21Vianet Group, Inc. Q3 2025 Earnings Recap

VNET Group, Inc. demonstrated robust performance in Q3 2025, with a 21.7% year-over-year increase in net revenues, driven by substantial growth in its wholesale IDC business and a further increase in full-year guidance.

Key Takeaways

• Wholesale revenue surged by 82.7% year-over-year to RMB 956 million, highlighting strong demand and operational efficiency.
• Adjusted EBITDA rose 27.5% year-over-year to RMB 758 million.
• Secured new orders totaling 63 megawatts in wholesale capacity, with additional momentum heading into Q4 2025.
• Retail MRR per cabinet reached RMB 8,948, marking six consecutive quarters of growth.
• Strong AI-driven demand continues to propel growth in both wholesale and retail IDC segments.