VNET Group/$VNET

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About VNET Group

VNET started as AsiaCloud in 1999 and moved to the data center business with its first self-developed data center opening in 2010. The firm listed (as 21Vianet) on the Nasdaq in April 2011, subsequently changing its name to VNET Group in 2021. It originally focused on providing data center services such as colocation and cloud services to retail clients in China, but added hyperscale customers in 2019 and now counts large Chinese hyperscalers such as Alibaba Cloud, Tencent Cloud, and Huawei Cloud as customers. At the end of June 2025, it had 51,960 retail cabinets with the majority in Beijing, Shanghai, and the Greater Bay area. It also had 674 MW of wholesale capacity in service with a further 326 MW under construction and a further 792 MW held for future development.

Ticker

$VNET

Sector

Business services
Primary listing

Employees

2,581
Headquarters

VNET Group Metrics

BasicAdvanced
$2.1B
-
-$0.04
0.18
-

What the Analysts think about VNET Group

Analyst ratings (Buy, Hold, Sell) for VNET Group stock.

Bulls say / Bears say

Total net revenues climbed 22.1% year-over-year to RMB2.43 billion in Q2 2025, with IDC business revenues up 32.6% year-over-year, pointing to strong demand for data center services. (VNET Q2 2025 Results)
Wholesale IDC revenue soared 112.5% year-over-year to RMB854.1 million, with in-service capacity rising by 101 MW quarter-over-quarter to 674 MW and reaching a 100% commitment rate, highlighting strong performance in attracting hyperscale customers. (VNET Q2 2025 Results)
Adjusted EBITDA rose 27.7% year-over-year to RMB732.5 million, with margin expanding by 130 basis points to 30.1%, reflecting improved operating leverage and scale benefits. (VNET Q2 2025 Results)
Despite revenue growth, VNET posted a Q2 net loss of RMB11.9 million ($1.9 million), driven by high interest and tax expenses, highlighting ongoing challenges on the path to profitability. (Reuters)
Net debt compared to trailing twelve months EBITDA was 5.3x as of June 30, 2025, with RMB14.65 billion in long-term debt, exposing the company to risks from higher interest rates and refinancing pressures. (Motley Fool)
China’s planners are building a national network to sell excess computing power from data centers running at 20–30% utilization after a three-year expansion, suggesting oversupply risks that could reduce pricing and utilization in VNET’s markets. (Reuters)
Data summarised monthly by Lightyear AI. Last updated on 4 Sept 2025.

VNET Group Financial Performance

Revenues and expenses
QuarterlyAnnual
Q3 24
QoQ growth
Revenue
$37B
-39.75%
Net income
$45B
107.52%
Profit margin
37.65%
6.78%

VNET Group Earnings Performance

Company profitability
QuarterlyAnnual
Q4 23
Q1 24
Q2 24
Q3 24
Q4 24
Actual
$3.69
$2.85
$2.45
$2.42
-
Expected
$3.55
$2.61
$2.05
$2.31
$3.94
Surprise
3.94%
9.20%
19.51%
4.63%
-
Data displayed above is indicative only and its accuracy or completeness is not guaranteed. Actual execution price may vary. Past performance is not indicative of future results. Your return may be affected by currency fluctuations and applicable fees and charges. Capital at risk.
Real-time US market data is sourced from the IEX order book provided by Polygon. After-hours US market data is 15 minutes delayed and may differ significantly from the actual tradable price at market open.

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