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VNET Reports Unaudited Second Quarter 2023 Financial Results

BEIJING, Aug. 23, 2023 /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, 2023.

"During the second quarter of 2023, we delivered another solid set of results as we continued to execute our proven dual-core growth strategy, which reaffirms our ability to quickly capture incremental market demand amid the steady economic recovery," said Jeff Dong, Chief Executive Officer of VNET. "We also saw some new AI application scenarios emerging across various industry verticals in China, starting to generate more demand for IDC services. With our high-performance data center design, extensive resources and strong execution capabilities, we remain poised to power the AI-driven demand for our wholesale and retail customers over the long term.

"Our wholesale and retail businesses continued to build strong sales momentum as digitalization gathers pace across industries. On the wholesale business front, we recently won an extended contract for 45MW of capacity from an existing internet giant customer. On the retail business front, in the second quarter we secured a contract for 7MW of additional capacity with an existing customer in the local service sector. Looking ahead, we believe our reliable and scalable IDC services, high power density deployment capabilities and loyal and expanding customer base position us well to seize rising opportunities and unleash further growth potential," Jeff concluded.

Qiyu Wang, Chief Financial Officer of VNET, added, "In the second quarter of 2023, we remained focused on advancing high-quality revenue business to drive margin and profitability improvements. We are pleased to have achieved net revenues of RMB1.82 billion in the second quarter, representing an increase of 5.6% year over year. Thanks to our enhanced operating efficiency, adjusted EBITDA grew 9.9% year over year to RMB535.0 million, and adjusted EBITDA margin expanded to 29.4%. Moving forward, we will continue to explore new opportunities emerging from robust digital demand, especially AI-related demand, further strengthening our position as a leading IDC player and creating long-term, sustainable growth for our shareholders."

Second Quarter 2023 Financial Highlights

  • Net revenues increased by 5.6% to RMB1.82 billion (US$251.2 million) from RMB1.72 billion in the same period of 2022.

  • Adjusted cash gross profit (non-GAAP) increased by 4.1% to RMB742.9 million (US$102.5 million) from RMB713.7 million in the same period of 2022. Adjusted cash gross margin (non-GAAP) was 40.8%, compared to 41.4% in the same period of 2022.

  • Adjusted EBITDA (non-GAAP) increased by 9.9% to RMB535.0 million (US$73.8 million) from RMB486.9 million in the same period of 2022. Adjusted EBITDA margin (non-GAAP) in the second quarter of 2023 was 29.4%, compared to 28.2% in the same period of 2022.

Second Quarter 2023 Operational Highlights

  • Total cabinets under management were 86,927 as of June 30, 2023, compared to 87,310 as of March 31, 2023 and 80,831 as of June 30, 2022.

  • Cabinets utilized by customers increased by 2,000 in the second quarter of 2023 to reach 51,316 as of June 30, 2023, compared to 49,316 as of March 31, 2023 and 44,500 as of June 30, 2022.

  • Overall utilization rate of cabinets[1] was 59.0% as of June 30, 2023, compared to 56.5% as of March 31, 2022 and 55.1% as of June 30, 2022.

  • Retail IDC MRR[2] per cabinet increased to RMB9,530 in the second quarter of 2023, compared to RMB9,486 in the first quarter of 2023 and RMB9,186 in the second quarter of 2022.

[1] The overall utilization rate is calculated by dividing the number of customer-utilized cabinets by the total cabinets under management at the end of the period. 

[2] Retail IDC MRR refers to Monthly Recurring Revenues for the retail IDC business.

Second Quarter 2023 Financial Results

NET REVENUES: Net revenues in the second quarter of 2023 were RMB1.82 billion (US$251.2 million), representing an increase of 5.6% from RMB1.72 billion in the same period of 2022. The year-over-year increase was mainly driven by the continued growth of our IDC business as well as our cloud and VPN services.

GROSS PROFIT: Gross profit in the second quarter of 2023 was RMB342.7 million (US$47.3 million), compared with RMB357.8 million in the same period of 2022. Gross margin in the second quarter of 2023 was 18.8%, compared to 20.7% in the same period of 2022.

ADJUSTED CASH GROSS PROFIT, which excludes depreciation, amortization, and share-based compensation expenses, was RMB742.9 million (US$102.5 million) in the second quarter of 2023, compared to RMB713.7 million in the same period of 2022. Adjusted cash gross margin in the second quarter of 2023 was 40.8%, compared to 41.4% in the same period of 2022.

OPERATING EXPENSES: Total operating expenses in the second quarter of 2023 were RMB249.5 million (US$34.4 million), compared to RMB321.7 million in the same period of 2022. As a percentage of net revenues, total operating expenses in the second quarter of 2023 were 13.7%, compared to 18.7% in the same period of 2022.

Sales and marketing expenses in the second quarter of 2023 were RMB63.1 million (US$8.7 million), compared to RMB80.4 million in the same period of 2022.

Research and development expenses in the second quarter of 2023 were RMB81.1 million (US$11.2 million), compared to RMB76.7 million in the same period of 2022.

General and administrative expenses in the second quarter of 2023 were RMB128.0 million (US$17.7 million), compared to RMB167.0 million in the same period of 2022.

ADJUSTED OPERATING EXPENSES, which exclude share-based compensation expenses and compensation for postcombination employment in an acquisition, were RMB241.5 million (US$33.3 million) in the second quarter of 2023, compared to RMB250.7 million in the same period of 2022. As a percentage of net revenues, adjusted operating expenses in the second quarter of 2023 were 13.3%, compared to 14.5% in the same period of 2022.

ADJUSTED EBITDA: Adjusted EBITDA in the second quarter of 2023 was RMB535.0 million (US$73.8 million), representing an increase of 9.9% from RMB486.9 million in the same period of 2022. Adjusted EBITDA in the second quarter of 2023 excluded share-based compensation expenses of RMB8.0 million (US$1.1 million). Adjusted EBITDA margin in the second quarter of 2023 was 29.4%, compared to 28.2% in the same period of 2022.

NET LOSS ATTRIBUTABLE TO VNET GROUP, INC.: Net loss attributable to VNET Group, Inc. in the second quarter of 2023 was RMB232.9 million (US$32.1 million), compared to a net loss attributable to VNET Group, Inc. of RMB377.2 million in the same period of 2022. 
    
LOSS PER SHARE: Basic and diluted loss per share in the second quarter of 2023 were both RMB0.26 (US$0.04), which represented the equivalent of both RMB1.56 (US$0.24) 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.

As of June 30, 2023, the aggregate amount of the Company's cash and cash equivalents, restricted cash and short-term investments was RMB2.76 billion (US$380.8 million).

Net cash generated from operating activities, in the second quarter of 2023, was RMB423.5 million (US$58.4 million), compared to RMB942.7 million in the same period of 2022.

Business Outlook

The Company expects net revenues for the full year of 2023 to be in the range of RMB7,600 million to RMB7,900 million, representing a year-over-year growth of 7.6% to 11.8%, and adjusted EBITDA to be in the range of RMB2,025 million to RMB2,125 million, representing a year-over-year growth of 8.1% to 13.5%. 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 9:00 PM U.S. Eastern Time on Wednesday, August 23, 2023, or 9:00 AM Beijing Time on Thursday, August 24, 2023.

For participants who wish to join the call, please access the link provided below to complete the online registration process and dial in 5 minutes prior to the scheduled call start time.

Event Title:                                   VNET Second Quarter 2023 Earnings Conference Call

Registration Link:                         https://register.vevent.com/register/BId0a80aca23f747f89ed4d80958052f31

Upon registration, each participant will receive a set of dial-in numbers by location, a personal PIN and an email with further detailed instructions, which will be used to join the conference call.

A simultaneous audio webcast and replay of the conference call will be accessible on the Company's investor relations website at http://ir.vnet.com.

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 RMB7.2513 to US$1.00, the noon buying rate in effect on June 30, 2023, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred 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 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 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 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 and in the attachments 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

 VNET GROUP, INC. 

 CONSOLIDATED BALANCE SHEETS 

 (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) 


 As of 


 As of  

December 31, 2022


June 30, 2023


 RMB 


 RMB 


 US$ 

 Assets 






 Current assets: 






 Cash and cash equivalents 

2,661,321


2,362,999


325,872

 Restricted cash 

327,673


253,088


34,902

 Accounts and notes receivable, net 

1,763,693


2,020,880


278,692

 Short-term Investments 

-


144,516


19,930

 Prepaid expenses and other current assets 

2,147,500


2,542,062


350,569

 Amounts due from related parties 

152,089


232,518


32,066

 Total current assets 

7,052,276


7,556,063


1,042,031







 Non-current assets: 






 Property and equipment, net 

11,964,498


12,396,048


1,709,493

 Intangible assets, net 

1,497,131


1,436,523


198,106

 Land use rights, net 

576,020


610,195


84,150

 Operating lease right-of-use assets, net 

3,503,925


3,882,743


535,455

 Goodwill 

1,364,191


1,364,191


188,131

 Restricted cash 

500


882


122

 Deferred tax assets, net 

196,098


214,944


29,642

 Long-term investments, net 

242,194


755,625


104,205

 Other non-current assets 

551,572


598,865


82,587

 Total non-current assets 

19,896,129


21,260,016


2,931,891

 Total assets 

26,948,405


28,816,079


3,973,922







 Liabilities and Shareholders' Equity 






 Current liabilities: 






 Accounts and notes payable 

713,628


743,685


102,559

 Accrued expenses and other payables 

2,410,479


2,680,426


369,648

 Advances from customers 

1,157,963


1,448,931


199,817

 Deferred revenue 

95,078


83,474


11,512

 Income taxes payable 

42,017


37,897


5,226

 Amounts due to related parties 

6,928


356,358


49,144

 Current portion of long-term borrowings 

484,020


532,969


73,500

 Current portion of finance lease liabilities  

206,260


144,561


19,936

 Current portion of deferred government grants 

3,646


3,646


503

 Current portion of operating lease liabilities  

674,288


735,409


101,418

 Convertible promissory notes 

537,778


4,433,161


611,361

 Total current liabilities 

6,332,085


11,200,517


1,544,624







 Non-current liabilities: 






 Long-term borrowings 

3,049,856


3,667,562


505,780

 Convertible promissory notes 

5,859,259


1,805,589


249,002

 Non-current portion of finance lease liabilities  

1,047,640


1,181,477


162,933

 Unrecognized tax benefits 

87,174


87,174


12,022

 Deferred tax liabilities 

682,580


692,113


95,447

 Deferred government grants 

2,672


101,471


13,993

 Non-current portion of operating lease liabilities 

2,905,283


3,172,632


437,526

 Total non-current liabilities 

13,634,464


10,708,018


1,476,703







 Shareholders' equity 






 Ordinary shares  

60


60


8

 Additional paid-in capital 

15,239,926


15,220,309


2,098,977

 Accumulated other comprehensive income 

11,022


3,800


524

 Statutory reserves 

77,996


77,996


10,756

 Accumulated deficit 

(8,369,868)


(8,520,454)


(1,175,024)

 Treasury stock 

(349,523)


(349,523)


(48,201)

 Total VNET Group, Inc. shareholders' equity 

6,609,613


6,432,188


887,040

 Noncontrolling interest 

372,243


475,356


65,555

 Total shareholders' equity 

6,981,856


6,907,544


952,595

 Total liabilities and shareholders' equity 

26,948,405


28,816,079


3,973,922

 

 

 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, 2022


March 31, 2023


June 30, 2023


June 30, 2022


June 30, 2023


 RMB 


 RMB 


 RMB 


 US$ 


 RMB 


 RMB 


 US$ 

 Net revenues 

1,724,863


1,805,782


1,821,744


251,230


3,370,349


3,627,526


500,259

 Cost of revenues 

(1,367,086)


(1,453,402)


(1,478,995)


(203,963)


(2,657,051)


(2,932,397)


(404,396)

 Gross profit 

357,777


352,380


342,749


47,267


713,298


695,129


95,863















 Operating income (expenses) 














 Other operating income 

1,588


33,379


13,895


1,916


41,285


47,274


6,519

 Sales and marketing expenses 

(80,368)


(65,776)


(63,068)


(8,697)


(155,309)


(128,844)


(17,768)

 Research and development expenses 

(76,740)


(79,750)


(81,126)


(11,188)


(149,355)


(160,876)


(22,186)

 General and administrative expenses 

(167,044)


(127,447)


(128,017)


(17,654)


(321,281)


(255,464)


(35,230)

 Reversal for doubtful debt 

845


2,449


8,833


1,218


3,478


11,282


1,556

 Total operating expenses 

(321,719)


(237,145)


(249,483)


(34,405)


(581,182)


(486,628)


(67,109)















 Operating profit 

36,058


115,235


93,266


12,862


132,116


208,501


28,754

 Interest income 

8,814


5,681


10,038


1,384


13,363


15,719


2,168

 Interest expense 

(68,530)


(69,786)


(71,709)


(9,889)


(121,649)


(141,495)


(19,513)

 Other income 

2,896


1,164


14,192


1,957


8,287


15,356


2,118

 Other expenses 

(693)


(3,592)


(320)


(44)


(1,045)


(3,912)


(539)

 Changes in the fair value of convertible promissory notes 

(2,321)


21,298


154


21


57,957


21,452


2,958

 Foreign exchange (loss) gain  

(319,875)


78,633


(271,630)


(37,459)


(295,126)


(192,997)


(26,616)

 (Loss) income before income taxes and gain (loss) from equity method investments 

(343,651)


148,633


(226,009)


(31,168)


(206,097)


(77,376)


(10,670)

 Income tax expenses 

(30,946)


(44,886)


(12,545)


(1,730)


(77,646)


(57,431)


(7,920)

 Gain (loss) from equity method investments 

1,090


(174)


983


136


3,137


809


112

 Net (loss) income 

(373,507)


103,573


(237,571)


(32,762)


(280,606)


(133,998)


(18,478)

 Net (profit) loss attributable to noncontrolling interest 

(3,696)


(21,280)


4,692


647


(5,891)


(16,588)


(2,288)

 Net (loss) income attributable to VNET Group, Inc. 

(377,203)


82,293


(232,879)


(32,115)


(286,497)


(150,586)


(20,766)















 (Loss) earnings per share 














 Basic 

(0.43)


0.09


(0.26)


(0.04)


(0.32)


(0.17)


(0.02)

 Diluted 

(0.43)


0.07


(0.26)


(0.04)


(0.37)


(0.19)


(0.03)

 Shares used in (loss) earnings per share computation 














 Basic* 

886,204,618


888,383,240


888,705,981


888,705,981


885,915,878


888,555,145


888,555,145

 Diluted* 

886,204,618


1,056,829,494


888,705,981


888,705,981


919,915,879


905,386,636


905,386,636















 (Loss) earnings per ADS (6 ordinary shares equal to 1 ADS)














 Basic

(2.58)


0.54


(1.56)


(0.24)


(1.92)


(1.02)


(0.12)

 Diluted

(2.58)


0.42


(1.56)


(0.24)


(2.22)


(1.14)


(0.18)















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

 

 

 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, 2022


March 31, 2023


June 30, 2023


June 30, 2022


June 30, 2023


 RMB 


 RMB 


 RMB 


 US$ 


 RMB 


 RMB 


 US$ 

 Gross profit 

357,777


352,380


342,749


47,267


713,298


695,129


95,863

 Plus: depreciation and amortization*  

362,003


401,877


400,173


55,186


689,396


802,050


110,608

 Plus: share-based compensation expenses 

(6,066)


-


-


-


(4,206)


-


-

 Adjusted cash gross profit 

713,714


754,257


742,922


102,453


1,398,488


1,497,179


206,471

 Adjusted cash gross margin 

41.4 %


41.8 %


40.8 %


40.8 %


41.5 %


41.3 %


41.3 %















 Operating expenses 

(321,719)


(237,145)


(249,483)


(34,405)


(581,182)


(486,628)


(67,109)

 Plus: share-based compensation expenses 

53,551


8,336


8,006


1,104


94,936


16,342


2,254

 Plus: compensation for postcombination employment in an acquisition 

17,453


-


-


-


34,713


-


-

 Adjusted operating expenses 

(250,715)


(228,809)


(241,477)


(33,301)


(451,533)


(470,286)


(64,855)















 Operating profit 

36,058


115,235


93,266


12,862


132,116


208,501


28,754

 Plus: depreciation and amortization* 

385,876


432,629


433,735


59,815


735,485


866,364


119,477

 Plus: share-based compensation expenses 

47,485


8,336


8,006


1,104


90,730


16,342


2,254

 Plus: compensation for postcombination employment in an acquisition 

17,453


-


-


-


34,713


-


-

 Adjusted EBITDA 

486,872


556,200


535,007


73,781


993,044


1,091,207


150,485

 Adjusted EBITDA margin 

28.2 %


30.8 %


29.4 %


29.4 %


29.5 %


30.1 %


30.1 %















* Before the deduction of government grants for three months ended March 31, 2023, three months ended June 30, 2023 and six months ended June 30, 2023.

 

 

 VNET GROUP, INC

 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 

 (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) 










 Three months ended  


June 30, 2022


March 31, 2023


June 30, 2023


 RMB 


 RMB 


 RMB 


 US$ 

 CASH FLOWS FROM OPERATING ACTIVITIES                                                                                 








 Net (loss) income 

(373,507)


103,573


(237,571)


(32,762)

 Adjustments to reconcile net (loss) income to net cash generated from operating activities: 

     Depreciation and amortization 

385,876


431,654


433,015


59,715

     Share-based compensation expenses 

47,485


8,336


8,006


1,104

     Others 

447,480


62,631


357,787


49,341

 Changes in operating assets and liabilities 








     Accounts and notes receivable 

(137,720)


(254,293)


8,388


1,157

     Prepaid expenses and other current assets 

526,090


(378,933)


70,627


9,740

     Accounts and notes payable 

76,070


(3,377)


33,434


4,611

     Accrued expenses and other payables 

21,363


192,063


(5,950)


(820)

     Deferred revenue 

19,989


24,139


(35,743)


(4,929)

     Advances from customers 

70,884


405,945


(114,977)


(15,856)

     Others 

(141,299)


(136,727)


(93,540)


(12,902)

 Net cash generated from operating activities 

942,711


455,011


423,476


58,399









 CASH FLOWS FROM INVESTING ACTIVITIES 








 Purchases of property and equipment 

(527,867)


(608,717)


(394,812)


(54,447)

 Purchases of intangible assets 

(12,690)


(2,312)


(10,178)


(1,404)

 Payments for investments 

(38,280)


-


(655,815)


(90,441)

 Proceeds from (payments for) other investing activities 

208


(90,489)


9,295


1,282

 Net cash used in investing activities 

(578,629)


(701,518)


(1,051,510)


(145,010)









 CASH FLOWS FROM FINANCING ACTIVITIES 








 Proceeds from bank borrowings 

18,860


279,916


169,204


23,334

 Repayments of bank borrowings 

(43,275)


(73,070)


(55,865)


(7,704)

 Repayments of 2025 Convertible Notes 

-


-


(380,333)


(52,450)

 Payments for finance lease 

(75,145)


(84,882)


(67,172)


(9,263)

 (Payments for) proceeds from other financing activities  

(62,119)


395,096


285,013


39,305

 Net cash (used in) generated from financing activities 

(161,679)


517,060


(49,153)


(6,778)









 Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash  

48,962


(17,205)


51,314


7,077

 Net increase (decrease) in cash, cash equivalents and restricted cash 

251,365


253,348


(625,873)


(86,312)

 Cash, cash equivalents and restricted cash at beginning of period 

3,364,890


2,989,494


3,242,842


447,208

 Cash, cash equivalents and restricted cash at end of period 

3,616,255


3,242,842


2,616,969


360,896

 

 

Cision
Cision

View original content:https://www.prnewswire.com/news-releases/vnet-reports-unaudited-second-quarter-2023-financial-results-301907901.html

SOURCE VNET Group, Inc.

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