VNET Group, Inc. (VNET) 2026 Q2 法說會逐字稿

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

各位女士、先生，大家好。感謝各位撥冗參加世紀互聯集團有限公司（VNET Group, Inc.）2026 年第二季度業績電話會議。（接線員指示）

Participants from our management include Mr. Wen Teng, Rotating President; Mr. Peter Zhang, SVP of Operational Finance; Ms. Sharon Liu, Executive Vice President; Ms. Julia Jiang, Senior Manager of Investor Relations of the company; Mr. Ju Ma, Executive Vice President. Please note that today's conference call is being recorded.

出席本次電話會議的管理層包括：輪值總裁滕文先生；營運財務資深副總裁 Peter Zhang 先生；執行副總裁 Sharon Liu 女士；公司投資者關係資深經理 Julia Jiang 女士；以及執行副總裁 Ju Ma 先生。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. Julia Jiang. Please go ahead.

現在我將把電話交給今天的第一位發言人 Julia Jiang 女士。請開始。

Thank you, operator. Hello, everyone, and welcome to our second-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.

謝謝接線員。各位好，歡迎參加我們 2026 年第二季度業績電話會議。我們的業績新聞稿已於今日稍早發布，您可在我們的投資者關係網站以及新聞稿發布服務上取得副本。

Please note that today's call will contain forward-looking statements made under the Safe Harbor provision of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause the actual results to differ materially from our current expectations. For a detailed discussion of these risks and uncertainties, please refer to our latest annual report and other documents filed with the SEC. VNET does not undertake any obligation to update any forward-looking statements, except as required under applicable laws.

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案》安全港條款所作出的前瞻性陳述。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存在重大差異。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。除適用法律要求外，VNET 不承擔更新任何前瞻性陳述的義務。

Please also note that VNET's earnings press release and this conference include the disclosures of unaudited GAAP and non-GAAP financial measures. VNET's earnings press release contains a reconciliation of unaudited non-GAAP measures to the unaudited GAAP measures. A summary presentation of which we refer during this conference call can be viewed and downloaded from our website at ir.vnet.com.

另請注意，VNET 的業績新聞稿及本次電話會議包含未經審計的 GAAP 與非 GAAP 財務指標披露。VNET 的業績新聞稿包含未經審計的非 GAAP 指標與未經審計的 GAAP 指標之間的調節表。本次電話會議中我們將引用的摘要簡報，可於我們網站 ir.vnet.com 瀏覽並下載。

Next, I'd like to alert you that we will utilize interactive speech technology powered by Neolink.ai to deliver this quarter's prepared remarks by Mr. Wen Teng, 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 提供的互動式語音技術，播放由我們輪值總裁滕文先生及營運財務資深副總裁 Peter Zhang 先生準備的本季度發言稿。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者關係網站 ir.vnet.com 提供。

Now, let's get started with today's presentation. Mr. Teng, please go ahead.

現在，讓我們開始今天的簡報。滕先生，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 second quarter of 2026.

各位早安、晚安。感謝各位參加今天的電話會議。我將先概述我們在 2026 年第二季度取得的主要成果。

We delivered another robust quarter as we continue to capitalize on surging AI-driven demand, leveraging our industry-leading capabilities, strategically located resource reserves, and strong execution. In the second quarter, we secured a total of 347 megawatts in new order wins, primarily driven by accelerating growth in our Wholesale IDC business, which contributed 345 megawatts, together with the 517 megawatts of orders disclosed in our last quarter earnings results.

在 AI 驅動需求快速攀升的背景下，我們持續憑藉業界領先的能力、策略性布局的資源儲備以及強勁的執行力，再次交出穩健的一季表現。第二季度我們新增訂單中標合計 347 兆瓦，主要由我們的批發型 IDC 業務加速成長所帶動，其中批發型 IDC 貢獻 345 兆瓦；再加上我們上一季度業績中披露的 517 兆瓦訂單。

Our Wholesale IDC business has secured a total of 862 megawatts of new orders year to date in 2026. As of June 30, 2026, our wholesale capacity in service rose by 49.4% year over year to 1,007 megawatts, surpassing 1 gigawatt for the first time. Meanwhile, wholesale capacity utilized by customers grew by 45.5% year over year to 744 megawatts, bringing the utilization rate to 73.9%.

截至 2026 年年初至今，我們的批發型 IDC 業務累計已取得 862 兆瓦的新訂單。截至 2026 年 6 月 30 日，我們已投運的批發型產能同比增長 49.4% 至 1,007 兆瓦，首次突破 1 吉瓦。同時，客戶已使用的批發型產能同比增長 45.5% 至 744 兆瓦，使得使用率達到 73.9%。

Our Retail IDC business continued to progress smoothly, supported by growing AI-driven demand. Retail MRR per cabinet increased to RMB9,799 in the second quarter, while the retail utilization rate remained stable at 64.5%.

在 AI 驅動需求增長的支持下，我們的零售型 IDC 業務持續平穩推進。第二季度每機櫃零售 MRR 提升至人民幣 9,799 元，而零售使用率保持穩定在 64.5%。

On the financial side, our total net revenues increased by 14.2% year over year to RMB2.78 billion for the second quarter. Wholesale revenues remained the key growth driver, reaching RMB1.10 billion, a year-over-year increase of 29.3%. Our adjusted EBITDA for the second quarter increased by 25.4% year over year to RMB918.3 million, also primarily attributable to the Wholesale IDC business.

在財務方面，第二季度我們的淨營收總額同比增長 14.2% 至人民幣 27.8 億元。批發收入仍是主要增長動力，達到人民幣 11.0 億元，同比增長 29.3%。第二季度調整後 EBITDA 同比增長 25.4% 至人民幣 9.183 億元，亦主要歸因於批發型 IDC 業務。

Beyond our operational and financial performance, we made meaningful progress on the following two strategic initiatives during the quarter. First, we continued to advance our strategic collaboration with CATL, a global leader in zero-carbon new energy technology. We signed a strategic cooperation agreement to jointly develop a three-layer integrated compute-energy ecosystem. I'll share more details shortly.

除營運與財務表現外，我們在本季度亦在以下兩項策略性舉措上取得實質進展。第一，我們持續推進與寧德時代（CATL）的策略合作；寧德時代是零碳新能源技術領域的全球領導者。我們簽署了策略合作協議，共同打造三層一體化的算力—能源生態系統。我稍後將分享更多細節。

Second, we continued to strengthen our strategic resource reserves across key regions. By the end of the second quarter, our total capacity exceeded 3.5 gigawatts in the Chinese mainland. And on top of that, we secured approximately 500 megawatts of overseas resources.

第二，我們持續強化在重點區域的策略性資源儲備。截至第二季度末，我們在中國大陸的總產能已超過 3.5 吉瓦。此外，我們亦取得約 500 兆瓦的海外資源。

Our proactive investments in critical resources provide the flexibility for future capacity expansion, enabling us to capture rising demand. Together, these strategic initiatives further strengthen our competitive position and support our long-term growth.

我們對關鍵資源的前瞻性投入，為未來產能擴張提供了彈性，使我們能夠把握不斷上升的需求。綜合而言，這些策略性舉措進一步鞏固了我們的競爭地位，並支持我們的長期成長。

Let me now walk you through our business performance in more detail. Moving on to our new order wins on slide 5. Our premium, reliable services continue to earn customer trust and gain market share. Following our last earnings call, we won a new 345-megawatt wholesale order in the second quarter from a leading cloud service provider for our data center in the Greater Beijing area. This order win reflects growing customer confidence in our high-performance data center capabilities and our ability to support their evolving AI infrastructure requirements.

接下來我將更詳細地介紹我們的業務表現。先看第 5 頁關於新增訂單中標的內容。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。在上次業績電話會議之後，我們於第二季度從一家領先的雲服務供應商取得一筆新的 345 兆瓦批發訂單，對應我們位於大北京地區的資料中心。此次中標反映客戶對我們高效能資料中心能力以及我們支援其不斷演進的 AI 基礎設施需求之能力的信心提升。

Furthermore, driven by AI-related demand, we secured new retail orders totaling approximately 2 megawatts across multiple retail data centers during the quarter from customers in the IT services, local services, and financial services sectors. In aggregate, we secured four wholesale orders totaling 862 megawatts year to date in 2026, including the 345 megawatts I just mentioned and 517 megawatts we announced last call.

此外，在 AI 相關需求帶動下，本季度我們在多個零售型資料中心獲得來自 IT 服務、本地生活服務及金融服務等行業客戶的新零售訂單，合計約 2 兆瓦。整體而言，2026 年年初至今我們已取得四筆批發訂單，合計 862 兆瓦，其中包括我剛提到的 345 兆瓦，以及我們在上次電話會議中公布的 517 兆瓦。

We continue to see robust momentum in customer demand with increasing depth and durability. Customers are not only accelerating their near-term capacity deployments but are also beginning to secure capacity in advance under reservation agreements to support their medium to long-term expansion plans. As of the end of the second quarter, our reservations stood at 355 megawatts, bringing total orders and reservations to over 1.2 gigawatts. This demonstrates the strength and sustainability of expansion-related demand and provides greater visibility into our future growth and phase delivery schedule.

我們持續看到客戶需求保持強勁動能，且深度與持續性不斷提升。客戶不僅加速短期產能部署，也開始透過預留協議提前鎖定產能，以支援其中長期擴張計畫。截至第二季度末，我們的預留量為 355 兆瓦，使訂單與預留合計超過 1.2 吉瓦。這顯示擴張相關需求的強度與可持續性，並為我們未來成長及分期交付排程提供更高的可見度。

Meanwhile, we have established a well-structured delivery schedule for these orders, with approximately 287 megawatts expected to be delivered in 2026, 345 megawatts in 2027, and 230 megawatts in 2028 and beyond. Securing these large-scale orders is a testament to the trust customers place in our execution capabilities and speed to market. These new orders and our disciplined delivery roadmap enhance the visibility and predictability of our future revenue growth, underpinned by a high-quality base of long-term contracted revenue.

同時，我們已為這些訂單建立了結構完善的交付排程，預計約287兆瓦將於2026年交付、345兆瓦於2027年交付，以及230兆瓦於2028年及之後交付。成功取得這些大規模訂單，印證了客戶對我們執行能力與快速上市能力的信任。這些新訂單以及我們嚴謹的交付路線圖，提升了未來營收成長的可視性與可預測性，而其基礎來自高品質的長期合約營收組合。

Please see slide 7. As of the end of the quarter, more than 90% of our Wholesale IDC revenue was recurring. Our total capacity committed benefits from a favorable maturity profile, with minimal near-term expirations and a weighted average remaining lease term of seven years. These long-term customer commitments provide a predictable and resilient foundation for our sustained revenue growth.

請參閱第7頁投影片。截至本季末，我們批發型IDC營收中超過90%為經常性收入。我們已承諾的總容量受惠於良好的到期結構，短期到期量極少，加權平均剩餘租期為七年。這些長期客戶承諾為我們持續的營收成長提供可預期且具韌性的基礎。

The rapid development of AI continues to drive significant growth across the IDC industry. As AI models become increasingly sophisticated and AI applications continue to scale across industries, leading internet companies, large cloud service providers, and AI-native companies are accelerating their investments in high-performance computing infrastructure.

AI的快速發展持續推動IDC產業的顯著成長。隨著AI模型日益精密、AI應用在各行各業持續擴張，領先的網際網路公司、大型雲端服務供應商以及AI原生公司正加速投資高效能運算基礎設施。

On the supply side, the industry is also undergoing a structural shift, increasing power requirements, longer project development cycles, and greater construction complexity are concentrating demand among IDC operators with secured power resources, proven large-scale delivery capabilities, and the technical expertise to execute complex AIDC projects. With our differentiated resource portfolio, established AI infrastructure capabilities, and deep relationships with leading customers, we are well positioned to serve as a trusted infrastructure partner and capture the long-term growth opportunities created by the continued expansion of AI.

在供給端，產業亦正經歷結構性轉變：更高的用電需求、更長的專案開發週期以及更高的施工複雜度，正使需求集中於那些已取得電力資源、具備經驗證的大規模交付能力，並擁有執行複雜AIDC專案技術專長的IDC營運商。憑藉我們差異化的資源組合、既有的AI基礎設施能力，以及與領先客戶的深厚關係，我們已具備良好條件成為值得信賴的基礎設施合作夥伴，並把握AI持續擴張所帶來的長期成長機會。

Now, let's delve into our IDC business updates, starting with our Wholesale business on slide 8. Our Wholesale business continued to grow, with capacity in service increasing by 49.4% year over year to 1,007 megawatts, surpassing the 1-gigawatt milestone for the first time.

接下來，我們將深入說明IDC業務最新進展，先從第8頁投影片的批發業務開始。我們的批發業務持續成長，在服役容量年增49.4%至1,007兆瓦，首次突破1吉瓦里程碑。

Utilized capacity grew by 45.5% year over year to 744 megawatts, with a utilization rate of 73.9%, mainly attributable to customers' fast move-ins at N-HB Campus 03 and N-OR Campus 01. Our mature capacity utilization rate also reached 92.5%, a relatively high level.

已使用容量年增45.5%至744兆瓦，使用率為73.9%，主要歸因於客戶在N-HB園區03與N-OR園區01的快速進駐。我們的成熟容量使用率亦達到92.5%，處於相對高位。

Let's turn to slide 9 for an update on our wholesale capacity growth pipeline. As of June 30, 2026, our wholesale resource capacity totaled over 4 gigawatts, representing an increase of approximately 1.5 gigawatts from the previous quarter, mainly driven by the land bank we secured this quarter.

接著請看第9頁投影片，更新我們批發容量成長的儲備管線。截至2026年6月30日，我們的批發資源容量合計超過4吉瓦，較上一季增加約1.5吉瓦，主要由本季取得的土地儲備所帶動。

Customer demand remained strong across our capacity portfolio. Capacity in service grew to 1,007 megawatts, with 96.3% already committed by customers. Meanwhile, capacity under construction increased to 585 megawatts with a pre-commitment rate of 94.2%, providing strong visibility into future deliveries. Approximately 1.1 gigawatts of this capacity is held for future development. Primarily in the Greater Beijing area, the scale and strategic concentration of these resources allow us to expand efficiently and respond flexibly to customer demand.

客戶需求在我們的容量組合中仍維持強勁。在服役容量增至1,007兆瓦，其中96.3%已由客戶承諾。同時，在建容量增至585兆瓦，預先承諾率達94.2%，為未來交付提供強勁的可視性。其中約1.1吉瓦容量保留作未來開發。這些資源主要位於大北京地區，其規模與策略性集中布局使我們能高效率擴張，並更靈活回應客戶需求。

Our newly secured land bank supports approximately 1.4 gigawatts of this capacity, with 908 megawatts across key strategic locations in the Chinese mainland and 478 megawatts in overseas markets, giving us substantial flexibility to support both domestic and international expansion. This diverse resource portfolio not only provides a clear multi-year growth runway but also reinforces our ability to deliver capacity at scale as AI-driven demand continues to accelerate.

我們新取得的土地儲備可支撐其中約1.4吉瓦容量，包含中國大陸關鍵策略據點的908兆瓦，以及海外市場的478兆瓦，讓我們在支援國內與國際擴張方面具備充足彈性。這個多元的資源組合不僅提供清晰的多年成長跑道，也在AI驅動需求持續加速之際，強化我們以規模交付容量的能力。

Moving to our Retail IDC business on slide 10. Our Retail business progressed smoothly in the second quarter. Retail capacity in service was 50,081 cabinets, with utilization rate remaining stable at 64.5%. As of the end of June, MRR per retail cabinet increased to RMB9,799 this quarter.

接著看第10頁投影片的零售型IDC業務。我們的零售業務在第二季進展順利。零售在服役容量為50,081個機櫃，使用率維持穩定於64.5%。截至6月底，本季每個零售機櫃的MRR提升至人民幣9,799元。

Turning to our Delivery Plan for the following 12 months on slide 11. We delivered 117 megawatts in the first half of 2026, in line with our Delivery Plan, which concentrates the majority of the year's deliveries in the second half. We currently have six data centers under construction, with five in the Greater Beijing area and one in the Yangtze River Delta.

接著看第11頁投影片，說明未來12個月的交付計畫。我們在2026年上半年交付117兆瓦，符合交付計畫（該計畫將全年大部分交付集中於下半年）。目前我們有六座資料中心在建，其中五座位於大北京地區，一座位於長三角。

We plan to deliver 585 megawatts of capacity over the next 12 months, around 333 megawatts during the second half of 2026, and around 252 megawatts during the first half of 2027. The majority of these upcoming deliveries will come from our Ulanqab IDC Campus, where we are scaling capacity to support strong and sustained demand from our wholesale customers. This Delivery Plan provides clear visibility into continued capacity and revenue growth over the coming quarters.

我們計畫在未來12個月交付585兆瓦容量，其中約333兆瓦於2026年下半年交付，約252兆瓦於2027年上半年交付。這些即將交付的容量多數將來自我們的烏蘭察布IDC園區，我們正擴大規模以支援批發客戶強勁且持續的需求。此交付計畫為未來幾季持續的容量與營收成長提供清晰可視性。

Now, I'd like to share more on the strategic cooperation agreement with CATL that I mentioned earlier. Please turn to slide 12. Under the agreement, VNET and CATL will establish a partnership to deepen computing energy integration by synergistically combining VNET's leadership in large-scale computing infrastructure development and operations with CATL's expertise in zero-carbon new energy technologies.

接下來，我想進一步分享我先前提到的與寧德時代（CATL）的策略合作協議。請翻到第12頁投影片。依據該協議，VNET與CATL將建立合作夥伴關係，透過協同結合VNET在大規模算力基礎設施開發與營運方面的領先優勢，以及CATL在零碳新能源技術方面的專長，深化算力與能源的融合。

With the goal of shaping next-generation digital energy infrastructure globally and leveraging green direct current and direct green power connection technologies, the parties plan to jointly develop a three-layer integrated compute-energy ecosystem comprising gigawatt-scale compute energy facilities, distributed compute energy networks, and a zero-carbon token ecosystem. By combining our complementary strengths and deepening cooperation across technology, infrastructure, and supply chains, we will jointly advance innovation in integrated compute-energy systems. Together, we aim to contribute to the next generation of digital energy infrastructure in the intelligent era.

以塑造全球下一代數位能源基礎設施為目標，並運用綠色直流與直連綠電接入技術，雙方計畫共同打造三層整合的算力—能源生態系，包含吉瓦級算力能源設施、分散式算力能源網路，以及零碳代幣生態系。透過結合彼此互補優勢，並在技術、基礎設施與供應鏈等面向深化合作，我們將共同推動算力—能源一體化系統的創新。我們也期望共同為智慧時代的下一代數位能源基礎設施作出貢獻。

Before I conclude, a few words on what lies ahead. This partnership with CATL will further strengthen our core competitiveness and inject new momentum into our future growth. More importantly, it reflects our long-term commitment to becoming a standard setter and industry leader of digital energy infrastructure in the AI era. Building on this strategic cooperation, we plan to lay out our future operating strategy and outlook to the market in the fourth quarter.

在我總結之前，先談幾點未來展望。與CATL的合作夥伴關係將進一步強化我們的核心競爭力，並為未來成長注入新動能。更重要的是，這反映了我們在AI時代致力成為數位能源基礎設施標準制定者與產業領導者的長期承諾。在此策略合作基礎上，我們計畫於第四季向市場說明未來營運策略與展望。

In conclusion, our second-quarter performance reflects continued progress across our business. Looking ahead, we will continue to strengthen our execution capabilities, expand our high-performance, large-scale data centers, and strategically invest in resource reserves to enhance our competitive position and capture rising growth opportunities. We remain confident in our growth trajectory and committed to creating sustainable long-term value for our shareholders.

總結而言，我們第二季的表現反映出各項業務持續取得進展。展望未來，我們將持續強化執行能力、擴張高效能且大規模的資料中心，並策略性投資資源儲備，以提升競爭地位並把握不斷上升的成長機會。我們對成長軌跡仍具信心，並致力為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.

現在，我將把電話會議交給我們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 second quarter of 2026 and are in renminbi 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。在開始深入討論我們的財務表現之前，請注意，除非另有說明，我們今天所呈現的所有財務數據均為 2026 年第二季，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均為年對年口徑。

In the second quarter, we continued to focus on high-quality development. Our total net revenues increased by 14.2% to RMB2.78 billion, mainly driven by the rapid growth of our Wholesale business. Our adjusted cash gross profit rose by 9.4% to RMB1.16 billion, while our adjusted EBITDA also grew year over year by 25.4% to RMB918.3 million. Adjusted net income reached RMB7.4 million, marking a turnaround from an adjusted net loss in the same period last year.

在第二季，我們持續聚焦高品質發展。我們的總淨營收年增 14.2% 至人民幣 27.8 億元，主要由我們批發業務的快速成長所帶動。我們的調整後現金毛利年增 9.4% 至人民幣 11.6 億元，同時調整後 EBITDA 亦年增 25.4% 至人民幣 9.183 億元。調整後淨利達人民幣 740 萬元，較去年同期調整後淨損實現轉盈。

Let's look more closely at our top line. Wholesale revenues, our key revenue growth driver, increased by 29.3% to RMB1.10 billion for the second quarter, mainly attributable to activity at the N-HB Campus 03 and N-OR Campus 02A.

我們更仔細地看看營收端。作為我們營收成長的關鍵驅動因素，批發營收在第二季年增 29.3% 至人民幣 11.0 億元，主要歸因於 N-HB Campus 03 與 N-OR Campus 02A 的業務活動。

Wholesale revenue, again, surpassed Retail revenue this quarter, accounting for 39.8% of our total revenue and further underscoring the growing demand for our wholesale service. Retail revenues increased by 9.1% to RMB1.05 billion for the second quarter. Our non-IDC business revenues increased by 1.1% to RMB628.4 million for the second quarter.

本季批發營收再次超越零售營收，占我們總營收的 39.8%，進一步凸顯市場對我們批發服務日益增長的需求。第二季零售營收年增 9.1% 至人民幣 10.5 億元。第二季我們的非 IDC 業務營收年增 1.1% 至人民幣 6.284 億元。

During the second quarter, we maintained solid margins, thanks to ongoing efficiency enhancement initiatives. Our adjusted cash gross margin decreased slightly to 41.8% from 43.6% in the same period last year, primarily attributable to higher utility costs for customers. Our adjusted EBITDA margin rose to 33.0%, compared with 30.1% in the same period last year.

第二季，在持續推動效率提升措施的帶動下，我們維持了穩健的利潤率。我們的調整後現金毛利率由去年同期的 43.6% 小幅下降至 41.8%，主要歸因於客戶端公用事業成本上升。我們的調整後 EBITDA 利潤率提升至 33.0%，去年同期為 30.1%。

Moving on to liquidity. We maintained a robust and healthy liquidity. Our net operating cash inflow reached RMB391.8 million during the first half of 2026. Excluding the impact of RMB389.7 million in income tax related to capital transactions and other one-off items, net operating cash inflow for the first half would be RMB781.5 million.

接著談流動性。我們維持強健且健康的流動性。2026 年上半年，我們的經營活動現金淨流入達人民幣 3.918 億元。剔除與資本交易相關的人民幣 3.897 億元所得稅以及其他一次性項目的影響後，上半年經營活動現金淨流入將為人民幣 7.815 億元。

Our cash position remained solid, with total cash and cash equivalents, restricted cash, and short-term investments reaching RMB7.21 billion as of June 30, 2026.

截至 2026 年 6 月 30 日，我們的現金部位依然穩健，現金及現金等價物、受限制現金與短期投資合計達人民幣 72.1 億元。

Let's take a look at our debt structure. We maintained our prudent approach to debt management. As of June 30, 2026, our net debt to the adjusted last quarter annualized EBITDA ratio was 4.6, and total debt to the adjusted last quarter annualized EBITDA ratio was 6.4, both remaining at healthy levels. Our adjusted last quarter annualized EBITDA to interest coverage ratio was 5.6.

我們來看一下債務結構。我們維持審慎的債務管理方針。截至 2026 年 6 月 30 日，我們的淨負債／調整後上一季年化 EBITDA 比率為 4.6，總負債／調整後上一季年化 EBITDA 比率為 6.4，兩者皆維持在健康水準。我們的調整後上一季年化 EBITDA／利息保障倍數為 5.6。

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 40.8% of our total debt.

在債務與策略管理中，我們優先進行長期到期規劃，以確保債務償付安全。目前，公司於 2026 至 2028 年到期的短期與中期債務占我們總債務的 40.8%。

Turning to CapEx spending. Our CapEx was RMB3.55 billion in the first half of 2026, primarily reflecting continued strategic investment in capacity expansion and the construction of our wholesale data center projects. We continue to expect our CapEx for 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.

接著談資本支出。2026 年上半年我們的資本支出為人民幣 35.5 億元，主要反映我們持續在產能擴張以及批發資料中心專案建設方面的策略性投入。我們仍預期 2026 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。

Now moving to our full-year guidance for 2026. As we continue to expect strong demand from our Wholesale IDC customers and ongoing operational efficiency gains throughout 2026, our outlook remains unchanged from the previously provided estimates. We reiterate our guidance of total net revenues expected 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 in the range of RMB3.55 billion to RMB3.75 billion, a year-over-year increase of 19.2% to 25.9%.

接下來是我們 2026 年全年的指引。鑑於我們仍預期 2026 年批發 IDC 客戶需求強勁，且營運效率提升將持續推進，我們的展望維持不變，與先前提供的估計一致。我們重申指引：總淨營收預計介於人民幣 115 億元至 118 億元，年增 15.6% 至 18.6%；調整後 EBITDA 預計介於人民幣 35.5 億元至 37.5 億元，年增 19.2% 至 25.9%。

To sum up, we delivered solid second-quarter results, reflecting continued execution strength and meaningful progress across our strategic initiatives. Looking ahead, we will remain focused on strengthening our core capabilities, deepening strategic collaborations, and expanding our infrastructure resources to capture the long-term opportunities in the AI era. We are committed to delivering sustainable, high-quality growth and creating long-term value for our shareholders.

總結來說，我們交出穩健的第二季業績，反映我們持續強勁的執行力，以及在各項策略性舉措上取得的實質進展。展望未來，我們將持續聚焦強化核心能力、深化策略合作，並擴充基礎設施資源，以把握 AI 時代的長期機會。我們致力於實現可持續的高品質成長，並為股東創造長期價值。

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。我們現在開始進入提問環節。

(Operator Instructions) Tom Tang, Morgan Stanley.

(接線員指示) 摩根士丹利 Tom Tang。

Thank you, management, for the opportunity to ask the questions, and congratulations on the very large order win this quarter. I only have one question. Could you please give us an update on the overall supply and demand situation in our key regions and if there's any updated outlook for the pricing dynamics there?

謝謝管理層給我提問的機會，也恭喜本季拿下非常大的訂單。我只有一個問題。請問能否更新一下我們重點區域整體供需狀況，以及當地價格動態是否有任何更新的展望？

(spoken in foreign language)

(以外語發言)

(interpreted) Thank you for your question. Now, with regard to the demand, we are seeing that the overall compute demand is steadily trending up. That is primarily contributable to the demand from both AI training and inferencing. According to multiple organizations, the market still offers room for growth with the AI-focused smart computing segment growing particularly fast.

(口譯) 謝謝你的提問。就需求而言，我們看到整體算力需求正穩步上升。這主要來自 AI 訓練與推理兩端的需求。根據多家機構的觀察，市場仍有成長空間，其中以 AI 為導向的智慧算力細分領域成長尤為快速。

Incremental demand is largely driven by leading internet companies procuring high-capacity, high-density cabinet resources in key regions. In 2026, several major players are expected to issue tenders at the gigawatt level, primarily concentrated within the national hubs under the East Data West Computing initiative.

新增需求主要由領先的網際網路公司在重點區域採購高容量、高密度機櫃資源所驅動。在 2026 年，預計將有數家主要玩家發起吉瓦級招標，主要集中在「東數西算」倡議下的國家樞紐節點。

In terms of supply, the national data center capacity continues to expand. However, the industry is showing clear structural mismatches. The aggregate capacity does not always translate into effective supply of high-power smart computing resources.

就供給而言，全國資料中心產能仍在持續擴張。然而，行業呈現明顯的結構性錯配。總體產能並不總能轉化為高功率智慧算力資源的有效供給。

And the sector is currently in a tight equilibrium. The release of effective compute capacity is constrained by power availability, chip supply chains, and other real-world bottlenecks. Multiple industry analysts expected this structural imbalance to persist until around 2028. And for us, which is a top-tier player with end-to-end capabilities, this will definitely create sustained tailwind for us.

目前該產業處於緊平衡狀態。有效算力產能的釋放受到電力可得性、晶片供應鏈以及其他現實瓶頸的限制。多位產業分析師預期，這種結構性失衡將持續到約 2028 年。而對我們這樣具備端到端能力的頭部玩家而言，這無疑將為我們帶來持續的順風。

On pricing, existing projects will follow agreed contract rates. For new projects, pricing will factor in peer rates in the same region, construction costs, resource scarcity, the competitive landscape, as well as our target returns. Thank you.

在定價方面，現有專案將依照已約定的合約費率執行。對於新專案，定價將綜合考量同區域同業費率、建造成本、資源稀缺性、競爭態勢，以及我們的目標報酬。謝謝。

Next question, please.

下一個問題，謝謝。

Timothy Zhao, Goldman Sachs.

Timothy Zhao，高盛。

Great. Thank you, management, for taking my question. I have two questions. One is regarding the moving pace in the second quarter and quarter to date. Just wondering if management can share any color because I saw the overall Wholesale IDC revenue was a little bit weaker than expected in the second quarter, whether that was a reason because of the moving pace in early quarter and how does that trend into third quarter.

好的。謝謝管理層回答我的問題。我有兩個問題。第一個是關於第二季以及截至目前本季的上架/搬入進度。我想請問管理層能否分享一些補充說明，因為我看到第二季整體批發 IDC 收入比預期略弱，這是否與季初的上架/搬入進度有關？以及這個趨勢在第三季會如何延續？

My second question is regarding your CapEx outlook. Given the very strong order wins and the very strong order delivery plan over the next couple of years, and also you announced the overseas plan, just wondering if you can share any color on your CapEx outlook into next year. And specifically on the overseas projects, could you share any color on the timeline on the delivery pace and your view on the unit economics?

第二個問題是關於你們的資本支出（CapEx）展望。考量到未來幾年非常強勁的訂單贏單以及很強的訂單交付計畫，另外你們也宣布了海外計畫，想請問能否分享一下你們到明年的 CapEx 展望。特別是海外專案，能否分享交付節奏的時間表，以及你們對單位經濟效益的看法？

(spoken in foreign language)

（外語發言）

(interpreted) This is Teng Wen. I will take your first question regarding the moving pace of our wholesale customers.

（口譯）我是 Teng Wen。我來回答你第一個關於我們批發客戶上架/搬入進度的問題。

We actually maintain a very steady moving pace in Q2, and we are going to sustain that momentum. Honestly speaking, the moving pace is a result of multiple factors. And in addition to chip supply, there are also factors related to how fast our customers are iterating their models and how fast they are progressing their projects. Overall, we are expecting to see a faster moving pace in the second half of this year marginally compared to the first half.

我們在第二季其實維持了非常穩定的上架/搬入進度，並且會持續保持這個動能。坦白說，上架/搬入進度是多重因素共同作用的結果。除了晶片供應之外，也包括客戶模型迭代的速度，以及其專案推進的速度等因素。整體而言，我們預期今年下半年相較上半年，上架/搬入進度將會略為加快。

Just a quick add. We are now in a period where the domestic-produced chips are quickly ramping up in terms of the production. The production capacity has been fairly clear for the second half of 2026, and we are going to see a release of this production capacity. That will definitely push our moving pace higher.

補充一下。我們目前正處於國產晶片產能快速爬坡的階段。2026 年下半年的產能規劃已相當明確，我們將看到這部分產能的釋放。這將確實推動我們的上架/搬入進度提升。

(interpreted) This is Peter. I'll take your second question. On CapEx, essentially, our logic is that our CapEx is centered around demand as well as our actual deliveries. And we normally disclose the full-year CapEx for 2026 once we have quantitative delivery targets for the whole year. So that is for our CapEx plan.

（口譯）我是 Peter。我來回答你第二個問題。關於 CapEx，基本上我們的邏輯是，CapEx 以需求以及實際交付為核心。我們通常會在取得 2026 全年的量化交付目標後，再披露 2026 全年的 CapEx。以上是我們的 CapEx 規劃。

Now, moving on to the overseas development, as we have noted, we do have 500-megawatt reserved resources. And overall, we will maintain a prudent approach when it comes to developing these resources. And we will have to follow the orders -- we need to get the orders first before we develop these resources.

接著談海外開發，如同我們提到的，我們確實有 500 兆瓦的海外儲備資源。整體而言，我們在開發這些資源時會維持審慎的做法。我們會以訂單為先——也就是必須先取得訂單，才會開發這些資源。

(interpreted) This is Sharon. Quick add on the CapEx plan. Like Peter has already mentioned, the CapEx for domestic product will be closely tied to the delivery schedule. And the overall unit economics for the domestic IDCs, I mean, per kilowatt is stable. And overall, as we have mentioned in our earnings reports, we have a strong order pipeline and great customer retention ratio that offers us a high visibility into the CapEx.

（口譯）我是 Sharon。就 CapEx 規劃快速補充一下。如 Peter 已提到，國內產品的 CapEx 會與交付進度緊密連動。而國內 IDC 的整體單位經濟效益，也就是每千瓦的表現，是穩定的。此外，如我們在財報中所提，我們有強勁的訂單儲備管線以及很高的客戶留存率，讓我們對 CapEx 具有很高的可視性。

And as we have disclosed, we have close to 500 megawatts of overseas reserved resources, and we are planning to deliver these resources in batches. Given that the construction cost is relatively high in overseas countries, therefore, we will strictly maintain our overseas outlay. Initially, we would only use our own fund to acquire the land. And only when we have obtained or secured firm orders from our customers will we start the mechanical and electrical fit-out.

另外，如我們已披露，我們有接近 500 兆瓦的海外儲備資源，並計畫分批交付這些資源。由於海外國家的建造成本相對較高，因此我們會嚴格控制海外資金投入。初期我們只會使用自有資金取得土地。只有在我們已取得或鎖定客戶的確定性訂單後，才會開始機電工程（MEP）裝修/建置。

Next question, please.

下一個問題，謝謝。

Daley Li, Bank of America Securities.

Daley Li，美銀證券。

Hi, management. Thanks for taking my question. I have two questions here. One is I would like to have a follow-up on the overseas expansion. In this quarter, we have secured quite strong resources. Could you update us more about the overseas strategy and, for the next two to three years, which countries or areas should be our focus and the overall development pipeline and revenue scale in the future?

管理層好。謝謝回答我的問題。我有兩個問題。第一個我想追問海外擴張。本季我們取得了相當強的資源。能否更新更多海外策略，以及未來兩到三年我們應聚焦哪些國家或地區、整體開發管線，以及未來的收入規模？

My second question is about the CATL cooperation. We also made an announcement about the cooperation with CATL, our future new shareholder. Could you update us the transaction with Shandong Hi-Speed, the progress? And also, could you share more color about the more detailed cooperation going forward?

第二個問題是關於與寧德時代（CATL）的合作。我們也公告了與 CATL（我們未來的新股東）的合作。能否更新與山東高速的交易進度？另外，也請分享更多未來更具體的合作內容。

(spoken in foreign language)

（外語發言）

(interpreted) This is Teng Wen. I will take your first question. Given that Peter and Sharon has already covered, I would like to briefly just make a quick add on our overall strategy when it comes to our overseas resource development.

（口譯）我是 Teng Wen。我來回答你第一個問題。鑑於 Peter 和 Sharon 已經說明過，我想就我們海外資源開發的整體策略做一個簡短補充。

Yes, you are right. VNET has recently added 500 megawatts of new overseas reserved resources. The key is for the company is to stay responsive to our customers' needs when they are going overseas. And we would respond to those demand and implement our project overseas. And the very first project to be delivered is going to be in Southeast Asia. While deepening our presence there, we are also evaluating opportunities in Middle East and Europe to broaden our global footprint.

是的，你說得沒錯。VNET 近期新增了 500 兆瓦的海外儲備資源。對公司而言，關鍵在於當客戶出海時，我們要能快速回應其需求。我們會回應這些需求並在海外落地專案。第一個將交付的專案會在東南亞。在加深我們在當地布局的同時，我們也在評估中東與歐洲的機會，以擴大全球版圖。

Today, we have issued a joint press release with CATL, and we have already built a full-scale strategic partnership. We are going to capture the surging demand from AI. And with the global energy and AI revolutions converging, the integrations of computing and energy has become a key driver for both digital growth and decarbonization. We see a huge opportunity in this space.

今天我們已與寧德時代（CATL）發布聯合新聞稿，並已建立全面的策略夥伴關係。我們將把握 AI 帶來的需求激增。隨著全球能源革命與 AI 革命的匯流，算力與能源的融合已成為推動數位成長與去碳化的關鍵驅動力。我們認為這個領域存在巨大的機會。

Our collaboration will be focused in three areas. We plan to roll out a three-layered integrated architecture or ecosystem: number one, a gigawatt-scale computing energy facilities; number two, building a distributed computing and energy networks; number three, build a zero-carbon token ecosystem.

我們的合作將聚焦三個方向。我們計畫推出三層整合式架構或生態系：第一，吉瓦級的算力能源設施；第二，建置分散式算力與能源網路；第三，打造零碳代幣（token）生態系。

The goal is to build a national and eventually global network and to become the defining player in digital energy infrastructure for the AI era. We are seeing synergies in this collaboration and will disclose more progress as we see more definitive progress. And we'll disclose them to the market in a timely manner.

目標是建立全國性、並最終走向全球的網路，成為 AI 時代數位能源基礎設施的標竿型玩家。我們在這項合作中看到了協同效益，並會在進展更為明確時披露更多進度。我們也會及時向市場披露。

Next question, please.

下一個問題，請。

Sara Wang, UBS.

Sara Wang，瑞銀（UBS）。

Thank you for the opportunity to ask a question, and again, congratulations on the very strong results. So I just have one question. I noticed that the second-quarter new booking is very strong, but it's concentrated in one customer. So just wondering if there's any specific reason behind, or how shall we think about customer mix going forward? Do we see potential for maybe sizable order wins from the emerging AI leaders?

感謝讓我有機會提問，也再次恭喜你們取得非常強勁的業績。我只有一個問題。我注意到第二季的新簽訂單非常強，但集中在單一客戶。想請問背後是否有任何特定原因，或我們應該如何看待未來的客戶組合？我們是否看到來自新興 AI 領導者可能取得相當可觀訂單的潛力？

(spoken in foreign language)

（以外語發言）

(interpreted) Thank you for the question. As you have noted, we have signed a cumulative 862-megawatt new orders in the first half. Specifically, a 510-megawatt order was signed with a leading internet company, and in Q2, we signed a 345-megawatt new order with another leading computing enterprise.

（口譯）感謝提問。如你所指出，我們在上半年累計簽署了 862 兆瓦的新訂單。具體而言，我們與一家領先的網際網路公司簽署了 510 兆瓦訂單，並在第二季與另一家領先的運算企業簽署了 345 兆瓦的新訂單。

In terms of the customer mix, in addition to deepening the collaboration with the leading internet companies as well as hyperscalers, the company is also actively expanding the customer base, expanding to more AI model companies as well as high-growth companies in the AI industry, as well as leading companies from various verticals. So going forward, we'll keep fine-tuning the customer mix of our wholesale customers to pursue a more diversified customer base.

就客戶組合而言，除了深化與領先網際網路公司以及超大規模雲端客戶（hyperscalers）的合作外，公司也在積極擴大客戶基礎，拓展至更多 AI 模型公司與 AI 產業中的高成長公司，以及來自各垂直領域的領先企業。因此，未來我們將持續微調批發客戶的客戶組合，以追求更為多元化的客戶基礎。

Next question, please.

下一個問題，請。

Yimeng Li, Citi.

Yimeng Li，花旗（Citi）。

Hi. Thanks for the opportunity to ask this question, and congratulations to the company again. My question is about the OpEx side. So just wondering, because you've got very good OpEx performance this quarter, is this level of cost efficiency sustainable going forward, or company has some other guidance on the cost side? So that's my only question.

你好。感謝讓我有機會提問，也再次恭喜公司。我的問題是關於營運費用（OpEx）。想請問，由於你們本季的 OpEx 表現非常好，這樣的成本效率水準未來是否可持續？或公司在成本端是否有其他指引？以上是我唯一的問題。

(spoken in foreign language)

（以外語發言）

(interpreted) Thank you for your question. This is Peter. Cost reduction has been an ongoing theme for us, and we have already seen some clean results in Q2. I think over the long run, we will leverage the economies of scale to reduce the overall operational cost. Specifically, we will continue to pursue measures like headcount control, maximizing the efficiency of AI tools within the company. In terms of the concrete benefits we see from these initiatives, we will disclose them in a timely manner to the market.

（口譯）感謝你的提問。我是 Peter。降本增效一直是我們持續推動的主題，我們在第二季已經看到一些明確成果。我認為從長期來看，我們將運用規模經濟來降低整體營運成本。具體而言，我們將持續推動如人員編制控制、最大化公司內部 AI 工具效率等措施。至於這些舉措帶來的具體效益，我們會適時向市場披露。

Next question, please.

下一個問題，請。

Ethan Zhang, Nomura.

Ethan Zhang，野村（Nomura）。

Okay. Thanks, management. Congratulations for the results. I have two questions. So first, I noted that we added around 1.5 gigawatts new resources for land banks during the second quarter, around 900 is in domestic. So just wonder what's the location and how about -- could you share more color about the power supplies and the government approvals?

好的。謝謝管理層。恭喜本次業績。我有兩個問題。首先，我注意到你們在第二季新增了約 1.5 吉瓦的土地儲備新資源，其中約 900 兆瓦在國內。想請問這些資源的地點在哪裡？以及能否分享更多關於電力供應與政府審批方面的資訊？

And my second question is about financials. So I noted that Q2's cash gross margin has, quarter over quarter, declined a bit. Could you elaborate a bit on that?

第二個問題是關於財務。我注意到第二季的現金毛利率較上一季略有下降。能否請你們進一步說明一下原因？

(spoken in foreign language)

（以外語發言）

(interpreted) Thank you for the question. For your first question, in Q2, we added 900 megawatts of new resources in China. They are primarily located in Inner Mongolia and East China regions. In the next three years, the company will continue to obtain new resources in Inner Mongolia, particularly the Ulanqab area.

（口譯）感謝提問。針對第一個問題，第二季我們在中國新增了 900 兆瓦的新資源。主要位於內蒙古及華東地區。未來三年，公司將持續在內蒙古獲取新資源，特別是烏蘭察布地區。

(interpreted) This is Peter. I'll take your second question on gross margin and the sequential decline in particular. There are two reasons. Number one, the utility usage in Q2 was significantly higher than that of Q1 because we're adopting a pass-through mechanism, so that weighs on our gross margin. Reason number two is we had a one-off gain in Q1. So together, these two combined weighed on the gross margin.

（口譯）我是 Peter。我來回答你第二個關於毛利率，特別是環比下降的問題。原因有兩點。第一，第二季的公用事業用量顯著高於第一季，因為我們採用轉嫁（pass-through）機制，因此對毛利率造成壓力。第二，第一季有一筆一次性收益。因此，兩者合併導致毛利率承壓。

Next question, please.

下一個問題，請。

Mingran Li, CICC.

Mingran Li，中金公司（CICC）。

Thank you, management, for taking my question, and congrats on the strong results. I only have one question. We noted that the customer demand remained very strong in the first half of the year, and the company has approximately 355 megawatts of reserved capacity.

感謝管理層回答我的問題，也恭喜你們取得強勁的業績。我只有一個問題。我們注意到上半年客戶需求仍然非常強勁，公司約有 355 兆瓦的預留容量。

Could management share how long it typically takes for reserved capacity to convert into orders? And based on the current pipeline and ongoing discussion, is there potential for additional large-scale capacity renovation in the second half of the year?

管理層能否分享預留容量通常需要多久才能轉化為訂單？以及基於目前的管線與持續中的討論，下半年是否有進一步進行大規模容量改造的潛力？

(spoken in foreign language)

（以外語發言）

(interpreted) Thank you for your question. This is Teng Wen. Orders and reserved capacity are typically covered in the same sales agreement. Orders are capacity customers have formally committed to. Reserved capacity is future expansion resources pre-locked at the same site to support their growth.

（口譯）感謝你的提問。我是 Teng Wen。訂單與預留容量通常會在同一份銷售協議中涵蓋。訂單是客戶已正式承諾的容量。預留容量則是在同一場址預先鎖定的未來擴張資源，以支持其成長。

Historically, all customer reservations have converted to firm orders, making this a high-quality backlog with a strong conversion certainty. The actual timing for the 350 megawatt depends on each customer's own deployment schedule and will happen in batches as their projects progress. We will disclose actual order conversions in subsequent quarterly reports. Thank you.

從歷史來看，所有客戶的預留都已轉化為確定訂單，使其成為高品質的在手訂單（backlog），且轉化確定性很高。至於這 350 兆瓦的實際轉化時點，取決於各客戶自身的部署進度，並將隨著其專案推進分批發生。我們將在後續季度報告中披露實際的訂單轉化情況。謝謝。

Thank you. Ladies and gentlemen, that concludes our conference for today. Thank you for participating. You may now disconnect your lines.

謝謝。各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛斷電話。

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.

本逐字稿中標註（口譯）的部分，為現場電話會議中由口譯員所發言。該口譯員由主辦本活動的公司提供。