VNET集团股份有限公司2025年第一季度业绩报告
EarningsPresentation for 1Q25 Disclaimer ThispresentationhasbeenpreparedbyVNETGroup,Inc.(the“Company”)solelyforinformationalpurposesandhasnotbeenindependentlyverified.Norepresentations,warrantiesorundertakings,expressorimplied,aremadebytheCompanyoranyofitsaffiliates,advisersorrepresentativesasto,andnorelianceshouldbeplacedupon,theaccuracy,fairness,completenessorcorrectnessoftheinformationoropinionspresentedorcontainedinthispresentation.NoneoftheCompanynoranyofitsaffiliates,advisers,orrepresentativesacceptanyresponsibilitywhatsoever(innegligenceorotherwise)foranylosshowsoeverarisingfromanyinformationpresentedorcontainedinthispresentationorotherwisearisinginconnectionwiththepresentation.Theinformationpresentedorcontainedinthispresentationissubjecttochangewithoutnoticeanditsaccuracyisnotguaranteed. Certainstatementsinthispresentation,andotherstatementsthattheCompanymaymake,areforward-lookingstatements.ThesestatementsreflecttheCompany’sintent,beliefsorcurrentexpectationsaboutthefuture.Thesestatementscanberecognizedbytheuseofwordssuchas“expects,”“plans,”“will,”“estimates,”“projects,”“intends,”“anticipates,”“believes,”“confident”orwordsofsimilarmeaning.Theseforward-lookingstatementsarenotguaranteesoffutureperformanceandarebasedonanumberofassumptionsabouttheCompany’soperationsandotherfactors,manyofwhicharebeyondtheCompany’scontrol,andaccordingly,actualresultsmaydiffermateriallyfromtheseforward-lookingstatements.NeithertheCompanynoranyofitsaffiliates,advisersorrepresentativeshaveanyobligationandtheydonotundertaketoreviseforward-lookingstatementstoreflectfutureeventsorcircumstances. ThispresentationdoesnotconstituteanoffertosellorissueoraninvitationtopurchaseorsubscribeforanysecuritiesoftheCompanyforsaleintheUnitedStatesoranywhereelse.NosecuritiesoftheCompanymaybesoldintheUnitedStateswithoutregistrationwiththeUnitedStatesSecuritiesandExchangeCommissionoranexemptionfromsuchregistrationpursuanttotheSecuritiesActof1933,asamended(the“SecuritiesAct”)andtherulesandregulationsthereunder.Nopartofthispresentationshallformthebasisoforberelieduponinconnectionwithanycontractorcommitmentwhatsoever.Specifically,thesematerialsdonotconstitutea“prospectus”withinthemeaningoftheSecuritiesAct.ThispresentationdoesnotcontainallrelevantinformationrelatingtotheCompanyoritssecurities,particularlywithrespecttotherisksandspecialconsiderationsinvolvedwithaninvestmentinthesecuritiesoftheCompany. Inevaluatingitsbusiness,theCompanyusescertainnon-GAAPmeasuresassupplementalmeasurestoreviewandassessitsoperatingperformance.Thesenon-GAAPfinancialmeasureshavelimitationsasanalyticaltools,andwhenassessingitsoperatingperformances,investorsshouldnotconsidertheminisolation,orasasubstituteforprofitorotherconsolidatedstatementsofoperationdatapreparedinaccordancewithU.S.GAAP. Ju Ma 1Q25EarningsHighlights LargestIDCCustomerOrderWins DeepSeekAcceleratesIDCBusinessGrowth Impacts ofDeepSeek’sBreakthroughs Rapid Growth of IDC Business Atthebeginningof2025,China’sAIdevelopmententeredanexplosivenewphaseofgrowthdrivenbyDeepSeek‘sbreakthrough technology,creatingsurgingmarketdemandforpremiumIDCservices. Owingtoourhigh-performancedatacentersandpremiumservices,we quickly seized growthopportunities,winning quality new orders anddrivingprogress. Market Growth Potential Revenue Growth of Retail IDC Business Fueledby the rising demand for privatedeploymentstriggeredbyDeepSeek,ourretailIDCbusiness’srevenuesfromcustomerprivatedeploymentsof open-source LLM increased by309%inMarchcomparedtoJanuary. Theincreasing maturity of open-source modeltechnologyand the continuous expansion ofintelligentapplicationscenarioswillcontinuetodrivehighdemandforcomputingpowerandpremiumIDCservices. WholesaleData Centers at a Glance-New Growth Driver RetailDataCentersataGlance-SolidFoundation ResourcePipelinefortheNext12Months QiyuWang Chief Financial Officer of VNET 1Q25FinancialHighlights TotalNetRevenuesBreakdown (RMB MM) HealthyMarginsthroughEfficiencyEnhancement StrongLiquidityPosition WellLadderedDebtProfile Capex Paid by Year Highlights ◼Within the RMB1.82 billion capex for 1Q25, majority allocated to theexpansion of our wholesale IDC business. ◼To support our strong delivery plan for 2025, which is expected to bethree times greater than that of 2024, surpassing the total deliverycapacity of the past three years combined, we expect our FY2025capex guidance to be RMB10.0–12.0 billion. Guidance ESGInitiatives–CommitmenttoSustainability Commitment to achieve both targets of operationalcarbon neutralityand100% renewable energy usageby 2030 ReceivedAratingby MSCI, representing thehighestranking to-date in China’s Internet Services & Infrastructure industryfor thethird consecutive year Scored 70, and rankedtop 7%of the IT services industry globally in the 2024 S&P Corporate Sustainability Assessment, earninginclusion in the S&P Global Sustainability Yearbook 2025. Rankedfirstamong Chinese enterprises in the IT services industry in theS&P Global Sustainability Yea
