6-K

UNITED STATESSECURITIES 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

For the Month of November 2025

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: November 20, 2025

EXHIBIT INDEX

Exhibit	Description
99.1	Press<br> release tilted “VNET Announces Unaudited Third Quarter 2025 Financial Results”

Exhibit 99.1

VNET Reports Unaudited Third Quarter 2025 FinancialResults

BEIJING, November 20, 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 third quarter ended September 30, 2025.

“We delivered another strong quarter, demonstrating our strategy’s effectiveness in capturing opportunities,” said Josh Sheng Chen, Founder, Executive Chairperson and interim Chief Executive Officer of VNET. “Our wholesale IDC business sustained its robust growth trajectory in the third quarter, driven by our rapid delivery capabilities and customers’ fast move-in pace. Order momentum remained solid, underscored by three new wholesale orders totaling 63MW and a combined capacity of approximately 2MW in retail orders from customers in various industries. This upward trend accelerated as we entered the fourth quarter, bolstered by a 32MW wholesale order from another customer in the internet sector. As a pioneer in AIDC development, we are uniquely positioned to capitalize on the accelerating AI-driven demand. We will continue to execute our effective dual-core strategy and advance our Hyperscale 2.0 framework, seizing opportunities to further unleash our growth potential in the AI era.”

Qiyu Wang, Chief Financial Officer of VNET, commented, “This quarter’s robust growth and enhanced profitability are yet another testament to our high-quality growth strategy. Our total net revenues rose 21.7% year over year to RMB2.58 billion, driven by significant wholesale revenue growth of 82.7% year over year. Adjusted EBITDA also increased by 27.5% year over year to RMB758.3 million, with an adjusted EBITDA margin of 29.4%, up 1.3 percentage points year over year. Building on the raised guidance we announced in June, we are pleased to further increase our full-year revenue and adjusted EBITDA guidance this quarter, thanks to fast move-ins among wholesale IDC customers and our ongoing operational efficiency gains. Looking ahead, we will continue to consolidate our core strengths and capture growth opportunities, delivering sustainable, long-term value for all stakeholders.”

Third Quarter 2025 Financial Highlights

·	Total net revenues increased by 21.7% to RMB2.58<br>billion (US$362.7 million) from RMB2.12 billion in the same period of 2024.
·	Net revenues from the IDC business^1^<br>increased by 30.4% to RMB1.95 billion (US$274.6 million) from RMB1.50 billion in the same period of 2024.
---	---
·	Net revenues from the wholesale IDC business<br>(“wholesale revenues”) increased by 82.7% to RMB955.5 million (US$134.2 million) from RMB523.0 million in the same period<br>of 2024.
---	---
·	Net revenues from the retail IDC business (“retail<br>revenues”) increased slightly to RMB999.1 million (US$140.3 million) compared with RMB975.5 million in the same period of 2024.
---	---
·	Net revenues from the non-IDC business^2^<br>increased slightly to RMB627.1 million (US$88.1 million) from RMB622.3 million in the same period of 2024.
---	---
·	Adjusted cash gross profit (non-GAAP) increased<br>by 22.1% to RMB1.05 billion (US$147.6 million) from RMB860.7 million in the same period of 2024. Adjusted cash gross margin (non-GAAP)<br>was 40.7%, compared with 40.6% in the same period of 2024.
---	---
·	Adjusted EBITDA (non-GAAP) increased by 27.5%<br>to RMB758.3 million (US$106.5 million) from RMB594.8 million in the same period of 2024. Adjusted EBITDA margin (non-GAAP) was 29.4%,<br>compared with 28.0% in the same period 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.

Third Quarter 2025 Operational Highlights

Wholesale IDC Business

·	Capacity in service was 783MW as of September 30,<br>2025, compared with 674MW as of June 30, 2025, and 358MW as of September 30, 2024. Capacity under construction was 306MW as<br>of September 30, 2025.
·	Capacity utilized by customers reached 582MW<br>as of September 30, 2025, compared with 511MW as of June 30, 2025, and 279MW as of September 30, 2024. The sequential increase<br>during the third quarter of 2025 was 70MW, which was mainly contributed by the N-OR Campus 01 data centers.
---	---
·	Utilization rate^3^<br>of wholesale capacity was 74.3% as of September 30, 2025, compared with 75.9% as of June 30, 2025, and 78.0% as of September 30,<br>2024.
---	---
·	Utilization rate of mature wholesale capacity^4^<br>was 94.7% as of September 30, 2025, compared with 94.6% as of June 30, 2025, and 95.6% as of September 30, 2024.
---	---
·	Utilization rate of ramp-up wholesale capacity^5^<br>was 37.6% as of September 30, 2025, compared with 20.8% as of June 30, 2025, and 46.4% as of September 30, 2024.
---	---
·	Total capacity committed^6^<br>was 741MW as of September 30, 2025, compared with 674MW as of June 30, 2025, and 352MW as of September 30, 2024.
---	---
·	Commitment rate^7^<br>for capacity in service was 94.7% as of September 30, 2025, compared with 100% as of June 30, 2025, and 98.2% as of September 30,<br>2024.
---	---
·	Total capacity pre-committed^8^<br>was 141MW and pre-commitment rate^9^ for capacity under construction was 46% as of September 30,<br>2025.
---	---

Retail IDC Business^10^

·	Capacity in service was 52,288 cabinets as of<br>September 30, 2025, compared with 52,131 cabinets as of June 30, 2025, and 52,250 cabinets as of September 30, 2024.
·	Capacity utilized by customers reached 33,907<br>cabinets as of September 30, 2025, compared with 33,292 cabinets as of June 30, 2025, and 32,950 cabinets as of September 30,<br>2024.
---	---
·	Utilization rate of retail capacity was 64.8%<br>as of September 30, 2025, compared with 63.9% as of June 30, 2025, and 63.1% as of September 30, 2024.
---	---
·	Utilization rate of mature retail capacity^11^<br>was 69.2% as of September 30, 2025, compared with 68.6% as of June 30, 2025, and 69.5% as of September 30, 2024.
---	---
·	Utilization rate of ramp-up retail capacity^12^<br>was 30.6% as of September 30, 2025, compared with 26.4% as of June 30, 2025, and 16.8% as of September 30, 2024.
---	---
·	Monthly recurring revenue (MRR) per retail cabinet<br>was RMB8,948 in the third quarter of 2025, compared with RMB8,915 in the second quarter of 2025 and RMB8,788 in the third quarter of 2024.
---	---

^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 September 30, 2024, June 30, 2025, and September 30, 2025, 4,150, 3,791 and 3,791 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.

Third Quarter 2025 Financial Results

TOTAL NET REVENUES: Total net revenues in the third quarter of 2025 were RMB2.58 billion (US$362.7 million), representing an increase of 21.7% from RMB2.12 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 revenuesfrom IDC business increased by 30.4% to RMB1.95 billion (US$274.6 million) from RMB1.50 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<br>82.7% to RMB955.5 million (US$134.2 million) from RMB523.0 million in the same period of 2024.
·	Retail revenues increased by 2.4%<br>to RMB999.1 million (US$140.3 million) from RMB975.5 million in the same period of 2024.
---	---

Net revenuesfrom non-IDC business increased slightly by 0.8% to RMB627.1 million (US$88.1 million) from RMB622.3 million in the same period of 2024.

GROSS PROFIT: Gross profit in the third quarter of 2025 was RMB539.0 million (US$75.7 million), representing an increase of 9.6% from RMB491.7 million in the same period of 2024. Gross margin in the third quarter of 2025 was 20.9%, compared with 23.2% in the same period of 2024.

ADJUSTED CASHGROSS PROFIT (non-GAAP), which excludes depreciation, amortization, and share-based compensation expenses, was RMB1.05 billion (US$147.6 million) in the third quarter of 2025, compared with RMB860.7 million in the same period of 2024. Adjusted cash gross margin (non-GAAP) in the third quarter of 2025 was 40.7%, compared with 40.6% in the same period of 2024.

**OPERATING EXPENSES:**Total operating expenses in the third quarter of 2025 were RMB333.3 million (US$46.8 million), compared with RMB300.3 million in the same period of 2024.

Sales andmarketing expenses were RMB71.3 million (US$10.0 million) in the third quarter of 2025, compared with RMB60.7 million in the same period of 2024.

Research anddevelopment expenses were RMB71.3 million (US$10.0 million) in the third quarter of 2025, compared with RMB53.1 million in the same period of 2024.

General andadministrative expenses were RMB185.8 million (US$26.1 million) in the third quarter of 2025, compared with RMB132.5 million in the same period of 2024.

ADJUSTED OPERATINGEXPENSES (non-GAAP), which exclude share-based compensation expenses, were RMB331.4 million (US$46.5 million) in the third quarter of 2025, compared with RMB293.6 million in the same period of 2024. As a percentage of total net revenues, adjusted operating expenses (non-GAAP) in the third quarter of 2025 were 12.8%, compared with 13.8% in the same period of 2024.

ADJUSTED EBITDA (non-GAAP): Adjusted EBITDA in the third quarter of 2025 was RMB758.3 million (US$106.5 million), representing an increase of 27.5% from RMB594.8 million in the same period of 2024. Adjusted EBITDA margin (non-GAAP) in the third quarter of 2025 was 29.4%, compared with 28.0% in the same period of 2024.

NET LOSS ATTRIBUTABLE TO VNET GROUP, INC.: Net loss attributable to VNET Group, Inc. in the third quarter of 2025 was RMB307.0 million (US$43.1 million), compared with a net income attributable to VNET Group, Inc. of RMB317.6 million in the same period of 2024. The year-on-year change is mainly attributable to RMB337.2 million in fair value changes of financial instruments in the third quarter of 2025, and a RMB246.2 million gain on debt extinguishment in the same period of 2024.

LOSS PERSHARE: Basic and diluted loss per share in the third quarter of 2025 were both RMB0.19 (US$0.03), which represents the equivalent of RMB1.14 (US$0.16) per American depositary share (“ADS”), respectively. Each ADS represents six Class A ordinary shares.

LIQUIDITY: As of September 30, 2025, the aggregate amount of the Company’s cash and cash equivalents, restricted cash and short-term investments was RMB5.33 billion (US$748.3 million).

Total short-term debt, consisting of short-term bank borrowings and the current portion of long-term borrowings, was RMB3.00 billion (US$422.1 million). Total long-term debt was RMB16.48 billion (US$2.31 billion), comprised of long-term borrowings of RMB10.99 billion (US$1.54 billion) and convertible notes of RMB5.49 billion (US$771.2 million).

Net cash generated from operating activities in the third quarter of 2025 was RMB809.8 million (US$113.8 million), compared with RMB760.4 million in the same period of 2024. During the third quarter of 2025, the Company obtained new debt financing, refinancing facilities and other financings of RMB2.41 billion (US$338.4 million).

Business Outlook

The Company increased its full year 2025 guidance for total net revenues and adjusted EBITDA. Specifically, the Company now expects total net revenues for 2025 to be between RMB9,550 million to RMB9,867 million, representing year-over-year growth of 16% to 19%, and adjusted EBITDA (non-GAAP) to be in the range of RMB2,910 million to RMB2,945 million, representing year-over-year growth of 20% to 21%. If the RMB87.7 million disposal gain of E-JS02 data center were excluded from the adjusted EBITDA calculation for 2024, year-over-year growth would be 24% to 26%. Please note our updated guidance factors in the impact of the private REIT transactions issued early this November.

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 7:00 AM U.S. Eastern Time on Thursday, November 20, 2025, or 8:00 PM Beijing Time on Thursday, November 20, 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/10051108-p4c7lo.html

Chinese line (listen-only mode):

https://s1.c-conf.com/diamondpass/10051109-lspout.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 November 27, 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):	10051108
Reply PIN (Chinese line):	10051109

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 RMB7.1190 to US$1.00, the noon buying rate in effect on September 30, 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 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 of			As of
	December 31, 2024			September 30, 2025
	RMB			RMB			US
Assets
Current assets:
Cash and cash equivalents		1,492,436			3,503,014
Restricted cash		545,795			536,746
Short-term Investments		-			1,245,995
Accounts and notes receivable, net		1,655,984			2,197,982
Amounts due from related parties		336,360			376,791
Prepaid expenses and other current assets		2,789,573			3,102,152
Total current assets		6,820,148			10,962,680
Non-current assets:
Restricted cash		42,842			41,475
Derivative financial instrument		6,768			16,418
Long-term investments, net		794,688			791,352
Property and equipment, net		17,216,635			22,263,071
Intangible assets,net		1,403,787			1,934,143
Land use rights, net		766,213			910,107
Operating lease right-of-use assets, net		4,618,212			5,014,020
Deferred tax assets, net		306,623			382,588
Other non-current assets		381,126			1,038,957
Total non-current assets		25,536,894			32,392,131
Total assets		32,357,042			43,354,811
Liabilities and Shareholders' Equity
Current liabilities:
Short-term bank borrowings		589,000			1,039,997
Current portion of long-term borrowings		1,420,190			1,964,645
Current portion of finance lease liabilities		208,299			326,384
Current portion of operating lease liabilities		899,818			970,109
Accounts and notes payable		709,260			750,806
Amounts due to related parties		355,679			614,469
Income taxes payable		69,569			45,103
Advances from customers		1,378,806			1,678,642
Deferred revenue		87,830			91,324
Current portion of deferred government grants		6,727			55,246
Accrued expenses and other payables		3,618,237			4,635,493
Total current liabilities		9,343,415			12,172,218
Non-current liabilities:
Long-term borrowings		7,767,390			10,986,557
Convertible notes		1,897,738			5,489,924
Non-current portion of finance lease liabilities		1,532,309			1,761,178
Non-current portion of operating lease liabilities		3,779,293			4,122,983
Unrecognized tax benefits		107,850			107,850
Deferred tax liabilities		734,404			903,643
Deferred government grants		273,824			220,640
Total non-current liabilities		16,092,808			23,592,775
Mezzanine equity:
Redeemable non-controlling interests		-			1,248,101
Total mezzanine equity		-			1,248,101
Shareholders' equity
Ordinary shares		112			112
Treasury stock		(161,892	)		(179,087	)		)
Additional paid-in capital		17,298,692			17,240,286
Statutory reserves		107,380			122,443
Accumulated other comprehensive loss		(18,504	)		(6,885	)		)
Accumulated deficit		(10,859,888	)		(11,431,556	)		)
Total VNET Group, Inc. shareholders’ equity		6,365,900			5,745,313
Noncontrolling interest		554,919			596,404
Total shareholders' equity		6,920,819			6,341,717
Total liabilities, mezzanine<br> equity and shareholders' equity		32,357,042			43,354,811

All values are in US Dollars.

VNETGROUP, INC.

CONSOLIDATEDSTATEMENTS OF OPERATIONS

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

	Three months ended											Nine months ended
	September 30, 2024			June 30, 2025			September 30, 2025					September 30, 2024			September 30, 2025
	RMB			RMB			RMB			US		RMB			RMB			US
Net revenues		2,120,794			2,434,205			2,581,747					6,012,680			7,262,172
Cost of revenues		(1,629,111	)		(1,886,470	)		(2,042,718	)		)		(4,685,381	)		(5,610,067	)		)
Gross profit		491,683			547,735			539,029					1,327,299			1,652,105
Operating income (expenses)
Operating income (loss)		11,767			(1,143	)		12,767					15,716			13,085
Sales and marketing expenses		(60,700	)		(69,963	)		(71,328	)		)		(190,668	)		(205,637	)		)
Research and development expenses		(53,127	)		(67,570	)		(71,295	)		)		(190,514	)		(182,468	)		)
General and administrative expenses		(132,482	)		(212,473	)		(185,765	)		)		(466,076	)		(578,008	)		)
Allowance for doubtful debt		(65,731	)		(23,568	)		(17,664	)		)		(63,309	)		(71,784	)		)
Total operating expenses		(300,273	)		(374,717	)		(333,285	)		)		(894,851	)		(1,024,812	)		)
Operating profit		191,410			173,018			205,744					432,448			627,293
Interest income		4,218			16,869			8,724					21,796			32,344
Interest expense		(93,996	)		(157,508	)		(151,017	)		)		(323,850	)		(409,178	)		)
Other income		15,584			5,234			7,355					50,873			14,400
Other expenses		(8,783	)		(5,499	)		(5,525	)		)		(17,105	)		(13,462	)		)
Changes in the fair value of financial instruments		(7,107	)		70,404			(337,216	)		)		(2,537	)		(601,716	)		)
Gain on debt extinguishment		246,175			-			-					246,175			-
Foreign exchange gain (loss)		14,833			9,258			16,174					(17,915	)		34,959
Income (loss) before income taxes and gain from<br> equity method investments		362,334			111,776			(255,761	)		)		389,885			(315,360	)		)
Income tax expenses		(31,149	)		(95,048	)		(21,467	)		)		(151,682	)		(168,577	)		)
Gain from equity method investments		965			41			1,919					6,770			5,174
Net income (loss)		332,150			16,769			(275,309	)		)		244,973			(478,763	)		)
Net income attributable to noncontrolling interest		(14,524	)		(13,656	)		(16,471	)		)		(50,677	)		(47,462	)		)
Net income attributable to redeemable non-controlling interests		-			(15,027	)		(15,263	)		)		-			(30,290	)		)
Net income (loss) attributable to the VNET Group, Inc.		317,626			(11,914	)		(307,043	)		)		194,296			(556,515	)		)
Accretion to redemption amount of redeemable non-controlling interests		-			(67	)		(23	)		)		-			(90	)		)
Net profit (loss) attributable to the Company’s ordinary shareholders		317,626			(11,981	)		(307,066	)		)		194,296			(556,605	)		)
								-
Earnings (loss) per share
Basic		0.20			(0.01	)		(0.19	)		)		0.12			(0.35	)		)
Diluted		0.05			(0.01	)		(0.19	)		)		(0.02	)		(0.35	)		)
Shares used in earnings (loss) per share computation
Basic*		1,602,860,426			1,610,484,726			1,613,726,084					1,588,659,647			1,611,021,595
Diluted*		1,740,565,086			1,610,484,726			1,613,726,084					1,725,023,283			1,611,021,595
Earnings (loss) per ADS (6 ordinary shares equal to 1 ADS)
Basic		1.20			(0.06	)		(1.14	)		)		0.72			(2.10	)		)
Diluted		0.30			(0.06	)		(1.14	)		)		(0.12	)		(2.10	)		)

All values are in US Dollars.

* Shares used in earnings (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<br> months ended											Nine<br> months ended
	September 30,<br> 2024			June 30,<br> 2025			September 30,<br> 2025					September 30,<br> 2024			September 30,<br> 2025
	RMB			RMB			RMB			US		RMB			RMB			US
Gross profit		491,683			547,735			539,029					1,327,299			1,652,105
Plus: depreciation and amortization		368,764			513,891			511,334					1,085,984			1,427,624
Plus: share-based<br> compensation expenses		234			196			384					234			689
Adjusted cash gross profit		860,681			1,061,822			1,050,747					2,413,517			3,080,418
Adjusted cash gross<br> margin		40.6	%		43.6	%		40.7	%		%		40.1	%		42.4	%		%
Operating expenses		(300,273	)		(374,717	)		(333,285	)		)		(894,851	)		(1,024,812	)		)
Plus: share-based<br> compensation expenses		6,709			9,163			1,899					105,428			17,391
Adjusted operating expenses		(293,564	)		(365,554	)		(331,386	)		)		(789,423	)		(1,007,421	)		)
Operating profit		191,410			173,018			205,744					432,448			627,293
Plus: depreciation and amortization		396,428			550,087			550,248					1,170,313			1,527,775
Plus: share-based<br> compensation expenses		6,943			9,359			2,283					105,662			18,080
Adjusted EBITDA		594,781			732,464			758,275					1,708,423			2,173,148
Adjusted EBITDA margin		28.0	%		30.1	%		29.4	%		%		28.4	%		29.9	%		%

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
	September 30, 2024			June 30, 2025			September 30, 2025
	RMB			RMB			RMB			US
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash generated from operating activities		760,366			366,596			809,817
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment		(1,426,892	)		(1,870,296	)		(2,184,378	)		)
Purchases of intangible assets		(33,806	)		(24,388	)		(37,074	)		)
Proceeds from (payments for) investments		92,426			(1,216,168	)		(5,000	)		)
Proceeds from (payments for) other<br> investing activities		31,762			(171,213	)		(62,689	)		)
Net cash used in investing activities		(1,336,510	)		(3,282,065	)		(2,289,141	)		)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank borrowings		745,534			1,004,537			1,867,856
Repayments of bank borrowings		(129,893	)		(381,728	)		(231,432	)		)
Payments for finance leases		(27,669	)		(44,471	)		(44,824	)		)
Contribution from noncontrolling interest in a subsidiary		-			(4,555	)		250,657
(Payments for) proceeds from other financing activities		(59,645	)		8,875			299,027
Net cash generated from financing activities		528,327			582,658			2,141,285
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		(6,049	)		(14,764	)		(808	)		)
Net (decrease) increase in cash, cash equivalents and restricted cash		(53,866	)		(2,347,575	)		661,152
Cash, cash equivalents and restricted cash at beginning of period		2,135,833			5,767,658			3,420,083
Cash, cash equivalents and restricted cash at end of period		2,081,967			3,420,083			4,081,235

All values are in US Dollars.