6-K

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TORULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

Forthe Month of May 202****5

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/ Qiyu Wang
Name:	Qiyu Wang
Title:	Chief Financial Officer

Date: May 28, 2025

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release tilted “VNET Reports Unaudited First Quarter 2025 Financial Results”

Exhibit 99.1

VNETReports Unaudited First Quarter 2025 Financial Results

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<br>same period of 2024.
·	Net revenues from the IDC business^1^<br>increased by 27.8% to RMB1.64 billion (US$226.2 million) from RMB1.28 billion in the same period of 2024.
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·	Net revenues from the wholesale IDC business (“wholesale revenues”) increased by 86.5% to<br>RMB673.2 million (US$92.8 million) from RMB361.0 million in the same period of 2024.
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·	Net revenues from the retail IDC business (“retail revenues”) increased by 4.8% to RMB968.3<br>million (US$133.4 million) from RMB923.7 million in the same period of 2024.
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·	Net revenues from the non-IDC business^2^<br>decreased slightly by 1.4% to RMB604.8 million (US$83.3 million) from RMB613.5 million in the same period of 2024.
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·	Adjusted cash gross profit (non-GAAP) increased by 26.4% to RMB967.8 million (US$133.4 million) from RMB765.5<br>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<br>in the same period of 2024. Adjusted EBITDA margin (non-GAAP) was 30.4%, compared with 28.4% in the same period of 2024.
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^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.

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,<br>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,<br>2024, and 236MW as of March 31, 2024. The sequential increase during the first quarter of 2025 was 84MW, which was mainly contributed<br>by the E-JS Campus 02 and N-HB Campus 03 data centers.
---	---
·	Utilization rate^3^<br>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,<br>2024.
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·	Utilization rate of mature wholesale capacity^4^<br>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.
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·	Utilization rate of ramp-up wholesale capacity^5^<br>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.
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·	Total capacity committed^6^<br>was 571MW as of March 31, 2025, compared with 479MW as of December 31, 2024, and 326MW as of March 31, 2024.
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·	Commitment rate^7^<br>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,<br>2024.
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·	Total capacity pre-committed^8^<br>was 307MW and pre-commitment rate^9^ for capacity<br>under construction was 81.6% as of March 31, 2025.
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Retail IDC Business^10^

·	Capacity in service was 51,960 cabinets as of March 31, 2025, compared with 52,107 cabinets as of<br>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<br>cabinets as of December 31, 2024, and 33,312 cabinets as of March 31, 2024.
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·	Utilization rate of retail capacity was 63.7% as of March 31, 2025, compared with 63.5% as of December 31,<br>2024, and 64.0% as of March 31, 2024.
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·	Utilization rate of mature retail capacity^11^<br>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.
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·	Utilization rate of ramp-up retail capacity^12^<br>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.
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·	Monthly recurring revenue (MRR) per retail cabinet was RMB8,898 in the first quarter of 2025, compared<br>with RMB8,794 in the fourth quarter of 2024 and RMB8,742 in the first quarter of 2024.
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^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

TOTALNET 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.

Netrevenues 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<br>million in the same period of 2024.
·	Retail revenues increased to RMB968.3 million (US$133.4 million) from RMB923.7 million in<br>the same period of 2024.
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Netrevenues 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.

GROSSPROFIT: 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.

ADJUSTEDCASH 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.

OPERATINGEXPENSES: 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.

Salesand 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.

Researchand 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.

Generaland 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.

ADJUSTEDOPERATING 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.

ADJUSTEDEBITDA (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.

NETLOSS 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 FinancialInformation

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

VNETGROUP, INC.

CONSOLIDATEDBALANCE SHEETS

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

	As<br> of			As<br> of
	December 31,<br> 2024			March 31,<br> 2025
	RMB			RMB			US
Assets
Current assets:
Cash and cash equivalents		1,492,436			3,949,940
Restricted cash		545,795			1,774,403
Accounts and notes receivable, net		1,655,984			2,028,264
Short-term Investments		-			21,491
Prepaid expenses and other current assets		2,789,573			2,983,864
Amounts due from related parties		336,360			382,734
Total current assets		6,820,148			11,140,696
Non-current assets:
Property and equipment, net		17,216,635			18,421,841
Intangible assets and other long-term assets, net		2,170,000			2,768,074
Operating lease right-of-use assets, net		4,618,212			4,966,194
Derivative financial instruments		6,768			16,307
Restricted cash		42,842			43,315
Deferred tax assets, net		306,623			309,428
Long-term investments, net		794,688			788,119
Other non-current assets		381,126			378,687
Total non-current assets		25,536,894			27,691,965
Total assets		32,357,042			38,832,661
Liabilities and Shareholders' Equity
Current liabilities:
Short-term bank borrowings		589,000			1,020,997
Accounts and notes payable		709,260			813,337
Accrued expenses and other payables		3,618,237			3,736,633
Advances from customers		1,378,806			1,311,898
Deferred revenue		87,830			94,985
Income taxes payable		69,569			48,748
Amounts due to related parties		355,679			351,966
Current portion of long-term borrowings		1,420,190			1,560,064
Current portion of finance lease liabilities		208,299			227,918
Current portion of deferred government grants		6,727			9,339
Current portion of operating lease liabilities		899,818			938,292
Total current liabilities		9,343,415			10,114,177
Non-current liabilities:
Long-term borrowings		7,767,390			8,958,785
Convertible promissory notes		1,897,738			5,244,979
Non-current portion of finance lease liabilities		1,532,309			1,556,327
Unrecognized tax benefits		107,850			107,850
Deferred tax liabilities		734,404			875,054
Deferred government grants		273,824			267,078
Non-current portion of operating lease liabilities		3,779,293			4,105,999
Total non-current liabilities		16,092,808			21,116,072
Mezzanine equity:
Redeemable non-controlling interests		-			869,303
Total mezzanine equity		-			869,303
Shareholders' equity
Ordinary shares		112			112
Additional paid-in capital		17,298,692			17,340,396
Accumulated other comprehensive loss		(18,504	)		(11,695	)		)
Statutory reserves		107,380			107,380
Accumulated deficit		(10,859,888	)		(11,097,446	)		)
Treasury stock		(161,892	)		(161,892	)		)
Total VNET Group,Inc. shareholders’ equity		6,365,900			6,176,855
Noncontrolling interest		554,919			556,254
Total shareholders' equity		6,920,819			6,733,109
Total liabilities and shareholders' equity		32,357,042			38,832,661

All values are in US Dollars.

VNETGROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amountin 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			RMB			RMB			US
Net revenues		1,898,126			2,246,389			2,246,220
Cost of revenues		(1,487,405	)		(1,741,533	)		(1,680,879	)		)
Gross profit		410,721			504,856			565,341
Operating income (expenses)
Operating income		3,949			98,869			1,461
Sales and marketing expenses		(71,743	)		(73,088	)		(64,346	)		)
Research and development expenses		(75,389	)		(56,098	)		(43,603	)		)
General and administrative expenses		(226,297	)		(192,954	)		(179,770	)		)
Allowance for doubtful debt		5,175			(44,590	)		(30,552	)		)
Total operating expenses		(364,305	)		(267,861	)		(316,810	)		)
Operating profit		46,416			236,995			248,531
Interest income		12,129			6,162			6,751
Interest expense		(137,682	)		(77,125	)		(100,653	)		)
Other income		4,814			1,855			1,811
Other expenses		(1,422	)		(10,185	)		(2,438	)		)
Changes in the fair value of financial instruments		3,858			(71,575	)		(334,904	)		)
Foreign exchange (loss) gain		(28,361	)		(1,327	)		9,527
(Loss) income before income taxes and gain from equity method investments		(100,248	)		84,800			(171,375	)		)
Income tax expenses		(61,384	)		(82,547	)		(52,062	)		)
Gain from equity method investments		2,606			1,197			3,214
Net (loss) income		(159,026	)		3,450			(220,223	)		)
Net income attributable to noncontrolling interest		(27,979	)		(14,546	)		(17,335	)		)
Net loss attributable to the VNET Group, Inc.		(187,005	)		(11,096	)		(237,558	)		)
Loss per share
Basic		(0.12	)		(0.01	)		(0.15	)		)
Diluted		(0.12	)		(0.01	)		(0.15	)		)
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	)		)
Diluted		(0.72	)		(0.06	)		(0.90	)		)

All values are in US Dollars.

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

VNETGROUP, INC.

RECONCILIATIONSOF GAAP AND NON-GAAP RESULTS

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

	Three months ended
	March 31, 2024			December 31, 2024			March 31, 2025
	RMB			RMB			RMB			US
Gross profit		410,721			504,856			565,341
Plus: depreciation and amortization		352,604			414,364			402,399
Plus: share-based compensation expenses		2,190			4,652			109
Adjusted cash gross profit		765,515			923,872			967,849
Adjusted cash gross margin		40.3	%		41.1	%		43.1	%		%
Operating expenses		(364,305	)		(267,861	)		(316,810	)		)
Plus: share-based compensation expenses		111,681			38,243			6,329
Adjusted operating expenses		(252,624	)		(229,618	)		(310,481	)		)
Operating profit		46,416			236,995			248,531
Plus: depreciation and amortization		379,551			441,447			427,440
Plus: share-based compensation expenses		113,871			42,895			6,438
Adjusted EBITDA		539,838			721,337			682,409
Adjusted EBITDA margin		28.4	%		32.1	%		30.4	%		%

All values are in US Dollars.

VNETGROUP, INC.

CONDENSEDCONSOLIDATED STATEMENT OF CASH FLOWS

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

	Three months ended
	March 31, 2024			December 31, 2024			March 31, 2025
	RMB			RMB			RMB			US
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash generated from operating activities		267,587			572,236			195,713
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment		(1,005,368	)		(1,492,972	)		(1,792,051	)		)
Purchases of intangible assets		(5,965	)		(82,693	)		(33,952	)		)
Proceeds from (payments for) investments		359,239			22,087			(21,440	)		)
Proceeds from (payments for)  other investing activities		1,154			177,418			(37,327	)		)
Net cash used in investing activities		(650,940	)		(1,376,160	)		(1,884,770	)		)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank borrowings		1,156,279			1,240,147			1,893,386
Repayments of bank borrowings		(51,441	)		(366,664	)		(369,366	)		)
Repurchase of 2026 Convertible Notes		(4,262,340	)		-			-
Proceeds from issuance of 2030 Convertible Notes		-			-			3,084,519
Payments for finance leases		(39,602	)		(25,789	)		(37,950	)		)
Contribution from noncontrolling interest in a subsidiary		-			16,000			635,000
Proceeds from (payments for) other financing activities		591,446			(78,448	)		161,033
Net cash (used in) generated from financing activities		(2,605,658	)		785,246			5,366,622
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		(20,050	)		17,784			9,020
Net (decrease) increase in cash, cash equivalents and restricted cash		(3,009,061	)		(894	)		3,686,585
Cash, cash equivalents and restricted cash at beginning of period		5,098,987			2,081,967			2,081,073
Cash, cash equivalents and restricted cash at end of period		2,089,926			2,081,073			5,767,658

All values are in US Dollars.