VNET Files Its Annual Report on Form 20-F for Fiscal Year 2025

VNET (NASDAQ: VNET) filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2025 with the SEC on April 16, 2026.

Rhea-AI Summary

VNET (NASDAQ: VNET) filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2025 with the SEC on April 16, 2026. The filing includes the company's audited consolidated financial statements and is available on the SEC website and the company's investor relations site.

Hard copies of the annual report with audited statements are available free of charge to shareholders and ADS holders upon request via ir@vnet.com or the investor relations address in Beijing.

Argus Apr 17 session

+1.29% close to close Open Argus

Details

News Market Reaction – VNET

In the Apr 17 session, VNET gained 1.29%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement confirms VNET’s Form 20-F filing for fiscal year 2025, providing audited financial...

Analysis

This announcement confirms VNET’s Form 20-F filing for fiscal year 2025, providing audited financials and extensive risk disclosures. Hosting and related service revenue reached RMB9,949.3M, with growth over 2023–2025 and a 15.9% CAGR. The filing underscores structural issues such as VIE-based operations, PRC data and cybersecurity regulation, HFCA Act implications, and constraints on moving cash offshore. Investors may monitor future filings, capital-raising activity, and regulatory developments for changes in these risk factors.

Key Figures

Hosting & related revenue 2025: RMB9,949.3M Hosting & related revenue 2024: RMB8,259.1M Hosting & related revenue 2023: RMB7,412.9M +5 more

Hosting & related revenue 2025

RMB9,949.3M

Form 20-F, year ended Dec 31, 2025

Hosting & related revenue 2024

RMB8,259.1M

Form 20-F, prior year comparison

Hosting & related revenue 2023

RMB7,412.9M

Form 20-F, two-year comparison

Revenue CAGR

15.9%

Hosting and related service revenue, 2023–2025

Private placement size

81.0M shares

Class A ordinary shares in Feb 27, 2026 placement

Private placement price

US$1.70 per share

US$10.20 per ADS in Feb 27, 2026 deal

Private placement proceeds

US$137.7M

Expected gross proceeds before fees

Long-term debt

RMB16.72B

Total long-term debt as of end 2025

Historical Context

5 past events · Latest: Mar 16

5 events

1. Mar 16

   Earnings results

   24h Move

   -8.6%

   Unaudited Q4 and 2025 results with strong revenue and EBITDA growth.

2. Mar 04

   Earnings date set

   24h Move

   +4.1%

   Announcement of Q4 and full-year 2025 results release and conference call.

3. Feb 27

   Private placement

   24h Move

   -5.4%

   US$138M private placement of Class A shares and use-of-proceeds details.

4. Feb 13

   Management change

   24h Move

   -1.6%

   Appointment of new senior vice president and principal accounting officer.

5. Nov 20

   Earnings results

   24h Move

   -1.2%

   Q3 2025 revenue and IDC capacity growth with raised full-year guidance.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

form 20-f, securities and exchange commission, american depositary shares, variable interest entities, +3 more

7 terms

form 20-f regulatory

"announced that it filed its annual report on Form 20-F for the fiscal year"

Form 20-F is the standardized annual disclosure that non-U.S. companies must file with the U.S. securities regulator when their shares are traded in the U.S.; it contains audited financial statements, a plain-language description of the business, management discussion, governance details and key risk factors. It matters to investors because it provides a consistent, comparable company “report card” and rulebook, helping buyers assess financial health, governance and risks before investing.

securities and exchange commission regulatory

"with the Securities and Exchange Commission (the "SEC") on April 16"

A national government agency that enforces rules for buying, selling and disclosing information about stocks and other investments, acting like a referee and scorekeeper for financial markets. It requires companies to share clear, regular financial and business information and investigates fraud or rule-breaking, which matters to investors because those rules and disclosures help ensure fair prices, reduce hidden risks and make it easier to compare investment choices.

american depositary shares financial

"sold 83,544 Class A ordinary shares ... sold in the form of American depositary shares."

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

variable interest entities regulatory

"operates PRC data-center and value-added telecom businesses through variable interest entities (VIEs)"

A variable interest entity (VIE) is a business that a company controls through contracts or special arrangements instead of owning a majority of its shares, like steering a puppet without holding its ticket. Investors care because these arrangements can hide who really bears the financial risks and rewards, affect how assets and liabilities appear on financial statements, and create extra legal or enforcement uncertainty that can change the value and risk of an investment.

vie regulatory

"variable interest entities (VIEs), meaning ADS investors hold equity in the Cayman holding company"

To vie means to compete with others for a limited prize, such as contracts, customers, market share or an acquisition target. Investors pay attention because competition can change a company’s costs, pricing power and growth prospects—like bidders pushing prices higher at an auction, firms that actively vie can drive up spending or valuations and signal how likely they are to gain or lose market advantage.

pcaob regulatory

"HFCA Act-driven potential U.S. trading prohibitions if PCAOB access changes"

The PCAOB (Public Company Accounting Oversight Board) is an independent regulator that inspects and enforces rules for the auditors who check public companies’ financial statements. Think of it as a referee for accountants: it sets standards, reviews audit work, and can punish sloppy or dishonest audits. That matters to investors because trustworthy, well-audited financial reports reduce the risk of surprises and help people make better decisions about buying, holding, or selling stocks.

restricted share units financial

"584,796 Restricted Share Units (RSUs), each representing the right to receive one Class A"

Restricted share units (RSUs) are a promise from a company to give an employee or service provider actual shares or cash equal to the shares after certain conditions are met, typically staying with the company for a set time or hitting performance targets. Think of them like a time-locked gift card that becomes usable only after you’ve earned it. For investors, RSUs matter because they align employee incentives with company performance and can increase the number of shares outstanding over time, diluting existing ownership and affecting earnings per share.

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BEIJING, April 16, 2026 /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 that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the Securities and Exchange Commission (the "SEC") on April 16, 2026 Eastern Time. The annual report on Form 20-F, which contains the Company's audited consolidated financial statements, can be accessed on the SEC's website at https://www.sec.gov and on the Company's investor relations website at https://ir.vnet.com/.

The Company will provide hard copies of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to ir@vnet.com or the Company's Investor Relations Department at VNET Group, Inc., Guanjie Building Southeast 1st Floor, 10# Jiuxianqiao East Road, Chaoyang District, Beijing 100016, People's Republic of China.

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.

Investor Relations Contact:

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

 

View original content:https://www.prnewswire.com/news-releases/vnet-files-its-annual-report-on-form-20-f-for-fiscal-year-2025-302745290.html

SOURCE VNET Group, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When did VNET (NASDAQ: VNET) file its Form 20-F for fiscal year 2025?

VNET filed its Form 20-F on April 16, 2026, covering the year ended December 31, 2025. According to the company, the filing includes the audited consolidated financial statements and is posted on the SEC and the company's investor relations websites.

Where can investors access VNET's 2025 audited consolidated financial statements (VNET)?

Investors can access the audited statements on the SEC website and VNET's investor relations website. According to the company, the Form 20-F and audited consolidated financial statements are available at https://www.sec.gov and https://ir.vnet.com/.

How can shareholders request a hard copy of VNET's 2025 annual report (VNET)?

Shareholders and ADS holders can request a free hard copy by emailing ir@vnet.com or contacting VNET's Investor Relations Department. According to the company, the mailing address in Beijing is provided for written requests.

Does VNET's Form 20-F for 2025 include audited financial statements and when are they effective?

Yes, the Form 20-F includes VNET's audited consolidated financial statements for the year ended December 31, 2025. According to the company, the filing was submitted to the SEC on April 16, 2026 Eastern Time and is publicly available.