VNET Group Balance Sheet

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	3,503	1,492	2,244	2,661	1,372	2,710
Short-Term Investments	1,246	53.95	390.76	59.65	68.89	317.65
Cash & Short-Term Investments	4,749	1,546	2,634	2,721	1,441	3,028
Cash Growth	208.24%	-41.30%	-3.19%	88.78%	-52.40%	38.28%
Accounts Receivable	2,575	1,656	1,716	1,765	1,425	848.38
Other Receivables	-	1,581	1,127	770.71	1,114	890.52
Receivables	2,575	3,355	2,907	2,914	2,556	1,821
Prepaid Expenses	3,102	1,270	1,345	988.47	942.99	884.16
Restricted Cash	536.75	545.8	2,855	327.67	327.77	270.45
Other Current Assets	-	102.69	82.93	101.08	55.55	52.47
Total Current Assets	10,963	6,820	9,823	7,052	5,324	6,056
Property, Plant & Equipment	27,277	21,835	17,037	15,468	12,962	9,432
Long-Term Investments	791.35	794.69	757.95	242.19	98.24	135.52
Goodwill	-	-	-	1,364	1,340	994.99
Other Intangible Assets	2,844	2,170	1,986	2,073	1,238	913.57
Long-Term Deferred Tax Assets	382.59	306.62	247.64	196.1	168	185.48
Other Long-Term Assets	1,097	430.74	534.2	552.07	1,966	1,657
Total Assets	43,355	32,357	30,386	26,948	23,095	19,374
Accounts Payable	750.81	709.26	696.18	720.03	500.94	290.75
Accrued Expenses	4,635	903.4	971.41	767.77	489.01	339.06
Short-Term Debt	1,654	944.56	386.07	-	-	34
Current Portion of Long-Term Debt	1,965	1,420	4,932	1,022	384.16	2,124
Current Portion of Leases	1,296	1,108	895.97	880.55	852.03	856.12
Current Income Taxes Payable	45.1	69.57	35.2	42.02	43.77	29.03
Current Unearned Revenue	146.57	94.56	103.54	98.72	57.77	65.32
Other Current Liabilities	1,679	4,094	3,417	2,801	2,852	2,384
Total Current Liabilities	12,172	9,343	11,437	6,332	5,180	6,122
Long-Term Debt	16,476	9,665	6,883	8,909	6,482	3,901
Long-Term Leases	5,884	5,312	4,430	3,953	3,404	1,334
Long-Term Unearned Revenue	220.64	273.82	145.11	2.67	2.29	4.1
Long-Term Deferred Tax Liabilities	903.64	734.4	688.36	682.58	348.4	299.09
Other Long-Term Liabilities	107.85	107.85	287.16	87.17	77.57	816.44
Total Liabilities	35,765	25,436	23,872	19,967	15,494	12,476
Common Stock	0.11	0.11	0.11	0.06	0.06	0.06
Additional Paid-In Capital	17,240	17,299	17,291	15,240	15,198	13,083
Retained Earnings	-11,309	-10,753	-10,936	-8,292	-7,516	-7,161
Treasury Stock	-179.09	-161.89	-326.95	-349.52	-349.52	-349.52
Comprehensive Income & Other	-6.89	-18.5	-14.34	11.02	-90.44	-55.54
Total Common Equity	5,745	6,366	6,014	6,610	7,242	5,517
Minority Interest	1,845	554.92	499.97	372.24	358.77	332.55
Shareholders' Equity	7,590	6,921	6,514	6,982	7,601	6,897
Total Liabilities & Equity	43,355	32,357	30,386	26,948	23,095	19,374
Total Debt	27,276	18,450	17,528	14,764	11,122	8,249
Net Cash (Debt)	-22,527	-16,903	-14,893	-12,043	-9,681	-5,221
Net Cash Per Share	-83.93	-58.21	-99.16	-81.48	-63.72	-43.70
Filing Date Shares Outstanding	268.95	269.03	263.21	148.45	148.02	143.68
Total Common Shares Outstanding	268.95	268.93	257.4	148.45	148.02	136.33
Working Capital	-1,210	-2,523	-1,614	720.19	144.13	-66.35
Book Value Per Share	21.36	23.67	23.37	44.52	48.93	40.47
Tangible Book Value	2,901	4,196	4,029	3,172	4,665	3,609
Tangible Book Value Per Share	10.79	15.60	15.65	21.37	31.52	26.47
Machinery	-	9,582	7,890	6,696	5,136	3,910
Construction In Progress	-	4,529	3,444	2,770	3,239	2,142
Leasehold Improvements	-	6,040	5,821	4,819	3,303	2,610

Source: S&P Global Market Intelligence. Standard template. Financial Sources.