Technology

VNET Reports Unaudited First Quarter 2025 Financial Results

Published

11 months ago

May 28, 2025

BEIJING, May 28, 2025 /PRNewswire/ — VNET Group, Inc. (Nasdaq: VNET) (“VNET” or the “Company”), a leading carrier- and cloud-neutral internet data center services provider in China, today announced its unaudited financial results for the first quarter ended March 31, 2025.

“We kicked off 2025 with a strong first quarter thanks to excellent execution of our effective dual-core strategy,” said Josh Sheng Chen, Founder, Executive Chairperson and interim Chief Executive Officer of VNET. “Our wholesale IDC business recorded another impressive performance, marked by our robust deliveries and customers’ fast move-in pace. As of March 31, 2025, our wholesale capacity in service increased by 88MW quarter over quarter to 573MW. Wholesale capacity utilized increased by a record high of 84MW quarter over quarter to 437MW. We continued to win quality wholesale and retail orders in the first quarter, including the 119MW of wholesale orders we disclosed last quarter, along with a 6MW wholesale order from an intelligent driving customer and a total of 4MW in retail orders from customers in internet, finance, local services, intelligent driving, and gaming across multiple retail data centers. Going forward, we will continue leveraging our high-performance data center network, reliable solutions, and outstanding delivery capabilities to address customers’ needs and meet their rising demand, driving growth and advancing the development of China’s digital economy.”

Qiyu Wang, Chief Financial Officer of VNET, commented, “The solid start of the year 2025 was characterized by vibrant growth and a significantly enhanced margin. In the first quarter, our total net revenues rose 18.3% year over year to RMB2.25 billion, driven by wholesale revenues’ strong year-over-year growth of 86.5%. Adjusted EBITDA for the first quarter increased by 26.4% year over year to RMB682.4 million, with an adjusted EBITDA margin of 30.4%, up 1.9 percentage points year over year. Excluding the one-off impact of asset disposals last quarter, adjusted EBITDA increased by 18.1% quarter over quarter. Moreover, we further strengthened our financing capabilities, diversifying our financing channels at a relatively low cost to support our continued investments in future development. Looking ahead, we will remain dedicated to our sustainable, high-quality growth strategy, seizing market opportunities and delivering long-term value for our stakeholders.”

First Quarter 2025 Financial Highlights

Total net revenues increased by 18.3% to RMB2.25 billion (US$309.5 million) from RMB1.90 billion in the same period of 2024.Net revenues from the IDC business[1] increased by 27.8% to RMB1.64 billion (US$226.2 million) from RMB1.28 billion in the same period of 2024.Net revenues from the wholesale IDC business (“wholesale revenues”) increased by 86.5% to RMB673.2 million (US$92.8 million) from RMB361.0 million in the same period of 2024.Net revenues from the retail IDC business (“retail revenues”) increased by 4.8% to RMB968.3 million (US$133.4 million) from RMB923.7 million in the same period of 2024.Net revenues from the non-IDC business[2] decreased slightly by 1.4% to RMB604.8 million (US$83.3 million) from RMB613.5 million in the same period of 2024.Adjusted cash gross profit (non-GAAP) increased by 26.4% to RMB967.8 million (US$133.4 million) from RMB765.5 million in the same period of 2024. Adjusted cash gross margin (non-GAAP) was 43.1%, compared with 40.3% in the same period of 2024.Adjusted EBITDA (non-GAAP) increased by 26.4% to RMB682.4 million (US$94.0 million) from RMB539.8 million in the same period of 2024. Adjusted EBITDA margin (non-GAAP) was 30.4%, compared with 28.4% in the same period of 2024.

First Quarter 2025 Operational Highlights

Wholesale IDC Business

Capacity in service was 573MW as of March 31, 2025, compared with 486MW as of December 31, 2024, and 332MW as of March 31, 2024. Capacity under construction was 377MW as of March 31, 2025.Capacity utilized by customers reached 437MW as of March 31, 2025, compared with 353MW as of December 31, 2024, and 236MW as of March 31, 2024. The sequential increase during the first quarter of 2025 was 84MW, which was mainly contributed by the E-JS Campus 02 and N-HB Campus 03 data centers.Utilization rate[3] of wholesale capacity was 76.2% as of March 31, 2025, compared with 72.6% as of December 31, 2024, and 71.0% as of March 31, 2024.Utilization rate of mature wholesale capacity[4] was 94.5% as of March 31, 2025, compared with 95.6% as of December 31, 2024, and 94.6% as of March 31, 2024.Utilization rate of ramp-up wholesale capacity[5] was 32.1% as of March 31, 2025, compared with 34.0% as of December 31, 2024, and 33.6% as of March 31, 2024.Total capacity committed[6] was 571MW as of March 31, 2025, compared with 479MW as of December 31, 2024, and 326MW as of March 31, 2024.Commitment rate[7] for capacity in service was 99.7% as of March 31, 2025, compared with 98.7% as of December 31, 2024, and 98.1% as of March 31, 2024.Total capacity pre-committed[8] was 307MW and pre-commitment rate[9] for capacity under construction was 81.6% as of March 31, 2025.

Retail IDC Business[10]

Capacity in service was 51,960 cabinets as of March 31, 2025, compared with 52,107 cabinets as of December 31, 2024, and 52,068 cabinets as of March 31, 2024.Capacity utilized by customers reached 33,093 cabinets as of March 31, 2025, compared with 33,068 cabinets as of December 31, 2024, and 33,312 cabinets as of March 31, 2024.Utilization rate of retail capacity was 63.7% as of March 31, 2025, compared with 63.5% as of December 31, 2024, and 64.0% as of March 31, 2024.Utilization rate of mature retail capacity[11] was 69.1% as of March 31, 2025, compared with 68.9% as of December 31, 2024, and 72.8% as of March 31, 2024.Utilization rate of ramp-up retail capacity[12] was 21.5% as of March 31, 2025, compared with 21.3% as of December 31, 2024, and 13.0% as of March 31, 2024.Monthly recurring revenue (MRR) per retail cabinet was RMB8,898 in the first quarter of 2025, compared with RMB8,794 in the fourth quarter of 2024 and RMB8,742 in the first quarter of 2024.

[1] IDC business refers to managed hosting services, consisting of the wholesale IDC business and the retail IDC business. Beginning in the first quarter of 2024, our IDC business was subdivided into wholesale IDC business and retail IDC business according to the nature and scale of our data center projects. Prior to 2024, the subdivision was based on customer contract types.

[2] Non-IDC business consists of cloud services and VPN services.

[3] Utilization rate is calculated by dividing capacity utilized by customers by the capacity in service.

[4] Mature wholesale capacity refers to wholesale data centers in which utilization rate is at or above 80%.

[5] Ramp-up wholesale capacity refers to wholesale data centers in which utilization rate is below 80%.

[6] Total capacity committed is the capacity committed to customers pursuant to customer agreements remaining in effect.

[7] Commitment rate is calculated by total capacity committed divided by total capacity in service.

[8] Total capacity pre-committed is the capacity under construction which is pre-committed to customers pursuant to customer agreements remaining in effect.

[9] Pre-commitment rate is calculated by total capacity pre-committed divided by total capacity under construction.

[10] For retail IDC business, since the first quarter of 2024, we have excluded a certain number of reserved cabinets from the capacity in service. Reserved cabinets refer to those that have not been utilized on a large scale, those that are planned to be closed, or those that are planned to be further upgraded. As of March 31, 2024, December 31, 2024, and March 31, 2025, 4,426, 3,766 and 3,766 reserved cabinets, respectively, were excluded from the calculation of utilization rate of retail IDC business capacity.

[11] Mature retail capacity refers to retail data centers that came into service prior to the past 24 months.

[12] Ramp-up retail capacity refers to retail data centers that came into service within the past 24 months, or mature retail data centers that have undergone improvements within the past 24 months.

First Quarter 2025 Financial Results

TOTAL NET REVENUES: Total net revenues in the first quarter of 2025 were RMB2.25 billion (US$309.5 million), representing an increase of 18.3% from RMB1.90 billion in the same period of 2024. The year-over-year increase was mainly driven by the continued growth of our wholesale IDC business.

Net revenues from IDC business increased by 27.8% to RMB1.64 billion (US$226.2 million) from RMB1.28 billion in the same period of 2024. The year-over-year increase was mainly driven by an increase in wholesale revenues.

Wholesale revenues increased by 86.5% to RMB673.2 million (US$92.8 million) from RMB361.0 million in the same period of 2024.Retail revenues increased to RMB968.3 million (US$133.4 million) from RMB923.7 million in the same period of 2024.

Net revenues from non-IDC business decreased slightly by 1.4% to RMB604.8 million (US$83.3 million) from RMB613.5 million in the same period of 2024.

GROSS PROFIT: Gross profit in the first quarter of 2025 was RMB565.3 million (US$77.9 million), representing an increase of 37.6% from RMB410.7 million in the same period of 2024. Gross margin in the first quarter of 2025 was 25.2%, compared with 21.6% in the same period of 2024.

ADJUSTED CASH GROSS PROFIT (non-GAAP), which excludes depreciation, amortization, and share-based compensation expenses, was RMB967.8 million (US$133.4 million) in the first quarter of 2025, compared with RMB765.5 million in the same period of 2024. Adjusted cash gross margin (non-GAAP) in the first quarter of 2025 was 43.1%, compared with 40.3% in the same period of 2024.

OPERATING EXPENSES: Total operating expenses in the first quarter of 2025 were RMB316.8 million (US$43.7 million), compared with RMB364.3 million in the same period of 2024.

Sales and marketing expenses were RMB64.3 million (US$8.9 million) in the first quarter of 2025, compared with RMB71.7 million in the same period of 2024.

Research and development expenses were RMB43.6 million (US$6.0 million) in the first quarter of 2025, compared with RMB75.4 million in the same period of 2024.

General and administrative expenses were RMB179.8 million (US$24.8 million) in the first quarter of 2025, compared with RMB226.3 million in the same period of 2024.

ADJUSTED OPERATING EXPENSES (non-GAAP), which exclude share-based compensation expenses, were RMB310.5 million (US$42.8 million) in the first quarter of 2025, compared with RMB252.6 million in the same period of 2024. As a percentage of total net revenues, adjusted operating expenses (non-GAAP) in the first quarter of 2025 were 13.8%, compared with 13.3% in the same period of 2024.

ADJUSTED EBITDA (non-GAAP): Adjusted EBITDA in the first quarter of 2025 was RMB682.4 million (US$94.0 million), representing an increase of 26.4% from RMB539.8 million in the same period of 2024. Adjusted EBITDA margin (non-GAAP) in the first quarter of 2025 was 30.4%, compared with 28.4% in the same period of 2024.

NET LOSS ATTRIBUTABLE TO VNET GROUP, INC.: Net loss attributable to VNET Group, Inc. in the first quarter of 2025 was RMB237.6 million (US$32.7 million), compared with a net loss attributable to VNET Group, Inc. of RMB187.0 million in the same period of 2024. The year-over-year increase in loss was mainly due to the changes in the fair value of financial instruments.

LOSS PER SHARE: Basic and diluted loss per share in the first quarter of 2025 were both RMB0.15 (US$0.02), which represents the equivalent of RMB0.90 (US$0.12) per American depositary share (“ADS”), respectively. Each ADS represents six Class A ordinary shares.

LIQUIDITY: As of March 31, 2025, the aggregate amount of the Company’s cash and cash equivalents, restricted cash and short-term investments was RMB5.79 billion (US$797.8 million).

Total short-term debt, consisting of short-term bank borrowings and the current portion of long-term borrowings, was RMB2.58 billion (US$355.7 million). Total long-term debt was RMB14.20 billion (US$1.96 billion), comprised of long-term borrowings of RMB8.96 billion (US$1.20 billion) and convertible promissory notes of RMB5.24 billion (US$722.8 million).

Net cash generated from operating activities in the first quarter of 2025 was RMB195.7 million (US$27.0 million), compared with RMB267.6 million in the same period of 2024. During the first quarter of 2025, the Company obtained new debt financing, refinancing facilities, convertible senior notes and other financings of RMB5.42 billion (US$746.8 million).

Business Outlook

The Company expects total net revenues for 2025 to be between RMB9,100 million to RMB9,300 million, representing year-over-year growth of 10% to 13%, and adjusted EBITDA (non-GAAP) to be in the range of RMB2,700 million to RMB2,760 million, representing year-over-year growth of 11% to 14%. If the RMB87.7 million (US$12.0 million) disposal gain of E-JS02 data center were excluded from the adjusted EBITDA calculation for 2024, the year-over-year growth would be 15% to 18%. The above outlook remains unchanged from the previously provided estimates.

The forecast reflects the Company’s current and preliminary views on the market and its operational conditions and is subject to change.

Conference Call

The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Wednesday, May 28, 2025, or 8:00 PM Beijing Time on Wednesday, May 28, 2025.

For participants who wish to join the call, please access the links provided below to complete the online registration process.

English line:
https://s1.c-conf.com/diamondpass/10047350-c2tgiy.html

Chinese line (listen-only mode):
https://s1.c-conf.com/diamondpass/10047351-lcxi4d.html

Participants can choose between the English and Chinese options for pre-registration above. Please note that the Chinese option will be in listen-only mode. Upon registration, each participant will receive an email containing details for the conference call, including dial-in numbers, a conference call passcode and a unique access PIN, which will be used to join the conference call.

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.vnet.com.

A replay of the conference call will be accessible through June 4, 2025, by dialing the following numbers:

US/Canada:

1 855 883 1031

Mainland China:

400 1209 216

Hong Kong, China:

800 930 639

International:

+61 7 3107 6325

Reply PIN (English line):

10047350

Reply PIN (Chinese line):

10047351

Non-GAAP Disclosure

In evaluating its business, VNET considers and uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission as a supplemental measure to review and assess its operating performance: adjusted cash gross profit, adjusted cash gross margin, adjusted operating expenses, adjusted EBITDA and adjusted EBITDA margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this press release.

The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of the Company’s current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for, or superior to, U.S. GAAP results. In addition, the Company’s calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.2567 to US$1.00, the noon buying rate in effect on March 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

Statement Regarding Unaudited Condensed Financial Information

The unaudited financial information set forth above is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited condensed financial information.

About VNET

VNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China. VNET provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security, and speed of its customers’ internet infrastructure. Customers may locate their servers and equipment in VNET’s data centers and connect to China’s internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 7,000 hosting and related enterprise customers that span numerous industries ranging from internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.

Safe Harbor Statement

This announcement contains forward-looking statements. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “target,” “believes,” “estimates” and similar statements. Among other things, quotations from management in this announcement as well as VNET’s strategic and operational plans, including the plan to sign a definitive agreement on a pre-REITs project, contain forward-looking statements. VNET may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about VNET’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: VNET’s goals and strategies; VNET’s liquidity conditions; VNET’s expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, VNET’s services; VNET’s expectations regarding keeping and strengthening its relationships with customers; VNET’s plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where VNET provides solutions and services. Further information regarding these and other risks is included in VNET’s reports filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and VNET undertakes no duty to update such information, except as required under applicable law.

Investor Relations Contact:

Xinyuan Liu
Tel: +86 10 8456 2121
Email: ir@vnet.com

VNET GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))

As of

December 31, 2024

March 31, 2025

RMB

US$

Assets

Current assets:

Cash and cash equivalents

1,492,436

3,949,940

544,316

Restricted cash

545,795

1,774,403

244,519

Accounts and notes receivable, net

1,655,984

2,028,264

279,502

Short-term Investments

–

21,491

2,962

Prepaid expenses and other current assets

2,789,573

2,983,864

411,187

Amounts due from related parties

336,360

382,734

52,742

Total current assets

6,820,148

11,140,696

1,535,228

Non-current assets:

Property and equipment, net

17,216,635

18,421,841

2,538,598

Intangible assets and other long-term assets, net

2,170,000

2,768,074

381,451

Operating lease right-of-use assets, net

4,618,212

4,966,194

684,360

Derivative financial instruments

6,768

16,307

2,247

Restricted cash

42,842

43,315

5,969

Deferred tax assets, net

306,623

309,428

42,640

Long-term investments, net

794,688

788,119

108,606

Other non-current assets

381,126

378,687

52,184

Total non-current assets

25,536,894

27,691,965

3,816,055

Total assets

32,357,042

38,832,661

5,351,283

Liabilities and Shareholders’ Equity

Current liabilities:

Short-term bank borrowings

589,000

1,020,997

140,697

Accounts and notes payable

709,260

813,337

112,081

Accrued expenses and other payables

3,618,237

3,736,633

514,922

Advances from customers

1,378,806

1,311,898

180,784

Deferred revenue

87,830

94,985

13,089

Income taxes payable

69,569

48,748

6,718

Amounts due to related parties

355,679

351,966

48,502

Current portion of long-term borrowings

1,420,190

1,560,064

214,983

Current portion of finance lease liabilities

208,299

227,918

31,408

Current portion of deferred government grants

6,727

9,339

1,287

Current portion of operating lease liabilities

899,818

938,292

129,300

Total current liabilities

9,343,415

10,114,177

1,393,771

Non-current liabilities:

Long-term borrowings

7,767,390

8,958,785

1,234,554

Convertible promissory notes

1,897,738

5,244,979

722,777

Non-current portion of finance lease liabilities

1,532,309

1,556,327

214,468

Unrecognized tax benefits

107,850

14,862

Deferred tax liabilities

734,404

875,054

120,586

Deferred government grants

273,824

267,078

36,804

Non-current portion of operating lease liabilities

3,779,293

4,105,999

565,822

Total non-current liabilities

16,092,808

21,116,072

2,909,873

Mezzanine equity:

Redeemable non-controlling interests

–

869,303

119,793

Total mezzanine equity

–

869,303

119,793

Shareholders’ equity

Ordinary shares

112

Additional paid-in capital

17,298,692

17,340,396

2,389,570

Accumulated other comprehensive loss

(18,504)

(11,695)

(1,612)

Statutory reserves

107,380

14,797

Accumulated deficit

(10,859,888)

(11,097,446)

(1,529,269)

Treasury stock

(161,892)

(22,309)

Total VNET Group, Inc. shareholders’ equity

6,365,900

6,176,855

851,192

Noncontrolling interest

554,919

556,254

76,654

Total shareholders’ equity

6,920,819

6,733,109

927,846

Total liabilities and shareholders’ equity

32,357,042

38,832,661

5,351,283

VNET GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for number of shares and per share data)

Three months ended

March 31, 2024

December 31, 2024

March 31, 2025

RMB

US$

Net revenues

1,898,126

2,246,389

2,246,220

309,537

Cost of revenues

(1,487,405)

(1,741,533)

(1,680,879)

(231,631)

Gross profit

410,721

504,856

565,341

77,906

Operating income (expenses)

Operating income

3,949

98,869

1,461

201

Sales and marketing expenses

(71,743)

(73,088)

(64,346)

(8,867)

Research and development expenses

(75,389)

(56,098)

(43,603)

(6,009)

General and administrative expenses

(226,297)

(192,954)

(179,770)

(24,773)

Allowance for doubtful debt

5,175

(44,590)

(30,552)

(4,210)

Total operating expenses

(364,305)

(267,861)

(316,810)

(43,658)

Operating profit

46,416

236,995

248,531

34,248

Interest income

12,129

6,162

6,751

930

Interest expense

(137,682)

(77,125)

(100,653)

(13,870)

Other income

4,814

1,855

1,811

250

Other expenses

(1,422)

(10,185)

(2,438)

(336)

Changes in the fair value of financial instruments

3,858

(71,575)

(334,904)

(46,151)

Foreign exchange (loss) gain

(28,361)

(1,327)

9,527

1,313

(Loss) income before income taxes and gain
from equity method investments

(100,248)

84,800

(171,375)

(23,616)

Income tax expenses

(61,384)

(82,547)

(52,062)

(7,174)

Gain from equity method investments

2,606

1,197

3,214

443

Net (loss) income

(159,026)

3,450

(220,223)

(30,347)

Net income attributable to noncontrolling interest

(27,979)

(14,546)

(17,335)

(2,389)

Net loss attributable to the VNET Group,
Inc.

(187,005)

(11,096)

(237,558)

(32,736)

Loss per share

Basic

(0.12)

(0.01)

(0.15)

(0.02)

Diluted

(0.12)

(0.01)

(0.15)

(0.02)

Shares used in loss per share
computation

Basic*

1,568,300,360

1,608,291,868

1,608,799,842

Diluted*

1,568,300,360

1,608,291,868

1,608,799,842

Loss per ADS (6 ordinary shares equal to 1 ADS)

Basic

(0.72)

(0.06)

(0.90)

(0.12)

Diluted

(0.72)

(0.06)

(0.90)

(0.12)

* Shares used in loss per share/ADS computation were computed under weighted average method.

VNET GROUP, INC.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))

Three months ended

March 31, 2024

December 31, 2024

March 31, 2025

RMB

US$

Gross profit

410,721

504,856

565,341

77,906

Plus: depreciation and amortization

352,604

414,364

402,399

55,452

Plus: share-based compensation
expenses

2,190

4,652

109

Adjusted cash gross profit

765,515

923,872

967,849

133,373

Adjusted cash gross margin

40.3 %

41.1 %

43.1 %

Operating expenses

(364,305)

(267,861)

(316,810)

(43,658)

Plus: share-based compensation
expenses

111,681

38,243

6,329

872

Adjusted operating expenses

(252,624)

(229,618)

(310,481)

(42,786)

Operating profit

46,416

236,995

248,531

34,248

Plus: depreciation and amortization

379,551

441,447

427,440

58,903

Plus: share-based compensation expenses

113,871

42,895

6,438

887

Adjusted EBITDA

539,838

721,337

682,409

94,038

Adjusted EBITDA margin

28.4 %

32.1 %

30.4 %

VNET GROUP, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))

Three months ended

March 31, 2024

December 31, 2024

March 31, 2025

RMB

US$

CASH FLOWS FROM OPERATING ACTIVITIES

Net cash generated from operating activities

267,587

572,236

195,713

26,969

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of property and equipment

(1,005,368)

(1,492,972)

(1,792,051)

(246,951)

Purchases of intangible assets

(5,965)

(82,693)

(33,952)

(4,679)

Proceeds from (payments for) investments

359,239

22,087

(21,440)

(2,955)

Proceeds from (payments for) other investing activities

1,154

177,418

(37,327)

(5,143)

Net cash used in investing activities

(650,940)

(1,376,160)

(1,884,770)

(259,728)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from bank borrowings

1,156,279

1,240,147

1,893,386

260,916

Repayments of bank borrowings

(51,441)

(366,664)

(369,366)

(50,900)

Repurchase of 2026 Convertible Notes

(4,262,340)

–

Proceeds from issuance of 2030 Convertible Notes

–

3,084,519

425,058

Payments for finance leases

(39,602)

(25,789)

(37,950)

(5,230)

Contribution from noncontrolling interest in a subsidiary

–

16,000

635,000

87,505

Proceeds from (payments for) other financing activities

591,446

(78,448)

161,033

22,191

Net cash (used in) generated from financing activities

(2,605,658)

785,246

5,366,622

739,540

Effect of foreign exchange rate changes on cash, cash
equivalents and restricted cash

(20,050)

17,784

9,020

1,243

Net (decrease) increase in cash, cash equivalents and
restricted cash

(3,009,061)

(894)

3,686,585

508,024

Cash, cash equivalents and restricted cash at
beginning of period

5,098,987

2,081,967

2,081,073

286,780

Cash, cash equivalents and restricted cash at end of
period

2,089,926

2,081,073

5,767,658

794,804

View original content:https://www.prnewswire.com/news-releases/vnet-reports-unaudited-first-quarter-2025-financial-results-302466848.html

SOURCE VNET Group, Inc.

Technology

Vipboss Marks Earth Day with Renewed Commitment to Green Energy Solutions

Published

53 minutes ago

April 18, 2026

NEW YORK, April 18, 2026 /PRNewswire/ — As Earth Day draws global attention to environmental responsibility, Vipboss, a specialist manufacturer and developer of lithium iron phosphate (LiFePO4) battery packs for energy storage and mobility applications, is underscoring its long‑term commitment to sustainable energy practices through its Environmental Advocacy. This advocacy is devoid of ornate language; its inspiration stems from the brand’s unwavering conviction in LiFePO4 batteries as a green energy solution. To align this message with practical action, the brand is also running a themed sales campaign on its official website during April 18th to 30th. It highlights how practical product solutions, rather than abstract concepts, can support cleaner energy use in everyday life.

Across the world, energy consumption patterns are undergoing rapid change. Households, outdoor users, and light‑mobility sectors are increasingly seeking energy systems that are safe, sustainable, and low‑emission. Within this shift, LiFePO4 batteries have emerged as a preferred technology for clean‑energy applications. Their long service life, high safety profile, and absence of cobalt, which is an element associated with higher environmental and ethical risks, position them as a responsible choice in the global transition toward greener power.

LiFePO4 technology forms the foundation of Vipboss’s approach to sustainable energy. Its extended cycle life reduces the frequency of battery replacement, lowering resource consumption and easing the environmental burden associated with disposal. The material’s inherent stability also minimizes the risk of thermal runaway, offering a safer experience in homes, recreational vehicles, and public environments. In practical use cases such as home backup systems, RV travel, and golf‑course operations, LiFePO4 batteries deliver efficient storage and stable output, helping reduce reliance on fossil‑fuel‑based energy sources and supporting lower‑carbon lifestyles.

Vipboss’s environmental advocacy extends beyond the technical advantages of its products. The brand promotes responsible energy use as an integral part of sustainable living, emphasizing that product design and informed application must work together to achieve meaningful environmental outcomes. As a provider of energy solutions for home, travel, and leisure scenarios, Vipboss continues to participate in the long‑term process of green transformation through ongoing technological refinement and product evolution.

Earth Day serves as a reminder that lasting environmental impact is built through small, consistent actions. Looking ahead, Vipboss will continue advancing safer, more durable, and more efficient energy products that support individuals and families in adopting more sustainable energy habits. Through these efforts, the brand aims to contribute enduring value to the wider adoption of clean energy and the collective pursuit of a more sustainable future.

About Vipboss

Vipboss is a specialist in the lithium battery industry, focusing on the research, production, and manufacturing of lithium iron phosphate (LiFePO4) battery packs. The company is committed to advancing battery technology with an emphasis on reliable performance, safety, and extended service life. Its mission is to deliver safe, efficient, and environmentally responsible energy solutions that contribute to a cleaner, more sustainable future.

For more information, please visit: https://vipbosspower.com/.

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SOURCE Vipboss

Technology

Pastor Dino Rizzo Marks 100 Days to Serve Day Ahead of Global Outreach Initiative

Published

2 hours ago

April 18, 2026

Pastor Dino Rizzo highlighted the milestone of 100 days until Serve Day 2026, as thousands of churches prepare to serve their communities through coordinated acts of kindness on July 11.

BIRMINGHAM, Ala., April 18, 2026 /PRNewswire/ — Pastor Dino Rizzo joined church leaders and teams on April 2 to mark 100 days until Serve Day 2026, a global outreach initiative set for July 11. The milestone brings together more than 2,900 churches preparing to serve their local communities through practical acts of kindness and outreach.

Serve Day, led by many churches within the Association of Related Churches, provides a coordinated opportunity for churches worldwide to engage their cities and demonstrate their faith through service. Pastor Dino Rizzo, who serves as Executive Director of ARC, emphasized the significance of the initiative as both a single-day event and a broader movement.

“Serve Day provides churches across the world with opportunities to serve their local communities and share the love of God through practical acts of kindness,” Rizzo said. “Our hope is that serving others becomes our focus throughout the year.”

The April 2 milestone reflects growing participation and anticipation among churches globally. Leaders are currently equipping teams, organizing projects, and connecting with local communities in preparation for July. Churches that join the initiative gain access to resources, including the Serve Day playbook, monthly leadership calls, and a private online community designed to support collaboration and planning.

Pastor Dino Rizzo has long championed the role of service within the church through the Servolution movement. Introduced through his 2009 book Servolution: Starting a Church Revolution Through Serving, the concept calls churches to embed serving into their culture rather than limit it to occasional events. The message has since influenced hundreds of churches across multiple countries, including the United States, Peru, New Zealand, and Poland.

“Serving is not just about an event. It is about building a culture where meeting needs and reaching people becomes part of who we are,” Rizzo has shared in previous teachings, reinforcing the long-term vision behind initiatives like Serve Day.

In addition to leading Serve Day, Pastor Dino Rizzo continues his work with ARC, which has planted over 1200 churches and continues to train and equip new church leaders. His involvement in conferences, leadership development, and global outreach initiatives reflects a consistent focus on sustainable church growth and community impact.

Churches interested in participating in Serve Day 2026 can learn more through ARC’s official website and access resources designed to support local outreach efforts.

About Pastor Dino Rizzo

Pastor Dino Rizzo is a pastor, author, and church leader known for his emphasis on service, leadership, and healthy church culture. He serves as Executive Director of the Association of Related Churches, an organization that has helped launch hundreds of churches worldwide. Rizzo is also the author of Servolution, a book that has inspired a global movement centered on serving others as a core expression of faith.

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SOURCE Dino Rizzo

Technology

WOMEN in the Spotlight! The 2026 Yiwugo Top Boss Ladies Awards Gala Held

Published

4 hours ago

April 18, 2026

YIWU, China, April 18, 2026 /PRNewswire/ — Yiwugo.com, the official website of the Yiwu Commodity Market, is the largest commodity wholesale market in the world. In the bright and warm days of April, with spring in full bloom, the grand ballroom on the third floor of the Yiwu Marriott Hotel was a vibrant gathering. Outstanding female entrepreneurs from various sections of the Yiwu Market gathered in their elegant attire to share the glorious moment of the 2026 Yiwugo Top Boss Ladies Awards Gala. The selection campaign, launched on March 8, attracted thousands of female entrepreneurs from the Yiwu Market. Voting was conducted across the Yiwugo app, official WeChat accounts, and the website. The evaluation criteria continued to cover multiple dimensions, including Business Excellence and Image Excellence, aiming to fully showcase the achievements of Yiwugo’s female entrepreneurs and their enterprises in areas such as digital transformation, overseas market expansion, and global supply chain integration.

Ultimately, the title of 2026 Yiwugo Top Boss Ladies was awarded to: Fu Jiangyan (Zhangweichao Socks Firm), Xu Xiaohui (Little Bee Towels), Peng Jirong (Dongyang Jirong Plastic Industrial Co., Ltd), Li Chuanzhi (Chengfa Tableware Firm), Wang Xiaohong (Yiwu Aishang Daily Necessities Factory), Bao Qiaoli (Bole Plush Pendant Toy), Li Hong (Yiwu Hanbang Daily Necessities Firm), Wu Yajun (Ziyi Stationery Firm), Wang Chunxing (Butterfly Fly Lace Firm), and Zheng Huili (Yiwu Lihong household products Co., Ltd).

In addition, twenty other entrepreneurs, including He Wenjuan (Zhihua Jewelry Box), Jin Chengfeng (Lanmo Textile Co., Ltd), Cui Yanping (Xin Tai Yang Shower Curtain And Towel Factory), and Zhang Huoqing (Happy Sisters Plush Toy), received the Top Boss Ladies Nomination award.

“Women hold up half the sky” – nowhere is this more evident than in the Yiwu Market. To showcase the entrepreneurial spirit and “she-power” of female business owners in the market, Yiwugo launched the Top Boss Ladies Awards in 2016. To date, this campaign has been held for 11 consecutive years, becoming one of the benchmark activities in the Yiwu Market.

Over the years, driven by this campaign, participating female entrepreneurs have become increasingly active, with nearly 700 Top Boss Ladies recognized. They have not only steadfastly managed their shops but have also leveraged their unique empathy and customer insight as female entrepreneurs to drive comprehensive brand upgrades, from product innovation to communication methods, breathing new life into traditional brands in the new era.

Amid the surging digital wave, artificial intelligence is reshaping industries at unprecedented speed and scale. This year’s Top Boss Ladies winners and nominees have bravely stepped into the spotlight, keeping pace with the times, actively embracing evolving business models and technological change. By replacing experience with data, using digital platforms to break geographical boundaries, and leveraging digital intelligence to break through development bottlenecks, they are driving a transition from OEM exports to global branding.

Fu Jiangyan of Zhangweichao Socks Firm is a typical example. Having shifted from initially waiting for customers to now skillfully using AI tools and mastering live streaming and short videos, she has used the platform as a lever to swiftly move her traditional foreign trade enterprise into a new stage of digital-intelligent trade, applying new technologies and business models to enhance enterprise development.

This year marks the 20th anniversary of the introduction of the Yiwu Development Experience. Over the past two decades, the Yiwu Market has completed its iterative upgrade from market stalls to a global digital trade center. Generations of business owners have transformed from street stall vendors into modern commercial entities, achieving a deep integration of personal growth with the market’s development. Yiwugo, always in sync with the rhythm of the Yiwu Market, will continue to focus on its female entrepreneurs, constantly uncovering their vivid and dynamic stories of striving, thoughtfully documenting the journeys of these resilient women who shine in their own quiet ways, and witnessing, supporting, and accompanying their growth and success.

As a local e-commerce platform rooted in and serving the market, Yiwugo will continue to gain deeper insights into user needs, strengthen its technological capabilities, explore cutting-edge applications, and accelerate product iteration. Amid a volatile external environment, it will connect market entrepreneurs with more global resources, helping them expand into broader international markets.

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SOURCE Yiwugo.com