2030 Convertible Notes
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of 2030 Convertible Notes, net of issuance costs	¥ 3,015,117	$ 431,156

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 5,523,571	$ 789,860	¥ 1,492,436
Restricted cash	656,010	93,808	545,795
Short-term investments	379,198	54,225
Accounts and notes receivable (net of allowance for doubtful debt of RMB189,501 and RMB267,682 as of December 31, 2024 and 2025, respectively)	2,222,106	317,757	1,655,984
Prepaid expenses and other current assets	2,241,570	320,542	2,789,573
Total current assets	11,451,866	1,637,597	6,820,148
Non-current assets:
Restricted cash	22,104	3,161	42,842
Derivative financial instrument	11,185	1,599	6,768
Long-term investments, net	1,062,660	151,958	794,688
Property and equipment, net	22,775,579	3,256,864	17,216,635
Intangible assets, net	2,004,710	286,670	1,403,787
Land use rights, net	867,765	124,089	766,213
Operating lease right-of-use assets, net	4,871,341	696,592	4,618,212
Deferred tax assets, net	251,572	35,974	306,623
Other non-current assets	1,275,380	182,377	381,126
Total non-current assets	33,142,296	4,739,284	25,536,894
Total assets	44,594,162	6,376,881	32,357,042
Current liabilities:
Short-term bank borrowings (including amounts of consolidated VIEs without recourse to the Company of RMB589,000 and RMB1,086,997 as of December 31, 2024 and 2025, respectively)	1,172,561	167,674	589,000
Current portion of long-term borrowings (including amounts of consolidated VIEs without recourse to the Company of RMB1,093,160 and RMB1,657,840 as of December 31, 2024 and 2025, respectively)	2,059,154	294,455	1,420,190
Current portion of finance lease liabilities (including amounts of consolidated VIEs without recourse to the Company of RMB94,162 and RMB229,691 as of December 31, 2024 and 2025, respectively)	357,995	51,193	208,299
Current portion of operating lease liabilities (including amounts of consolidated VIEs without recourse to the Company of RMB881,025 and RMB941,603 as of December 31, 2024 and 2025, respectively)	962,275	137,603	899,818
Accounts and notes payable (including amounts of consolidated VIEs without recourse to the Company of RMB574,642 and RMB610,988 as of December 31, 2024 and 2025, respectively)	741,878	106,087	709,260
Amounts due to related parties (including amounts of consolidated VIEs without recourse to the Company of RMB 355,679 and RMB 415,889 as of December 31, 2024 and 2025, respectively)	415,889	59,471	355,679
Income taxes payable (including amounts of consolidated VIEs without recourse to the Company of RMB68,458 and RMB136,043 as of December 31, 2024 and 2025, respectively)	154,343	22,071	69,569
Advances from customers (including amounts of consolidated VIEs without recourse to the Company of RMB1,378,806 and RMB933,920 as of December 31, 2024 and 2025, respectively)	933,920	133,549	1,378,806
Deferred revenue (including amounts of consolidated VIEs without recourse to the Company of RMB80,435 and RMB124,401 as of December 31, 2024 and 2025, respectively)	138,671	19,830	87,830
Current portion of deferred government grants (including amounts of consolidated VIEs without recourse to the Company of RMB6,727 and RMB24,929 as of December 31, 2024 and 2025, respectively)	51,062	7,302	6,727
Accrued expenses and other payables (including amounts of consolidated VIEs without recourse to the Company of RMB 1,274,258 and RMB 3,060,318 as of December 31, 2024 and 2025, respectively)	5,459,465	780,693	3,618,237
Total current liabilities	12,447,213	1,779,928	9,343,415
Non-current liabilities:
Long-term borrowings (including amounts of consolidated VIEs without recourse to the Company of RMB3,285,482 and RMB7,846,171 as of December 31, 2024 and 2025, respectively)	11,579,664	1,655,870	7,767,390
Convertible notes	5,138,664	734,819	1,897,738
Non-current portion of finance lease liabilities (including amounts of consolidated VIEs without recourse to the Company of RMB705,013 and RMB923,083 as of December 31, 2024 and 2025, respectively)	1,643,713	235,048	1,532,309
Non-current portion of operating lease liabilities (including amounts of consolidated VIEs without resource to the Company of RMB3,737,819 and RMB3,963,305 as of December 31, 2024 and 2025, respectively)	4,001,047	572,142	3,779,293
Unrecognized tax benefits (including amounts of consolidated VIEs without recourse to the Company of RMB107,850 and RMB118,734 as of December 31, 2024 and 2025, respectively)	118,734	16,979	107,850
Deferred tax liabilities (including amounts of consolidated VIEs without recourse to the Company of RMB118,374 and RMB106,232 as of December 31, 2024 and 2025, respectively)	840,387	120,174	734,404
Deferred government grants (including amounts of consolidated VIEs without recourse to the Company of RMB38,654 and RMB82,493 as of December 31, 2024 and 2025, respectively)	260,268	37,218	273,824
Total non-current liabilities	23,582,477	3,372,250	16,092,808
Total liabilities	36,029,690	5,152,178	25,436,223
Commitments and contingencies
Mezzanine equity:
Redeemable noncontrolling interests	1,711,591	244,754
Total mezzanine equity	1,711,591	244,754
Shareholders' equity:
Treasury shares	(179,087)	(25,609)	(161,892)
Additional paid-in capital	17,360,323	2,482,493	17,298,692
Statutory reserves	116,316	16,633	107,380
Accumulated other comprehensive (loss) income	46,375	6,632	(18,504)
Accumulated deficit	(11,125,595)	(1,590,939)	(10,859,888)
Total VNET Group, Inc. shareholders' equity	6,218,444	889,226	6,365,900
Noncontrolling interests	634,437	90,723	554,919
Total shareholders' equity	6,852,881	979,949	6,920,819
Total liabilities, mezzanine equity and shareholders' equity	44,594,162	6,376,881	32,357,042
Related Party
Current assets:
Amounts due from related parties	429,411	61,405	336,360
Common Class A
Shareholders' equity:
Ordinary shares	108	15	108
Common Class B
Shareholders' equity:
Ordinary shares	¥ 4	$ 1	¥ 4