VNET Group
ConvictionWeak
Carrier-neutral colocation and wholesale hyperscale data-center leasing (power + space, recurring), plus managed hosting/cloud/VPN services; licensed operator of Microsoft Azure and Microsoft 365 in mainland China. Capital-intensive build-and-lease economics on a Cayman holdco with China VIE operations, US-listed as an ADR on Nasdaq.
Revenue
FY2025 RMB9.95B~US$1.42B), +20.5% YoY; Q1 2026 RMB2.69B (~US$391M), +19.8% YoYRev growth
~+20%FY2025 and Q1 2026); FY2026 guide RMB11.5-11.8B = +15.6% to +18.6%Gross margin
22.9% GAAPQ1 2026, down from 25.2% YoY on new-capacity ramp/depreciation); adjusted cash gross margin 45.0% (up from 43.1%Op margin
Thin/near-breakeven GAAPGAAP net loss of RMB531.8M in Q1 2026, driven largely by RMB486.2M of income tax expense tied to capital transactions (REIT listings + the CATL-affiliate stake deal). Adjusted EBITDA margin 33.1% (Q1 2026, up from 30.4%Capex intensity
Very high: FY2026 capex guide RMB10-12Broughly 85%-104% of guided revenue, nearly all into wholesale IDC expansionMarket cap
~$2.2BNasdaq: VNET ADS; ~$7.8/ADS at close 6 Jul 2026; ~284.7M ADS outstanding = ~1.71B ordinary shares, 6 ordinary = 1 ADSThe read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
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- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence