VNET Group Balance Sheet

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	5,524	1,492	2,244	2,661	1,372
Short-Term Investments	379.2	53.95	390.76	59.65	68.89
Cash & Short-Term Investments	5,903	1,546	2,634	2,721	1,441
Cash Growth	281.71%	-41.30%	-3.19%	88.78%	-52.40%
Accounts Receivable	2,652	1,656	1,716	1,765	1,425
Other Receivables	-	1,581	1,127	770.71	1,114
Receivables	2,652	3,355	2,907	2,914	2,556
Prepaid Expenses	2,242	1,270	1,345	988.47	942.99
Restricted Cash	656.01	545.8	2,855	327.67	327.77
Other Current Assets	-	102.69	82.93	101.08	55.55
Total Current Assets	11,452	6,820	9,823	7,052	5,324
Property, Plant & Equipment	27,647	21,835	17,037	15,468	12,962
Long-Term Investments	1,063	794.69	757.95	242.19	98.24
Goodwill	-	-	-	1,364	1,340
Other Intangible Assets	2,872	2,170	1,986	2,073	1,238
Long-Term Deferred Tax Assets	251.57	306.62	247.64	196.1	168
Other Long-Term Assets	1,309	430.74	534.2	552.07	1,966
Total Assets	44,594	32,357	30,386	26,948	23,095
Accounts Payable	741.88	709.26	696.18	720.03	500.94
Accrued Expenses	5,459	903.4	971.41	767.77	489.01
Short-Term Debt	1,588	944.56	386.07	-	-
Current Portion of Long-Term Debt	2,059	1,420	4,932	1,022	384.16
Current Portion of Leases	1,320	1,108	895.97	880.55	852.03
Current Income Taxes Payable	154.34	69.57	35.2	42.02	43.77
Current Unearned Revenue	189.73	94.56	103.54	98.72	57.77
Other Current Liabilities	933.92	4,094	3,417	2,801	2,852
Total Current Liabilities	12,447	9,343	11,437	6,332	5,180
Long-Term Debt	16,718	9,665	6,883	8,909	6,482
Long-Term Leases	5,645	5,312	4,430	3,953	3,404
Long-Term Unearned Revenue	260.27	273.82	145.11	2.67	2.29
Long-Term Deferred Tax Liabilities	840.39	734.4	688.36	682.58	348.4
Other Long-Term Liabilities	118.73	107.85	287.16	87.17	77.57
Total Liabilities	36,030	25,436	23,872	19,967	15,494
Common Stock	0.11	0.11	0.11	0.06	0.06
Additional Paid-In Capital	17,360	17,299	17,291	15,240	15,198
Retained Earnings	-11,009	-10,753	-10,936	-8,292	-7,516
Treasury Stock	-179.09	-161.89	-326.95	-349.52	-349.52
Comprehensive Income & Other	46.38	-18.5	-14.34	11.02	-90.44
Total Common Equity	6,218	6,366	6,014	6,610	7,242
Minority Interest	2,346	554.92	499.97	372.24	358.77
Shareholders' Equity	8,564	6,921	6,514	6,982	7,601
Total Liabilities & Equity	44,594	32,357	30,386	26,948	23,095
Total Debt	27,331	18,450	17,528	14,764	11,122
Net Cash (Debt)	-21,428	-16,903	-14,893	-12,043	-9,681
Net Cash Per Share	-79.08	-58.21	-99.16	-81.48	-63.72
Filing Date Shares Outstanding	269.38	269.03	263.21	148.45	148.02
Total Common Shares Outstanding	269.38	268.93	257.4	148.45	148.02
Working Capital	-995.35	-2,523	-1,614	720.19	144.13
Book Value Per Share	23.08	23.67	23.37	44.52	48.93
Tangible Book Value	3,346	4,196	4,029	3,172	4,665
Tangible Book Value Per Share	12.42	15.60	15.65	21.37	31.52
Machinery	-	9,582	7,890	6,696	5,136
Construction In Progress	-	4,529	3,444	2,770	3,239
Leasehold Improvements	-	6,040	5,821	4,819	3,303

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