21Vianet Group, Inc. Q2 2025 Earnings Recap

VNET Group, Inc. delivered robust second-quarter results, driven by substantial growth in its wholesale IDC business and a notable increase in overall revenues and adjusted EBITDA.

Key Takeaways

• Total net revenues rose 22.1% year-over-year to RMB 2.43 billion, with wholesale revenues surging 112.5% to RMB 854 million.
• Adjusted EBITDA increased 27.7% year-over-year to RMB 732 million, achieving a margin of 30.1%.
• Wholesale capacity grew 17.5% to 674 megawatts, with a stable utilization rate at 75.9%, reflecting strong demand.
• The company secured new orders, including 4 megawatts in retail and a significant 20-megawatt wholesale project, indicating strong market traction.
• VNET introduced its Hyperscale 2.0 framework, positioning itself to capitalize on emerging AI-driven data center demands and achieve 10 gigawatts of managed capacity by 2036.