A：In the fourth quarter, Vnet secured 5 wholesale orders totaling 135 MW, including a script megawatt order from an Internet customer for a data center in the Yangtze River Delta, a 56 MW order from a cloud service provider, and a 25 MW order from an intelligent driving customer. The company also secured a combined capacity of approximately 2 MW in new retail orders across multiple retail data centers from customers in various sectors such as intelligent driving, local services, AIOT, and financial services.

A：Financial highlights include a year-over-year increase of 19.6% in total net revenues to RMB 2.69 billion for the fourth quarter. Wholesale revenues were the key growth driver, with a significant year-over-year increase of 47.1%. Adjusted EBITDA for the fourth quarter increased by 11.6% year over year to RMB 2.14 billion. For the full year of 2025, total revenues grew by 20.5% to RMB 9.95 billion and adjusted EBITDA grew 22.6% to RMB 2.98 billion.

A：In 2025, Vnet advanced its capital recycling strategy with meaningful results, such as successfully issuing an RMB 8.5 billion holding type real estate green asset-backed security in November and having two private rate projects listed on the Shanghai Stock Exchange with a total size of approximately RMB 6.36 billion in March 2026.

A：Vnet expects its full year 2026 revenue to be in the range of RMB 11.5 billion to RMB 11.8 billion, indicating a year-over-year increase of 15.6% to 18.6%. The expected adjusted EBITDA for the same period is in the range of RMB 3.55 billion to RMB 3.75 billion, indicating a year-over-year increase of 19.2% to 25.9%.

A：China's IDC industry is thriving, backed by strong market demand and supportive national policies that promote the digital economy and computing infrastructure. The industry is experiencing growth driven by investment commitments from large and midsize customers, particularly leading internet companies and cloud service providers. Rising requirements for large scale, clustered, and reliable data centers, alongside increasing demands for delivery certainty, long-term scalability, and green operations, are further fueling the strong and visible demand for high-quality IDC services.

A：Vnet's wholesale business maintained a strong growth momentum, with capacity in service increasing to 889 MW and a utilization rate of 70.1%. The company's mature capacity utilization rate reached 93.1%, and the total wholesale resource capacity was around 2.2 GW as of the end of the fourth quarter. Vnet's capacity under construction was around 452 MW, while capacity held for short- and long-term future development was around 530 MW and 327 MW, respectively. These secured resources provide a significant advantage in light of the industry's limited effective supply and reflect Vnet's positive outlook for AI-driven demand growth.

A：The target retail data center under the Private Reits project was excluded from the group's consolidated capacity, leading to a decrease in retail capacity to 49,863 cabinets from 52,288 cabinets. However, the utilization rate remained stable at 64.0%.

A：The robust fourth quarter and full year 2020 results validate the company's operational excellence growth strategy and its ability to identify and capture market demand in the AI era. The company plans to continue advancing its dual core strategy and Hyperscale 2.0 framework to develop scalable, high-performance, and energy-efficient data centers for sustainable growth.

A：In the fourth quarter of 2025, the company's total net revenue increased by 19% to RMB 11.9 billion, driven by the rapid growth of the wholesale business. The adjusted cash gross profit rose by 23.1% to RMB 1.14 billion, and the adjusted EBITDA grew year over year by 11.6% to RMB 805.1 billion. For the full year, total net revenues were RMB 11.99 billion, with a 20.5% increase, and adjusted EBITDA reached RMB 2.98 billion, reflecting a 22.6% increase from the prior year.

A：Wholesale revenues, a key revenue growth driver, increased significantly by 47.1% to RMB 978.1 million in the fourth quarter, mainly attributable to activities at the No campus 0 to A. For the full year, wholesale revenues increased significantly by 77.4% to RMB 3.46 billion. Retail revenues increased by 7.6% to RMB 1.04 billion in the fourth quarter and by 5.5% to RMB 3.6 billion for the full year.

A：During the fourth quarter, the company maintained solid margins through ongoing efficiency improvements. Adjusted cash growth margins improved modestly to 42.3% from 41.1% in the same period last year, and the adjusted EBITDA margin was largely stable at 30.0%. The company also maintained robust and healthy liquidity, evidenced by net operating cash inflow of RMB 1.92 billion for the year.

A：The company maintained a prudent approach to debt management with an adjusted annualized EBITDA ratio of 6.2 and an adjusted trading in 12 months EBITDA to interest coverage ratio of 6.7. The company's short and medium-term debt maturing in 2026 to 2028 comprised 46.6% of total debt. Full year 2025 CapEx was RMB 8.24 billion, allocated primarily to the expansion of the wholesale IDC business, and actual CapEx came in below the prior guidance due to cost efficiencies. For 2026, the company expects CapEx to be in the range of RMB 10 billion to RMB 12 billion to support the planned delivery of 450 to 500 MW.

A：In 2026, the company made meaningful progress in advancing its asset monetization strategy. It successfully issued a holding type green real estate asset-backed security, implying a valuation of approximately 13 to 14 times EBITDA. Notably, the project received a G1 rating from an authoritative third-party evaluation institution. The company expects to continue executing capital recycling initiatives to unlock the value of existing IDC assets and reinvest proceeds into new project development and incremental business expansion to support long-term growth.

A：For full year 2025, the company expects total net revenues to be in the range of RMB 11.5 billion to RMB 11.8 billion, representing a year-over-year increase of 15.6% to 18.6%, and adjusted EBITDA to be in the range of RMB 3.55 billion to RMB 3.75 billion, indicating a year-over-year increase of 19.2% to 25.9%. The company continues to receive recognition for its sustainability efforts, being included in the global edition of the SMP Global Sustainability Yearbook 2026 for the second consecutive year and earning an A rating in CDP's 2025 climate change questionnaire. Looking ahead, the company plans to strengthen its ESG framework to embed sustainability deeper into operations and business strategy for sustainable growth and value creation.

A：The new resources added in the fourth quarter are predominantly located in the greater Beijing area, specifically in Wanbu and the regions surrounding Beijing.

A：The company plans to strategically value its resource reserve in the greater Beijing area, particularly in Mongolia and its surrounding regions, going forward. Additionally, they will continue to acquire resources in the Yangtze River Delta region and actively deploy in areas with favorable utility conditions to ensure low latency and meet customer demands.

A：The company, as a tier 1 IDC provider in China, has participated in the bids hosted by its key customers at the beginning of the year for data centers in 2026 and 2027. However, they have not provided specific updates on the progress in their current earnings release; interested parties are advised to follow their latest updates.

A：The company has locked in 150 MW out of the 450 MW capacity addition guidance for this year. They plan to disclose the capacity already secured in their future earnings calls as they participate in bids and contracts. The company is highly confident in the capacity to be locked in for 2026.

A：The majority of the CapEx for 2026 is to deliver capacity in 2026, with only a small portion being used for capacity extension and delivery in 2027.

A：The company plans to finance the CapEx through a combination of project loans with very low interest rates, internal cash flow generation, and various financing channels such as private placements and public market offerings. They aim to maintain a balance between debt and equity financing and keep the leverage ratio within a reasonable range.

A：The Q4 utilization rate fluctuated due to the majority of deliveries happening at the end of the year. The utilization rate is broken down into two parts: the utilization rate for mature capacities (90% to 95%) and the ramp-up capacity utilization rate (which sees fluctuations as normal). The company is confident in maintaining the utilization rate within 70% to 75% in 2026, with quarter-to-quarter fluctuations expected.

A：The CapEx number for this year is lower than expected due to economies of scale achieved with a significant increase in CapEx, and enhanced capacity management along the supply chain. The company's guidance for 2026 is around 12 billion RMB, which will be used to deliver the capacities and fuel continuous expansion. If needed, the company is prepared to deliver more capacity.

A：The revenue growth outlook for the wholesale IDC is expected to witness significant growth, while the retail IDC is anticipated to grow year over year. The non-IDC business is expected to be stabilized.

A：The MRR growth for retail IDC services is attributed to stronger customer demand for value-added services and an increase in the unit price per capita, resulting in a stronger MRR going forward.

A：The net debt to EBITDA ratio for the current year is 4.3, which is within a robust level. The company aims to balance financing with market demand, tapping into various financing channels to maintain leverage ratios within a stable range.

A：The company's green power or AI energy integrated project is a key strategy to provide integrated power and AI services. The Bo Chap project is advancing steadily and is expected to be put into service by the end of the year, with further progress to be disclosed in future earnings calls.

A：Management expects an increase in demand from inferencing across various clients, with the company's data centers accommodating these demands. The geographic resource deployment priority is the greater Beijing area and the greater Yangze River Delta region. The company serves a diverse range of customers including internet giants, hyperscalers, and AI cloud providers, and aims to provide comprehensive solutions to meet their demands, including edge computing services for autonomous driving companies and financial institutions.

A：The company views the window guidance from the NDRC as a favorable policy, affecting the supply and demand dynamics in the market. Although the approval rate from the NDRC was low, the company successfully obtained approval for their data center application in the greater Beijing area by the end of Q4 and will continue to apply for new power quotas according to their own schedule.

A：The company's view is that rental costs are overall stable, but as the supply dynamics continue to tighten, there might be a stabilization of prices first and then an eventual rise. The company remains optimistic about the overall trend and is bullish on the future development.