VNET Group, Inc. (VNET) 2026 Q1 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for the first-quarter 2026 earnings conference call for VNET Group, Inc. (Operator Instructions)

各位女士、先生，大家好。感謝各位撥冗參加 VNET Group, Inc. 2026 年第一季財報電話會議。（接線員指示）

Participants from our management include Ms. Sharon Liu, Rotating President; Mr. Peter Zhang, SVP of Operational Finance; Ms. Xinyuan Liu, Head of Investor Relations of the company. Please note that today's conference call is being recorded.

出席本次會議的管理團隊成員包括：輪值總裁劉珊珊女士；營運財務資深副總裁張彼得先生；以及公司投資人關係負責人劉欣媛女士。請注意，今天的電話會議將被錄音。

I will now turn the call over to the first speaker today, Ms. Xinyuan Liu. Please go ahead.

現在我將把電話交給今天的第一位講者——劉欣媛女士。請開始。

Thank you, operator. Hello, everyone, and welcome to our first-quarter 2026 earnings conference call. Our earnings release was distributed earlier today and you can find a copy on our IR website as well as on Newswire Services. Please note that today's call will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations.

謝謝接線員。各位好，歡迎參加我們 2026 年第一季財報電話會議。我們的財報新聞稿已於今日稍早發布，您可在我們的投資人關係網站以及 Newswire 服務平台上取得副本。請注意，今天的電話會議將包含依據 1995 年《美國私人證券訴訟改革法》安全港條款所作之前瞻性陳述。前瞻性陳述存在風險與不確定性，可能導致實際結果與我們目前預期出現重大差異。

For detailed discussions of these risks and uncertainties, please refer to our latest annual report and other documents filed with the SEC. VNET does not undertake any obligations to update any forward-looking statements, except as required under applicable laws. Please also note that VNET's earnings press release and this conference call include the disclosure of unaudited GAAP and non-GAAP financial measures. VNET's earnings press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures. A summary presentation, which we will refer to during this conference call can be viewed and downloaded from our IR website at [https://]ir.vnet.com/ (corrected by company after the call)

關於上述風險與不確定性的詳細討論，請參閱我們最新的年度報告及其他向美國證券交易委員會（SEC）提交的文件。除非適用法律另有要求，VNET 不承擔更新任何前瞻性陳述的義務。另請注意，VNET 的財報新聞稿及本次電話會議包含未經審計的 GAAP 與非 GAAP 財務衡量指標之揭露。VNET 的財報新聞稿提供未經審計之非 GAAP 指標與未經審計之 GAAP 指標之調節表。我們在本次電話會議中將引用的簡報摘要，可於我們的投資人關係網站 [https://]ir.vnet.com/ 瀏覽與下載（公司於會後更正）。

Next, I'd like to alert you that we will be utilizing text-to-speech technology powered by Neolink.ai to deliver this quarter's prepared remarks by Ms. Sharon Liu, our Rotating President; and Mr. Peter Zhang, our SVP of Operational Finance. The management team will join the Q&A session in person. Additionally, this conference is being recorded. A webcast of this conference call will also be available on our IR website at ir.vnet.com.

接下來提醒各位，我們將使用由 Neolink.ai 提供的文字轉語音技術，播報本季由輪值總裁劉珊珊女士及營運財務資深副總裁張彼得先生所準備的講稿內容。管理團隊將親自參與問答環節。此外，本次會議將被錄音。本次電話會議的網路直播亦將於我們的投資人關係網站 ir.vnet.com 提供。

Now let's get started with today's presentation. Ms. Liu, please go ahead.

現在我們開始今天的簡報。劉女士，請開始。

Good morning, and good evening, everyone. Thank you for joining our call today. I'll start with an overview of our major accomplishments during the first quarter of 2026. We began this year with strong results, thanks to strong execution of our effective dual core strategy and Hyperscale 2.0 framework.

各位早安、晚安。感謝各位今天參加我們的電話會議。我將先概述我們在 2026 年第一季的主要成果。在有效落實我們的雙核心策略與 Hyperscale 2.0 架構的帶動下，我們以強勁表現開啟今年。

On the operational side, our wholesale IDC business delivered robust growth driven by strong customer demand and fast customer move-ins. As of March 31, 2026, our wholesale capacity in service rose by 18 megawatts to 907 megawatts, in line with our plan to concentrate our capacity expansion deliveries in the second half of the year.

在營運方面，我們的批發 IDC 業務在強勁客戶需求與快速進駐的帶動下，實現穩健成長。截至 2026 年 3 月 31 日，我們已投運的批發產能增加 18 兆瓦至 907 兆瓦，符合我們將產能擴張交付集中於下半年完成的規劃。

Meanwhile, driven by customers' fast move-ins, wholesale capacity utilized by customers grew by 64 megawatts to 687 megawatts, bringing the utilization rate to 75.7%, up 5.6-percentage-points quarter-over-quarter. Our retail IDC business continued to progress smoothly supported by growing AI-driven demand. Retail MRR per cabinet increased slightly to RMB9,448 sequentially and retail utilization rate remained stable at 64.1% during the first quarter.

同時，在客戶快速進駐的帶動下，客戶已使用的批發產能增加 64 兆瓦至 687 兆瓦，使使用率提升至 75.7%，較上季上升 5.6 個百分點。在 AI 驅動需求成長的支持下，我們的零售 IDC 業務持續穩步推進。第一季每機櫃零售月度經常性收入（MRR）環比小幅上升至人民幣 9,448 元，零售使用率維持穩定於 64.1%。

On the financial side, our total net revenues increased by 19.8% year-over-year to RMB2.69 billion for the first quarter. Wholesale revenues remained the key growth driver, reaching RMB1.06 billion, a significant year-over-year increase of 58.1%. Our adjusted EBITDA for the first quarter also increased by 30.6% year-over-year to RMB891.5 million, driven by the strong growth of our wholesale IDC business. In addition, our premium, reliable services continue to earn customer trust and gain market share, evidenced by multiple high-quality order wins totaling 519 megawatts year-to-date 2026. I will go through the details on the next slide.

在財務方面，我們第一季總淨營收年增 19.8% 至人民幣 26.9 億元。批發營收仍為主要成長動能，達人民幣 10.6 億元，年增幅高達 58.1%。受批發 IDC 業務強勁成長帶動，我們第一季調整後 EBITDA 亦年增 30.6% 至人民幣 8.915 億元。此外，我們高品質且可靠的服務持續贏得客戶信任並提升市占率，體現在 2026 年迄今累計取得多筆高品質訂單，合計 519 兆瓦。我將在下一頁進一步說明細節。

Moving on to our new order wins on slide 5. Year-to-date 2026, order momentum remains strong, with three wholesale orders secured totaling 517 megawatts, fueled by continued growth in AI-driven demand for high-quality data center resources. We secured two orders, 110 megawatts and 400 megawatts, from an Internet customer at separate data centers in the Greater Beijing Area.

接著看第 5 頁的新訂單進展。2026 年迄今，訂單動能依然強勁，在 AI 驅動的高品質資料中心資源需求持續成長的推動下，我們已取得三筆批發訂單，合計 517 兆瓦。我們在大北京地區的兩座不同資料中心，分別自一位網際網路客戶取得 110 兆瓦與 400 兆瓦的訂單。

Meanwhile, another data center in the Greater Beijing Area won a 7-megawatt order from a local services customer. Furthermore, bolstered by AI-driven demand, we also secured new retail orders totaling approximately 2 megawatts across multiple retail data centers from customers in the local services, Internet and IT services sectors. This robust order momentum underscores our strengthened competitive positioning and growing ability to capture market share.

同時，大北京地區的另一座資料中心亦自一位本地服務客戶取得 7 兆瓦訂單。此外，在 AI 驅動需求帶動下，我們亦在多個零售資料中心自本地服務、網際網路及 IT 服務等行業客戶取得新增零售訂單，合計約 2 兆瓦。強勁的訂單動能凸顯我們競爭地位的強化，以及持續提升的市占取得能力。

At the same time, continued policy support for “AI+” initiatives is reinforcing industry tailwinds. Authorities are promoting the development of large-scale, clustered, green computing infrastructure, which is accelerating the broader adoption of computing power across industries and further expanding the addressable market.

同時，政策對「AI+」倡議的持續支持，正在強化產業順風。主管機關正推動大型化、集群化、綠色算力基礎設施的發展，加速算力在各行各業的更廣泛採用，並進一步擴大可服務市場。

Meanwhile, driven by the AI industry's rapid progress, demand for AI-related computing power and data center resources is surging, driving the industry into a new growth phase. However, the effective supply of high-quality data centers remains relatively limited, constrained by utility and power quotas limitations in core regions.

此外，隨著 AI 產業快速進展，AI 相關算力與資料中心資源需求激增，推動產業進入新的成長階段。然而，高品質資料中心的有效供給仍相對有限，主要受核心區域公用事業與電力配額限制所約束。

Against this backdrop, IDC players with long-term industry accumulation, sufficient resource reserves and project deployments in core regions are best positioned to fully capture the structural opportunities arising from the expansion of AI demand.

在此背景下，具備長期產業積累、充足資源儲備，且在核心區域完成專案布局的 IDC 業者，最有利於充分把握 AI 需求擴張所帶來的結構性機會。

As a pioneer in AIDC, VNET is poised to benefit from these structural shifts. Our high performance large-scale data center clusters, coupled with a robust resource pipeline in core regions represent a significant advantage. Furthermore, our proven track record in rapid delivery and operation and maintenance excellence are competitive strengths that are becoming increasingly difficult to replicate at scale. Supported by favorable policies and an ongoing structural transformation within the industry, we are confident in our ability to consistently capture emerging market opportunities and cement our leadership position.

作為 AIDC 的先行者，VNET 有望受益於這些結構性變化。我們高效能的大型資料中心集群，加上核心區域強勁的資源儲備管線，構成顯著優勢。此外，我們在快速交付以及卓越運維方面的成熟實績，是在規模化層面愈發難以複製的競爭強項。在有利政策支持與產業持續結構性轉型的推動下，我們有信心持續把握新興市場機會，並鞏固我們的領導地位。

Now let's delve into our business updates, starting with our wholesale business on slide 7. Our wholesale business continued to grow with capacity in service increasing by 18 megawatts quarter-over-quarter to 907 megawatts. Utilized capacity grew by 64 megawatts sequentially to 687 megawatts, driving the utilization rate up to 75.7% from 70.1% last quarter, mainly attributable to customers' fast move-ins at N-OR Campus 02A and N-HB Campus 03. Our mature capacity utilization rate also reached 93.8%, a relatively high level. We have a clear growth path for our wholesale data center capacity.

現在我們進入業務更新，先從第 7 頁的批發業務開始。我們的批發業務持續成長，已投運產能環比增加 18 兆瓦至 907 兆瓦。已使用產能環比增加 64 兆瓦至 687 兆瓦，使使用率由上季的 70.1% 提升至 75.7%，主要歸因於客戶在 N-OR Campus 02A 與 N-HB Campus 03 的快速進駐。我們的成熟產能使用率亦達到 93.8%，處於相對高位。我們對批發資料中心產能具備清晰的成長路徑。

Let's move on to slide 8. Our total wholesale resource capacity continued its upward trajectory reaching 2.48 gigawatts as of March 31, 2026. Specifically, our capacity under construction rose to 516 megawatts with a pre-commitment rate of 85.8% year-to-date 2026; capacity held for short-term and long-term future development grew to 697 megawatts and 359 megawatts, respectively. It's worth noting that the majority of the capacity reserved for future development is driven by resources we have secured at our Ulanqab IDC Campus demonstrating our ability to secure critical resources and rapidly scale capacity in strategic regions.

讓我們進入第 8 頁投影片。截至 2026 年 3 月 31 日，我們的批發資源總容量持續上升，達到 2.48 吉瓦。具體而言，我們在建容量提升至 516 兆瓦，2026 年迄今的預先承諾率為 85.8%；為短期及長期未來開發所儲備的容量分別增至 697 兆瓦及 359 兆瓦。值得注意的是，為未來開發所保留的容量中，多數來自我們在烏蘭察布 IDC 園區已取得的資源，展現我們在策略性區域取得關鍵資源並快速擴充容量的能力。

Our secured resources provide us with a meaningful competitive edge, particularly given the tightening effective supply in the IDC industry, and reinforce our confidence in the long-term growth potential driven by AI-related demand.

我們已取得的資源為我們帶來顯著的競爭優勢，特別是在 IDC 產業有效供給趨緊的背景下，並強化我們對 AI 相關需求所驅動之長期成長潛力的信心。

Moving to our Retail IDC Business on slide 9. Our retail business progressed smoothly in the first quarter. Retail capacity in service increased to 50,170 cabinets from 49,863 cabinets last quarter. The utilization rate remained stable at 64.1% as of the end of March, MRR per retail cabinet slightly increased to RMB9,448 this quarter.

接著看第 9 頁投影片的零售 IDC 業務。我們的零售業務在第一季進展順利。在營運中的零售容量由上季的 49,863 個機櫃增加至 50,170 個機櫃。截至 3 月底，使用率維持穩定於 64.1%，本季每個零售機櫃的 MRR 略增至人民幣 9,448 元。

Turning to our Delivery Plan on slide 10. We delivered 18 megawatts in the first quarter of 2026, in line with our delivery plan, which concentrates the majority of the year's deliveries in the second half. We currently have eight data centers under construction with seven in the Greater Beijing Area and one in the Yangtze River Delta. We plan to deliver 516 megawatts of capacity over the next 12 months, around 250 megawatts during the second and third quarters of 2026, and around 266 megawatts during the fourth quarter of 2026, and the first quarter of 2027, with the majority allocated to our data centers at the Ulanqab IDC Campus to meet the strong demand from wholesale customers. In conclusion, our first quarter performance demonstrated both strategic effectiveness and execution strength.

接著看第 10 頁投影片的交付計畫。我們於 2026 年第一季交付 18 兆瓦，符合我們的交付計畫；該計畫將全年大部分交付集中在下半年。目前我們有 8 座資料中心在建，其中 7 座位於大北京地區，1 座位於長三角。我們計畫在未來 12 個月交付 516 兆瓦容量，其中約 250 兆瓦將於 2026 年第二、第三季交付，約 266 兆瓦將於 2026 年第四季及 2027 年第一季交付；其中大部分將配置於烏蘭察布 IDC 園區的資料中心，以滿足批發客戶的強勁需求。總結而言，我們第一季的表現展現了策略的有效性與執行力。

Looking forward, we will remain focused on advancing our dual core strategy and Hyperscale 2.0 framework, further developing our scalable green data center clusters and enhancing our comprehensive AIDC solutions to meet growing AI-driven demand. In parallel with our long-term strategy, we have also strengthened our shareholder base by welcoming new strategic investors. [Non-controlled and non-consolidated] (added by company after the call)affiliates of CATL have entered into a share purchase agreement to acquire up to approximately 38.1% of our shares from subsidiaries of Shandong Hi-Speed Holdings Group, with closing expected in the fourth quarter of this year.

展望未來，我們將持續聚焦推進雙核心策略與 Hyperscale 2.0 架構，進一步發展可擴展的綠色資料中心集群，並強化我們全面的 AIDC 解決方案，以滿足日益成長的 AI 驅動需求。在推進長期策略的同時，我們也透過引入新的策略投資人強化股東基礎。[Non-controlled and non-consolidated] (added by company after the call)寧德時代（CATL）的關聯方已簽署股份購買協議，將自山東高速控股集團之子公司收購最多約 38.1% 的本公司股份，預計於今年第四季完成交割。

We would also like to express our sincere appreciation to [SDHG] (added by the company after the call) for their trust in our vision and years of partnership and support in our growth journey. With [non-controlled and non-consolidated affiliates of] (added by the company after the call) CATL’s entry, we believe that this new relationship will generate meaningful strategic synergies and bring opportunities for fruitful collaboration across technological innovation, supply chain, and next-generation AI data center development enhancing our long-term competitiveness and growth momentum. Overall, we remain confident in capturing the growth opportunities ahead and delivering sustainable long-term value for all shareholders.

我們也要向 [SDHG] (added by the company after the call) 致上誠摯謝意，感謝其對我們願景的信任，以及多年來在我們成長旅程中的夥伴關係與支持。隨著 [non-controlled and non-consolidated affiliates of] (added by the company after the call) CATL’s entry，我們相信這段新關係將產生重要的策略協同效應，並在技術創新、供應鏈以及下一代 AI 資料中心開發等方面帶來富有成效的合作機會，進一步提升我們的長期競爭力與成長動能。整體而言，我們仍有信心把握未來的成長機會，並為全體股東創造可持續的長期價值。

Now I will turn the call over to our SVP of Operational Finance, Peter, for further discussion of our operating and financial performance. Thank you, everyone.

接下來我將把電話會議交給我們的營運財務資深副總裁 Peter，進一步說明我們的營運與財務表現。謝謝各位。

Good morning and good evening, everyone. Before we start the detailed discussion of our financial performance, please note that unless otherwise stated, all the financials we present today are for the first quarter of 2026 and are in RMB terms. Furthermore, unless otherwise specified, all the growth rates I am reviewing are on a year-over-year basis.

各位早安、晚安。在開始詳細討論我們的財務表現之前，請注意除非另有說明，我們今天呈現的所有財務數據均為 2026 年第一季，並以人民幣計價。此外，除非另有註明，我所回顧的所有成長率皆為年對年（YoY）基礎。

Let's turn to slide 12. In the first quarter, we continued to focus on high-quality development. Our total net revenues increased by 19.8% to RMB2.69 billion, mainly driven by the rapid growth of our wholesale business. Our adjusted cash gross profit rose by 25.1% to RMB1.21 billion, while our adjusted EBITDA also grew year-over-year by 30.6% to RMB891.5 million.

讓我們看第 12 頁投影片。第一季我們持續聚焦高品質發展。我們的淨營收總額成長 19.8% 至人民幣 26.9 億元，主要由批發業務的快速成長所帶動。調整後現金毛利成長 25.1% 至人民幣 12.1 億元，同時調整後 EBITDA 亦年對年成長 30.6% 至人民幣 8.915 億元。

Let's look more closely at our topline. As you can see on slide 13, we have a new milestone this quarter as wholesale revenues has surpassed retail revenues for the first time. Wholesale revenues, our key revenue growth driver increased significantly by 58.1% to RMB1.06 billion for the first quarter mainly attributable to activity at the N-OR Campus 01 and N-OR Campus 02A. Retail revenues increased by 5.4% to RMB1.02 billion for the first quarter. Our non-IDC business revenues increased by 0.3% to RMB606.6 million for the first quarter. During the first quarter, we maintained solid margins thanks to ongoing efficiency enhancement initiatives.

我們更仔細看看營收表現。如第 13 頁投影片所示，本季達成一個新里程碑：批發營收首次超越零售營收。作為我們營收成長的關鍵驅動因素，批發營收在第一季大幅成長 58.1% 至人民幣 10.6 億元，主要歸因於 N-OR 園區 01 與 N-OR 園區 02A 的業務活動。第一季零售營收成長 5.4% 至人民幣 10.2 億元。第一季非 IDC 業務營收成長 0.3% 至人民幣 6.066 億元。第一季在持續推動效率提升措施的支持下，我們維持了穩健的利潤率。

As shown on slide 14, our adjusted cash gross margin improved to 45% from 43.1% in the same period last year. Our adjusted EBITDA margin rose to 33.1%, compared with 30.4% in the same period last year.

如第 14 頁投影片所示，我們的調整後現金毛利率由去年同期的 43.1% 提升至 45%。調整後 EBITDA 利潤率上升至 33.1%，相較去年同期為 30.4%。

Moving on to liquidity on slide 15. We maintained robust and healthy liquidity. Our net operating cash inflow reached RMB173.7 million during the first quarter. Excluding the impact of RMB119.1 million in income tax related to capital transactions and other one-off items, the net operating cash inflow for this quarter would be RMB292.8 million. Our cash position remained solid with total cash and cash equivalents, restricted cash and short-term investments, reaching RMB8.8 billion as of March 31, 2026.

接著看第 15 頁投影片的流動性。我們維持強健且健康的流動性。第一季淨營運現金流入達人民幣 1.737 億元。若剔除與資本交易相關的人民幣 1.191 億元所得稅影響及其他一次性項目，本季淨營運現金流入將為人民幣 2.928 億元。截至 2026 年 3 月 31 日，我們的現金部位仍然穩健，現金及現金等價物、受限制現金與短期投資合計達人民幣 88 億元。

Next, let's take a look at our debt structure on slide 16. We maintained our prudent approach to debt management. As of March 31, 2026, our net debt to the adjusted last quarter annualized EBITDA ratio was 3.8 and total debt to the adjusted last quarter annualized EBITDA ratio was 6.1, both remaining at healthy levels. Our adjusted trailing 12 months EBITDA to interest coverage ratio was 5.8. We prioritize long-term debt maturity planning in our debt and strategic management to ensure the security of debt repayment. Currently, the Company's short and medium-term debt maturing in 2026 to 2028 comprises 45.8% of our total debt.

接下來看第 16 頁投影片的債務結構。我們維持審慎的債務管理方針。截至 2026 年 3 月 31 日，我們的淨負債／經調整之上一季年化 EBITDA 比率為 3.8，總負債／經調整之上一季年化 EBITDA 比率為 6.1，兩者皆維持在健康水準。我們經調整之過去 12 個月 EBITDA 對利息保障倍數為 5.8。我們在債務與策略管理中優先規劃長期到期結構，以確保償債安全。目前，公司於 2026 至 2028 年到期的短期及中期債務占總債務的 45.8%。

Turning now to CapEx spending on slide 17. Our CapEx was RMB1.91 billion in the first quarter, with the majority allocated to the expansion of our wholesale IDC business. We continue to expect our CapEx for the full year 2026 to be in the range of RMB10 billion to RMB12 billion, mainly to support our planned delivery of 450 to 500 megawatts in 2026.

現在轉到第17頁的資本支出（CapEx）。我們第一季的資本支出為人民幣19.1億元，其中大部分用於擴張我們的批發型IDC業務。我們仍預期2026年全年資本支出將落在人民幣100億元至120億元區間，主要用於支持我們在2026年計畫交付450至500兆瓦的產能。

We continued to advance our asset monetization strategy and made meaningful progress during the first quarter. As we mentioned on our last call, in March 2026, two of our private REIT projects were successfully listed on the Shanghai Stock Exchange with a combined offering size of approximately RMB6.36 billion and an EV to EBITDA multiple of around 13 times to 14 times. By establishing a scalable, efficient capital recycling model, these REIT listings give us an advantage in this inherently capital-intensive industry allowing us to reinvest in new project development. We expect to realize no less than RMB2 billion in total cash proceeds from our REIT-related initiatives this fiscal year, substantially strengthening our liquidity position and setting a new benchmark for sustainable growth in digital infrastructure.

我們持續推進資產變現策略，並在第一季取得實質進展。如同我們在上次電話會議中提到的，於2026年3月，我們兩個私募REIT專案已成功在上海證券交易所上市，合計發行規模約人民幣63.6億元，EV/EBITDA倍數約為13倍至14倍。透過建立可擴展且高效率的資本循環模式，這些REIT上市使我們在這個本質上資本密集的產業中具備優勢，得以再投資於新專案開發。我們預期本財年可自REIT相關舉措中實現不少於人民幣20億元的現金總收入，將大幅強化我們的流動性水位，並為數位基礎設施的永續成長樹立新標竿。

Now moving to our full year guidance for 2026 on slide 18. As we expect strong demand from our wholesale IDC customers and ongoing operational efficiency gains throughout 2026, we expect total net revenues to be in the range of RMB11.5 billion, to RMB11.8 billion, a year-over-year increase of 15.6% to 18.6% and adjusted EBITDA to be in the range of RMB3.55 billion to RMB3.75 billion, representing a year-over-year increase of 19.2% to 25.9%. The above outlook remains unchanged from the previously provided estimates.

接著看第18頁，我們對2026年全年的指引。由於我們預期批發型IDC客戶需求強勁，且2026年全年營運效率持續提升，我們預期總淨營收將介於人民幣115億元至118億元之間，年增15.6%至18.6%；調整後EBITDA將介於人民幣35.5億元至37.5億元之間，年增19.2%至25.9%。上述展望與先前提供的估計一致，維持不變。

Before I conclude, I'd like to briefly update you on our ESG efforts. Sustainability remains important to our business strategy, supporting our operational excellence and long-term growth. In April, we published our sixth ESG report, highlighting our ESG progress and achievements in 2025. Our average annual power usage efficiency improved to 1.24 in 2025 compared with 1.27 in 2024. Total renewable energy consumption accounted for 36% of total resources utilized by VNET in 2025 compared with 18% in 2024.

在我結語之前，我想簡要更新我們的ESG工作。永續發展仍是我們商業策略的重要一環，支撐我們的營運卓越與長期成長。4月，我們發布第六份ESG報告，重點呈現我們在2025年的ESG進展與成果。我們2025年的平均年度電力使用效率（PUE）提升至1.24，相較2024年的1.27有所改善。2025年VNET的再生能源總消耗占資源使用總量的36%，相較2024年的18%顯著提升。

These accomplishments also won continued recognition from leading ESG rating agencies. We were included in the global edition of the S&P Global Sustainability Yearbook for two consecutive years, 2025 and 2026, and were also selected for the China edition for four consecutive years, where we were once again recognized among the top 1% in IT services industry. Going forward, we will deepen our commitment to sustainability, strengthening our investments in intelligent infrastructure and green data center operations to create long-term sustainable value.

這些成果也持續獲得主要ESG評級機構的肯定。我們連續兩年（2025與2026）入選《S&P Global Sustainability Yearbook》全球版，亦連續四年入選中國版，並再次在IT服務業中名列前1%。展望未來，我們將深化對永續發展的承諾，加大對智慧基礎設施與綠色資料中心營運的投資，以創造長期且可持續的價值。

To sum up, we delivered robust first quarter results, reflecting continued strong execution and strategic direction. Looking ahead, we will stay focused on strengthening our core capabilities. to capture the opportunities arising from accelerating AI adoption and digital transformation, delivering sustainable, high-quality growth and creating long-term value for all stakeholders.

總結而言，我們交出強勁的第一季業績，反映我們持續有力的執行力與策略方向。展望未來，我們將持續聚焦於強化核心能力，把握AI加速採用與數位轉型所帶來的機會，實現可持續的高品質成長，並為所有利害關係人創造長期價值。

This concludes our prepared remarks for today. We are now ready to take questions.

以上為我們今天的準備發言。我們現在準備開始回答提問。

Thank you. We will now begin the question and answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。(接線員指示)

Tom Tang, Morgan Stanley.

摩根士丹利，Tom Tang。

Thank you management for the opportunity to ask a question. So again, congratulations on a very strong result and winning the over 500-megawatt of order. So my question is on the delivery pattern of the new order. So how should we think about the time or the pattern we're going to deliver this 500-megawatt order? And also on a quarterly basis, what is impacted or when we will see a significant impact to our revenue and EBITDA from this new order. And also, are we going to see upside to our current full year CapEx guidance given we're winning a very large amount of orders.

謝謝管理層給我提問的機會。再次恭喜你們取得非常強勁的業績，並拿下超過500兆瓦的訂單。我的問題是關於這筆新訂單的交付節奏。我們應該如何理解交付這筆500兆瓦訂單的時間安排或交付模式？另外，以季度來看，這筆新訂單何時會對我們的營收與EBITDA產生顯著影響？以及，鑑於你們拿下了非常大量的訂單，我們是否會看到你們目前全年資本支出指引有上修空間？

(spoken in foreign language)

(以外語發言)

(interpreted) Thank you, Tom, for your question. This is Sharon. With regard to the [over] (added by the company after the call)-500-megawatt new orders, we are planning to deliver these new orders in the next two to three years, effectively from 2026 throughout 2028. And we are going to deliver the very first batch in the second half of 2026. Based on the pace of our customers move-in pace. So that will translate into some positive impact on our [EBITDA and revenue in the] (added by the company after the call) next three years. And also, we are not going to adjust our CapEx guidance for the full year of 2026 because the CapEx guidance we give is actually based on our annual delivery target of [450] (corrected by the company after the call) to 500 megawatts. Therefore, we're going to keep our annual CapEx guidance untouched.

(口譯) 謝謝你，Tom，謝謝你的提問。我是Sharon。關於這些[超過]（公司於會後補充）500兆瓦的新訂單，我們計畫在未來兩到三年交付，亦即從2026年一路到2028年。我們將在2026年下半年交付第一批。這將取決於客戶進駐（move-in）的節奏。因此，這會在未來三年對我們的[EBITDA與營收]（公司於會後補充）帶來一些正面影響。另外，我們不會調整2026年全年的資本支出指引，因為我們給出的資本支出指引其實是基於我們年度交付目標[450]（公司於會後更正）至500兆瓦。因此，我們將維持年度資本支出指引不變。

Edison Lee, Jefferies.

Jefferies，Edison Lee。

Hi, thank you for taking my questions. I've got two questions. Number one is that now that CATL has become a strategic investor in VNET, so can you maybe share with us how investors should think about the synergies going forward? And also previously, I think that Shandong Hi-Speed has been building some green power plants in Ulanqab supply to your data center campus. So I wonder if that is ongoing and whether there will be any change to that. So that's number one.

嗨，謝謝讓我提問。我有兩個問題。第一，現在CATL已成為VNET的策略投資人，能否分享一下投資人未來應如何看待雙方的協同效應？另外，先前我記得山東高速在烏蘭察布建了一些綠電電站供應你們的資料中心園區。我想了解這是否仍在持續，以及是否會有任何變化。這是第一個問題。

Number two is, can you comment on the pricing situation now that you have won pretty big projects and in fact, what are you seeing in terms of pricing trend in the market? And where do you think pricing in 2027 will actually be stable or even going up?

第二個問題是，既然你們拿下了相當大的專案，能否評論一下目前的定價情況？你們在市場上看到的定價趨勢如何？以及你們認為2027年的價格會趨於穩定，甚至上升嗎？

(spoken in foreign language)

(以外語發言)

(interpreted) Thank you for your question. As we have disclosed in our quarterly report that CATL’s (non-controlled and non-consolidated affiliates,) [added by the company after the call]are going to become our strategic shareholders, shall the deal with Shandong Hi-Speed Holdings Groups closed successfully. Actually, we see synergies across several areas, and we see that in our AIDC energy storage, We see the synergy in the supply chain, specifically the synergy that we saw in technology and resources.

(口譯) 謝謝你的提問。正如我們在季度報告中披露的，若與山東高速控股集團的交易順利完成，CATL’s（非控股且不併表的關聯方，）[公司於會後補充]將成為我們的策略股東。實際上，我們在多個領域看到協同效應，包括在我們AIDC儲能方面；我們也在供應鏈方面看到協同，尤其是在技術與資源上的協同。

To elaborate, we are going to leverage CATL's extensive supply chain resources, energy storage and dispatch capabilities augmented by their priority high-voltage DC technology through their own investments. And we are going to significantly enhance our data centers power stability and dynamic frequency regulation.

為了進一步說明，我們將透過其自身投資，運用寧德時代（CATL）廣泛的供應鏈資源、儲能與調度能力，並結合其具優先性的高壓直流技術。同時，我們也將大幅提升我們資料中心的供電穩定性與動態調頻能力。

I think this integration is vital to supporting the robust operational demands of hyperscale AIDC clusters directly sharpening our long-term competitive edge. And also the synergy we saw in commercial and operational sites. You know, VNET, [currently has nearly 1 gigawatt capacity in service] (added by company after the call). If we deliver [complete] (added by company after the call) the rest of our wholesale, delivery say, wholesale AIDC targets this year, this is going to bring our total wholesale capacity in service to [ nearly] (added by company after the call) 1.5 gigawatts. So this provides CATL with concrete use cases which can feed back into their businesses. And also with our collaboration, we are going to accumulate a lot of critical operational data. This will also drive the mutual ecosystem value.

我認為這項整合對於支撐超大規模 AIDC 叢集強勁的營運需求至關重要，並將直接強化我們的長期競爭優勢。此外，我們也看到了在商業與營運場址上的協同效應。你知道，VNET，[目前已有接近 1 吉瓦的在服容量]（由公司於電話會後補充）。如果我們在今年交付我們其餘的批發交付、也就是批發 AIDC 目標，[完成]（由公司於電話會後補充）後，這將使我們在服的批發總容量提升至[接近]（由公司於電話會後補充）1.5 吉瓦。因此，這為寧德時代提供了具體的使用案例，可回饋到其自身業務。同時，透過我們的合作，我們也將累積大量關鍵的營運數據。這也將推動雙方生態系的共同價值。

And with regards to our prior collaboration with the Shandong Hi-Speed Holdings Group in terms of the green energy integration, we have maintained a fairly good communication and collaboration with Shandong Hi-Speed Holdings Group in terms of green energy development, and we extend our gratitude to their support in this regard. And going forward, VNET will continue to pursue the development [in the direction of] (added by company after the call) green and low-carbon data centers. We will actively evaluate or explore corporation opportunities and expand our corporation on that side.

至於我們先前與山東高速控股集團在綠色能源整合方面的合作，我們一直與山東高速控股集團就綠色能源發展保持相當良好的溝通與合作，並感謝其在此方面的支持。展望未來，VNET 將持續推動[朝著]（由公司於電話會後補充）綠色、低碳資料中心的發展。我們將積極評估或探索合作機會，並在該領域擴大我們的合作。

And on top of that, the green energy and the digital infrastructure development takes the coordination of multiple parties. And we, VNET, will continue to remain committed to the principles of prudent and the market-oriented approach and we will assess collaboration opportunities based on its economics. At the end of the day, we want to match resources that can best serve our customers' needs. So our goal is to increase our energy efficiency and promote our competitiveness in the green energy space. So that is the question on the new strategic investor as well as our collaboration with the Shandong Hi-Speed Holdings Group in terms of the green development.

此外，綠色能源與數位基礎設施的發展需要多方協調。我們 VNET 將持續秉持審慎與市場化的原則，並基於經濟性來評估合作機會。歸根結底，我們希望匹配最能滿足客戶需求的資源。因此，我們的目標是提升能源效率，並增強我們在綠色能源領域的競爭力。以上就是關於新策略投資人以及我們與山東高速控股集團在綠色發展方面合作的問題。

And now coming back to the question on pricing. As we have disclosed in our earnings report that we have secured large orders that is going to be delivered within the next two to three years. And according to our observations, we have seen fairly strong demand from our customers in terms of premium and quality AIDC resources. And we're seeing that through Q1, also straight into Q2.

接下來回到定價的問題。正如我們在財報中披露的，我們已取得將在未來兩到三年內交付的大型訂單。根據我們的觀察，我們看到客戶對高端、優質 AIDC 資源的需求相當強勁。而這一趨勢在第一季延續，並且也直接延伸到第二季。

So for now, all of these customers are signing long-term [agreements] (added by company after the call) with us so as to secure these quality resources from us and we expect the price to stable at the moment. And shall the supply and demand dynamics improve in the future, we might see the possibilities of prices trending upward as well.

因此目前，這些客戶都在與我們簽署長期[協議]（由公司於電話會後補充），以確保能從我們這裡取得這些優質資源，我們預期目前價格將保持穩定。若未來供需動態進一步改善，我們也可能看到價格呈現上行趨勢的可能性。

Timothy Zhao, Goldman Sachs.

趙天一（Timothy Zhao），高盛。

Great thank you management for taking the question and congrats on the solid results. My question is regarding the wholesale capacity reserves that you have. I noticed that in the first quarter, the company added another 300 megawatts capacity for the wholesale data centers. Just wondering, if you have any targets for your capacity reserve for this year and probably in the midterm? And out of that [1.6] (corrected by the company after the call) gigawatts capacity that you have in terms of expansion pipeline and the capacity under construction, just wondering if you can share what proportion of that already received the power quota approval from the government.

非常感謝管理層回答問題，也恭喜取得穩健的業績。我的問題是關於你們所擁有的批發容量儲備。我注意到在第一季，公司為批發資料中心新增了 300 兆瓦的容量。想請教一下，你們今年以及中期對容量儲備是否有任何目標？另外，在你們擴張管線與在建容量合計的[1.6]（由公司於電話會後更正）吉瓦中，想請問其中有多少比例已獲得政府的用電指標（電力配額）核准？

(interpreted) Thank you, Timothy, for your question. The company's strategy in the medium to long term is that we are going to increase our efforts in acquiring more resources. As we have mentioned that, we are -- and according to the company's plan, we are going to acquire gigawatt worth of resources, primarily in Inner Mongolia, Yangtze River Delta, as well as the key nodes along the East Data, West Computing route. And [as we proceed to acquire these resources, we will progressively make corresponding disclosures] (added by the company after the call) in the subsequent quarterly results.

（口譯）謝謝你，Timothy，提出問題。公司中長期策略是加大力度取得更多資源。如我們先前提到，依公司規劃，我們將取得以吉瓦為單位的資源，主要位於內蒙古、長三角，以及「東數西算」路線沿線的關鍵節點。並且[隨著我們推進這些資源的取得，我們將在後續季度業績中逐步作出相應披露]（由公司於電話會後補充）。

And speaking of the resources that compromise consists of both land as well as the power quotas. As you may know, there is a window guidance imposed by the government. And right now, we have seen that whole flow being tested already. Because at VNET, we got four of our projects approved by the government and [several of our other projects also obtained power quota expansion approvals] (added by the company after the call). So the company is quite confident in acquiring more resources in terms of land as well as our power quotes. And also the company is, like I said, actively exploring and acquiring potential more resources, [particularly gigawatt-leveled projects, and will gradually disclose these developments to the capital market.] (added by the company after the call).

談到資源，其構成同時包括土地以及用電指標（電力配額）。如你所知，政府對此有窗口指導。目前我們已看到整個流程正在接受檢驗。因為在 VNET，我們已有四個專案獲得政府核准，並且[我們其他若干專案也取得了用電指標擴容核准]（由公司於電話會後補充）。因此，公司對於取得更多土地資源以及我們的用電指標相當有信心。同時，公司也如我所說，正積極探索並取得更多潛在資源，[特別是吉瓦級專案，並將逐步向資本市場披露這些進展。]（由公司於電話會後補充）。

Mingran Li, CICC.

李明然（Mingran Li），中金公司（CICC）。

Thanks management for taking my question. I really appreciated and the congrats on the strong results. I have questions about our overseas business. Regarding the CATL strategic investment. Could you share any thoughts on how this partnership might shape your overseas expansion strategy?

感謝管理層回答我的問題。我非常感謝，也恭喜取得強勁的業績。我有一些關於我們海外業務的問題。關於寧德時代（CATL）的策略投資。能否分享一下你們對於這項合作可能如何塑造你們海外擴張策略的看法？

(spoken in foreign language)

（以外語發言）

(interpreted) Thank you, Ming Ran, for your question. With regard to our overseas deployment, we maintain a fairly close relationship with our leading or key clients or customers. And they have been sending inquiries on our resource acquisition or planning in the -- in overseas resources. The company is actively preparing and looking for potential resources in overseas specifically, we're talking about resources in Southeast Asia as well as other areas. Shall there be any further updates, we will communicate them with you in a timely manner going forward. And also with regard to the new strategic investors, [the non-controlled and non-consolidated affiliates] (added by the company after the call) of CATL, because they have a global presence, and they have matured capability in supply chain as well as green energy. I believe this will be a fairly good complementary -- this will complement to our advantages. Also in terms of the business, we are going to conduct in overseas countries

（口譯）謝謝你，明然，提出問題。關於我們的海外布局，我們與主要或關鍵客戶保持相當緊密的關係。他們也一直就我們在海外資源取得或規劃方面向我們提出詢問。公司正積極準備並尋找海外的潛在資源，具體而言，我們主要在談東南亞以及其他地區的資源。若後續有任何進一步更新，我們將在未來及時與你溝通。另外，關於新的策略投資人，即寧德時代的[非控股且不併表的關聯方]（由公司於電話會後補充），由於其具備全球布局，並在供應鏈及綠色能源方面擁有成熟能力，我相信這將形成相當良好的互補——這將補強我們的優勢。同時在業務方面，我們也將在海外國家開展

Daley Li, BofA Securities.

李達利（Daley Li），美銀證券（BofA Securities）。

Hi management, thanks for taking my question. I have one question regarding our financing channels. With our full year guidance for the CapEx, how do we see the operating cash flow and also the financing channel like REIT, to finance our CapEx. And could management share our future REITs project, which would be our plan?

管理層您好，感謝讓我提問。我有一個關於我們融資管道的問題。在我們對全年資本支出（CapEx）的指引下，我們如何看待營運現金流，以及像 REIT 這樣的融資管道，用以為我們的 CapEx 融資？另外，管理層是否可以分享我們未來的 REITs 專案，也就是我們的規劃？

(spoken in foreign language)

(以外語發言)

(interpreted) Thanks for your question. Our full year CapEx guidance for 2026 is based on the annual delivery target of 450 to 500 megawatts. We have very diversified financing channels both from the project level as well as the traditional financing channels. All of them serve the same purpose of supporting our full year delivery target. Actually, in terms of the ABS or asset-backed securities, we have successfully issued two of them in the first quarter, and we are continuing our efforts in this regard. Thank you.

(口譯) 感謝您的提問。我們對 2026 年全年 CapEx 的指引，是以年度交付目標 450 到 500 兆瓦為基礎。我們在融資管道方面非常多元，既有專案層級的融資，也有傳統融資管道。所有這些管道的目的都是支持我們全年交付目標。實際上，就 ABS（資產支持證券）而言，我們已在第一季成功發行了兩單，並且會持續在這方面努力。謝謝。

Ethan Zhang, Nomura.

Ethan Zhang，野村。

Thanks for the opportunity to ask questions. So I've got two questions. The first one is a follow-up on the land reserve strategy. So could management give us more color on our current reserve in the Inner Mongolia region as well as what's our thoughts on the demand in other East Data West Computing hub cities? And my second question is could management give us some color on the potential listing in the Hong Kong market?

感謝提供提問機會。我有兩個問題。第一個是關於土地儲備策略的追問。管理層能否更具體說明我們目前在內蒙古地區的土地儲備情況，以及我們如何看待其他「東數西算」樞紐城市的需求？第二個問題是，管理層能否分享一下在香港市場潛在上市的可能性？

(spoken in foreign language)

(以外語發言)

(interpreted) Thank you, Ethan, for your question. With regard to your question on our land reserve (situation) [added by the company after the call], like I said, in the medium to long term, VNET is planning to acquire gigawatt-scale campuses in Inner Mongolia, Yangtze River Delta as well as the East Data West Computing hubs. To give you a specific number, the 1 gigawatt-scale campus would roughly translate to 1,000 acres of land, given the prices with the land is quite cheap. In actual percentage wise, the CapEx for acquiring land will account for only low single digit percentage of our total CapEx of a project. So the company would proactively acquire lands to prepare for our reserve capacity.

(口譯) 謝謝你，Ethan，感謝提問。關於你提到的土地儲備（情況）[公司於會後補充]，如我所說，從中長期來看，VNET 計畫在內蒙古、長三角以及「東數西算」樞紐地區收購吉瓦級園區。給你一個具體數字，1 個吉瓦級園區大約相當於 1,000 英畝土地，因為當地土地價格相當便宜。以比例來看，取得土地的 CapEx 只會占單一專案總 CapEx 的低個位數百分比。因此，公司會主動取得土地，以為我們的儲備產能做準備。

And to add on to the question in terms of financing channels, as a listed company, we have diversified financing channels, both from the listed company perspective as well as the asset level. The company is proactively raising funds to support our CapEx as well as our (convertible bond) [corrected by the company after the call] repayment.

另外補充融資管道的問題，作為一家上市公司，我們的融資管道相當多元，既有上市公司層面的，也有資產層面的。公司正積極籌措資金，以支持我們的 CapEx 以及我們的（可轉換債券）[公司於會後更正]償還。

Now moving on to the potential listing in the Hong Kong Stock Exchange. We have been actively exploring the feasibility of potential Hong Kong listing as part of our efforts to optimize our capital structure and better support the company's long-term strategic development, while broadening our international investor base, we will communicate with the public market in a timely manner once there is more defined plan or any definitive progress.

接著談到在香港交易所潛在上市。我們一直在積極評估潛在香港上市的可行性，作為優化資本結構、並更好支持公司長期策略發展的一部分；同時也將擴大我們的國際投資人基礎。一旦有更明確的計畫或任何確定性進展，我們會及時與公開市場溝通。

Sara Wang, UBS.

Sara Wang，瑞銀。

Thank you for the opportunity to ask a question. And again, congratulations on the solid results. I have actually one question. So I noticed that the commitment and precommitment rate of our resources are already quite high. And then on top of that, we have another 1 gigawatt resources held for future development.

感謝提供提問機會。也再次恭喜取得穩健的業績。我其實只有一個問題。我注意到我們資源的承諾率與預承諾率已經相當高。此外，我們還有另外 1 吉瓦的資源保留作為未來開發。

So, may I ask for this 1 gigawatt, what is the expected average lead time from order to delivery? And then at the same time, how shall we think about the unit CapEx, say, CapEx per megawatt? And how shall we think of the trend going forward?

那麼想請問，對於這 1 吉瓦，從接單到交付的預期平均前置時間（lead time）是多少？同時，我們應如何看待單位 CapEx，例如每兆瓦的 CapEx？以及未來趨勢應如何理解？

(spoken in foreign language)

(以外語發言)

(interpreted) Thank you, Sara, for the question. A clarification on the company's strategy, we are planning to acquire gigawatt level worth of resources in the three key regions, like I mentioned, and we are going to disclose the updates going forward.

(口譯) 謝謝你，Sara，感謝提問。先澄清公司策略：我們計畫在我剛提到的三個關鍵區域取得吉瓦級規模的資源，後續我們也會披露最新進展。

And moving back to the unit CapEx for 1 unit for 1 megawatt of unit, where we delivered the unit CapEx is around RMB20,000 and that per kilowatt. So that is achieved thanks to our supply chain capabilities as well as our large-scale batch procurement. [Actually, our CapEx per kilowatt has been continuously optimized] (added by the company after the call). So And we are fairly confident in -- and also -- so that is for the unit CapEx per kilowatt.

回到單位 CapEx，以 1 兆瓦為單位來看，我們交付的單位 CapEx 約為每千瓦人民幣 20,000 元。這得益於我們的供應鏈能力以及大規模批量採購。[實際上，我們每千瓦的 CapEx 一直在持續優化]（公司於會後補充）。因此，我們對——同時——也就是每千瓦的單位 CapEx，我們相當有信心。

And now moving on to the precommitment rate, we are quite confident in maintaining a fairly high precommitment rate [in next year. We will maintain our disclosure pattern] (added by the company after the call), and we have now disclosed our data as of Q1 2027. And in terms of the over-500-megawatt order we secured, we are going to deliver them in batches. So we are going to keep updates to the market on the orders we have locked in as well as the pace of their delivery. And all in all, [ based on our observation of the market demand] (added by the company after the call), we want to say we are fairly confident in maintaining or securing a high precommitment rate for our capacities to be delivered.

接著談預承諾率，我們相當有信心維持較高的預承諾率[在明年。我們將維持既有的披露方式]（公司於會後補充），目前我們已披露截至 2027 年第一季的數據。至於我們已取得的超過 500 兆瓦訂單，我們將分批交付。因此，我們會持續向市場更新已鎖定的訂單以及其交付進度。總體而言，[基於我們對市場需求的觀察]（公司於會後補充），我們想說，我們相當有信心能維持或取得較高的預承諾率，以對應我們將交付的產能。

There are no further questions at this time. Ladies and gentlemen, that concludes our conference for today. Thank you for participating. You may now disconnect your lines.

目前沒有進一步的問題。各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本逐字稿中標示為（口譯）的部分，係由現場電話會議中的口譯員所轉述。該口譯員由主辦本活動的公司提供。