VNET Group (VNET) teams with CATL on gigawatt-scale compute-energy
Rhea-AI Filing Summary
VNET Group, Inc. reported second quarter 2026 net revenues of RMB2.78 billion, up 14.2% year-over-year, driven by wholesale IDC revenue growth of 29.3% to RMB1.10 billion. Retail IDC revenue rose 9.1% to RMB1.05 billion, while non-IDC revenue increased modestly.
GAAP gross profit declined 7.8% to RMB505.2 million as gross margin fell from 22.5% to 18.2%, mainly due to higher depreciation from rapid capacity expansion. However, non-GAAP adjusted cash gross profit grew 9.4% to RMB1.16 billion, and adjusted EBITDA increased 25.4% to RMB918.3 million, lifting adjusted EBITDA margin to 33.0%.
GAAP net loss attributable to VNET widened to RMB135.6 million from RMB11.9 million, largely reflecting a swing in fair value of financial instruments from a gain to a loss. Excluding this, adjusted net income turned positive at RMB7.4 million versus a prior adjusted net loss. The company ended June 30, 2026 with total cash, restricted cash and short-term investments of RMB7.21 billion against total debt of RMB23.42 billion.
Wholesale capacity in service rose to 1,007MW with total capacity committed of 970MW, and VNET secured a 345MW wholesale order and expanded its land bank to over 4GW of capacity. Full-year 2026 guidance was reiterated, targeting net revenues of RMB11.5–11.8 billion and adjusted EBITDA of RMB3,550–3,750 million. VNET also announced a strategic cooperation agreement with CATL to jointly develop integrated compute-energy infrastructure.
Positive
- Total net revenues grew 14.2% year-over-year to RMB2.78 billion, with IDC revenues up 18.6%, indicating solid topline expansion.
- High-margin wholesale IDC revenues increased 29.3% to RMB1.10 billion and contributed 39.8% of total net revenues, strengthening the wholesale growth engine.
- Adjusted EBITDA rose 25.4% to RMB918.3 million, with margin expanding from 30.1% to 33.0%, showing improved operating efficiency on a non-GAAP basis.
- Adjusted net income turned positive at RMB7.4 million versus an adjusted net loss of RMB53.6 million a year earlier, reflecting underlying profitability improvement.
- Wholesale capacity in service reached 1,007MW and total capacity committed 970MW, while land bank expansion lifted total capacity to over 4GW, supporting multi-year growth.
- VNET reaffirmed 2026 guidance for RMB11.5–11.8 billion revenues and RMB3,550–3,750 million adjusted EBITDA, implying 15.6–18.6% and 19.2–25.9% year-over-year growth.
- The strategic cooperation with CATL targets gigawatt-scale compute-energy facilities and a three-layer integrated compute-energy ecosystem, potentially enhancing VNET’s positioning in green digital infrastructure.
Negative
- GAAP gross margin fell from 22.5% to 18.2%, and gross profit declined 7.8% to RMB505.2 million, pressured by higher depreciation tied to capacity expansion.
- Net loss attributable to VNET widened significantly to RMB135.6 million from RMB11.9 million, driven partly by a RMB47.1 million fair value loss versus a prior RMB70.4 million gain.
- Net cash from operating activities decreased to RMB218.1 million from RMB366.6 million a year earlier, indicating weaker operating cash generation this quarter.
- Leverage remains high, with total short-term and long-term debt of RMB23.42 billion versus cash, restricted cash and short-term investments of RMB7.21 billion at June 30, 2026.
- Redeemable non-controlling interests in mezzanine equity increased to RMB5.23 billion from RMB1.71 billion, and related accretion contributed to losses attributable to ordinary shareholders.
Filing Explained
The CATL agreement sets a planned framework, not completed projects; 2026 capex guidance is RMB10 billion to RMB12 billion and remains subject to change.
As a Form 6-K, this report furnishes material interim information and records a strategic cooperation agreement with CATL; the stated structural consequence is a planned compute-energy partnership, not completed project deployment.
Although the company announced that the agreement was entered into, the filing says implementation is contemplated and that definitive agreements for specific cooperation projects must still be negotiated and executed.
The planned scope covers gigawatt-scale compute-energy facilities, distributed compute-energy networks, and a zero-carbon token ecosystem, but the filing does not specify project consideration, ownership changes, or an issuance of VNET equity.
VNET’s unchanged 2026 outlook calls for capital expenditure of
Key Figures
Key Terms
adjusted EBITDA financial
wholesale IDC business financial
mezzanine equity financial
redeemable non-controlling interests financial
compute-energy ecosystem technical
Earnings Snapshot
For full-year 2026, VNET expects total net revenues of RMB11.5–11.8 billion (15.6–18.6% growth) and adjusted EBITDA of RMB3,550–3,750 million (19.2–25.9% growth), with capital expenditures of RMB10–12 billion.
FAQ
How did VNET (VNET) perform financially in the second quarter of 2026?
What were VNET’s key profitability and margin trends in Q2 2026?
What is driving VNET’s revenue growth, particularly in its wholesale IDC business?
What guidance did VNET provide for full-year 2026 revenues and EBITDA?
What is the significance of VNET’s strategic cooperation agreement with CATL?
How strong is VNET’s balance sheet and liquidity as of June 30, 2026?
What were VNET’s key capacity and utilization metrics in Q2 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT
TO RULE 13a-16
OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the Month of August 2026
Commission File Number: 001-35126
VNET Group, Inc.
Guanjie Building, Southeast 1st Floor
10# Jiuxianqiao East Road
Chaoyang District
Beijing 100016
The People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| VNET Group, Inc. | ||
| By: | /s/ Peter Zhihua Zhang | |
| Name: Peter Zhihua Zhang | ||
| Title: Senior Vice President of Operational Finance | ||
| Date: August 18, 2026 | ||
EXHIBIT INDEX
| Exhibit | Description | |
| 99.1 | Press release tilted “VNET Reports Unaudited Second Quarter 2026 Financial Results” | |
| 99.2 | Press release titled “VNET Announces Strategic Cooperation with CATL” |
Exhibit 99.1
VNET Reports Unaudited Second Quarter 2026 Financial Results
BEIJING, August 18, 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 its unaudited financial results for the second quarter ended June 30, 2026.
Second Quarter 2026 Financial Highlights
| · | Total net revenues increased by 14.2% year-over-year to RMB2.78 billion (US$409.5 million) in the second quarter of 2026 (2Q2025: RMB2.43 billion). | |
| · | Net revenues from the wholesale IDC business (“wholesale revenues”) increased by 29.3% year-over-year to RMB1.10 billion (US$162.8 million) in the second quarter of 2026 (2Q2025: RMB854.1 million). | |
| · | Adjusted cash gross profit (non-GAAP) increased by 9.4% year-over-year to RMB1.16 billion (US$171.2 million) in the second quarter of 2026 (2Q2025: RMB1.06 billion). | |
| · | Adjusted cash gross margin (non-GAAP) was 41.8% in the second quarter of 2026 (2Q2025: 43.6%). | |
| · | Adjusted EBITDA (non-GAAP) increased by 25.4% year-over-year to RMB918.3 million (US$135.3 million) in the second quarter of 2026 (2Q2025: RMB732.5 million). | |
| · | Adjusted EBITDA margin (non-GAAP) was 33.0% in the second quarter of 2026 (2Q2025: 30.1%). | |
| · | Adjusted net income (non-GAAP) was RMB7.4 million (US$1.1 million) in the second quarter of 2026 (2Q2025: adjusted net loss of RMB53.6 million). |
Second Quarter 2026 Operational Highlights
| · | Wholesale capacity in service increased by 49.4% year-over-year to 1,007MW as of June 30, 2026 (June 30, 2025: 674MW). | |
| · | Wholesale capacity utilized by customers increased to 45.5% year-over-year to 744MW as of June 30, 2026 (June 30, 2025: 511MW). | |
| · | Retail monthly recurring revenue (MRR) per retail cabinet increased by 9.9% year-over-year to RMB9,799 in the second quarter of 2026 (2Q2025: RMB8,915). |
“We achieved robust growth across our key financial and operational metrics in the second quarter of 2026, as our execution capabilities and high-quality deliveries continued to attract new orders,” said Josh Sheng Chen, Founder, Executive Chairperson of VNET. “We secured a 345MW wholesale order from a leading cloud service provider in the second quarter, bringing our total wholesale order wins to 862MW year-to-date. Meanwhile, we continued to expand our strategic resource reserves, securing approximately 1.4GW of land bank capacity during the second quarter, including 908MW in the Chinese mainland and 478MW overseas. This increased our total capacity to over 4GW, providing a clear, multi-year growth runway across both domestic and international markets.
“In addition, we deepened our collaboration with Contemporary Amperex Technology Co., Limited and signed a strategic cooperation agreement to jointly develop a three-layer integrated compute-energy ecosystem comprising gigawatt-scale compute-energy facilities, distributed compute-energy networks, and a zero-carbon token ecosystem. By combining our complementary strengths and deepening cooperation across technology, infrastructure and supply chains, we will jointly advance innovation in integrated compute-energy systems. Together, we aim to contribute to the next generation of digital energy infrastructure in the intelligent era.”
Peter Zhihua Zhang, Senior Vice President, Operational Finance of VNET, commented, “In the second quarter, our total net revenues increased by 14.2% year-over-year to RMB2.78 billion, mainly driven by 29.3% year-over-year growth in wholesale revenues. Wholesale revenues once again surpassed retail, increasing wholesale’s contribution to 39.8% of our total net revenues and reinforcing its position as our primary growth engine. Strong order momentum, long-term customer commitments and our well-paced delivery roadmap strengthen the visibility into our future revenue growth. Adjusted EBITDA increased by 25.4% year-over-year to RMB918.3 million, with its margin expanding by 3.0 percentage points to 33.0%. Moving forward, we will remain focused on disciplined execution across delivery, capacity expansion and capital allocation, driving high-quality growth and creating value for our shareholders.”
1
Second Quarter 2026 Financial Results
TOTAL NET REVENUES: Total net revenues in the second quarter of 2026 were RMB2.78 billion (US$409.5 million), representing an increase of 14.2% from RMB2.43 billion in the same period of 2025. The year-over-year increase was mainly driven by the continued growth of our wholesale IDC business.
Net revenues from IDC business increased by 18.6% to RMB2.15 billion (US$316.9 million) from RMB1.81 billion in the same period of 2025. The year-over-year increase was mainly driven by an increase in wholesale revenues.
| · | Wholesale revenues increased by 29.3% to RMB1.10 billion (US$162.8 million) from RMB854.1 million in the same period of 2025. | |
| · | Retail revenues increased by 9.1% to RMB1.05 billion (US$154.1 million) from RMB958.7 million in the same period of 2025. |
Net revenues from non-IDC business increased by 1.1% to RMB628.4 million (US$92.6 million) from RMB621.4 million in the same period of 2025.
GROSS PROFIT: Gross profit in the second quarter of 2026 was RMB505.2 million (US$74.5 million), representing a decrease of 7.8% from RMB547.7 million in the same period of 2025, mainly due to increased depreciation costs associated with our rapid capacity expansion. Gross margin in the second quarter of 2026 was 18.2%, compared with 22.5% in the same period of 2025.
ADJUSTED CASH GROSS PROFIT (non-GAAP), which excludes depreciation and amortization and share-based compensation expenses from gross profit, increased by 9.4% to RMB1.16 billion (US$171.2 million) in the second quarter of 2026 from RMB1.06 billion in the same period of 2025. Adjusted cash gross margin (non-GAAP) in the second quarter of 2026 was 41.8%, compared with 43.6% in the same period of 2025.
OPERATING EXPENSES: Total operating expenses in the second quarter of 2026 were RMB275.9 million (US$40.7 million), compared with RMB374.7 million in the same period of 2025.
Sales and marketing expenses were RMB58.8 million (US$8.7 million) in the second quarter of 2026, compared with RMB70.0 million in the same period of 2025.
Research and development expenses were RMB75.2 million (US$11.1 million) in the second quarter of 2026, compared with RMB67.6 million in the same period of 2025.
General and administrative expenses were RMB164.9 million (US$24.3 million) in the second quarter of 2026, compared with RMB212.5 million in the same period of 2025.
ADJUSTED OPERATING EXPENSES (non-GAAP), which exclude share-based compensation expenses from operating expenses, were RMB271.0 million (US$39.9 million) in the second quarter of 2026, compared with RMB365.6 million in the same period of 2025. As a percentage of total net revenues, adjusted operating expenses (non-GAAP) in the second quarter of 2026 were 9.8%, compared with 15.0% in the same period of 2025.
ADJUSTED EBITDA (non-GAAP), which excludes depreciation and amortization and share-based compensation expenses from operating profit, was RMB918.3 million (US$135.3 million) in the second quarter of 2026, representing an increase of 25.4% from RMB732.5 million in the same period of 2025. Adjusted EBITDA margin (non-GAAP) in the second quarter of 2026 was 33.0%, compared with 30.1% in the same period of 2025.
2
NET LOSS ATTRIBUTABLE TO VNET GROUP, INC.: Net loss attributable to VNET Group, Inc. in the second quarter of 2026 was RMB135.6 million (US$20.0 million), compared with RMB11.9 million in the same period of 2025. The increase in net loss was primarily attributable to a loss of RMB47.1 million from changes in the fair value of financial instruments in the second quarter of 2026. By comparison, the Company recognized a gain of RMB70.4 million from changes in the fair value of financial instruments in the second quarter of 2025.
ADJUSTED NET INCOME (LOSS) (non-GAAP) excludes changes in the fair value of financial instruments from net income (loss). Adjusted net income in the second quarter of 2026 was RMB7.4 million (US$1.1 million), compared with an adjusted net loss of RMB53.6 million in the same period of 2025.
LOSS PER SHARE: Basic and diluted loss per share in the second quarter of 2026 were both RMB0.09 (US$0.01), which represents the equivalent of RMB0.54 (US$0.06) per American depositary share (“ADS”). Each ADS represents six Class A ordinary shares. Diluted loss per share is calculated using adjusted net loss attributable to ordinary shareholders divided by the weighted average number of diluted shares outstanding.
LIQUIDITY: As of June 30, 2026, the aggregate amount of the Company’s cash and cash equivalents, restricted cash and short-term investments was RMB7.21 billion (US$1.06 billion).
Total short-term debt, consisting of short-term bank borrowings and the current portion of long-term borrowings, was RMB4.18 billion (US$616.1 million). Total long-term debt was RMB19.24 billion (US$2.84 billion), comprised of long-term borrowings of RMB14.40 billion (US$2.12 billion) and convertible notes of RMB4.84 billion (US$712.8 million).
Net cash generated from operating activities in the second quarter of 2026 was RMB218.1 million (US$32.1 million), compared with RMB366.6 million in the same period of 2025. During the second quarter of 2026, the Company obtained new debt financing, refinancing facilities, equity financing and other financings of RMB3.77 billion (US$556.0 million).
Second Quarter 2026 Operational Results
Wholesale IDC Business
| · | Capacity in service was 1,007MW as of June 30, 2026, compared with 907MW as of March 31, 2026, and 674MW as of June 30, 2025. Capacity under construction was 585MW as of June 30, 2026. | |
| · | Capacity utilized by customers reached 744MW as of June 30, 2026, compared with 687MW as of March 31, 2026, and 511MW as of June 30, 2025. The sequential increase of 57MW was mainly contributed by the N-HB Campus 03 and N-OR Campus 01 data centers. | |
| · | Utilization rate1 of wholesale capacity was 73.9% as of June 30, 2026, compared with 75.7% as of March 31, 2026, and 75.9% as of June 30, 2025. |
| · | Utilization rate of mature wholesale capacity2 was 92.5% as of June 30, 2026, compared with 93.8% as of March 31, 2026, and 94.6% as of June 30, 2025. | |
| · | Utilization rate of ramp-up wholesale capacity3 was 36.6% as of June 30, 2026, compared with 45.0% as of March 31, 2026, and 20.8% as of June 30, 2025. |
| · | Total capacity committed4 was 970MW as of June 30, 2026, compared with 869MW as of March 31, 2026, and 674MW as of June 30, 2025. | |
| · | Commitment rate5 for capacity in service was 96.3% as of June 30, 2026, compared with 95.7% as of March 31, 2026, and 100% as of June 30, 2025. |
1 Utilization rate is calculated by dividing capacity utilized by customers by capacity in service.
2 Mature wholesale capacity refers to wholesale data centers with utilization rate at or above 80%.
3 Ramp-up wholesale capacity refers to wholesale data centers with utilization rate below 80%.
4 Total capacity committed represents capacity committed to customers under effective agreements.
5 Commitment rate is calculated by dividing total capacity committed by total capacity in service.
3
Retail IDC Business6
| · | Capacity in service was 50,081 cabinets as of June 30, 2026, compared with 50,170 cabinets as of March 31, 2026, and 52,131 cabinets as of June 30, 2025. | |
| · | Capacity utilized by customers was 32,314 cabinets as of June 30, 2026, compared with 32,165 cabinets as of March 31, 2026, and 33,292 cabinets as of June 30, 2025. | |
| · | Utilization rate of retail capacity was 64.5% as of June 30, 2026, compared with 64.1% as of March 31, 2026, and 63.9% as of June 30, 2025. |
| · | Utilization rate of mature retail capacity7 was 68.7% as of June 30, 2026, compared with 68.5% as of March 31, 2026, and 68.6% as of June 30, 2025. | |
| · | Utilization rate of ramp-up retail capacity8 was 26.9% as of June 30, 2026, compared with 24.2% as of March 31, 2026, and 26.4% as of June 30, 2025. |
| · | Monthly recurring revenue (MRR) per retail cabinet was RMB9,799 in the second quarter of 2026, compared with RMB9,448 in the first quarter of 2026 and RMB8,915 in the second quarter of 2025. |
Recent Developments
On August 18, 2026, we signed a strategic cooperation agreement with Contemporary Amperex Technology Co., Limited (stock codes: 300750.SZ and 03750.HK) (“CATL”), under which both parties will establish a partnership to deepen compute-energy integration by synergistically combining VNET’s leadership in large-scale computing infrastructure development and operations with CATL’s expertise in zero-carbon new energy technologies. With the goal of shaping next generation digital energy infrastructure globally, and leveraging green DC and direct green power connection technologies, the parties plan to jointly develop a three-layer integrated compute-energy ecosystem comprising gigawatt-scale compute-energy facilities, distributed compute-energy networks, and a zero-carbon token ecosystem.
Business Outlook
For the full year of 2026, the Company expects its total net revenues to be in the range of RMB11.5 billion to RMB11.8 billion, representing year-over-year growth of 15.6% to 18.6%, and adjusted EBITDA (non-GAAP) to be in the range of RMB3,550 million to RMB3,750 million, representing year-over-year growth of 19.2% to 25.9%. In addition, the Company expects capital expenditure to be in the range of RMB10 billion to RMB12 billion for the full year of 2026. 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 Tuesday, August 18, 2026, or 8:00 PM Beijing Time on Tuesday, August 18, 2026.
For participants who wish to join the call, please access the links provided below to complete the online registration process.
6 For the 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 include those with limited utilization, those scheduled for closure, or those planned for upgrades. As of June 30, 2025, March 31, 2026, and June 30, 2026, 3,791, 4,097 and 3,795 reserved cabinets, respectively, were excluded from retail IDC utilization rate calculations.
7 Mature retail capacity refers to retail data centers that came into service over 24 months ago.
8 Ramp-up retail capacity refers to retail data centers that entered service within the past 24 months, or mature retail data centers that underwent improvements within the past 24 months.
4
English line:
https://s1.c-conf.com/diamondpass/10056504-wstpwx.html
Chinese line (listen-only mode):
https://s1.c-conf.com/diamondpass/10056507-c7sjs6e.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 August 25, 2026, 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 |
| Replay PIN (English line): | 10056504 |
| Replay PIN (Chinese line): | 10056507 |
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, adjusted EBITDA margin and adjusted net income (loss). 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 RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026, 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.
5
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 and government entities to blue-chip enterprises and 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. VNET’s strategic and operational plans as well as Business Outlook 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:
VNET IR Team
Tel: +86 10 8456 2121
Email: ir@vnet.com
6
VNET GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
| As of | As of | |||||||||||
| December 31, 2025 | June 30, 2026 | |||||||||||
| RMB | RMB | US$ | ||||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | 5,523,571 | 6,720,690 | 990,507 | |||||||||
| Restricted cash | 656,010 | 477,331 | 70,350 | |||||||||
| Short-term Investments | 379,198 | - | - | |||||||||
| Accounts and notes receivable, net | 2,222,106 | 2,640,321 | 389,135 | |||||||||
| Amounts due from related parties | 429,411 | 505,671 | 74,527 | |||||||||
| Prepaid expenses and other current assets | 2,241,570 | 2,418,052 | 356,377 | |||||||||
| Total current assets | 11,451,866 | 12,762,065 | 1,880,896 | |||||||||
| Non-current assets: | ||||||||||||
| Restricted cash | 22,104 | 16,412 | 2,419 | |||||||||
| Long-term investments, net | 1,062,660 | 1,004,875 | 148,100 | |||||||||
| Property and equipment, net | 22,775,579 | 25,463,639 | 3,752,876 | |||||||||
| Intangible assets and other long-term assets | 2,872,475 | 3,167,199 | 466,788 | |||||||||
| Operating lease right-of-use assets, net | 4,871,341 | 5,159,484 | 760,414 | |||||||||
| Deferred tax assets, net | 251,572 | 251,327 | 37,041 | |||||||||
| Derivative financial instrument | 11,185 | - | - | |||||||||
| Other non-current assets | 1,275,380 | 1,687,339 | 248,683 | |||||||||
| Total non-current assets | 33,142,296 | 36,750,275 | 5,416,321 | |||||||||
| Total assets | 44,594,162 | 49,512,340 | 7,297,217 | |||||||||
| Liabilities and Shareholders’ Equity | ||||||||||||
| Current liabilities: | ||||||||||||
| Short-term bank borrowings | 1,172,561 | 1,770,210 | 260,897 | |||||||||
| Current portion of long-term borrowings | 2,059,154 | 2,410,117 | 355,207 | |||||||||
| Current portion of finance lease liabilities | 357,995 | 325,662 | 47,997 | |||||||||
| Current portion of operating lease liabilities | 962,275 | 980,147 | 144,456 | |||||||||
| Accounts and notes payable | 741,878 | 749,950 | 110,529 | |||||||||
| Amounts due to related parties | 415,889 | 355,347 | 52,372 | |||||||||
| Income taxes payable | 154,343 | 229,691 | 33,852 | |||||||||
| Advances from customers | 933,920 | 1,028,660 | 151,606 | |||||||||
| Deferred revenue | 138,671 | 145,015 | 21,373 | |||||||||
| Current portion of deferred government grants | 51,062 | 53,878 | 7,941 | |||||||||
| Accrued expenses and other payables | 5,459,465 | 5,063,984 | 746,339 | |||||||||
| Total current liabilities | 12,447,213 | 13,112,661 | 1,932,569 | |||||||||
| Non-current liabilities: | ||||||||||||
| Long-term borrowings | 11,579,664 | 14,402,669 | 2,122,691 | |||||||||
| Convertible notes | 5,138,664 | 4,836,250 | 712,775 | |||||||||
| Non-current portion of finance lease liabilities | 1,643,713 | 1,599,085 | 235,676 | |||||||||
| Non-current portion of operating lease liabilities | 4,001,047 | 4,304,054 | 634,339 | |||||||||
| Unrecognized tax benefits | 118,734 | 118,734 | 17,499 | |||||||||
| Deferred tax liabilities | 840,387 | 876,409 | 129,167 | |||||||||
| Deferred government grants | 260,268 | 242,116 | 35,683 | |||||||||
| Total non-current liabilities | 23,582,477 | 26,379,317 | 3,887,830 | |||||||||
| Mezzanine equity: | ||||||||||||
| Redeemable non-controlling interests | 1,711,591 | 5,227,481 | 770,435 | |||||||||
| Total mezzanine equity | 1,711,591 | 5,227,481 | 770,435 | |||||||||
| Shareholders’ equity | ||||||||||||
| Ordinary shares | 112 | 118 | 17 | |||||||||
| Treasury stock | (179,087 | ) | (179,087 | ) | (26,394 | ) | ||||||
| Additional paid-in capital | 17,360,323 | 17,607,582 | 2,595,036 | |||||||||
| Statutory reserves | 116,316 | 116,316 | 17,143 | |||||||||
| Accumulated other comprehensive income | 46,375 | 30,293 | 4,465 | |||||||||
| Accumulated deficit | (11,125,595 | ) | (13,499,741 | ) | (1,989,616 | ) | ||||||
| Total VNET Group, Inc. shareholders’ equity | 6,218,444 | 4,075,481 | 600,651 | |||||||||
| Noncontrolling interest | 634,437 | 717,400 | 105,732 | |||||||||
| Total shareholders’ equity | 6,852,881 | 4,792,881 | 706,383 | |||||||||
| Total liabilities, mezzanine equity and shareholders’ equity | 44,594,162 | 49,512,340 | 7,297,217 | |||||||||
7
VNET GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for number of shares and per share data)
| Three months ended | Six months ended | |||||||||||||||||||||||||||
| June 30, 2025 | March 31, 2026 | June 30, 2026 | June 30, 2025 | June 30, 2026 | ||||||||||||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||||||||||
| Net revenues | 2,434,205 | 2,691,136 | 2,778,738 | 409,535 | 4,680,425 | 5,469,874 | 806,160 | |||||||||||||||||||||
| Cost of revenues | (1,886,470 | ) | (2,075,269 | ) | (2,273,558 | ) | (335,081 | ) | (3,567,349 | ) | (4,348,827 | ) | (640,938 | ) | ||||||||||||||
| Gross profit | 547,735 | 615,867 | 505,180 | 74,454 | 1,113,076 | 1,121,047 | 165,222 | |||||||||||||||||||||
| Operating income (expenses) | ||||||||||||||||||||||||||||
| Operating (loss) income | (1,143 | ) | 83 | 39,885 | 5,878 | 318 | 39,968 | 5,891 | ||||||||||||||||||||
| Sales and marketing expenses | (69,963 | ) | (53,682 | ) | (58,751 | ) | (8,659 | ) | (134,309 | ) | (112,433 | ) | (16,571 | ) | ||||||||||||||
| Research and development expenses | (67,570 | ) | (74,423 | ) | (75,162 | ) | (11,078 | ) | (111,173 | ) | (149,585 | ) | (22,046 | ) | ||||||||||||||
| General and administrative expenses | (212,473 | ) | (162,380 | ) | (164,947 | ) | (24,310 | ) | (392,243 | ) | (327,327 | ) | (48,242 | ) | ||||||||||||||
| Allowance for doubtful debt | (23,568 | ) | (78,536 | ) | (16,955 | ) | (2,499 | ) | (54,120 | ) | (95,491 | ) | (14,074 | ) | ||||||||||||||
| Total operating expenses | (374,717 | ) | (368,938 | ) | (275,930 | ) | (40,668 | ) | (691,527 | ) | (644,868 | ) | (95,042 | ) | ||||||||||||||
| Operating profit | 173,018 | 246,929 | 229,250 | 33,786 | 421,549 | 476,179 | 70,180 | |||||||||||||||||||||
| Interest income | 16,869 | 10,390 | 16,617 | 2,449 | 23,620 | 27,007 | 3,980 | |||||||||||||||||||||
| Interest expense | (157,508 | ) | (221,042 | ) | (204,500 | ) | (30,140 | ) | (258,161 | ) | (425,542 | ) | (62,717 | ) | ||||||||||||||
| Other income | 5,234 | 1,376 | 6,324 | 932 | 7,045 | 7,700 | 1,135 | |||||||||||||||||||||
| Other expenses | (5,499 | ) | (2,991 | ) | (1,364 | ) | (201 | ) | (7,937 | ) | (4,355 | ) | (642 | ) | ||||||||||||||
| Changes in the fair value of financial instruments | 70,404 | (32,095 | ) | (47,130 | ) | (6,946 | ) | (264,500 | ) | (79,225 | ) | (11,677 | ) | |||||||||||||||
| Foreign exchange gain | 9,258 | 36,083 | 38,104 | 5,616 | 18,785 | 74,187 | 10,934 | |||||||||||||||||||||
| Income (loss) before income taxes and gain (loss) from equity method investments | 111,776 | 38,650 | 37,301 | 5,496 | (59,599 | ) | 75,951 | 11,193 | ||||||||||||||||||||
| Income tax expenses | (95,048 | ) | (486,161 | ) | (57,843 | ) | (8,525 | ) | (147,110 | ) | (544,004 | ) | (80,176 | ) | ||||||||||||||
| Gain (loss) from equity method investments | 41 | 2,611 | (19,205 | ) | (2,830 | ) | 3,255 | (16,594 | ) | (2,446 | ) | |||||||||||||||||
| Net income (loss) | 16,769 | (444,900 | ) | (39,747 | ) | (5,859 | ) | (203,454 | ) | (484,647 | ) | (71,429 | ) | |||||||||||||||
| Net income attributable to noncontrolling interests | (13,656 | ) | (19,752 | ) | (12,561 | ) | (1,851 | ) | (30,991 | ) | (32,313 | ) | (4,762 | ) | ||||||||||||||
| Net income attributable to redeemable non-controlling interests | (15,027 | ) | (67,189 | ) | (83,289 | ) | (12,275 | ) | (15,027 | ) | (150,478 | ) | (22,178 | ) | ||||||||||||||
| Net loss attributable to the VNET Group,Inc. | (11,914 | ) | (531,841 | ) | (135,597 | ) | (19,985 | ) | (249,472 | ) | (667,438 | ) | (98,369 | ) | ||||||||||||||
| Accretion to redemption amount of redeemable non-controlling interests | (67 | ) | (1,697,626 | ) | (9,082 | ) | (1,339 | ) | (67 | ) | (1,706,708 | ) | (251,538 | ) | ||||||||||||||
| Net loss attributable to the Company’s ordinary shareholders | (11,981 | ) | (2,229,467 | ) | (144,679 | ) | (21,324 | ) | (249,539 | ) | (2,374,146 | ) | (349,907 | ) | ||||||||||||||
| Loss per share | ||||||||||||||||||||||||||||
| Basic | (0.01 | ) | (1.36 | ) | (0.09 | ) | (0.01 | ) | (0.16 | ) | (1.42 | ) | (0.21 | ) | ||||||||||||||
| Diluted | (0.01 | ) | (1.36 | ) | (0.09 | ) | (0.01 | ) | (0.16 | ) | (1.42 | ) | (0.21 | ) | ||||||||||||||
| Shares used in loss per share computation | ||||||||||||||||||||||||||||
| Basic* | 1,610,484,726 | 1,644,810,699 | 1,702,004,096 | 1,702,004,096 | 1,609,646,939 | 1,673,565,395 | 1,673,565,395 | |||||||||||||||||||||
| Diluted* | 1,610,484,726 | 1,644,810,699 | 1,702,004,096 | 1,702,004,096 | 1,609,646,939 | 1,673,565,395 | 1,673,565,395 | |||||||||||||||||||||
| Loss per ADS (6 ordinary shares equal to 1 ADS) | ||||||||||||||||||||||||||||
| Basic | (0.06 | ) | (8.16 | ) | (0.54 | ) | (0.06 | ) | (0.96 | ) | (8.52 | ) | (1.26 | ) | ||||||||||||||
| Diluted | (0.06 | ) | (8.16 | ) | (0.54 | ) | (0.06 | ) | (0.96 | ) | (8.52 | ) | (1.26 | ) | ||||||||||||||
* Shares used in loss per share/ADS computation were computed under weighted average method.
8
VNET GROUP, INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
| Three months ended | Six months ended | |||||||||||||||||||||||||||
| June 30, 2025 | March 31, 2026 | June 30, 2026 | June 30, 2025 | June 30, 2026 | ||||||||||||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||||||||||
| Gross profit | 547,735 | 615,867 | 505,180 | 74,454 | 1,113,076 | 1,121,047 | 165,222 | |||||||||||||||||||||
| Plus: depreciation and amortization | 513,891 | 595,092 | 656,509 | 96,757 | 916,290 | 1,251,601 | 184,463 | |||||||||||||||||||||
| Plus: share-based compensation expenses | 196 | 297 | 201 | 30 | 305 | 498 | 73 | |||||||||||||||||||||
| Adjusted cash gross profit | 1,061,822 | 1,211,256 | 1,161,890 | 171,241 | 2,029,671 | 2,373,146 | 349,758 | |||||||||||||||||||||
| Adjusted cash gross margin | 43.6 | % | 45.0 | % | 41.8 | % | 41.8 | % | 43.4 | % | 43.4 | % | 43.4 | % | ||||||||||||||
| Operating expenses | (374,717 | ) | (368,938 | ) | (275,930 | ) | (40,668 | ) | (691,527 | ) | (644,868 | ) | (95,042 | ) | ||||||||||||||
| Plus: share-based compensation expenses | 9,163 | 6,757 | 4,883 | 720 | 15,492 | 11,640 | 1,716 | |||||||||||||||||||||
| Adjusted operating expenses | (365,554 | ) | (362,181 | ) | (271,047 | ) | (39,948 | ) | (676,035 | ) | (633,228 | ) | (93,326 | ) | ||||||||||||||
| Operating profit | 173,018 | 246,929 | 229,250 | 33,786 | 421,549 | 476,179 | 70,180 | |||||||||||||||||||||
| Plus: depreciation and amortization | 550,087 | 637,551 | 683,995 | 100,808 | 977,527 | 1,321,546 | 194,772 | |||||||||||||||||||||
| Plus: share-based compensation expenses | 9,359 | 7,054 | 5,084 | 750 | 15,797 | 12,138 | 1,789 | |||||||||||||||||||||
| Adjusted EBITDA | 732,464 | 891,534 | 918,329 | 135,344 | 1,414,873 | 1,809,863 | 266,741 | |||||||||||||||||||||
| Adjusted EBITDA margin | 30.1 | % | 33.1 | % | 33.0 | % | 33.0 | % | 30.2 | % | 33.1 | % | 33.1 | % | ||||||||||||||
| Net income (loss) | 16,769 | (444,900 | ) | (39,747 | ) | (5,859 | ) | (203,454 | ) | (484,647 | ) | (71,429 | ) | |||||||||||||||
| plus: Changes in the fair value of financial instruments | (70,404 | ) | 32,095 | 47,130 | 6,946 | 264,500 | 79,225 | 11,677 | ||||||||||||||||||||
| Adjusted net (loss) income | (53,635 | ) | (412,805 | ) | 7,383 | 1,087 | 61,046 | (405,422 | ) | (59,752 | ) | |||||||||||||||||
9
VNET GROUP, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
| Three months ended | ||||||||||||||||
| June 30, 2025 | March 31, 2026 | June 30, 2026 | ||||||||||||||
| RMB | RMB | RMB | US$ | |||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||
| Net cash generated from operating activities | 366,596 | 173,676 | 218,076 | 32,140 | ||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||
| Purchases of property and equipment | (1,870,296 | ) | (1,752,448 | ) | (1,513,291 | ) | (223,031 | ) | ||||||||
| Purchases of intangible assets | (24,388 | ) | (42,073 | ) | (25,466 | ) | (3,753 | ) | ||||||||
| (Payments for) proceeds from investments | (1,216,168 | ) | (308,408 | ) | 690,458 | 101,761 | ||||||||||
| Payments for other investing activities | (171,213 | ) | (115,851 | ) | (123,642 | ) | (18,223 | ) | ||||||||
| Net cash used in investing activities | (3,282,065 | ) | (2,218,780 | ) | (971,941 | ) | (143,246 | ) | ||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||
| Proceeds from bank borrowings | 1,004,537 | 6,560,103 | 2,176,142 | 320,724 | ||||||||||||
| Repayments of bank borrowings | (381,728 | ) | (3,954,802 | ) | (1,689,182 | ) | (248,955 | ) | ||||||||
| Payments for finance leases | (44,471 | ) | (91,453 | ) | (243,834 | ) | (35,937 | ) | ||||||||
| Proceeds from issuance of ordinary shares | - | 951,393 | - | - | ||||||||||||
| Contribution from noncontrolling interest in subsidiaries | (4,555 | ) | 4,976,468 | - | - | |||||||||||
| Proceeds from (payments for) other financing activities | 8,875 | (4,493,902 | ) | (330,061 | ) | (48,645 | ) | |||||||||
| Net cash generated from (used in) financing activities | 582,658 | 3,947,807 | (86,935 | ) | (12,813 | ) | ||||||||||
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (14,764 | ) | (24,360 | ) | (24,795 | ) | (3,654 | ) | ||||||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (2,347,575 | ) | 1,878,343 | (865,595 | ) | (127,573 | ) | |||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 5,767,658 | 6,201,685 | 8,080,028 | 1,190,849 | ||||||||||||
| Cash, cash equivalents and restricted cash at end of period | 3,420,083 | 8,080,028 | 7,214,433 | 1,063,276 | ||||||||||||
10
Exhibit 99.2
VNET Announces Strategic Cooperation with CATL
BEIJING, August 13, 2026 -- 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 has entered into a strategic cooperation agreement (the “Strategic Cooperation Agreement”) with Contemporary Amperex Technology Co., Limited (stock codes: 300750.SZ and 03750.HK) (“CATL”), a global leader in zero-carbon new energy technology.
Under the Strategic Cooperation Agreement, VNET and CATL will establish a partnership to deepen compute-energy integration by synergistically combining VNET’s leadership in large-scale computing infrastructure development and operations with CATL’s expertise in zero-carbon new energy technologies. With the goal of shaping next generation digital energy infrastructure globally, and leveraging green DC and direct green power connection technologies, the parties plan to jointly develop a three-layer integrated compute-energy ecosystem comprising gigawatt-scale compute-energy facilities, distributed compute-energy networks, and a zero-carbon token ecosystem.
“We are delighted to establish this strategic partnership with CATL,” said Mr. Josh Sheng Chen, Founder, Executive Chairperson of VNET. “By combining our complementary strengths and deepening cooperation across technology, infrastructure and supply chains, we will jointly advance innovation in integrated compute-energy systems. Together, we aim to contribute to the next generation of digital energy infrastructure in the intelligent era.”
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 and government entities to blue-chip enterprises and small- to mid-sized enterprises.
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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 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: the implementation of the contemplated cooperation under the Strategic Cooperation Agreement; the negotiation and execution of definitive agreements for specific cooperation projects; the timing, scope and anticipated benefits of such cooperation; 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 solutions 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:
VNET IR Team
Tel: +86 10 8456 2121
Email: ir@vnet.com
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