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LEASES - Other information related to leases (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
LEASES
Operating cash payments for operating leases	¥ 961,747	¥ 847,908	¥ 796,541
Financing cash payments for finance leases	211,604	102,646	210,902
Operating cash payments for finance leases	¥ 117,906	¥ 93,264	¥ 90,679

INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2025

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET

9. INTANGIBLE ASSETS, NET

The following table presented the Company’s intangible assets as of the respective balance sheet dates:


				Radio										Internal
		Purchased		spectrum		Operating				Trade		Customer		use
		software		license		Permits		Licenses		names		contract		software		Total
		RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB
Intangible assets, cost December 31, 2024		343,836		138,867		1,199,210		5,772		116,266		190,141		102,338		2,096,430
Accumulated amortization		(175,815)		(90,920)		(127,121)		(4,197)		(60,555)		(109,087)		(81,561)		(649,256)
Impairment		(802)		(42,585)		—		—		—		—		—		(43,387)
Intangible assets, net December 31, 2024		167,219		5,362		1,072,089		1,575		55,711		81,054		20,777		1,403,787
Intangible assets, cost December 31, 2025		564,236		135,784		1,711,736		5,772		116,266		190,141		114,814		2,838,749
Accumulated amortization		(235,223)		(91,321)		(174,504)		(4,582)		(66,369)		(123,484)		(96,115)		(791,598)
Impairment		(802)		(41,639)		—		—		—		—		—		(42,441)
Intangible assets, net December 31, 2025		328,211		2,824		1,537,232		1,190		49,897		66,657		18,699		2,004,710

9. INTANGIBLE ASSETS, NET (CONTINUED)

Radio spectrum license represented the spectrum license awarded by the Hong Kong Telecommunication Authority. Operating permits relate to the government authorized high-capacity utilities from the assets acquisitions. Licenses mainly represented the telecommunication service license in relation to virtual private network services. Trade names mainly relate to the trade names of Dermot Holdings Limited and its subsidiaries (collectively referred to as “Dermot Entities”). Customer contract related to existing customer agreements acquired and is derived from the estimated net cash flows that are expected to be derived over the contractual period of the existing customer agreements after subtracting the estimated net cash flows from other contributory assets.

The intangible assets are amortized using the straight-line method, which is the Company’s best estimate of how these assets will be economically consumed over their respective estimated useful lives ranging from 2-49 years.

See note 2 (p) for details of impairment of intangible assets.

Amortization expenses were approximately RMB128,042, RMB109,907 and RMB146,283 for the years ended December 31, 2023, 2024 and 2025, respectively.

The annual estimated amortization expenses for the intangible assets for each of the next five years are as follows:


		RMB
2026		178,864
2027		166,329
2028		156,551
2029		137,358
2030		92,230
		731,332

INTANGIBLE ASSETS, NET - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Weighted average useful lives of intangible assets
Intangible assets, amortization expenses	¥ 146,283	¥ 109,907	¥ 128,042
Minimum
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	2 years
Maximum
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	49 years

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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- Definition

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+ Details

ACCOUNTS AND NOTES RECEIVABLE, NET - Accounts and notes receivable and the allowance for doubtful debt (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
ACCOUNTS AND NOTES RECEIVABLE, NET
Accounts receivable		¥ 2,488,988	¥ 1,845,205
Notes receivable		800	280
Allowance for doubtful debt		(267,682)	(189,501)	¥ (188,356)	¥ (134,569)
Accounts and notes receivable, net	$ 317,757	¥ 2,222,106	¥ 1,655,984

FAIR VALUE MEASUREMENTS - Assets and liabilities measured (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt investments		¥ 44,491	¥ 45,773
Derivative financial instrument	$ 1,599	11,185	6,768
Fair value, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Wealth management products		379,198
Available-for-sale debt investments		44,491	45,773
Derivative financial instrument			6,768
Foreign currency exchange option		11,185
Assets		434,874	52,541
Liabilities		2,178,982	1,897,738
2027 Convertible Notes \| Fair value, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities		2,178,928	1,897,738
Significant other observable inputs (Level 2) \| Fair value, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Wealth management products		379,198
Derivative financial instrument			6,768
Foreign currency exchange option		11,185
Assets		390,383	6,768
Unobservable inputs (Level 3) \| Fair value, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt investments		44,491	45,773
Assets		44,491	45,773
Liabilities		2,178,928	1,897,738
Unobservable inputs (Level 3) \| 2027 Convertible Notes \| Fair value, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities		¥ 2,178,928	¥ 1,897,738

SHARE CAPITAL

12 Months Ended

Dec. 31, 2025

SHARE CAPITAL

SHARE CAPITAL

25. SHARE CAPITAL

Holders of Class A Ordinary Shares, Class B Ordinary Shares and Class C Ordinary Shares are entitled to the same rights except for voting and conversion rights. In respect of matters requiring a shareholder’s vote, each Class A Ordinary Share is entitled to one vote right, each Class B Ordinary Share is entitled to ten votes, and each Class C Ordinary Share is entitled to one vote and certain veto rights. Each Class B Ordinary Share and Class C Ordinary Share is convertible into one Class A Ordinary Share at any time by the holder. Class A Ordinary Shares are not convertible into Class B Ordinary Share and Class C Ordinary Shares under any circumstances. Upon any sale, transfer, assignment or disposition of Class B ordinary shares by a holder thereof to any person or entity who is not an existing holder of such Class B ordinary shares, the founder, an affiliate of the founder, or a founder affiliate, or upon a change of control of the ultimate beneficial ownership of any Class B ordinary shares to any person or entity who is not an existing holder of Class B ordinary shares, the founder, an affiliate of the founder, or a founder affiliate, such Class B ordinary shares will be automatically and immediately converted into an equal number of Class A ordinary shares. Upon any any sale, transfer, assignment or disposition of Class C ordinary shares by a holder thereof to any person or entity which is not an affiliate of such holder, such Class C Ordinary Shares will be automatically and immediately converted into an equal number of Class A ordinary shares.

On January 27, 2022, the Company’s board of directors authorized the issuance of 300,000 Series A-1 perpetual convertible preferred shares by re-designation of the authorized but unissued Class A Ordinary Shares. As of December 31, 2025, no Series A-1 perpetual convertible preferred shares have been issued.

On February 15, 2023, the Company’s board of directors approved and authorized the issuance of up to 555,000 newly created Class D ordinary shares to Mr. Sheng Chen by re-designation of the authorized but unissued Class A Ordinary Shares. The Class D ordinary shares will have the same rights as the Company’s Class B ordinary shares except for voting rights. Each Class D ordinary share shall be entitled to 500 votes on all matters submitted to shareholder vote. As of December 31, 2025, no Class D ordinary shares have been issued.

Pursuant to the shareholder resolution adopted on October 5, 2023, the Company’s authorized share capital was increased by creation of an additional 1,500,000,000 Class A ordinary shares.

During the year ended December 31, 2023, 3,252,768 treasury stock was reissued to settle the share options exercised and RSUs vested.

In December 2023, the Company issued 455,296,932 Class A ordinary shares to Success Flow International Investment Limited (“Success Flow”) and 195,127,260 Class A ordinary shares to Choice Faith Group Holdings Limited (“Choice Faith”), for an aggregate cash consideration of RMB2,122,123. Both entities were controlled by Shandong Hi-Speed Holdings Group Limited. The issuance costs for Class A ordinary shares were RMB37,720. In connection with the financing transaction, in November 2023, Mr. Sheng Chen, the Founder and Executive Chairperson of the Board of Directors, and his affiliated investment vehicles (together with Mr. Sheng Chen, the “Founder Parties”) entered into a voting and consortium agreement (the “Voting and Consortium Agreement”) with Success Flow and Choice Faith. Pursuant to the Voting and Consortium Agreement, Success Flow shall vote in accordance with any voting instructions provided by the Founder Parties during the period beginning on the earlier of February 29, 2024 or sixty calendar days after the closing date of the investment and ending upon the third anniversary of the closing date of the investment. In December 2023, the Founder Parties entered into a supplemental agreement with the investors, pusuant to which, the period of the Voting and Consortium Agreement was amended to commence upon the later of (i) the expiration or termination of Interim Period and (ii) the occurrence of the Triggering Event. “Interim Period” means the period commencing on the date of closing, being December 28, 2023, and ending on the earlier of (x) February 29, 2024 and (y) termination of the Investment Agreement in accordance the terms thereunder. “Triggering Event” means the entry by the Company of a framework agreement with a third party, pursuant to which the parties agree to enter into a long-term strategic partnership for not less than two years in relation to the low carbon strategy of the Company and/or the expansion of the operations of the Company in Hong Kong S.A.R., Chinese Taiwan and/or other territories outside Chinese Mainland.

During the year ended December 31, 2024, 23,788,254 treasury stock was reissued to settle the RSUs vested.

In February 2024, 34,744,206 Class A ordinary shares were issued to settle the RSUs vested for Mr. Sheng Chen, the founder, executive chairperson and interim Chief Executive Officer.

25. SHARE CAPITAL (CONTINUED)

In November 2024, the Company issued 39,000,000 Class A ordinary shares to its share depositary bank which will be used to settle the restricted share units upon their vesting. No consideration was received by the Company for this issuance of ordinary shares. These ordinary shares are legally issued and outstanding but are treated as escrowed shares for accounting purposes.

In June 2025, the Company’s Board of Directors approved a share repurchase program, pursuant to which the Company may repurchase up to US$50 million of its American Depositary Shares (“ADSs”), each representing six Class A ordinary shares, in compliance with the Securities Exchange Act of 1934, as amended, and the Company’s insider trading policy. During the reporting period, the Company repurchased 1,881,438 Class A ordinary shares in aggregate at a total cost of US$2.4 million (equivalent to RMB17.2 million) under the share repurchase program. The repurchased shares are held in the Company’s custodial securities account as of December 31, 2025.

- Definition

The entire disclosure for equity.

+ References

+ Details

SUBSEQUENT EVENT (Details) $ / shares in Units, ¥ in Thousands, shares in Millions, $ in Millions	1 Months Ended				12 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares	Feb. 28, 2026 USD ($) item	Feb. 28, 2026 CNY (¥) item	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 CNY (¥)	Nov. 30, 2025 CNY (¥)
SUBSEQUENT EVENT
Issuance scale						¥ 860,000
Proceeds from issuance of stock					¥ 2,122,123
Subsequent event
SUBSEQUENT EVENT
Number of asset-backed securitization vehicle \| item		2	2
Consent fee		$ 37.5	¥ 262,240
Asset-backed securitization vehicle one \| Subsequent event
SUBSEQUENT EVENT
Issuance scale			¥ 1,702,000
Variable interest entity ownership percentage		30.00%	30.00%
Asset-backed securitization vehicle two \| Subsequent event
SUBSEQUENT EVENT
Issuance scale			¥ 4,674,000
Variable interest entity ownership percentage		30.00%	30.00%
Common Class A
SUBSEQUENT EVENT
Proceeds from issuance of stock				¥ 2,122,123
Common Class A \| Subsequent event
SUBSEQUENT EVENT
Number of shares issued \| shares	81.0
Share price per share \| $ / shares	$ 1.7
Proceeds from issuance of stock \| $	$ 137.7

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Prepaid expenses		¥ 876,943	¥ 1,269,908
Tax recoverable		1,174,776	1,322,332
Deposits		86,839	53,950
Loans to third parties		2,551	40,155
Staff advances		3,933	6,489
Interest receivables		528	540
Prepaid expenses and other current assets	$ 320,542	2,241,570	2,789,573
Nonrelated Party
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Others		¥ 96,000	¥ 96,199

PROPERTY AND EQUIPMENT, NET - Property and equipment pledged to secure banking borrowings (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
PROPERTY AND EQUIPMENT, NET
Assets	$ 6,376,881	¥ 44,594,162	¥ 32,357,042
Asset pledged as collateral
PROPERTY AND EQUIPMENT, NET
Assets		1,257,726	832,153
Property \| Asset pledged as collateral
PROPERTY AND EQUIPMENT, NET
Assets		431,186	445,345
Leasehold improvements, renovation and decoration \| Asset pledged as collateral
PROPERTY AND EQUIPMENT, NET
Assets		112,015	128,031
Data center equipment \| Asset pledged as collateral
PROPERTY AND EQUIPMENT, NET
Assets		714,447	258,306
Office equipment \| Asset pledged as collateral
PROPERTY AND EQUIPMENT, NET
Assets		¥ 78	¥ 471

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 64
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481620/480-10-55-64

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 9: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 10: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 13: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/exampleRef
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Reference 20: http://www.xbrl.org/2003/role/exampleRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Schedule of prepaid expenses and other current assets


	As of December 31,
	2024	2025
	RMB	RMB
Prepaid expenses ⁽¹⁾	1,269,908	876,943
Tax recoverable	1,322,332	1,174,776
Deposits	53,950	86,839
Loans to third parties	40,155	2,551
Staff advances	6,489	3,933
Interest receivables	540	528
Others	96,199	96,000
	2,789,573	2,241,570

(1)	Prepaid expenses mainly represented the prepayments to Microsoft for the cloud services, the prepayments to telecommunication operators for bandwidth, data centers or cabinets and the prepayments for office expense.

Schedule of allowance for doubtful debt


		For the years ended December 31,
		2023	2024		2025
		RMB	RMB		RMB
Balance at beginning of the year		131,624	445,669		357,035
Addition		313,993	1,616		5,207
Write-off		—	(90,296)		—
Foreign exchange difference		52	46		(81)
Balance at the end of the year		445,669	357,035		362,161

INTANGIBLE ASSETS, NET - Intangible assets (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 CNY (¥)
Weighted average useful lives of intangible assets
Intangible assets, cost		¥ 2,096,430		¥ 2,838,749
Accumulated amortization		(649,256)		(791,598)
Impairment		¥ (43,387)		(42,441)
Impairment Of Intangible Asset Finite Lived Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag	true	true
Intangible assets, net	$ 286,670	¥ 1,403,787		2,004,710
Impairment			¥ (15,113)
Purchased software
Weighted average useful lives of intangible assets
Intangible assets, cost		343,836		564,236
Accumulated amortization		(175,815)		(235,223)
Impairment		(802)		(802)
Intangible assets, net		167,219		328,211
Radio spectrum license
Weighted average useful lives of intangible assets
Intangible assets, cost		138,867		135,784
Accumulated amortization		(90,920)		(91,321)
Impairment		(42,585)		(41,639)
Intangible assets, net		5,362		2,824
Operating permits
Weighted average useful lives of intangible assets
Intangible assets, cost		1,199,210		1,711,736
Accumulated amortization		(127,121)		(174,504)
Intangible assets, net		1,072,089		1,537,232
Licenses
Weighted average useful lives of intangible assets
Intangible assets, cost		5,772		5,772
Accumulated amortization		(4,197)		(4,582)
Intangible assets, net		1,575		1,190
Trade names
Weighted average useful lives of intangible assets
Intangible assets, cost		116,266		116,266
Accumulated amortization		(60,555)		(66,369)
Intangible assets, net		55,711		49,897
Customer contract
Weighted average useful lives of intangible assets
Intangible assets, cost		190,141		190,141
Accumulated amortization		(109,087)		(123,484)
Intangible assets, net		81,054		66,657
Internal use software
Weighted average useful lives of intangible assets
Intangible assets, cost		102,338		114,814
Accumulated amortization		(81,561)		(96,115)
Intangible assets, net		¥ 20,777		¥ 18,699

CONCENTRATION OF RISKS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) customer item	Dec. 31, 2024 USD ($) customer item	Dec. 31, 2023 customer item	Dec. 31, 2025 CNY (¥) customer item	Dec. 31, 2024 CNY (¥) customer item
Cabinet and Bandwidth Supply
CONCENTRATION OF RISKS
Number of suppliers \| item	5	5	5	5	5
Bandwidth and Cabinet Resources \| Supplier Concentration Risk \| Largest five suppliers
CONCENTRATION OF RISKS
Concentration of risk, percentage	46.00%	45.00%	42.00%
Bandwidth and Cabinet Resources \| Customer Concentration Risk \| Major customer
CONCENTRATION OF RISKS
Number of customer generated more than 10% of Company's revenue \| customer	2	1	1	2	1
Bandwidth and Cabinet Resources \| Customer Concentration Risk \| Major customer \| Maximum
CONCENTRATION OF RISKS
Concentration of risk, percentage	10.00%	10.00%	10.00%
Bandwidth and Cabinet Resources \| Customer Concentration Risk \| Major customer \| Minimum
CONCENTRATION OF RISKS
Concentration of risk, percentage	20.00%	20.00%	20.00%
PRC \| Credit Concentration Risk
CONCENTRATION OF RISKS
Cash and cash equivalents, restricted cash and short-term investments, held at major institutions \| ¥				¥ 5,176,853	¥ 1,974,919
Outside the PRC \| Credit Concentration Risk
CONCENTRATION OF RISKS
Cash and cash equivalents, restricted cash and short-term investments, held at major institutions	$ 200,774	$ 14,543		¥ 1,404,030	¥ 106,154

(LOSS) EARNING PER SHARE

12 Months Ended

Dec. 31, 2025

(LOSS) EARNING PER SHARE

(LOSS) EARNING PER SHARE

24. (LOSS) EARNING PER SHARE

Basic and diluted (loss) earning per share for each of the years presented were calculated as follows:


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Numerator:
Net (loss) income	(2,597,169)	248,423	(133,421)
Net income attributable to noncontrolling interest	(46,667)	(65,223)	(67,518)
Net income attributable to redeemable noncontrolling interests	—	—	(50,903)
Accretion to redemption amount of redeemable noncontrolling interests	—	—	(4,929)
Net income attributable to convertible note holders based on their participating rights	—	(15,078)	—
Net (loss) income attributable to the Company	(2,643,836)	168,122	(256,771)
Adjusted net (loss) income attributable to ordinary shareholders - basic	(2,643,836)	168,122	(256,771)
Reversal of net income attributable to convertible promissory notes	—	15,078	—
Adjust for changes in the fair value of financial instruments	—	80,880	—
Adjust for gain on debt extinguishment	—	(246,175)	—
Adjusted interest for convertible promissory notes	—	22,723	—
Adjusted net (loss) income attributable to ordinary shareholders -diluted	(2,643,836)	40,628	(256,771)


Denominator:
Weighted average number of shares outstanding-basic	901,143,138	1,593,594,519	1,612,272,787
Weighted average number of shares outstanding-diluted	901,143,138	1,742,346,367	1,612,272,787
(Loss) earning per share—basic:	(2.93)	0.11	(0.16)
(Loss) earning per share—diluted:	(2.93)	0.02	(0.16)

Securities that could potentially dilute basic (loss) earning per share in the future that were not included in the computation of diluted (loss) earning per share because to do so would have been antidilutive as of December 31, 2023, 2024 and 2025 were as follow:


		As of December 31,
		2023		2024		2025

Share options		258,986		—		196,422
RSUs*		2,483,079		—		4,302,552
2026 Convertible Notes		66,086,640		—		—
2027 Convertible Notes		136,363,636		—		147,018,680
2030 Convertible Notes		—		—		187,636,364

*	Each RSU reprensents six Class A Ordinary Shares.

FAIR VALUE MEASUREMENTS - Available-for-sale debt investments (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Available-for-sale debt investments
Fair value	¥ 45,773	¥ 42,661
Changes in fair value recorded as unrealized loss in other comprehensive income	(1,270)	3,084
Foreign currency translation adjustment	(12)	28
Fair value	¥ 44,491	¥ 45,773

ACCOUNTS AND NOTES RECEIVABLE, NET - Accounts and notes receivable due (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
ACCOUNTS AND NOTES RECEIVABLE, NET
Balance at beginning of the year	¥ 189,501	¥ 188,356	¥ 134,569
Additional provision charged to expense	97,542	106,283	54,512
Write-off of accounts receivable	(19,361)	(105,138)	(725)
Balance at the end of the year	¥ 267,682	¥ 189,501	¥ 188,356

(LOSS) EARNING PER SHARE - Basic and diluted (loss) earnings per share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Numerator:
Net (loss) income	$ (19,079)	¥ (133,421)	¥ 248,423	¥ (2,597,169)
Net income attributable to noncontrolling interest		(67,518)	(65,223)	(46,667)
Net income attributable to redeemable noncontrolling interests	(7,279)	(50,903)
Accretion to redemption amount of redeemable noncontrolling interests	(705)	(4,929)
Net income attributable to convertible note holders based on their participating rights			(15,078)
Net (loss) income attributable to the Company	$ (36,718)	(256,771)	168,122	(2,643,836)
Adjusted net (loss) income attributable to ordinary shareholders - basic		(256,771)	168,122	(2,643,836)
Reversal of net income attributable to convertible promissory notes			15,078
Adjust for changes in the fair value of financial instruments			80,880
Adjust for gain on debt extinguishment			(246,175)
Adjusted interest for convertible promissory notes			22,723
Adjusted net (loss) income attributable to ordinary shareholders -diluted		¥ (256,771)	¥ 40,628	¥ (2,643,836)
Denominator:
Weighted average number of shares outstanding-basic (in shares) \| shares	1,612,272,787	1,612,272,787	1,593,594,519	901,143,138
Weighted average number of shares outstanding-diluted (in shares) \| shares	1,612,272,787	1,612,272,787	1,742,346,367	901,143,138
(Loss) earning per share-basic:
Basic (in dollars per share) \| (per share)	$ (0.02)	¥ (0.16)	¥ 0.11	¥ (2.93)
(Loss) earning per share-diluted:
Diluted (in dollars per share) \| (per share)	$ (0.02)	¥ (0.16)	¥ 0.02	¥ (2.93)

LAND USE RIGHTS, NET - Land use rights amortized (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
LAND USE RIGHTS, NET
Cost		¥ 963,468	¥ 846,156
Accumulated amortization		(95,703)	(79,943)
Land use rights, net	$ 124,089	¥ 867,765	¥ 766,213

PROPERTY AND EQUIPMENT, NET - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
PROPERTY AND EQUIPMENT, NET
Gain on disposal of long-lived assets	¥ 87,688
Depreciation expense	1,956,041	¥ 1,468,100	¥ 1,663,932
Property, computer and network equipment and optical fiber
PROPERTY AND EQUIPMENT, NET
Depreciation expense	¥ 205,297	¥ 165,262	¥ 199,926

PROPERTY AND EQUIPMENT, NET - Property and equipment, held under finance leases (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross		¥ 30,354,073	¥ 21,186,841
Less: Accumulated depreciation		(9,226,809)	(7,895,831)
Property plant and equipment net excluding construction in progress		21,127,264	13,291,010
Construction-in-progress		2,251,455	4,529,065
Impairment		(603,140)	(603,440)
Property and equipment, net	$ 3,256,864	22,775,579	17,216,635
Property
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross		6,628,488	4,261,678
Leasehold improvements, renovation and decoration
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross		7,018,376	6,040,445
Data center equipment
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross		16,599,217	10,777,790
Office equipment
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross		104,092	102,991
Motor vehicles
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross		¥ 3,900	¥ 3,937

TAXATION - Chinese Mainland operations (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
TAXATION
(Loss) Income before income taxes		¥ 424,089	¥ 482,652	¥ (2,482,795)
Amount
Domestic mainland statutory income tax rate		(106,022)	(120,663)	620,699
Non-deductible interest expenses		(21,729)	(13,564)	(700)
Intra-entity transfers of subsidiaries		(101,660)
Research and development expenses		47,856	45,882	65,863
Preferential rate		71,780	19,729	(6,140)
Current and deferred tax rate differences		(17,497)	12,957	11,036
Tax exempted income			23,413	2,803
Foreign investment			(37,905)	(53,617)
Prior year provision to return true up		(16,309)	(49,853)	(34,759)
Change in valuation allowance		(241,360)	(57,808)	(606,071)
Others			(1,785)	(620)
Income tax rate difference			(45,239)	(101,585)
Withholding tax on investment income		(75,012)
Changes in unrecognized tax benefits		(10,884)	(9,393)	(11,283)
Income tax expenses	$ (79,723)	¥ (557,510)	¥ (234,229)	¥ (114,374)
Tax Jurisdiction of Domicile [Extensible Enumeration]	Chinese mainland	Chinese mainland	Chinese mainland	Chinese mainland
Percent
Domestic mainland statutory income tax rate	25.00%	25.00%	25.00%	25.00%
Non-deductible expenses	5.10%	5.10%
Intra-entity transfers of subsidiaries	24.00%	24.00%
Research and development expenses	(11.30%)	(11.30%)
Preferential rate	(16.90%)	(16.90%)
Current and deferred tax rate differences	4.10%	4.10%
Prior year provision to return true up	3.80%	3.80%
Change in valuation allowance	56.90%	56.90%
Withholding tax on investment income	17.70%	17.70%
Changes in unrecognized tax benefits	2.60%	2.60%
Income tax expenses	131.50%	131.50%
Chinese mainland
Amount
Others		¥ (1,979)
Chinese mainland income tax		¥ (386,920)
Percent
Others	0.50%	0.50%
Chinese mainland income tax	91.20%	91.20%
Hong Kong S.A.R.
Amount
Others		¥ 1,942
Income tax rate difference		12,306
Income tax		¥ (60,764)
Percent
Others	(0.50%)	(0.50%)
Income tax rate difference	(2.90%)	(2.90%)
income tax	14.30%	14.30%
CAYMAN ISLANDS
Amount
Income tax rate difference		¥ (107,104)
Percent
Income tax rate difference	25.30%	25.30%
Other jurisdictions
Amount
Others		¥ 8,162
Percent
Others	(1.90%)	(1.90%)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Convenience translation (Details)	Dec. 31, 2025
Maximum
Significant accounting policies
Official exchange rate of foreign currency remeasured (RMB per one U.S. dollar)	6.9931

SHARE-BASED COMPENSATION - Share compensation expense (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
SHARE-BASED COMPENSATION
Share-based compensation expense	$ 3,686	¥ 25,778	¥ 148,557	¥ 35,296
Cost of revenues
SHARE-BASED COMPENSATION
Share-based compensation expense		1,196	4,886
Sales and marketing expenses
SHARE-BASED COMPENSATION
Share-based compensation expense		1,677	20,048	3,141
General and administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense		21,956	118,374	28,883
Research and development expenses
SHARE-BASED COMPENSATION
Share-based compensation expense		¥ 949	¥ 5,249	¥ 3,272

ACCRUED EXPENSES AND OTHER PAYABLES (Tables)

12 Months Ended

Dec. 31, 2025

ACCRUED EXPENSES AND OTHER PAYABLES

Schedule of components of accrued expenses and other payables


		As of December 31,
		2024		2025
		RMB		RMB
Payables for purchase of property, equipment and software		2,372,569		2,562,874
Borrowings from noncontrolling shareholders⁽¹⁾		—		1,253,106
Payroll and welfare payables		471,262		741,801
Consideration, interest and other related expenses due to the original shareholders of BJ TenxCloud ⁽²⁾		229,323		245,868
Liability classified share-based payments ⁽²⁾		149,612		149,612
Accrued service fees		109,902		128,993
Payables for office supplies and utilities		121,398		118,075
Payables for acquisitions and long-term investments		50,017		48,906
Value-added tax and other taxes payable		48,652		20,395
Interest payables		2,578		30,470
Others		62,924		159,365
		3,618,237		5,459,465

(1)

In the second half year of 2025, certain institutional investors, as the holders of the Company’s redeemable noncontrolling interests (Note 18), provided loans in the amount of RMB1,253.1 million in total at the fixed annual interest rate ranging from 8% to 13.6%. The Company expected to repay such loans in one year.

(2)

On July 15, 2021, the Company acquired 100% of the equity interests in BJ TenxCloud from third party selling shareholders. The balance payable represented the consideration claimed by the selling shareholders according to the acquisition agreement, as well as any interest, arbitration fees and other related costs payable as a result of the arbitration award.

LAND USE RIGHTS, NET - Land use rights pledged (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
LAND USE RIGHTS, NET
Land use rights, net	¥ 249,031	¥ 205,334

ORGANIZATION - Narrative (Details) ¥ in Millions		1 Months Ended	12 Months Ended
ORGANIZATION - Narrative (Details) ¥ in Millions	Apr. 22, 2024 CNY (¥) shareholder	Feb. 28, 2026	Dec. 31, 2025 subsidiary Partnership
ORGANIZATION
Number of consolidated subsidiaries entered into agreements \| subsidiary			2
Number of partnerships established by consolidated subsidiaries \| Partnership			2
Number of data center subsidiaries \| subsidiary			2
Number of partnerships that were qualified as variable interest entities \| Partnership			2
Percentage on monthly after-tax profits	100.00%
Option Agreement
ORGANIZATION
Agreement term (in years)	10 years
Technical Consulting and Service Agreement
ORGANIZATION
Agreement term (in years)	10 years
Mutually-agreed amount paid for certain other technical services	5 days
Loan Agreement \| Related Party \| Shareholders
ORGANIZATION
Debt instrument, face amount \| ¥	¥ 57.0
Loan Agreement \| Related Party \| Mr. Jun Zhang
ORGANIZATION
Debt instrument, face amount \| ¥	¥ 3.0
Share pledge agreement
ORGANIZATION
Number of shareholders agreement entered \| shareholder	2
Agreement term (in years)	10 years
Variable Interest Entity, Primary Beneficiary
ORGANIZATION
Variable interest entity ownership percentage			51.00%
Asset-backed securitization vehicle one \| Subsequent event
ORGANIZATION
Variable interest entity ownership percentage		30.00%
Asset-backed securitization vehicle two \| Subsequent event
ORGANIZATION
Variable interest entity ownership percentage		30.00%

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed statements of cash flows (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Condensed statements of cash flows
Net cash generated from (used in) operating activities	$ 274,351	¥ 1,918,550	¥ 2,005,393	¥ 2,063,480
Net cash used in investing activities	(1,145,644)	(8,011,594)	(4,390,708)	(3,905,109)
Net increase (decrease) in cash and cash equivalents and restricted cash	589,240	4,120,612	(3,017,914)	2,109,493
Cash and cash equivalents and restricted cash at beginning of year	297,589	2,081,073	5,098,987	2,989,494
Cash and cash equivalents and restricted cash at end of year	$ 886,829	6,201,685	2,081,073	5,098,987
Parent Company
Condensed statements of cash flows
Net cash generated from (used in) operating activities		(40,547)	23,174	29,940
Net cash used in investing activities		40,243	(22,665)	(37,571)
Net increase (decrease) in cash and cash equivalents and restricted cash		(304)	509	(7,631)
Cash and cash equivalents and restricted cash at beginning of year		539	30	7,661
Cash and cash equivalents and restricted cash at end of year		¥ 235	¥ 539	¥ 30

SHORT-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2025

SHORT-TERM INVESTMENTS

SHORT-TERM INVESTMENTS

6. SHORT-TERM INVESTMENTS

Short-term investments consisted of the following:


		As of December 31,
		2024		2025
		RMB		RMB
Aggregate cost basis		—		370,461
Gross unrealized holding gain		—		8,737
Aggregate fair value		—		379,198

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) ¥ in Thousands	Dec. 31, 2025 CNY (¥)
COMMITMENTS AND CONTINGENCIES
Accrual for unrecognized tax benefits and its interest	¥ 118,734

PROPERTY AND EQUIPMENT, NET - Depreciation expense (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
PROPERTY AND EQUIPMENT, NET
Depreciation expense	¥ 1,956,041	¥ 1,468,100	¥ 1,663,932
Cost of revenues
PROPERTY AND EQUIPMENT, NET
Depreciation expense	1,866,176	1,409,442	1,573,970
Sales and marketing expenses
PROPERTY AND EQUIPMENT, NET
Depreciation expense	1,873	1,391	1,721
General and administrative expenses
PROPERTY AND EQUIPMENT, NET
Depreciation expense	50,350	30,949	38,280
Research and development expenses
PROPERTY AND EQUIPMENT, NET
Depreciation expense	¥ 37,642	¥ 26,318	¥ 49,961

LEASES - Total lease cost (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finance lease cost:
Depreciation	¥ 205,297	¥ 165,262	¥ 199,926
Interest expenses	117,906	93,264	90,679
Operating lease cost	992,829	870,196	749,800
Total lease cost	¥ 1,316,032	¥ 1,128,722	¥ 1,040,405

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2024 $ / shares
Restricted cash-current	$ 93,808	¥ 656,010	¥ 545,795
Allowance for doubtful debt of the Consolidated VIEs without recourse to the primary beneficiaries		267,682	189,501
Accounts and notes receivable of the Consolidated VIEs without recourse to the primary beneficiaries	317,757	2,222,106	1,655,984
Restricted cash-non-current	3,161	22,104	42,842
Property and equipment, net	3,256,864	22,775,579	17,216,635
Operating lease right-of-use assets, net	696,592	4,871,341	4,618,212
Deferred tax assets, net	35,974	251,572	306,623
Current portion of long-term borrowings of the Consolidated VIEs without recourse to the primary beneficiaries		957,062	615,015
Current portion of finance lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries	51,193	357,995	208,299
Current portion of operating lease liabilities	137,603	962,275	899,818
Accounts and notes payable	106,087	741,878	709,260
Amounts due to related parties of the consolidated VIEs without resource to the primary beneficiaries	59,471	415,889	355,679
Income taxes payable	22,071	154,343	69,569
Advances from customers	133,549	933,920	1,378,806
Deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries	19,830	138,671	87,830
Current portion of deferred government grants of the Consolidated VIEs without recourse to the primary beneficiaries	7,302	51,062	6,727
Accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries	780,693	5,459,465	3,618,237
Long-term bank borrowings of the Consolidated VIEs without recourse to the primary beneficiaries	1,655,870	11,579,664	7,767,390
Non-current portion of finance lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries	235,048	1,643,713	1,532,309
Non-current portion of operating lease liabilities	572,142	4,001,047	3,779,293
Unrecognized tax benefits of the Consolidated VIEs without recourse to the primary beneficiaries	16,979	118,734	107,850
Deferred tax liabilities of the Consolidated VIEs without recourse to the primary beneficiaries	120,174	840,387	734,404
Deferred government grants of the Consolidated VIEs without recourse to the primary beneficiaries	$ 37,218	260,268	273,824
Variable Interest Entity, Primary Beneficiary
Restricted cash-current		629,377	514,991
Restricted cash-non-current		123	18,000
Property and equipment, net		12,736,740	7,150,464
Operating lease right-of-use assets, net		4,817,080	4,561,722
Deferred tax assets, net		173,541	221,722
Short-term bank and other borrowings of the Consolidated VIEs without recourse to the primary beneficiaries		1,086,997	589,000
Current portion of long-term borrowings of the Consolidated VIEs without recourse to the primary beneficiaries		1,657,840	1,093,160
Current portion of finance lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries		229,691	94,162
Current portion of operating lease liabilities		941,603	881,025
Accounts and notes payable		610,988	574,642
Amounts due to related parties of the consolidated VIEs without resource to the primary beneficiaries		415,889	355,679
Income taxes payable		136,043	68,458
Advances from customers		933,920	1,378,806
Deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries		124,401	80,435
Current portion of deferred government grants of the Consolidated VIEs without recourse to the primary beneficiaries		24,929	6,727
Accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries		3,060,317	1,274,258
Long-term bank borrowings of the Consolidated VIEs without recourse to the primary beneficiaries		7,846,171	3,285,482
Non-current portion of finance lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries		923,083	705,013
Non-current portion of operating lease liabilities		3,963,305	3,737,819
Unrecognized tax benefits of the Consolidated VIEs without recourse to the primary beneficiaries		118,734	107,850
Deferred tax liabilities of the Consolidated VIEs without recourse to the primary beneficiaries		106,232	118,374
Deferred government grants of the Consolidated VIEs without recourse to the primary beneficiaries		¥ 82,493	¥ 38,654
Common Class A
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.00001			$ 0.00001
Ordinary shares, shares authorized (in shares) \| shares	2,698,935,000	2,698,935,000	2,698,935,000
Ordinary shares, shares issued (in shares) \| shares	1,609,260,305	1,609,260,305	1,611,141,743
Ordinary shares, shares outstanding (in shares) \| shares	1,609,260,305	1,609,260,305	1,611,141,743
Common Class B
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.00001			0.00001
Ordinary shares, shares authorized (in shares) \| shares	300,000,000	300,000,000	300,000,000
Ordinary shares, shares issued (in shares) \| shares	30,721,723	30,721,723	30,721,723
Ordinary shares, shares outstanding (in shares) \| shares	30,721,723	30,721,723	30,721,723
Common Class C
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.00001			$ 0.00001
Ordinary shares, shares authorized (in shares) \| shares	60,000	60,000	60,000
Ordinary shares, shares issued (in shares) \| shares	60,000	60,000	60,000
Ordinary shares, shares outstanding (in shares) \| shares	60,000	60,000	60,000

PREPAID EXPENSES AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2025

PREPAID EXPENSES AND OTHER CURRENT ASSETS

PREPAID EXPENSES AND OTHER CURRENT ASSETS

7. PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consisted of the following:


	As of December 31,
	2024	2025
	RMB	RMB
Prepaid expenses ⁽¹⁾	1,269,908	876,943
Tax recoverable	1,322,332	1,174,776
Deposits	53,950	86,839
Loans to third parties	40,155	2,551
Staff advances	6,489	3,933
Interest receivables	540	528
Others	96,199	96,000
	2,789,573	2,241,570

(1)	Prepaid expenses mainly represented the prepayments to Microsoft for the cloud services, the prepayments to telecommunication operators for bandwidth, data centers or cabinets and the prepayments for office expense.

An analysis of the allowance for doubtful debt in relation to other receivables was as follows:


		For the years ended December 31,
		2023	2024		2025
		RMB	RMB		RMB
Balance at beginning of the year		131,624	445,669		357,035
Addition		313,993	1,616		5,207
Write-off		—	(90,296)		—
Foreign exchange difference		52	46		(81)
Balance at the end of the year		445,669	357,035		362,161

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Weighted average useful lives of intangible assets (Details)	Dec. 31, 2025
Maximum
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	49 years
Minimum
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	2 years
Purchased software \| Maximum
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	10 years
Purchased software \| Minimum
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	2 years
Radio spectrum license
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	15 years
Operating permits \| Maximum
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	49 years
Operating permits \| Minimum
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	18 years
Licenses
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	15 years
Trade names
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	20 years
Internal use software
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	3 years
Customer contract \| Maximum
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	10 years
Customer contract \| Minimum
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	7 years

BORROWINGS - Additional Information (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
BORROWINGS
Short-term bank borrowings, weighted average interest rate	3.18%	4.35%
Unused loan facilities (in RMB)	¥ 7,280,855	¥ 4,038,927
Long term bank borrowings
BORROWINGS
Long-term bank borrowings, weighted average interest rate	3.90%	4.53%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) segment $ / shares	Dec. 31, 2025 CNY (¥) segment ¥ / shares	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CNY (¥) ¥ / shares	Dec. 31, 2023 CNY (¥) ¥ / shares	Dec. 31, 2025 CNY (¥)
Significant accounting policies
Net Income (Loss)	$ (36,013)	¥ (251,842)		¥ 183,200	¥ (2,643,836)
Basic earning per share \| (per share)	$ (0.02)	¥ (0.16)		¥ 0.11	¥ (2.93)
Diluted earning per share \| (per share)	$ (0.02)	¥ (0.16)		¥ 0.02	¥ (2.93)
Depreciation expense		¥ 1,956,041		¥ 1,468,100	¥ 1,663,932
Internal use software development costs, Amount capitalized				11,919	16,195	¥ 12,476
Percentage of interest in limited partnerships applies the equity method of accounting	3.00%	3.00%
Impairment losses pursuant to the goodwill tests					1,364,191
Deferred revenue	$ 19,830			87,830		138,671
Advertising expense		¥ 9,774		9,364	9,826
Reduction of depreciation expense		¥ 58,711		¥ 13,504	8,477
Number of operating segments \| segment	1	1
Number of reportable segments \| segment	1	1
VAT payers	13	13	6	6
Change in useful lives
Significant accounting policies
Net Income (Loss) \| $			$ 292,800
Basic earning per share \| ¥ / shares		¥ 0.18
Diluted earning per share \| ¥ / shares		¥ 0.17
Depreciation expense \| $			$ 389,700
Hosting and related services
Significant accounting policies
Deferred revenue				¥ 87,830	95,477
Contract with customer liability revenue recognized		¥ 72,822		70,912
Cloud services
Significant accounting policies
Deferred revenue				6,263	¥ 13,716	¥ 4,974
Contract with customer liability revenue recognized		¥ 6,263		¥ 13,716
Minimum \| Change in useful lives
Significant accounting policies
Property and equipment, estimated useful life (in years)	3 years					3 years
Minimum \| Data center Property And Equipment
Significant accounting policies
Property and equipment, estimated useful life (in years)	2 years					2 years
Maximum
Significant accounting policies
Official exchange rate of foreign currency remeasured (RMB per one U.S. dollar)	6.9931					6.9931
Maximum \| Change in useful lives
Significant accounting policies
Property and equipment, estimated useful life (in years)	15 years					15 years
Maximum \| Data center Property And Equipment
Significant accounting policies
Property and equipment, estimated useful life (in years)	10 years					10 years

EMPLOYEE CONTRIBUTION PLAN

12 Months Ended

Dec. 31, 2025

EMPLOYEE CONTRIBUTION PLAN

EMPLOYEE CONTRIBUTION PLAN

19. EMPLOYEE CONTRIBUTION PLAN

As stipulated by the regulations of the PRC, full-time employees of the Company in the PRC participate in a government-mandated multiemployer defined contribution plan organized by municipal and provincial governments. Under the plan, certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. The Company is required to make contributions to the plan based on certain percentages of employees’ salaries. The total expenses for the plan were RMB208,556, RMB183,210 and RMB187,308 for the years ended December 31, 2023, 2024 and 2025, respectively.

- Definition

The entire disclosure for multiemployer plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-7

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-7

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480547/715-80-55-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715-80/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-7

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480547/715-80-55-7

+ Details

LEASES

12 Months Ended

Dec. 31, 2025

LEASES

LEASES

15. LEASES

Leases are classified as operating leases or finance leases in accordance with ASC 842. The Company’s operating leases mainly related to building, office facilities and equipment and the rights to use the land in the PRC. For leases with terms greater than 12 months, the Company records the related asset and liability at the present value of lease payments over the term. Certain leases include rental escalation clauses, renewal options and/or termination options, which are factored into the Company’s determination of lease payments when appropriate.


	As of December 31,
	2024		2025
Weighted average remaining lease term:
Operating lease	9.7 years		9.7 years
Finance lease	14.4 years		12.1 years

Weighted average discount rate:
Operating lease	7.20	%	6.7	%
Finance lease	8.20	%	5.8	%

Lease cost for finance leases capitalized were immaterial for the years ended December 31, 2023, 2024 and 2025.


	For the years ended December 31,
	2023		2024	2025
	RMB		RMB	RMB
Lease cost
Finance lease cost:
Depreciation	199,926		165,262	205,297
Interest expenses	90,679		93,264	117,906
Operating lease cost	749,800		870,196	992,829
Total lease cost	1,040,405		1,128,722	1,316,032

Short-term lease cost and variable lease cost for operating leases and finance leases were immaterial for the years ended December 31, 2023, 2024 and 2025.

Other information related to leases was as follows:


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash payments for operating leases		796,541		847,908		961,747
Financing cash payments for finance leases		210,902		102,646		211,604
Operating cash payments for finance leases		90,679		93,264		117,906

15. LEASES (CONTINUED)

Future lease payments under operating leases and finance leases as of December 31, 2025 were as follows:


		Operating Leases		Finance Leases
		RMB		RMB
2026		992,524		458,033
2027		796,747		440,640
2028		751,293		415,483
2029		727,114		242,937
2030		684,040		111,729
2031 and thereafter		2,945,405		1,486,225
Total future lease payments		6,897,123		3,155,047
Less: Imputed interest		(1,933,801)		(1,153,339)
Present value of future lease payments*		4,963,322		2,001,708

*	Present value of future operating lease payments consisted of current portion of operating lease liabilities and non-current portion of operating lease liabilities, amounting to RMB962,275 and RMB4,001,047 for the year ended December 31, 2025, respectively.

Present value of future finance lease payments consisted of current portion of finance lease liabilities and non-current portion of finance lease liabilities, amounting to RMB357,995 and RMB1,643,713 for the year ended December 31, 2025, respectively.

REDEEMABLE NONCONTROLLING INTEREST

12 Months Ended

Dec. 31, 2025

REDEEMABLE NONCONTROLLING INTEREST

REDEEMABLE NONCONTROLLING INTEREST

18. REDEEMABLE NONCONTROLLING INTEREST

Investment in Yiyun

As disclosed in Note 4, the Compamy acquired Yiyun. As part of the equity purchase agreement, the Sellers also prescribed two put options: (1) The Sellers have the option to sell all or partial of their remaining share interests in Yiyun Hongtu at the price calculated based on 10 times of the Yiyun’s EBITDA with adjustments of certain other assets and liabilities. Option (1) is exercisable from June 30, 2026 to June 30, 2030 or from the date when the Yiyun meets a specific operation target specified in the equity purchase agreement, if earlier; (2) The Sellers have the option to sell all the remaining shares at the price of RMB218.3 million deducting the price paid in exercising option (1). Option (2) is exercisable from January 1, 2028 to June 30, 2030.

The put options were considered to be embedded in the underlying noncontrolling interests and did not require bifurcation under ASC 815. The noncontrolling interests are classified as mezzanine equity because the put options permitted the Sellers to sell its equity interests to the Company for cash. The redeemable noncontrolling interest initially recorded at its fair value. Any accretion due to the redemption feature is determined after the attribution of net income or loss of the subsidiary pursuant to Subtopic 810-10.

Financing from Noncontrolling Interests

In the second half of 2025, the Company entered several agreements with certain third-party institutional investors for their investments in noncontrolling interests in certain subsidiaries of the Company, in the amount of RMB1,829,060 in total. The noncontrolling interests are redeemable for cash when various operational conditions are met, which are not events that are certain to occur. The Company’s redemption obligations are not solely within the control of the Company. The redeemable noncontrolling interests are classified as mezzanine equity on the balance sheets. Any accretion due to the redemption feature is determined after the attribution of net income or loss of the subsidiary pursuant to Subtopic 810-10.

18. REDEEMABLE NONCONTROLLING INTEREST (CONTINUED)

Financing from Noncontrolling Interests (continued)

The change in the carrying amount of redeemable noncontrolling interests is as follows:


		Redeemable
		Non-
		controlling
		Interests
		RMB
Balance at January 1, 2025
Initial recognition		1,790,060
Net income attributable to the redeemable noncontrolling interests		50,903
Accretion to redemption value of redeemable noncontrolling interests		4,929
Dividends to redeemable noncontrolling interests		(34,301)
Redemption of a redeemable noncontrolling interest		(100,000)
Balance at December 31, 2025		1,711,591

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment charges associated with its long-lived assets and acquired intangibles (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Impairment of long-lived assets	¥ 506,686
Impairment of property and equipment	480,099
Impairment of intangible assets	15,113
Impairment of right-of-use assets	¥ 11,474

ACCRUED EXPENSES AND OTHER PAYABLES - Components of accrued expenses and other payables (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
ACCRUED EXPENSES AND OTHER PAYABLES
Payables for purchase of property, equipment and software		¥ 2,562,874	¥ 2,372,569
Borrowings from noncontrolling shareholders		1,253,106
Payroll and welfare payables		741,801	471,262
Consideration, interest and other related expenses due to the original shareholders of BJ TenxCloud		245,868	229,323
Liability classified share-based payments		149,612	149,612
Accrued service fees		128,993	109,902
Payables for office supplies and utilities		118,075	121,398
Payables for acquisitions and long-term investments		48,906	50,017
Value-added tax and other taxes payable		20,395	48,652
Interest payables		30,470	2,578
Others		159,365	62,924
Accrued expenses and other payables	$ 780,693	¥ 5,459,465	¥ 3,618,237

OTHER NON-CURRENT ASSETS

12 Months Ended

Dec. 31, 2025

OTHER NON-CURRENT ASSETS

OTHER NON-CURRENT ASSETS

12. OTHER NON-CURRENT ASSETS

As of December 31, 2024 and 2025, other non-current assets included VAT recoverable and prepayment for acquisition of datacenters and purchase of property and equipment.

PROPERTY AND EQUIPMENT, NET - Carrying amounts of property and equipment held under finance leases (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
PROPERTY AND EQUIPMENT, NET
Property and equipment held under finance leases, gross	¥ 2,786,583	¥ 2,321,107
Less: Accumulated depreciation	(947,847)	(874,470)
Property and equipment held under finance leases net excluding construction in progress	1,838,736	1,446,637
Impairment	(19,904)	(19,904)
Property and equipment held under finance leases, net	¥ 1,818,832	¥ 1,426,733
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Property
PROPERTY AND EQUIPMENT, NET
Property and equipment held under finance leases, gross	¥ 1,018,510	¥ 1,018,510
Data center equipment
PROPERTY AND EQUIPMENT, NET
Property and equipment held under finance leases, gross	¥ 1,768,073	¥ 1,302,597

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of commitments to purchase certain data center equipment and construction-in-progress

Purchase commitments


		RMB
For the year ending December 31,
2026		3,265,581
2027		126,400
2028		744
2029		669
2030		299
2031 and thereafter		10
		3,393,703

Schedule of outstanding purchase commitments in relation to bandwidth and cabinet capacity

Purchase commitments


		RMB
For the year ending December 31,
2026		734,690
2027		230,478
2028		74,717
2029		17,708
2030		5,495
2031 and thereafter		1,031
		1,064,119

ACCRUED EXPENSES AND OTHER PAYABLES - Narrative (Details) - CNY (¥) ¥ in Thousands	6 Months Ended
	Dec. 31, 2025	Jul. 15, 2021
ACCRUED EXPENSES AND OTHER PAYABLES
Borrowings from noncontrolling shareholders	¥ 1,253,106
Beijing TenxCloud Technology Co., Ltd. ("BJ TenxCloud")
ACCRUED EXPENSES AND OTHER PAYABLES
Percentage of equity interests acquired		100.00%
Loans From Redeemable Noncontrolling Interests
ACCRUED EXPENSES AND OTHER PAYABLES
Debt Instrument, Term	1 year
Borrowings from noncontrolling shareholders	¥ 1,253,100
Loans From Redeemable Noncontrolling Interests \| Minimum
ACCRUED EXPENSES AND OTHER PAYABLES
Interest rate (as a percent)	8.00%
Loans From Redeemable Noncontrolling Interests \| Maximum
ACCRUED EXPENSES AND OTHER PAYABLES
Interest rate (as a percent)	13.60%

CONVERTIBLE NOTES (Details) $ / shares in Units, ¥ in Thousands					1 Months Ended					4 Months Ended	12 Months Ended
	Mar. 17, 2025 USD ($) D $ / shares shares	Aug. 20, 2024 USD ($)	Aug. 20, 2024 CNY (¥)	Jan. 28, 2022 USD ($)	Feb. 29, 2024 USD ($)	Feb. 29, 2024 CNY (¥)	Jan. 31, 2024	Jun. 30, 2021 USD ($) D $ / shares	Jan. 31, 2021 USD ($)	Jun. 30, 2023	Dec. 31, 2025 USD ($) D $ / shares	Dec. 31, 2025 CNY (¥) D	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2025 CNY (¥)	Mar. 17, 2025 CNY (¥) shares	Dec. 31, 2024 $ / shares	Dec. 31, 2022	Dec. 31, 2021 $ / shares	Dec. 31, 2020 $ / shares
CONVERTIBLE NOTES
Initial conversion rate of Company 's ADS per $1000	72.7273
Gain (Loss) on debt extinguishment													¥ 246,175
Changes in the fair value of convertible notes											44,949,000	314,332	74,112		165,930
Changes in fair value due to instrument-specific credit risk													14,243
Aggregate principal amount of debt issued											$ 711,562,000	4,976,027	3,014,789		1,813,927
Derivative liability
CONVERTIBLE NOTES
Loss of convertible notes			¥ 1,782,521
2025 Convertible Notes
CONVERTIBLE NOTES
Interest rate (as a percent)											2.00%							2.00%	2.00%
Coupon Interest expense															4,471
Repaid principal amount \| $														$ 68,000,000
Changes in the fair value of convertible notes															¥ 21,816
Derivative Liability Noncurrent Statement Of Financial Position Extensible Enumeration Not Disclosed Flag														true	true
Debt Instrument, Term																	5 years	5 years
Cash consideration received \| $																	$ 200,000,000
Period of receipt of notices										3 months
Redemption price, Percentage of principal amount redeemed										109.00%
Issuance costs												¥ 18,932				¥ 0		¥ 2,939
Fair value of converted portion																¥ 1,639,806		¥ 720,547
2026 Convertible Notes
CONVERTIBLE NOTES
Debt instrument, face amount \| $									$ 600,000,000
Interest rate (as a percent)									0.00%
Amount on exercise of option \| $									$ 75,000,000
Observation period								40 days
Conversion price (in dollars per share) \| $ / shares											$ 18.3574
Redemption price, percentage of Principal amount							100.00%				100.00%	100.00%
Proceeds from issuance of notes \| $											$ 600,000,000
Debt Issuance costs \| $											$ 13,841,000
Remaining amortization period for debt issuance cost											5 years								5 years
Coupon Interest expense													0		¥ 0
Repaid principal amount					$ 600,000,000	¥ 4,262,340
Gain (Loss) on debt extinguishment												¥ (41,261)
Effective interest rate (as a percent)															0.47%							0.47%
Amortization of debt discount and issuance costs															¥ 19,499
Carrying amount															¥ 4,208,495
2027 Convertible Notes
CONVERTIBLE NOTES
Debt instrument, face amount \| $				$ 250,000,000
Repayment of convertible notes \| $				$ 1,000,000
Interest rate (as a percent)				2.00%							10.00%								10.00%
Conversion price (in dollars per share) \| $ / shares											$ 1.8333
Redemption price, percentage of Principal amount				50.00%
Proceeds from issuance of notes \| $											$ 250,000,000
Debt Issuance costs \| $											$ 162,000
Coupon Interest expense													22,594
Consent Fee \| $		$ 37,500,000
Loss of convertible notes												328,573	213,418
Related interest payables			90,671
Gain (Loss) on debt extinguishment			¥ 57,060										¥ 246,175
Effective interest rate (as a percent)													2.02%		2.02%
Changes in the fair value of financial liabilities													¥ 132,538
Fair value of convertible notes													1,897,738						¥ 2,178,928
Changes in the fair value of convertible notes												328,573	199,408
Changes in fair value due to instrument-specific credit risk												¥ 0	14,243
Aggregate unpaid principal balance													¥ 100,638						¥ 421,728
Carrying amount															¥ 1,769,946
Derivative liability															188,706
Debt issuance costs, amortization period											5 years	5 years
Coupon interest expense															¥ 35,234
2030 Convertible Notes
CONVERTIBLE NOTES
Debt instrument, face amount \| $	$ 430,000
Interest rate (as a percent)	2.50%																			2.50%
Maximum conversion rate \| shares	90.9091																			90.9091
Redemption price, percentage of Principal amount	100.00%
Debt Issuance costs	$ 10,389,000																			¥ 74,525
Coupon Interest expense												¥ 60,798
Effective interest rate (as a percent)											3.04%								3.04%
Fair value of convertible notes \| $											$ 2,973,182,000
Amortization of debt discount and issuance costs												¥ 10,544
Carrying amount																			¥ 2,959,736
Redemption price, Percentage of principal amount redeemed	100.00%
Redemption upon maturity \| 2025 Convertible Notes
CONVERTIBLE NOTES
Redemption price, Percentage of principal amount redeemed											115.00%	115.00%
Early redemption at the option of the Purchasers \| 2025 Convertible Notes
CONVERTIBLE NOTES
Redemption price, percentage of Principal amount											109.00%	109.00%
Condition one \| 2026 Convertible Notes
CONVERTIBLE NOTES
Trading days \| D								20			20	20
Consecutive trading days period \| D								30			30	30
Minimum threshold percentage of stock price to conversion price (%)								130.00%			130.00%	130.00%
Condition Two \| 2026 Convertible Notes
CONVERTIBLE NOTES
Trading days \| D								5
Consecutive trading days period \| D								10
Percentage of price to the last reported sale price								98.00%
Scenario Two for Redemption of Debt \| 2030 Convertible Notes
CONVERTIBLE NOTES
Redemption price, percentage of Principal amount	100.00%
American Depository Shares
CONVERTIBLE NOTES
Conversion price (in dollars per share) \| $ / shares											$ 54.47
American Depository Shares \| 2025 Convertible Notes
CONVERTIBLE NOTES
Conversion price (in dollars per share) \| $ / shares											12												$ 12	$ 12
American Depository Shares \| 2027 Convertible Notes
CONVERTIBLE NOTES
Conversion price (in dollars per share) \| $ / shares											$ 11
Conversion Threshold (as percent)											200.00%	200.00%
American Depository Shares \| 2030 Convertible Notes
CONVERTIBLE NOTES
Trading days \| D	20
Consecutive trading days period \| D	30
Conversion price (in dollars per share) \| $ / shares	$ 13.75
American Depository Shares \| Condition one \| 2030 Convertible Notes
CONVERTIBLE NOTES
Trading days \| D	20
Consecutive trading days period \| D	30
Minimum threshold percentage of stock price to conversion price (%)	130.00%
American Depository Shares \| Condition Two \| 2030 Convertible Notes
CONVERTIBLE NOTES
Percentage threshold comparing trading price of convertible debt	98.00%
American Depository Shares \| Scenario One for Redemption of Debt \| 2030 Convertible Notes
CONVERTIBLE NOTES
Minimum threshold percentage of stock price to conversion price (%)	130.00%
Common Class A
CONVERTIBLE NOTES
Ordinary shares, par value (in dollars per share) \| $ / shares											$ 0.00001										$ 0.00001
Common Class A \| 2025 Convertible Notes
CONVERTIBLE NOTES
Number of shares issued upon conversion \| shares													0	0	0	42,401,010	23,710,140	23,710,140
Common Class A \| Condition one \| 2026 Convertible Notes
CONVERTIBLE NOTES
Number of shares represents one ADS \| $								6
Ordinary shares, par value (in dollars per share) \| $ / shares								$ 0.00001

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2025 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Document Shell Company Report	false
Securities Act File Number	001-35126
Entity Registrant Name	VNET Group, Inc.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Guanjie Building Southeast 1st Floor
Entity Address, Address Line Two	10# Jiuxianqiao East Road
Entity Address, Address Line Three	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100016
Entity Address, Country	CN
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Financial Statement error correction	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Auditor Name	KPMG Huazhen LLP
Auditor Location	Beijing, China
Auditor Firm ID	1186
Entity Central Index Key	0001508475
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Business Contact
Document and Entity Information
Entity Address, Address Line One	Guanjie Building, Southeast 1st Floor
Entity Address, Address Line Two	10# Jiuxianqiao East Road
Entity Address, Address Line Three	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100016
Entity Address, Country	CN
Contact Personnel Name	Mr. Sheng Chen,
Country Region	86
City Area Code	10
Local Phone Number	8456-2121
Phone Fax Number Description	10 8456-4234
American Depository Shares
Document and Entity Information
Title of 12(b) Security	American depositary shares, each representing six Class A ordinary shares, par value US$0.00001 per share
Trading Symbol	VNET
Security Exchange Name	NASDAQ
Common Class A
Document and Entity Information
Title of 12(b) Security	Class A ordinary shares, par value US$0.00001 per share
No Trading Symbol Flag	true
Entity Common Stock, Shares Outstanding	1,592,152,601
Common Class B
Document and Entity Information
Entity Common Stock, Shares Outstanding	30,721,723
Common Class C
Document and Entity Information
Entity Common Stock, Shares Outstanding	60,000

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

20. SHARE-BASED COMPENSATION

(a)

Option granted to employees

In order to provide additional incentives to employees and to promote the success of the Company’s business, the Company adopted a share incentive plan in 2010 (the “2010 Plan”). Under the 2010 Plan, the Company may grant options and RSUs to its employees, directors and consultants to purchase an aggregate of no more than 39,272,595 ordinary shares of the Company. The 2010 Plan was approved by the Board of Directors and shareholders of the Company on July 16, 2010. The 2010 Plan is administered by the Board of Directors or the Compensation Committee of the Board as set forth in the 2010 Plan (the “Plan Administrator”). All share options to be granted under the 2010 Plan have a contractual term of ten years and generally vest over 3 to 4 years.

In order to further promote the success and enhance the value, the Company adopted a share incentive plan in 2014 (the “2014 Plan”). Under the 2014 Plan, the Company may issue an aggregate of no more than 20,461,380 shares (“Maximum Number”) and such Maximum Number should be automatically increased by a number that is equal to 15% of the number of new shares issued by the Company from time to time. The maximum aggregate number of ordinary shares to be issued under 2014 Plan was subsequently amended to 39,606,817, as approved by the Board of Directors and shareholders of the Company on October 30, 2015. All share options, restricted shares and restricted share units to be granted under the 2014 Plan have a contractual term of ten years and generally vest over 3 to 4 years.

In order to continuously attract and retain talents, the Company adopted a share incentive plan in 2020 (the “2020 Plan”). Under the 2020 Plan, the Company is authorized to issue an aggregate of 46,560,708 Class A ordinary shares of the Company (equal to the sum of (i) 5% of the Company’s share capital as of the date hereof, calculated on an as-converted basis by taking into consideration all the convertible promissory notes issued and to be issued by the Company, and (ii) 7,562,532 Class A ordinary shares reserved under the “2010 Plan” and “2014 Plan” for future grants) will be reserved for future issuance.

After adoption of the 2020 Plan, the Company ceased to grant any new awards under the 2010 Plan and 2014 Plan while the outstanding awards granted thereunder will remain effective and can be amended by the Company from time to time pursuant to the applicable terms thereto. The 2020 Plan was approved by the Board of Directors and shareholder of the Company on May 13, 2020.

20. SHARE-BASED COMPENSATION (CONTINUED)

(a)

Option granted to employees (continued)

The following table summarized the Company’s employee share option activity under the 2010 Plan:


			Weighted
		Weighted	average
		average	remaining	Aggregate
	Number of	exercise	contractual	intrinsic
	options	price	term	value
		(US$)	(Years)	(US$)
Outstanding, January 1, 2025	359,202	0.17	1.96	222
Exercised	(150,030)	0.15	—	—
Forfeited	(12,750)	0.85	—	—
Outstanding, December 31, 2025	196,422	0.15	1.00	247
Vested as of December 31, 2025	196,422	0.15	1.00	247
Exercisable as of December 31, 2025	196,422	0.15	1.00	247

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the fair value of the underlying stock at each reporting date, for those awards that have an exercise price below the estimated fair value of the Company’s shares.

In 2024, the Company extended the contractual term of the outstanding options by two years. The incremental compensation cost resulting from the modification was not material for the year ended December 31, 2024.

The total fair value of share options exercised during the years ended December 31, 2023, 2024 and 2025 was nil, nil and US$309, respectively. The aggregate intrinsic value of options exercised during the years ended December 31, 2023, 2024 and 2025 was nil, nil and US$189, respectively.

(b)Shares granted to management and employees

The Company granted 20,550, 7,734,635 and 361,611 RSUs, each representing six Class A ordinary shares, in 2023, 2024 and 2025, respectively, with performance conditions whereby a predetermined number will vest upon the annual performance review in accordance with predetermined performance targets for the grantees over a one or four-year period. To the extent that the Company considered the performance targets were probable of achievement, the Company recognized related compensation expenses using the accelerated recognition method to reflect the graded vesting attribution.

The Company granted 46,737 RSUs, each representing six Class A ordinary shares, in 2025, with market conditions whereby a predetermined number will vest upon with the achievement of predetermined share price targets for the Company. The probability to achieve market condition is reflected in the grant date fair value of the award and thus compensation cost is recognized when the requisite service is rendered using the accelerated method.

The fair value of the RSUs with market condition granted is estimated on the date of grant using the Monte Carlo simulation model with the following assumptions used.


Grant date:		November 2025
Risk-free interest rate⁽¹⁾		3.56	%
Volatility⁽²⁾		86.1	%
Expected dividend yield⁽³⁾		—
Share price at grant date		US$1.37
Expected term		1~3 years

(1)	Risk-free interest rate: The risk-free interest rate is based on the United States Treasury Constant Maturity rate with a term equal to the expected term.

(2)	Volatility: Expected volatility is estimated based on the historical volatility of the Company’s share price over a lookback period equal to the expected term.

(3)	Dividend yield: The dividend yield is estimated by the Company based on its expected dividend policy over the expected term of the restricted shares.

20. SHARE-BASED COMPENSATION (CONTINUED)

(b)Shares granted to management and employees (continued)

The Company granted 51,390 RSUs, each representing six Class A ordinary shares, in 2025 with service condition over a two to four-year service period.

In January 2025, the Board of Directors approved to convert the accrued cash bonus to certain employees for certain RSUs at the price of US$5.25 per ADS. The RSUs were vested over three to nine months. The share-based compensation expenses relating to bonus conversion was RMB35,385 during the years ended December 31, 2025.

The following table summarized the Company’s RSUs activity under the 2014 and 2020 Plans:


				Weighted		Weighted
				average		average		Aggregate
		Number of		grant date		remaining		intrinsic
		RSUs		fair value		contractual life		value
				(US$)		(Years)		(US$)
Unvested, January 1, 2025		4,912,467		4.99		2.3		23,285
Granted		1,455,913		5.99		—		—
Vested		(1,644,216)		5.47		—		—
Forfeited		(421,612)		3.73		—		—
Unvested, December 31, 2025		4,302,552		5.08		6.6		36,400

Share-based compensation expenses for RSUs are measured based on the closing fair market value of the Company’s ordinary shares on the date of grant. The aggregate fair value of the unvested RSUs as of December 31, 2025 was RMB254,549. The weighted average grant date fair value of RSUs granted during the years ended December 31, 2023, 2024 and 2025 was US$2.96, US$2.00 and US$5.99, respectively. The total fair value of RSUs vested during the years ended December 31, 2023, 2024 and 2025 was US$2,557, US$19,833 and US$9,770, respectively.

As of December 31, 2025, there was RMB41,315 of unrecognized share-based compensation expenses related to RSUs which is expected to be recognized over a weighted average vesting period of 1.3 years. Total unrecognized share-based compensation expenses may be adjusted for future changes when actual forfeitures incurred.

Total share-based compensation expenses, except for above bonus conversion, relating to share options and RSUs granted to employees recognized for the years ended December 31, 2023, 2024 and 2025 were as follows:


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Cost of revenues		—		4,886		1,196
Sales and marketing expenses		3,141		20,048		1,677
General and administrative expenses		28,883		118,374		21,956
Research and development expenses		3,272		5,249		949
		35,296		148,557		25,778

ACQUISITION AND DISPPOSAL OF SUBSIDIARIES (Tables)

12 Months Ended

Dec. 31, 2025

Sanhe Mingtai Digital Industrial Park Co., Ltd. (Sanhe Digital)

ACCRUED EXPENSES AND OTHER PAYABLES

Schedule of carrying amount of the net assets


		RMB
Net assets acquired:
Current assets		3
Property and equipment, net		105,538
Land use rights, net		14,258
Deferred tax assets		2,232
Accrued expenses and other payables		(2,277)
Deferred tax liabilities		(2,758)
Total share consideration		116,996

Yiyun Hongtu (Shanghai) Big Data Technology Co., Ltd

ACCRUED EXPENSES AND OTHER PAYABLES

Schedule of carrying amount of the net assets


		RMB
Cash and cash equivalents		500
Property and equipment, net		12,941
Land use rights, net		98,296
Intangible assets (Note 9)		512,526
Deferred tax liabilities		(129,259)
Redeemable noncontrolling interests (Note 18)		(218,299)
Total consideration
- Cash consideration		266,705
- Carrying amount of the acquirer’s previously held equity interests		10,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed statements of comprehensive (loss) income (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Condensed statements of comprehensive (loss) income
Net Income (Loss)	$ (36,013)	¥ (251,842)	¥ 183,200	¥ (2,643,836)
Other comprehensive (loss) income, net of tax of nil
Foreign currency translation adjustments, net of tax of nil	9,459	66,149	(21,488)	(25,365)
Changes in fair value due to instrument-specific credit risk			14,243
Others	(182)	(1,270)	3,084
Comprehensive (loss) income attributable to VNET Group, Inc.	$ (27,441)	(191,892)	179,039	(2,669,201)
Parent Company
Condensed statements of comprehensive (loss) income
Net Income (Loss)		(256,771)	183,200	(2,643,836)
Other comprehensive (loss) income, net of tax of nil
Foreign currency translation adjustments, net of tax of nil		66,149	(21,488)	(25,365)
Changes in fair value due to instrument-specific credit risk			14,243
Others		(1,270)	3,084
Other comprehensive income (loss), net of tax of nil		64,879	(4,161)	(25,365)
Comprehensive (loss) income attributable to VNET Group, Inc.		¥ (191,892)	¥ 179,039	¥ (2,669,201)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

FAIR VALUE MEASUREMENTS - Assets measured at fair value on a non-recurring basis (Details)	Dec. 31, 2025
Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rates used	0.086
Unobservable inputs (Level 3) \| Revenue growth rate \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rates used	0
Unobservable inputs (Level 3) \| Revenue growth rate \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rates used	0.38

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed statements of comprehensive (loss) income (Parenthetical) (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Condensed statements of comprehensive (loss) income
Foreign currency translation adjustments, tax	¥ 0	¥ 0	¥ 0
Parent Company
Condensed statements of comprehensive (loss) income
Foreign currency translation adjustments, tax	0	0	0
Other comprehensive income (loss), tax	¥ 0	¥ 0	¥ 0

LONG-TERM INVESTMENTS, NET

12 Months Ended

Dec. 31, 2025

LONG-TERM INVESTMENTS, NET

LONG-TERM INVESTMENTS, NET

11. LONG-TERM INVESTMENTS, NET

The Company’s long-term investments consisted of the following:


		As of December 31,
		2024		2025
		RMB		RMB
Equity investments without readily determinable fair values		30,821		18,565
Equity method investments		718,094		822,815
Available-for-sale debt investments		45,773		44,491
Equity investment with NAV practical expedient		—		176,789
		794,688		1,062,660

Equity investments without readily determinable fair values

The investment income comprised of dividend income of RMB3,270, RMB691 and RMB197 for the years ended December 31, 2023, 2024 and 2025, respectively.

The Company recorded an impairment loss of long-term investments amounting to RMB9,327, nil and nil for the years ended December 31, 2023, 2024 and 2025, respectively.

Investment in Yiyun

In May 2024, the Company through its subsidiary entered into an agreement with Piyun Network Technology Group Co., Ltd to acquire 10% equity interest of Yiyun for a total cash consideration of RMB49,500 with two instalments. The first instalment of RMB10,000 has been paid in 2024 and the second instalment of the remaining cash consideration would be paid upon both parties’ consent. The investment was classified as equity securities without readily determinable fair values. There is no orderly transaction for an identical or a similar investment in Yiyun for the year ended December 31, 2024. As of December 31, 2024, the carrying amount of investment in Yiyun was RMB10,000.

In January 2025, the Company obtained control of Yiyun through acquiring additional equity interests in Yiyun. Details was disclosed in Note 4.

Equity method investments:

In January 2018, the Company through its subsidiary, VNET Beijing, and a third company jointly set up Beijing Jingliang Interconnected Cloud Technology Inc. (“Jingliang Inter Cloud”) and Jingliang Century Cloud Technology Inc. (“Jingliang Century Cloud”). The Company injected capital of RMB6,000 and RMB4,000 and the Company held 60% and 40% of equity interest in Jingliang Inter Cloud and Jingliang Century Cloud, respectively. Based on the article of association, the Company cannot exercise control over relevant activities of the investee, but it has the ability to exercise significant influence over Jingliang Inter Cloud’s operation and financial decisions. As of December 31, 2024, both companies have been dissolved.

In December 2019, the Company through its subsidiary, VNET Beijing, and a third company jointly set up Chengdu Qidi Chengxin Education Limited (“Qidi Chengxin”). The Company injected capital of RMB3,930 and held 59% of equity interest in Qidi Chengxin. Based on the article of association, the Company cannot exercise control over relevant activities of the investee, but it has the ability to exercise significant influence over operation and financial decisions. As of December 31, 2024, the company has been dissolved.

11. LONG-TERM INVESTMENTS, NET (CONTINUED)

Equity method investments: (continued)

In September 2022, the Company through its subsidiary, Shanghai Cloud Network Co., Ltd., and five third parties jointly set up Dexin Tonglian (Beijing) Culture Technology Co., Ltd. (“Dexin Tonglian”). The Company injected capital of RMB3,000 and hold 30% of equity interest in Dexin Tonglian. Based on the article of association, the Company cannot exercise control over relevant activities of the investee, but it has the ability to exercise significant influence over operation and financial decisions. In December 2023, following a registered capital increase of Dexin Tonglian, the Company’s equity interest was adjusted to 45%. In 2025, the company recognized an investment loss of RMB0.003 million, and was dissolved in November 2025.

In November 2022, the Company through its subsidiary, VNET HK, and a third party jointly set up Changzhou Gaoxin Interconnection Co., Ltd. (“Changzhou Gaoxin”). The Company injected capital of RMB210,000 and held 35% of equity interest in Changzhou Gaoxin. Based on the article of association, the Company cannot exercise control over relevant activities of the investee, but it has the ability to exercise significant influence over operation and financial decisions. In April and May 2023, the Company injected additional capital of RMB488,392 and its shareholding remained at 35%. In 2025, the company recognized an investment gain of RMB6.5 million.

In February 2023, the Company through its subsidiary, SH Shilian, and Zhuhai VNET Enterprise Management Partnership (Limited Partnership), an entity controlled by the founder of the Company, jointly set up Zhuhai VNET Private Equity Fund Management Co., Ltd. (“Zhuhai Private”). The Company injected capital of RMB23,000 and held 40% of equity interest in Zhuhai Private. Based on the article of association, the Company cannot exercise control over relevant activities of the investee, but it has the ability to exercise significant influence over operation and financial decisions. In September 2024, the Company received the returned capital of RMB20,075. On October 17, 2024, the dissolution was completed and the disposal loss was RMB1,842, which was recognized in October 2024.

In September 2024, the Company through its subsidiary, SH Shilian, and a third party jointly set up Beijing Xingshulian Technology Development Co., Ltd. (“BJ Xingshulian”). The Company injected capital of RMB3 and hold 40% of equity interest in BJ Xingshulian. Based on the article of association, the Company cannot exercise control over relevant activities of the investee, but it has the ability to exercise significant influence over operation and financial decisions. As a result of the investment loss, the company’s net carrying amount was nil in 2024.

In September 2025, the Company through its subsidiary, SZ DYX, entered into a series of agreements with the selling shareholders to acquire 2.61% equity interest in Nanjing Linxin System Co., Ltd. (“NJ Linxin”) for a cash consideration of RMB470. Based on the article of association, the Company cannot exercise control over relevant activities of the investee, but it has the ability to exercise significant influence over operation and financial decisions.

In November 2025, the Company subscribed 7% of the ABS Plan (Note 4) in an amount of RMB60,200. Based on the investment agreements, the Company cannot exercise control over relevant activities of the ABS Plan, but it has the ability to exercise significant influence over the ABS Plan.

11. LONG-TERM INVESTMENTS, NET (CONTINUED)

Available-for-sale debt investments:

Investment in Matrix Intelligence Limited (“Matrix”)

In May 2024, the Company through its subsidiary entered into an investment agreement with Matrix to acquire 988,116 Series Pre-A Preferred Shares, which represented 4.76% equity interest of Matrix on an as-converted and fully-diluted basis, for a cash consideration of US $6,000 (equivalent to RMB42,661). The investment was classified as available-for-sale debt investments because the investment contains substantive liquidation preference and redemption provision and is redeemable at the option of the investor. The Company recorded the investment at fair value. Unrealized gain of RMB3,084 and unrealized loss of RMB1,270, net of nil income taxes were recorded in other comprehensive income for the year ended December 31, 2024 and 2025, respectively.

Equity investment with NAV practical expedient:

In October 2025, the Company invested in an asset management portfolio product from SDHG International Asset Management Limited (SDHG INTL AM LTD,), a subsidiary of the Company’s shareholder, Shandong Hi-speed Group Co., Ltd., in an amount of USD25.0 million (equivalent to RMB175,720). Such investment could only be redeemed at the net asset value by the Company after 10 years. The underlying asset portfolio was managed by SDHG INTL AM LTD, which is a professional asset management company. The Company elected to use the net asset value (NAV) per share practical expedient when measuring the fair value of this equity investment. The Company would also disclosed such transaction in the related party section of its consolidated financial statements. As of December 31, 2025, the balance of such investments was RMB176.8 million with fair value gain of RMB1.1 million.

TAXATION

12 Months Ended

Dec. 31, 2025

TAXATION

TAXATION

21. TAXATION

Enterprise income tax (“EIT”)

Cayman Islands

The Company is incorporated in the Cayman Islands and conducts its primary business operations through the subsidiaries and VIEs. Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain arising in Cayman Islands.

British Virgin Islands

Subsidiaries in British Virgin Islands are not subject to tax on income or capital gains under the current laws of the British Virgin Islands. Additionally, upon payments of dividends by the Company to its shareholders, no British Virgin Islands withholding tax will be imposed.

Hong Kong S.A.R.

Subsidiaries in Hong Kong S.A.R. are subject to Hong Kong profits tax rate of 16.5% for the years ended December 31, 2023, 2024 and 2025. A two-tiered profits tax rates regime was introduced in 2018 under which the first HK$2 million of assessable profits earned by an eligible company will be taxed at 8.25% and the remaining profits will continue to be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to nominate only one company in the group to benefit from the progressive rates. Additionally, upon payments of dividends by the Company to its shareholders, no HK withholding tax will be imposed.

Chinese Taiwan

DYX Taiwan branch is incorporated in Chinese Taiwan and is subject to Chinese Taiwan profits tax rate of 20% for the years ended December 31, 2023, 2024 and 2025.

Chinese Mainland

The Company’s subsidiaries incorporated in Chinese mainland are subject to the statutory rate of 25% on the taxable income in accordance with the Enterprise Income Tax Law (The “EIT Law”), which was effective since January 1, 2008, except for certain entities eligible for preferential tax rates.

Dividends, interests, rent or royalties payable by the Company’s Chinese mainland subsidiaries, to non-Chinese mainland resident enterprises, and proceeds from any such non-resident enterprise investor’s disposition of assets (after deducting the net value of such assets) shall be subject to 10% withholding tax, unless the respective non-PRC resident enterprise’s jurisdiction of incorporation has a tax treaty or arrangements with China that provides for a reduced withholding tax rate or an exemption from withholding tax.

VNET Beijing was qualified for a High and New Technology Enterprise (“HNTE”) since 2008 and is eligible for a 15% preferential tax rate. In October 2014, VNET Beijing obtained a new certificate and reapplied the certificate in October 2017, 2020 and 2023, with a validity term of three years. In accordance with the PRC Income Tax Laws, an enterprise awarded with the HNTE certificate may enjoy a reduced EIT rate of 15%. For the years ended December 31, 2023, 2024 and 2025, the tax rate for VNET Beijing was 15%, 15% and 15%, respectively.

From the year ended December 31, 2011 to the year ending December 31, 2030, certain subsidiaries located in Inner Mongolia Autonomous Region, Shaaanxi Province and Sichuan Province, were qualified for a preferential tax rate of 15%. The preferential tax rate is awarded to companies that are located in West Regions of China which operate in certain encouraged industries.

21. TAXATION (CONTINUED)

Enterprise income tax (“EIT”) (continued)

Chinese Mainland (continued)

In October 2015, SH Blue Cloud, a subsidiary located in Shanghai, was qualified for a HNTE and became eligible for 15% preferential tax rate. The certificate was reapplied in November 2018, November 2021 and December 2024 with a validity term of three years. Accordingly, for the years ended December 31, 2023, 2024 and 2025, SH Blue Cloud enjoyed a preferential tax rate of 15%.

In November 2016, SZ DYX, a subsidiary located in Guangdong Province, was qualified for a HNTE and became eligible for 15% preferential tax rate effective for three consecutive years and the certificate was reapplied in November 2019, December 2022 and December 2025 with a validity term of three years. Accordingly, for the years ended December 31, 2023, 2024 and 2025, SZ DYX enjoyed a preferential tax rate of 15%.

In December 2016, BJ TenxCloud, a subsidiary located in Beijing was qualified for a HNTE and became eligible for 15% preferential tax rate effective for three consecutive years and the certificate was reapplied in December 2019, December 2022 and December 2025 with a validity term of three years. Accordingly, for the years ended December 31, 2023, 2024 and 2025, BJ TenxCloud enjoyed a preferential tax rate of 15%.

In December 2025, SH Edge Connect, a subsidiary located in Shanghai, was qualified for a HNTE and became eligible for 15% preferential tax rate effective for three consecutive years with a validity term of three years. Accordingly, for the years ended December 31, 2023, 2024, and 2025, the applicable tax rate assessed for SH Edge Connect was 25%, 25% and 15%, respectively.

The EIT Law also provides that enterprises established under the laws of foreign countries or regions and whose “place of effective management” is located within the PRC are considered PRC tax resident enterprises and subject to PRC income tax at the rate of 25% on worldwide income. The definition of “place of effective management” refers to an establishment that exercises, in substance, overall management and control over the production and business, personnel, accounting, properties, etc. of an enterprise.

The administrative practice associated with interpreting and applying the concept of “place of effective management” is unclear. The Company does not believe that the legal entities organized outside the PRC should be considered as residents for EIT Law purposes. If such an entity is deemed as a PRC tax resident, it will be subject to 25% PRC EIT under the EIT Law on its worldwide income, meanwhile the dividend it receives from another PRC tax resident company will be exempted from 25% PRC income tax.

Pillar Two income taxes

The Company is part of a multinational enterprise group which is subject to the Global AntiBase Erosion Model Rules (“Pillar Two model rules”) published by the Organisation for Economic Co-operation and Development.

From January 1, 2025, the Company is liable to Pillar Two income taxes under the Hong Kong Inland Revenue (Amendment) (Minimum Tax for Multinational Enterprise Groups) Ordinance 2025 for its earnings in the Hong Kong SAR and certain other jurisdictions where a domestic minimum top-up tax has not been implemented, including the Chinese mainland.

Income taxes arising from Pillar Two model rules are accounted for as an alternative minimum tax, and recorded as a component of current income tax expenses in the period in which they arise.

(Loss) income before income taxes consisted of:


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Non-Chinese mainland		(331,586)		(39,684)		(244,445)
Chinese mainland		(2,151,209)		522,336		668,534
		(2,482,795)		482,652		424,089

21. TAXATION (CONTINUED)

Enterprise income tax (“EIT”) (continued)

Income tax expenses comprised of:


		For the years ended December 31,
		2023		2024
		RMB		RMB
Current		(157,526)		(247,166)
Deferred		43,152		12,937
		(114,374)		(234,229)


		For the year ended December 31,
		2025
		RMB
Current
- Chinese mainland		(397,309)
- Non-Chinese mainland		(98,595)
Deferred
- Chinese mainland		(61,606)
		(557,510)

Income tax paid for the year ended December 31, 2025 comprised of:


		For the year ended December 31,
		2025
		RMB
Chinese mainland		318,086
Hong Kong S.A.R.		100,731
Other jurisdictions		3,482
Total		422,299

The reconciliation of tax computed by applying the statutory income tax rate of 25% for the years ended December 31, 2023, 2024 and 2025 applicable to the Chinese mainland operations to income tax expenses were as follows:


		For the years ended December 31,
		2023		2024
		RMB		RMB
(Loss) income before income taxes		(2,482,795)		482,652
Income tax benefits (expenses) computed at applicable tax rates (25%)		620,699		(120,663)
Non-deductible expenses		(700)		(13,564)
Research and development expenses		65,863		45,882
Preferential rate		(6,140)		19,729
Current and deferred tax rate differences		11,036		12,957
International rate differences		(101,585)		(45,239)
Tax exempted income		2,803		23,413
Foreign investment		(53,617)		(37,905)
Unrecognized tax benefits		(11,283)		(9,393)
Change in valuation allowance		(606,071)		(57,808)
Prior year provision to return true up		(34,759)		(49,853)
Others		(620)		(1,785)
Income tax expenses		(114,374)		(234,229)

21. TAXATION (CONTINUED)

Enterprise income tax (“EIT”) (continued)


		For the year ended December 31,
		2025
		RMB	%
Income before income taxes		424,089	—
Chinese mainland statutory income tax rate		(106,022)	25.0	%
Non-deductible interest expenses		(21,729)	5.1	%
Intra-entity transfers of subsidiaries		(101,660)	24.0	%
Research and development expenses		47,856	(11.3)	%
Preferential rate		71,780	(16.9)	%
Current and deferred tax rate differences		(17,497)	4.1	%
Prior year provision to return true up		(16,309)	3.8	%
Change in valuation allowance		(241,360)	56.9	%
Others		(1,979)	0.5	%
Chinese mainland income tax		(386,920)	91.2	%
Other tax jurisdiction effect
Hong Kong S.A.R.
- Income tax rate difference		12,306	(2.9)	%
- Witholding tax on investment income		(75,012)	17.7	%
- Others		1,942	(0.5)	%
Hong Kong S.A.R income tax		(60,764)	14.3	%
Cayman Islands - Income tax rate difference		(107,104)	25.3	%
Other jurisdictions		8,162	(1.9)	%
Changes in unrecognized tax benefits		(10,884)	2.6	%
Income tax expenses		(557,510)	131.5	%

21. TAXATION (CONTINUED)

Deferred Tax

The significant components of deferred taxes were as follows:


		As of December 31,
		2024		2025
		RMB		RMB
Deferred tax assets
Allowance for doubtful debt		151,507		152,606
Impairment of long-lived assets		167,016		167,455
Impairment of long-term investments		4,866		4,866
Accrued expense		99,066		81,430
Tax losses		722,959		916,553
Property and equipment		60,739		74,014
Intangible assets		7,937		8,831
Finance lease		387,135		361,498
Operating lease		1,074,944		1,092,755
Loss picked up on equity method investments		13,804		13,804
Valuation allowance		(952,541)		(1,205,912)

Total deferred tax assets, net of valuation allowance		1,737,432		1,667,900

Deferred tax liabilities
Intangible assets		315,308		389,510
Property and equipment		233,369		234,624
Capitalized interest expense		62,582		95,131
Finance lease		289,158		254,843
Operating lease		1,074,944		1,092,755
Investment in a VIE		189,852		189,852

Total non-current deferred tax liabilities		2,165,213		2,256,715

Net deferred tax liabilities		(427,781)		(588,815)
Analysis as:
Deferred tax assets		306,623		251,572
Deferred tax liabilities		734,404		840,387

21. TAXATION (CONTINUED)

Deferred Tax (continued)

As of December 31, 2025, the Company has net tax operating losses from its Chinese mainland subsidiaries and its consolidated VIEs, as per filed tax returns, of RMB2,338,538, which will expire at various times between 2026 and 2035 and the majority expiring by 2030, if not utilized.

As of December 31, 2025, the undistributed earnings of the Company’s Chinese mainland subsidiaries and VIEs in which the Company intends to permanently reinvested were RMB3,722,046 Other than these indefinitely reinvested amount, as of December 31, 2025, the Company has recognized deferred tax liabilities amounting to RMB189,852 associated with SH Zhiyan, one of its VIEs.

The following table presents the movements of the valuation allowance:


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Balance at beginning of year		397,457		955,738		952,541
Addition		606,071		57,808		254,034
Expiration		(47,790)		(61,005)		(663)
Balance at end of year		955,738		952,541		1,205,912

Unrecognized Tax Benefits

As of December 31, 2024 and 2025, the Company recorded unrecognized tax benefits of RMB107,850 and RMB118,734, respectively.

The unrecognized tax benefits and its related interest are primarily related to non-deductible expenses and accrued expenses. RMB63,245 of the total unrecognized tax benefits, ultimately recognized, will impact the effective tax rate. It is possible that the amount of uncertain tax benefits will change in the next 12 months, however, an estimate of the range of the possible outcomes cannot be made at this time.

A roll-forward of unrecognized tax benefits principal was as follows:


		For the years ended December 31,
		2024		2025
		RMB		RMB
Balance at beginning of year		64,528		63,273
Reversal based on tax positions related to prior years		(1,255)		(28)
Balance at end of year		63,273		63,245

For the years ended December 31, 2023, 2024 and 2025, the Company recorded interest expense of RMB11,283, RMB10,648 and RMB10,912, respectively. Accumulated interest expense recorded by the Company was RMB44,577 and RMB55,489 as of December 31, 2024 and 2025, respectively. As of December 31, 2025, the tax years ended December 31, 2021 through 2025 for the Chinese Mainland subsidiaries remain open for statutory examination by the PRC tax authorities.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 2
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Analysis of the allowance for doubtful debt in relation to other receivables (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Analysis of the allowance for doubtful debt in relation to other receivables
Balance at beginning of the year	¥ 357,035	¥ 445,669	¥ 131,624
Addition	5,207	1,616	313,993
Write-off		(90,296)
Foreign exchange difference	(81)	46	52
Balance at the end of the year	¥ 362,161	¥ 357,035	¥ 445,669

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2025

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

29. SUBSEQUENT EVENTS

Financing from issuance of asset-backed securities

In February 2026, the Company, acting as the originators, involved in the issuance of another two ABS Plans which are listed on the Shanghai Stock Exchange in March 2026, with the issuance scale of RMB4.674 billion and RMB1.702 billion, respectively. The Company subscribed 30% of each of the ABS Plans with the remaining portion subscribed by various institutional investors.

Amendment of 2027 Convertible Notes

In February 2026, the 2027 Convertible Notes was amended as public notes and the maturity date of the 2027 Convertible Notes was amended to extend from March 4, 2027 to October 1, 2027.

The Company had paid the consent fee of USD37.5 million (equivalent to RMB262.24 million) to the original holders of the 2027 Convertible Notes, Blackstone Tactical Opportunities, pursuant to the agreement between the Company and the original holders of the 2027 Convertible Notes dated on August 20, 2024. After the amendment, the original holders of the 2027 Convertible Notes transferred all of the 2027 Convertible Notes to third party investors in public.

Private offering of ordinary shares

In March 2026, the Company newly issued 81.0 million Class A ordinary shares of the Company to certain institutional investors at an offering price of US$1.7 per share. The gross proceeds from this private offering were US$137.7 million.

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis

Summary of assets and liabilities measured at fair value on a recurring basis


	Fair value measurement using:
	Quoted prices in	Significant other
	active markets for	observable	Unobservable
	identical assets	inputs	inputs		Fair value at
	(Level 1)	(Level 2)	(Level 3)		December 31, 2024
	RMB	RMB	RMB		RMB
Long-term investment-Available-for-sale debt investments	—	—	45,773		45,773
Derivative financial instrument-Foreign currency exchange option	—	6,768	—		6,768
Assets	—	6,768	45,773		52,541

Convertible notes
- 2027 Convertible notes	—	—	1,897,738		1,897,738
Liabilities	—	—	1,897,738		1,897,738


		Fair value measurement using:
		Quoted prices in		Significant other
		active markets for		observable		Unobservable
		identical assets		inputs		inputs		Fair value at
		(Level 1)		(Level 2)		(Level 3)		December 31, 2025
		RMB		RMB		RMB		RMB
Short-term investments:
- Wealth management products		—		379,198		—		379,198
Long-term investment
- Available-for-sale debt investments		—		—		44,491		44,491
Derivative financial instrument
- Foreign currency exchange option		—		11,185		—		11,185
Assets		—		390,383		44,491		434,874

Convertible notes
- 2027 Convertible Notes		—		—		2,178,928		2,178,928
Liabilities		—		—		2,178,928		2,178,982

Summary of reconciliation of all liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3)


		2025 Convertible Notes
		RMB
Fair value at December 31, 2022		537,778
Changes in fair value		(21,816)
Settlement		(527,089)
Foreign currency translation adjustment		11,127
Fair value at December 31, 2023		—


		2027 Convertible Notes
		RMB
Fair value at August 20, 2024		1,683,270
Changes in fair value through the earnings		213,418
Changes in fair value due to instrument-specific credit risk in other comprehensive income		(14,243)
Foreign currency translation adjustment		15,293
Fair value at December 31, 2024		1,897,738
Changes in fair value through the earnings		328,573
Foreign currency translation adjustment		(47,383)
Fair value at December 31, 2025		2,178,928

		Derivative liability
		RMB

Fair value at December 31, 2022		—
Changes in fair value		187,746
Foreign exchange loss		960
Fair value at December 31, 2023		188,706
Changes in fair value		(132,538)
Foreign currency translation adjustment		892
Fair value immediately prior to the extinguishment		57,060

Summary of reconciliation of all assets measured at fair value on a recurring basis


		Available-for-sale debt investments
		RMB
Fair value at initial measurement		42,661
Changes in fair value recorded as unrealized gain in other comprehensive income		3,084
Foreign exchange loss		28
Fair value at December 31, 2024		45,773
Changes in fair value recorded as unrealized gain in other comprehensive income		(1,270)
Foreign currency translation adjustment		(12)
Fair value at December 31, 2025		44,491

2025 Convertible Notes

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis

Summary of fair value of available-for-sale debt securities


		As of December 31,		As of December 31,
		2024		2025
Price-to-sales multipier		20.87		21.72
DLOM		20.00	%	20.00	%

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

LAND USE RIGHTS, NET (Tables)

12 Months Ended

Dec. 31, 2025

LAND USE RIGHTS, NET

Schedule of land use rights held by the company


	As of December 31,
	2024	2025
	RMB	RMB
Cost	846,156	963,468
Accumulated amortization	(79,943)	(95,703)
Land use rights, net	766,213	867,765

Schedule of carrying value of land use rights pledged by company to secure banking borrowings


	As of December 31,
	2024	2025
	RMB	RMB
Land use rights, net	205,334	249,031

BORROWINGS - Borrowings (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
BORROWINGS
Short term bank borrowings	$ 167,674	¥ 1,172,561	¥ 589,000
Long-term bank borrowings, current portion		957,062	615,015
Other long-term borrowings, current portion		1,102,092	805,175
Borrowings, current portion, Total		3,231,715	2,009,190
Long-term bank borrowings, non-current portion		9,490,143	6,082,964
Other long-term borrowings, non-current portion		2,089,521	1,684,426
Total borrowings		¥ 14,811,379	¥ 9,776,580

CONCENTRATION OF RISKS

12 Months Ended

Dec. 31, 2025

CONCENTRATION OF RISKS

CONCENTRATION OF RISKS

3. CONCENTRATION OF RISKS

(a) Credit risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, other receivables and amounts due from related parties. As of December 31, 2024 and 2025, the aggregate amount of cash and cash equivalents, restricted cash and short-term investments of RMB1,974,919 and RMB5,176,853, respectively, were held at major financial institutions located in the PRC, and US$14,543 (equivalent to RMB106,154) and US$200,774, (equivalent to RMB1,404,030) respectively, were deposited with major financial institutions located outside the PRC. Management believes that these financial institutions are of high credit quality and continually monitors the credit worthiness of these financial institutions. Historically, deposits in Chinese banks are secure due to the state policy on protecting depositors’ interests. However, China promulgated a new Bankruptcy Law in August 2006 that came into effect on June 1, 2007, which contains a separate article expressly stating that the State Council may promulgate implementation measures for the bankruptcy of Chinese banks based on the Bankruptcy Law. Under the new Bankruptcy Law, a Chinese bank may go into bankruptcy. In addition, since China’s concession to the World Trade Organization, foreign banks have been gradually permitted to operate in China and have been significant competitors against Chinese banks in many aspects, especially since the opening of the Renminbi business to foreign banks in late 2006. Therefore, the risk of bankruptcy of those Chinese banks in which the Company has deposits has increased. In the event of bankruptcy of one of the banks which holds the Company’s deposits, the Company is unlikely to claim its deposits back in full since the bank is unlikely to be classified as a secured creditor based on PRC laws.

3. CONCENTRATION OF RISKS (CONTINUED)

(b) Business, supplier, customer, and economic risk

The Company participates in a relatively dynamic and competitive industry that is heavily reliant operation excellence of the services. The Company believes that changes in any of the following areas could have a material adverse effect on the Company’s future financial position, result of operations or cash flows:

(i)Business risk—Third parties may develop technological or business model innovations that address data center and network requirements in a manner that is, or is perceived to be, equivalent or superior to the Company’s services. If competitors introduce services that compete with, or surpass the quality, price or performance of the Company’s services, the Company may be unable to renew its agreements with existing customers or attract new customers at the prices and levels that allow the Company to generate reasonable rates of return on its investment.

(ii)Supplier risk—The Company’s operations are dependent upon bandwidth and cabinet capacity provided by the third-party telecom carriers. There can be no assurance that the Company will be able to secure the cabinet and bandwidth supply from the third-party telecom carriers, neither the Company is adequately prepared for unexpected increases in bandwidth demands by its customers. The communications capacity the Company has leased, include cabinet and bandwidth, may become unavailable for a variety of reasons, such as physical interruption, technical difficulties, contractual disputes, or the financial health of its third-party providers. Any failure of these network providers to provide the capacity the Company requires may result in a reduction in, or interruption of, service to its customers. A significant portion of the Company’s total bandwidth and cabinet resources are purchased from its five largest suppliers, who collectively accounted for 42%, 45% and 46% of the Company’s total bandwidth and cabinet resources for the years ended December 31, 2023, 2024 and 2025, respectively.

(iii)Customer risk—The success of the Company’s business going forward will rely in part on Company’s ability to continue to obtain and expand business from existing customers while also attracting new customers. The Company has a diversified base of customers covering its services and one,one and two entity customers generated more than 10% but less than 20% of the Company’s total net revenues for the years ended December 31, 2023, 2024 and 2025, respectively.

The Company transacts substantially all its business in RMB, which is not freely convertible into foreign currencies. On January 1, 1994, the PRC government abolished the dual-rate system and introduced a single rate of exchange as quoted daily by the People’s Bank of China (the “PBOC”). However, the unification of the exchange rates does not imply that the RMB may be readily convertible into US$ or other foreign currencies. All foreign exchange transactions continue to take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 55
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/275/tableOfContent

+ Details

COMMITMENTS AND CONTINGENCIES - Capital commitments (Details) - Schedule of commitments to purchase certain data center equipment and construction-in-progress - Capital commitments ¥ in Thousands	Dec. 31, 2025 CNY (¥)
COMMITMENTS AND CONTINGENCIES
2026	¥ 3,265,581
2027	126,400
2028	744
2029	669
2030	299
2031 and thereafter	10
Commitments to purchase	¥ 3,393,703

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

26. FAIR VALUE MEASUREMENTS

The Company applies ASC 820. ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 requires disclosures to be provided on fair value measurement.

ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Include other inputs that are directly or indirectly observable in the marketplace.

Level 3 — Unobservable inputs which are supported by little or no market activity.

ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

Assets and liabilities measured at fair value on a recurring basis include short-term investments, derivative financial instrument, available-for-sale debt investment, 2027 Convertible Notes after the terms amendments on August 20, 2024 and derivative liability. Liabilities measured at amortized cost method include the 2026 Convertible Notes, the 2027 Convertible Notes before the amendments, and the 2030 Convertible Notes. The fair value of these financial instruments are summarized below:


	Fair value measurement using:
	Quoted prices in	Significant other
	active markets for	observable	Unobservable
	identical assets	inputs	inputs		Fair value at
	(Level 1)	(Level 2)	(Level 3)		December 31, 2024
	RMB	RMB	RMB		RMB
Long-term investment-Available-for-sale debt investments	—	—	45,773		45,773
Derivative financial instrument-Foreign currency exchange option	—	6,768	—		6,768
Assets	—	6,768	45,773		52,541

Convertible notes
- 2027 Convertible notes	—	—	1,897,738		1,897,738
Liabilities	—	—	1,897,738		1,897,738

26. FAIR VALUE MEASUREMENTS (CONTINUED)


		Fair value measurement using:
		Quoted prices in		Significant other
		active markets for		observable		Unobservable
		identical assets		inputs		inputs		Fair value at
		(Level 1)		(Level 2)		(Level 3)		December 31, 2025
		RMB		RMB		RMB		RMB
Short-term investments:
- Wealth management products		—		379,198		—		379,198
Long-term investment
- Available-for-sale debt investments		—		—		44,491		44,491
Derivative financial instrument
- Foreign currency exchange option		—		11,185		—		11,185
Assets		—		390,383		44,491		434,874

Convertible notes
- 2027 Convertible Notes		—		—		2,178,928		2,178,928
Liabilities		—		—		2,178,928		2,178,982

Wealth management products are valued based on price per unit quoted by financial institution and are classified within Level 2 of the fair value hierarchy.

The Foreign currency exchange option is classified within Level 2 and is measured using Black-Scholes model that involves several parameters including the USD/CNY spot exchange rate, the interest rate of CNY and USD and the USD/CNY foreign currency exchange option implied volatility.

The 2027 Convertible Notes and available-for-sale debt securities are classified within Level 3. The fair value of 2027 Convertible Notes is measured using binomial tree pricing model that involves several parameters including the Company’s share price, share price volatility determined from the Company’s historical share prices, the remaining maturity term and the discount rate.

The assumptions are inherently uncertain and subjective. Changes in any unobservable inputs may have a significant impact on the fair value of 2027 Convertible Notes.

The fair value of available-for-sale debt securities is measured using market approch that involves several parameters including the price-to-sales multipier and discount for lack of marketability (“DLOM”). The fair value of available-for-sale debt securities as of December 31, 2024 were estimated with the following key assumptions:


		As of December 31,		As of December 31,
		2024		2025
Price-to-sales multipier		20.87		21.72
DLOM		20.00	%	20.00	%

The assumptions are inherently uncertain and subjective. Changes in any unobservable inputs may have a significant impact on the fair value of available-for-sale debt securities.

The Company measures the fair value of its investment in the asset investment portfolio managed by SDHG INTL AM LTD using the net asset value (NAV) per share as a practical expedient. In accordance with US GAAP, this investment has not been classified within the fair value hierarchy. As of December 31, 2025, the fair value of the asset investment portfolio is RMB176,789, with nil unfunded commitments. The significant investment strategy of the asset investment portfolio is to invest in high-quality equity and debt securities. The investment is subject to a 10-year lock-up period and cannot be redeemed by the Company currently.

The Company measures equity investments elected to use the measurement alternative at fair value on a nonrecurring basis, in the cases of an impairment charge is recognized, fair value of an investment is remeasured in an acquisition or a disposal, and an orderly transaction for identical or similar investments of the same issuer was identified.

26. FAIR VALUE MEASUREMENTS (CONTINUED)

The following tables presented a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3):


		2025 Convertible Notes
		RMB
Fair value at December 31, 2022		537,778
Changes in fair value		(21,816)
Settlement		(527,089)
Foreign currency translation adjustment		11,127
Fair value at December 31, 2023		—


		2027 Convertible Notes
		RMB
Fair value at August 20, 2024		1,683,270
Changes in fair value through the earnings		213,418
Changes in fair value due to instrument-specific credit risk in other comprehensive income		(14,243)
Foreign currency translation adjustment		15,293
Fair value at December 31, 2024		1,897,738
Changes in fair value through the earnings		328,573
Foreign currency translation adjustment		(47,383)
Fair value at December 31, 2025		2,178,928

		Derivative liability
		RMB

Fair value at December 31, 2022		—
Changes in fair value		187,746
Foreign exchange loss		960
Fair value at December 31, 2023		188,706
Changes in fair value		(132,538)
Foreign currency translation adjustment		892
Fair value immediately prior to the extinguishment		57,060


		Available-for-sale debt investments
		RMB
Fair value at initial measurement		42,661
Changes in fair value recorded as unrealized gain in other comprehensive income		3,084
Foreign exchange loss		28
Fair value at December 31, 2024		45,773
Changes in fair value recorded as unrealized gain in other comprehensive income		(1,270)
Foreign currency translation adjustment		(12)
Fair value at December 31, 2025		44,491

Assets measured at fair value on a non-recurring basis

The Company measures certain non-financial assets on a nonrecurring basis. The Company’s non-financial assets, including long-lived assets such as property and equipment, intangible assets, right-of-use assets, and goodwill, would be measured at fair value only if they were determined to be impaired. The fair values of long-lived assets and reporting unit were measured under income approach, based on the Company’s best estimation which primarily includes significant unobservable inputs (level 3) such as future cash flows and discount rate.

Long-lived assets within certain asset groups were measured at fair value on a nonrecurring basis at December 31, 2023 due to an impairment recognized on those assets at that date (see Note 2(p)). Fair value of the asset groups was estimated using discounted cash flows under the income approach classified in Level 3 of the fair value hierarchy. Under the income approach, revenue growth rates in a range of 0% to 38% were used and the cash flows were discounted using a rate of 8.6%.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

ACCRUED EXPENSES AND OTHER PAYABLES

12 Months Ended

Dec. 31, 2025

ACCRUED EXPENSES AND OTHER PAYABLES

ACCRUED EXPENSES AND OTHER PAYABLES

14. ACCRUED EXPENSES AND OTHER PAYABLES

The components of accrued expenses and other payables were as follows:


		As of December 31,
		2024		2025
		RMB		RMB
Payables for purchase of property, equipment and software		2,372,569		2,562,874
Borrowings from noncontrolling shareholders⁽¹⁾		—		1,253,106
Payroll and welfare payables		471,262		741,801
Consideration, interest and other related expenses due to the original shareholders of BJ TenxCloud ⁽²⁾		229,323		245,868
Liability classified share-based payments ⁽²⁾		149,612		149,612
Accrued service fees		109,902		128,993
Payables for office supplies and utilities		121,398		118,075
Payables for acquisitions and long-term investments		50,017		48,906
Value-added tax and other taxes payable		48,652		20,395
Interest payables		2,578		30,470
Others		62,924		159,365
		3,618,237		5,459,465

(1)

(2)

In addition, the Company is obligated to issue variable numbers of the shares of the Company or its subsidiary to certain selling shareholders, determinable based on achievements of the financial and operational targets by BJ TenxCloud during various post-acquisition periods. As such share-base payments will be forfeited if these employees cease their employments with the Company, the Company recognized these payments as compensation costs over the requisite service periods. The Company classified the share-based payments as liability classified share-based payments.

FAIR VALUE MEASUREMENTS - Key assumptions (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024
Asset Management Portfolio Product from SDHG International Asset Management Limited
FAIR VALUE MEASUREMENTS
Fair value of the asset investment portfolio	¥ 176,789
Unfunded commitments	¥ 0
Investment lock-up period	10 years
Price-to-sales multipier \| 2027 Convertible Notes
FAIR VALUE MEASUREMENTS
Convertible notes	0.2172	0.2087
DLOM \| 2027 Convertible Notes
FAIR VALUE MEASUREMENTS
Convertible notes	0.20	0.20

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

ACQUISITION AND DISPPOSAL OF SUBSIDIARIES - Carrying amount of the net identifiable assets (Details) ¥ in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Jan. 31, 2025 CNY (¥)	Mar. 31, 2023 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
ACQUISITION AND DISPPOSAL OF SUBSIDIARIES
Current assets				$ 1,637,597	¥ 11,451,866	¥ 6,820,148
Cash and cash equivalents			¥ 2,243,537	789,860	5,523,571	1,492,436
Property and equipment, net				3,256,864	22,775,579	17,216,635
Land use rights, net				124,089	867,765	766,213
Intangible assets				286,670	2,004,710	1,403,787
Deferred tax assets, net				35,974	251,572	306,623
Accrued expenses and other payables				(780,693)	(5,459,465)	(3,618,237)
Deferred tax liabilities				(120,174)	(840,387)	¥ (734,404)
Redeemable noncontrolling interests				$ 244,754	¥ 1,711,591
Total consideration
Carrying amount of the acquirer's previously held equity interests			¥ 116,996
Sanhe Mingtai Digital Industrial Park Co., Ltd. (Sanhe Digital)
ACQUISITION AND DISPPOSAL OF SUBSIDIARIES
Current assets		¥ 3
Property and equipment, net		105,538
Land use rights, net		14,258
Deferred tax assets, net		2,232
Accrued expenses and other payables		(2,277)
Deferred tax liabilities		(2,758)
Total consideration
Cash consideration		¥ 116,996
Yiyun Hongtu (Shanghai) Big Data Technology Co., Ltd
ACQUISITION AND DISPPOSAL OF SUBSIDIARIES
Cash and cash equivalents	¥ 500
Property and equipment, net	12,941
Land use rights, net	98,296
Intangible assets	512,526
Deferred tax liabilities	(129,259)
Redeemable noncontrolling interests	(218,299)
Total consideration
Cash consideration	266,705
Carrying amount of the acquirer's previously held equity interests	¥ 10,000

TAXATION - Income Tax Expense (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
TAXATION
Current			¥ (247,166)	¥ (157,526)
Deferred	$ (8,810)	¥ (61,606)	12,937	43,152
Income tax expenses	$ (79,723)	(557,510)	¥ (234,229)	¥ (114,374)
Chinese mainland
TAXATION
Current		(397,309)
Deferred		(61,606)
Other jurisdictions
TAXATION
Current		¥ (98,595)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

(LOSS) EARNING PER SHARE - Schedule of antidilutive securities (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2023
Share options
(LOSS) EARNING PER SHARE
Antidilutive securities excluded from computation of earnings per share	196,422	258,986
RSUs
(LOSS) EARNING PER SHARE
Antidilutive securities excluded from computation of earnings per share	4,302,552	2,483,079
2026 Convertible Notes
(LOSS) EARNING PER SHARE
Antidilutive securities excluded from computation of earnings per share		66,086,640
2027 Convertible Notes
(LOSS) EARNING PER SHARE
Antidilutive securities excluded from computation of earnings per share	147,018,680	136,363,636
2030 Convertible Notes
(LOSS) EARNING PER SHARE
Antidilutive securities excluded from computation of earnings per share	187,636,364

SHARE-BASED COMPENSATION - Restricted stock units activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of RSUs
Granted	51,390
Restricted Stock Units (RSUs)
Number of RSUs
Unvested, beginning balance	4,912,467
Granted	1,455,913
Vested	(1,644,216)
Forfeited	(421,612)
Unvested, ending balance	4,302,552	4,912,467
Weighted-average grant date fair value
Unvested, beginning balance (in dollars per share)	$ 4.99
Weighted average grant date fair value, granted	5.99
Weighted average grant date fair value, vested	5.47
Weighted average grant date fair value, forfeited	3.73
Unvested, ending balance (in dollars per share)	$ 5.08	$ 4.99
Weighted-average remaining contractual terms (Years)
Weighted average remaining contractual life	6 years 7 months 6 days	2 years 3 months 18 days
Aggregate intrinsic value, unvested	$ 36,400	$ 23,285

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed balance sheets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Current assets:
Cash and cash equivalents	$ 789,860	¥ 5,523,571	¥ 1,492,436	¥ 2,243,537
Prepaid expenses and other current assets	320,542	2,241,570	2,789,573
Total current assets	1,637,597	11,451,866	6,820,148
Non-current assets:
Total non-current assets	4,739,284	33,142,296	25,536,894
Total assets	6,376,881	44,594,162	32,357,042
Current liabilities:
Accrued expenses and other payables	780,693	5,459,465	3,618,237
Amounts due to related parties	59,471	415,889	355,679
Total current liabilities	1,779,928	12,447,213	9,343,415
Non-current liabilities:
Convertible notes	734,819	5,138,664	1,897,738
Total non-current liabilities	3,372,250	23,582,477	16,092,808
Total liabilities	5,152,178	36,029,690	25,436,223
Shareholders' equity:
Treasury shares	(25,609)	(179,087)	(161,892)
Additional paid-in capital	2,482,493	17,360,323	17,298,692
Accumulated other comprehensive (loss) income	6,632	46,375	(18,504)
Accumulated deficit	(1,590,939)	(11,125,595)	(10,859,888)
Total VNET Group, Inc. shareholders' equity	889,226	6,218,444	6,365,900
Total liabilities, mezzanine equity and shareholders' equity	6,376,881	44,594,162	32,357,042
Parent Company
Current assets:
Cash and cash equivalents		235	539
Prepaid expenses and other current assets		191,970	191,548
Total current assets		192,205	192,087
Non-current assets:
Investments in subsidiaries		12,454,943	9,335,836
Total non-current assets		12,454,943	9,335,836
Total assets		12,647,148	9,527,923
Current liabilities:
Accrued expenses and other payables		89,827	65,499
Account payables		56	58
Total current liabilities		1,290,040	1,264,285
Non-current liabilities:
Convertible notes		5,138,664	1,897,738
Total non-current liabilities		5,138,664	1,897,738
Total liabilities		6,428,704	3,162,023
Shareholders' equity:
Treasury shares		(179,087)	(161,892)
Additional paid-in capital		17,360,323	17,298,692
Accumulated other comprehensive (loss) income		46,375	(18,504)
Accumulated deficit		(11,009,279)	(10,752,508)
Total VNET Group, Inc. shareholders' equity		6,218,444	6,365,900
Total liabilities, mezzanine equity and shareholders' equity		12,647,148	9,527,923
Parent Company \| Subsidiary
Current liabilities:
Amounts due to related parties		1,200,157	1,198,728
Common Class A
Shareholders' equity:
Ordinary shares	15	108	108
Common Class A \| Parent Company
Shareholders' equity:
Ordinary shares		108	108
Common Class B
Shareholders' equity:
Ordinary shares	$ 1	4	4
Common Class B \| Parent Company
Shareholders' equity:
Ordinary shares		4	4
Common Class C \| Parent Company
Shareholders' equity:
Ordinary shares

SHARE-BASED COMPENSATION (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands			1 Months Ended	12 Months Ended
	Oct. 30, 2015 shares	Jul. 16, 2010 shares	Jan. 31, 2025 $ / shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2025 CNY (¥) shares	May 13, 2020 shares	May 29, 2014 shares
SHARE-BASED COMPENSATION
Share based compensation, RSUs granted				51,390	51,390
Share based compensation, aggregate intrinsic value \| $						$ 222
Share based compensation, fair value of shares exercised during the period \| $				$ 309		0	$ 0
Aggregate intrinsic value of options exercise \| $				$ 189		$ 0	$ 0
Share-based compensation expenses relating to bonus conversion \| ¥					¥ 35,385
Performance Based Awards \| Common Class A
SHARE-BASED COMPENSATION
Share based compensation, RSUs granted				361,611	361,611	7,734,635	20,550
Performance Based Awards \| Option One
SHARE-BASED COMPENSATION
Performance review period				1 year	1 year
Performance Based Awards \| Option Two
SHARE-BASED COMPENSATION
Performance review period				4 years	4 years
Restricted Stock Units (RSUs)
SHARE-BASED COMPENSATION
Share based compensation, RSUs granted				1,455,913	1,455,913
Aggregate fair value, unvested \| ¥								¥ 254,549
Weighted-average grant-date fair value \| $ / shares				$ 5.99		$ 2	$ 2.96
Total fair value vested \| $				$ 9,770		$ 19,833	$ 2,557
Unrecognized share-based compensation cost \| ¥								¥ 41,315
Unrecognized compensation costs, weighted-average recognition period				1 year 3 months 18 days	1 year 3 months 18 days
Restricted Stock Units (RSUs) \| Certain employees and management
SHARE-BASED COMPENSATION
Conversion price per share \| $ / shares			$ 5.25
Minimum Performance Target
SHARE-BASED COMPENSATION
Share based compensation, RSUs granted				46,737	46,737
Maximum \| Restricted Stock Units (RSUs)
SHARE-BASED COMPENSATION
Share based compensation, option vesting period				4 years	4 years
Maximum \| Restricted Stock Units (RSUs) \| Certain employees and management
SHARE-BASED COMPENSATION
Share based compensation, option vesting period			9 months
Minimum \| Restricted Stock Units (RSUs)
SHARE-BASED COMPENSATION
Share based compensation, option vesting period				2 years	2 years
Minimum \| Restricted Stock Units (RSUs) \| Certain employees and management
SHARE-BASED COMPENSATION
Share based compensation, option vesting period			3 months
2014 Plan
SHARE-BASED COMPENSATION
Share based compensation, option expiry period	10 years
2014 Plan \| Maximum
SHARE-BASED COMPENSATION
Share based compensation, maximum aggregate number of ordinary shares to be issued	39,606,817									20,461,380
Share based compensation, option vesting period	4 years
Share based compensation arrangement by share based payment award maximum annual plan percentage increase to number of shares available for grant	15.00%
2014 Plan \| Minimum
SHARE-BASED COMPENSATION
Share based compensation, option vesting period	3 years
2010 Plan
SHARE-BASED COMPENSATION
Share based compensation, option expiry period		10 years
Share based compensation, option outstanding				196,422		359,202		196,422
Share based compensation, aggregate intrinsic value \| $				$ 247
2010 Plan \| Maximum
SHARE-BASED COMPENSATION
Share based compensation, maximum aggregate number of ordinary shares to be issued		39,272,595
Share based compensation, option vesting period		4 years
2010 Plan \| Minimum
SHARE-BASED COMPENSATION
Share based compensation, option vesting period		3 years
2010 Plan and 2014 Plan \| Common Class A
SHARE-BASED COMPENSATION
Shares reserved for future issuance under the plan									7,562,532
2020 Plan
SHARE-BASED COMPENSATION
Percentage of share capital considered for Maximum shares issuable under the plan									5.00%
2020 Plan \| Common Class A
SHARE-BASED COMPENSATION
Share based compensation, maximum aggregate number of ordinary shares to be issued									46,560,708

BORROWINGS - Unused loan facilities - Parenthetical (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
BORROWINGS
Assets	$ 6,376,881	¥ 44,594,162	¥ 32,357,042
Asset pledged as collateral
BORROWINGS
Assets		1,257,726	832,153
Secured by property, equipment \| Asset pledged as collateral
BORROWINGS
Assets		1,257,726	832,153
Secured by land-use right \| Asset pledged as collateral
BORROWINGS
Assets		¥ 249,031	¥ 205,334

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/exampleRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

TAXATION - Income Tax Paid (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Income tax paid
Chinese mainland		¥ 318,086
Total	$ 60,388	422,299	¥ 211,896	¥ 145,605
Hong Kong S.A.R.
Income tax paid
Foreign tax paid		100,731
Other jurisdictions
Income tax paid
Foreign tax paid		¥ 3,482

TAXATION (Tables)

12 Months Ended

Dec. 31, 2025

TAXATION

Schedule of (Loss) income before income taxes


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Non-Chinese mainland		(331,586)		(39,684)		(244,445)
Chinese mainland		(2,151,209)		522,336		668,534
		(2,482,795)		482,652		424,089

Schedule of income tax expenses


		For the years ended December 31,
		2023		2024
		RMB		RMB
Current		(157,526)		(247,166)
Deferred		43,152		12,937
		(114,374)		(234,229)


		For the year ended December 31,
		2025
		RMB
Current
- Chinese mainland		(397,309)
- Non-Chinese mainland		(98,595)
Deferred
- Chinese mainland		(61,606)
		(557,510)

Schedule of income tax paid


		For the year ended December 31,
		2025
		RMB
Chinese mainland		318,086
Hong Kong S.A.R.		100,731
Other jurisdictions		3,482
Total		422,299

Schedule of reconciliation of tax computed by applying the statutory income tax rate


		For the years ended December 31,
		2023		2024
		RMB		RMB
(Loss) income before income taxes		(2,482,795)		482,652
Income tax benefits (expenses) computed at applicable tax rates (25%)		620,699		(120,663)
Non-deductible expenses		(700)		(13,564)
Research and development expenses		65,863		45,882
Preferential rate		(6,140)		19,729
Current and deferred tax rate differences		11,036		12,957
International rate differences		(101,585)		(45,239)
Tax exempted income		2,803		23,413
Foreign investment		(53,617)		(37,905)
Unrecognized tax benefits		(11,283)		(9,393)
Change in valuation allowance		(606,071)		(57,808)
Prior year provision to return true up		(34,759)		(49,853)
Others		(620)		(1,785)
Income tax expenses		(114,374)		(234,229)


		For the year ended December 31,
		2025
		RMB	%
Income before income taxes		424,089	—
Chinese mainland statutory income tax rate		(106,022)	25.0	%
Non-deductible interest expenses		(21,729)	5.1	%
Intra-entity transfers of subsidiaries		(101,660)	24.0	%
Research and development expenses		47,856	(11.3)	%
Preferential rate		71,780	(16.9)	%
Current and deferred tax rate differences		(17,497)	4.1	%
Prior year provision to return true up		(16,309)	3.8	%
Change in valuation allowance		(241,360)	56.9	%
Others		(1,979)	0.5	%
Chinese mainland income tax		(386,920)	91.2	%
Other tax jurisdiction effect
Hong Kong S.A.R.
- Income tax rate difference		12,306	(2.9)	%
- Witholding tax on investment income		(75,012)	17.7	%
- Others		1,942	(0.5)	%
Hong Kong S.A.R income tax		(60,764)	14.3	%
Cayman Islands - Income tax rate difference		(107,104)	25.3	%
Other jurisdictions		8,162	(1.9)	%
Changes in unrecognized tax benefits		(10,884)	2.6	%
Income tax expenses		(557,510)	131.5	%

Schedule of significant components of deferred taxes


		As of December 31,
		2024		2025
		RMB		RMB
Deferred tax assets
Allowance for doubtful debt		151,507		152,606
Impairment of long-lived assets		167,016		167,455
Impairment of long-term investments		4,866		4,866
Accrued expense		99,066		81,430
Tax losses		722,959		916,553
Property and equipment		60,739		74,014
Intangible assets		7,937		8,831
Finance lease		387,135		361,498
Operating lease		1,074,944		1,092,755
Loss picked up on equity method investments		13,804		13,804
Valuation allowance		(952,541)		(1,205,912)

Total deferred tax assets, net of valuation allowance		1,737,432		1,667,900

Deferred tax liabilities
Intangible assets		315,308		389,510
Property and equipment		233,369		234,624
Capitalized interest expense		62,582		95,131
Finance lease		289,158		254,843
Operating lease		1,074,944		1,092,755
Investment in a VIE		189,852		189,852

Total non-current deferred tax liabilities		2,165,213		2,256,715

Net deferred tax liabilities		(427,781)		(588,815)
Analysis as:
Deferred tax assets		306,623		251,572
Deferred tax liabilities		734,404		840,387


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Balance at beginning of year		397,457		955,738		952,541
Addition		606,071		57,808		254,034
Expiration		(47,790)		(61,005)		(663)
Balance at end of year		955,738		952,541		1,205,912

Schedule of roll-forward of unrecognized tax benefits


		For the years ended December 31,
		2024		2025
		RMB		RMB
Balance at beginning of year		64,528		63,273
Reversal based on tax positions related to prior years		(1,255)		(28)
Balance at end of year		63,273		63,245

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ (19,079)	¥ (133,421)	¥ 248,423	¥ (2,597,169)
Adjustments to reconcile net (loss) income to net cash generated from operating activities:
Foreign exchange loss (gain), net	(790)	(5,523)	19,242	78,965
Depreciation and amortization	304,017	2,126,025	1,598,256	1,807,339
Loss (gain) on disposal of property and equipment	(5,344)	(37,368)	(126,604)	3,198
Provision for doubtful debt	14,693	102,749	107,899	368,505
Share-based compensation expense	3,686	25,778	148,557	35,296
Deferred income tax (benefits) expenses	8,810	61,606	(12,937)	(43,152)
Gain from equity method investments	(984)	(6,884)	(7,967)	(3,279)
Gain from disposal of subsidiaries	(67,186)	(469,838)		(495)
Impairment of long-lived assets				506,686
Impairment of goodwill				1,364,191
Impairment of long-term investments				11,166
Reduction in the carrying amount of right-of-use assets	97,208	679,782	470,581	433,121
Changes in the fair value of financial instruments	44,949	314,332	74,112	165,930
Gain on debt extinguishment of 2027 convertible notes			(246,175)
Loss on debt extinguishment of 2026 convertible notes			41,261
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:
Accounts and notes receivable	(94,903)	(663,664)	(62,046)	(5,766)
Amounts due from related parties	3,343	23,375	(25,088)	(2,886)
Prepaid expenses and other current assets	37,879	264,878	114,978	(365,762)
Accounts and notes payables	4,663	32,608	20,043	(24,430)
Amounts due to related parties	8,610	60,210	(401)	6,131
Income taxes payable	12,123	84,774	34,372	(6,820)
Unrecognized tax benefits	1,556	10,884	9,393	11,283
Advances from customers	(62,737)	(438,726)	(226,441)	447,284
Deferred revenue	7,270	50,841	(5,588)	399
Deferred government grants	12,797	89,490	140,881	155,333
Operating lease liabilities	(92,763)	(648,700)	(449,059)	(481,647)
Accrued expenses and other payables	56,533	395,342	139,701	200,059
Net cash generated from operating activities	274,351	1,918,550	2,005,393	2,063,480
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(1,094,884)	(7,656,631)	(4,923,721)	(2,967,447)
Purchases of intangible assets	(30,110)	(210,564)	(130,058)	(50,906)
Purchases of land use rights			(74,641)	(42,275)
Proceeds from disposal of property and equipment	9,031	63,153	276,817	31,703
Proceeds from disposal of subsidiaries, net	108,101	755,964		12,704
Payments for short-term investments	(207,875)	(1,453,688)	(167,068)	(503,276)
Payments of loans to third parties			(39,054)	(1,600)
Receipts of loans to third parties	5,798	40,546		93,996
Payments of loans to related parties	(16,649)	(116,426)	(63,892)	(115,048)
Receipt of loans to a related party			28,313	9,800
Proceeds received from maturity of short-term investments	156,223	1,092,482	529,350	144,516
Proceeds from disposal of long-term investments	3,153	22,049	26,911
Payments for long-term investments	(39,842)	(278,620)	(53,665)	(517,278)
Proceeds from collection of the deposit associated with an acquisition	1,358	9,500	200,000
Payments for acquisitions, net of cash acquired	(39,948)	(279,359)		2
Net cash used in investing activities	(1,145,644)	(8,011,594)	(4,390,708)	(3,905,109)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of ordinary shares (Note 25)				2,122,123
Payment of issuance costs of ordinary shares			(35,791)	(1,880)
Proceeds from long-term bank borrowings	711,562	4,976,027	3,014,789	1,813,927
Proceeds from short-term bank borrowings	189,753	1,326,961	818,020	30,000
Proceeds from other long-term borrowings	188,937	1,321,253	1,844,191	1,020,008
Repayments of long-term bank borrowings	(103,808)	(725,940)	(822,302)	(292,625)
Proceeds from borrowings from non controlling shareholder	207,319	1,449,800
Repayments of short-term bank borrowings	(106,305)	(743,400)	(259,020)
Repayments and deposits for other long-term borrowings	(201,803)	(1,411,231)	(765,886)	(268,124)
Payments for purchase of property and equipment through finance leases	(30,259)	(211,604)	(102,646)	(210,902)
Proceeds from loan from a related party (Note 22)				350,000
Repayment of loans from third parties				(78,000)
Contribution from noncontrolling interest in subsidiaries	226,475	1,583,761	16,000
Payments for acquisition of noncontrolling interest	(43,367)	(303,267)	(46,397)	(10,122)
Payments for share repurchase and cancellation	(2,459)	(17,195)
Refund of prepayment for share repurchase plan				7,317
Dividends to noncontrolling interests			(26,272)	(11,413)
Dividends to redeemable noncontrolling interests	(4,905)	(34,301)
Payments for other financing activities	(730)	(5,100)
Net cash generated from (used in) financing activities	1,461,566	10,220,881	(627,654)	3,941,134
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash	(1,033)	(7,225)	(4,945)	9,988
Net increase (decrease) in cash and cash equivalents and restricted cash	589,240	4,120,612	(3,017,914)	2,109,493
Cash and cash equivalents and restricted cash at beginning of year	297,589	2,081,073	5,098,987	2,989,494
Cash and cash equivalents and restricted cash at end of year	886,829	6,201,685	2,081,073	5,098,987
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets
Cash and cash equivalents	789,860	5,523,571	1,492,436	2,243,537
Restricted cash-current	93,808	656,010	545,795	2,854,568
Restricted cash-non-current	3,161	22,104	42,842	882
Total cash and cash equivalents and restricted cash	886,829			5,098,987
Supplemental disclosures of cash flow information:
Income taxes paid	(60,388)	(422,299)	(211,896)	(145,605)
Interest paid	(81,614)	(570,733)	(434,193)	(251,066)
Supplemental disclosures of non-cash activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	133,404	932,911	1,077,247	952,999
Property and equipment obtained in exchange for new finance lease liabilities	72,454	506,677	593,378	265,974
Purchase of property and equipment included in accrued expenses and other payables	27,589	192,933	940,804	270,909
Purchase of intangible assets included in accrued expenses and other payables	3,584	25,060	219	3,497
Payables for issuance cost of ordinary shares included in accrued expenses and other payables				35,840
Asset acquisition settled with equity interests of a subsidiary				116,996
Consideration payable for acquisition of noncontrolling interest included in accrued expenses and other payables				47,549
2025 Convertible Notes
Adjustments to reconcile net (loss) income to net cash generated from operating activities:
Changes in the fair value of financial instruments				21,816
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of Convertible Notes				¥ (529,175)
2026 Convertible Notes
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of Convertible Notes			¥ (4,262,340)
2030 Convertible Notes
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of 2030 Convertible Notes, net of issuance costs	$ 431,156	¥ 3,015,117

LAND USE RIGHTS, NET

12 Months Ended

Dec. 31, 2025

LAND USE RIGHTS, NET

LAND USE RIGHTS, NET

10. LAND USE RIGHTS, NET

Land use rights held by the Company represent operating lease prepayments and are amortized over the remaining term of the respective rights.


	As of December 31,
	2024	2025
	RMB	RMB
Cost	846,156	963,468
Accumulated amortization	(79,943)	(95,703)
Land use rights, net	766,213	867,765

The carrying amounts of land use rights pledged by the Company to secure borrowings (Note 13) granted to the Company at the respective balance sheet dates were as follows:


	As of December 31,
	2024	2025
	RMB	RMB
Land use rights, net	205,334	249,031

Amortization expenses were approximately RMB16,369,RMB17,492 and RMB23,701 for the years ended December 31, 2023,2024 and 2025, respectively.

DEFERRED GOVERNMENT GRANTS

12 Months Ended

Dec. 31, 2025

DEFERRED GOVERNMENT GRANTS

DEFERRED GOVERNMENT GRANTS

17. DEFERRED GOVERNMENT GRANTS

During the years ended December 31, 2023, 2024 and 2025, the Company received RMB155,333, RMB140,881 and RMB89,490 government grants respectively from the relevant government authorities for the use in construction of property and equipment. These grants are initially deferred and subsequently recognized in the consolidated statements of operations when the Company has complied with the conditions or performance obligations attached to the related government grants, such as completion of the construction of relevant property and equipment, and the grants are no longer refundable. Grants that subsidize the construction cost of property and equipment are amortized over the life of the related assets as a reduction of the associated depreciation expense.

Movements of deferred government grants were as follows:


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Balance at beginning of the year		6,318		153,174		280,551
Additions		155,333		140,881		89,490
Recognized as a reduction of depreciation expense		(8,477)		(13,504)		(58,711)
Balance at end of the year		153,174		280,551		311,330

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2025

PROPERTY AND EQUIPMENT, NET

Schedule of property and equipment, including those held under finance leases


	As of December 31,
	2024	2025
	RMB	RMB
At cost:
Property	4,261,678	6,628,488
Leasehold improvements, renovation and decoration	6,040,445	7,018,376
Data center equipment	10,777,790	16,599,217
Office equipment	102,991	104,092
Motor vehicles	3,937	3,900
	21,186,841	30,354,073
Less: Accumulated depreciation	(7,895,831)	(9,226,809)
	13,291,010	21,127,264
Construction-in-progress	4,529,065	2,251,455
Impairment	(603,440)	(603,140)
Property and equipment, net	17,216,635	22,775,579

Schedule of depreciation expense


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Cost of revenues	1,573,970	1,409,442	1,866,176
Sales and marketing expenses	1,721	1,391	1,873
General and administrative expenses	38,280	30,949	50,350
Research and development expenses	49,961	26,318	37,642
	1,663,932	1,468,100	1,956,041

Schedule of carrying amounts of the Company's property and equipment held under finance leases


	As of December 31,
	2024	2025
	RMB	RMB
Property	1,018,510	1,018,510
Data center equipment	1,302,597	1,768,073
	2,321,107	2,786,583
Less: Accumulated depreciation	(874,470)	(947,847)
	1,446,637	1,838,736
Impairment	(19,904)	(19,904)
	1,426,733	1,818,832

Schedule of carrying amounts of property and equipment pledged by the Company to secure banking borrowings


		As of December 31,
		2024		2025
		RMB		RMB
Property		445,345		431,186
Leasehold improvements, renovation and decoration		128,031		112,015
Data center equipment		258,306		714,447
Office equipment		471		78
Total		832,153		1,257,726

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

27. COMMITMENTS AND CONTINGENCIES

Capital commitments

As of December 31, 2025, the Company has the following commitments to purchase certain data center equipment and construction-in-progress:


		RMB
For the year ending December 31,
2026		3,265,581
2027		126,400
2028		744
2029		669
2030		299
2031 and thereafter		10
		3,393,703

Bandwidth and cabinet capacity purchase commitments

As of December 31, 2025, the Company has outstanding purchase commitments in relation to bandwidth and cabinet capacity consisting of the following:


		RMB
For the year ending December 31,
2026		734,690
2027		230,478
2028		74,717
2029		17,708
2030		5,495
2031 and thereafter		1,031
		1,064,119

Income Taxes

As of December 31, 2025, the Company has recognized an accrual of RMB118,734 for unrecognized tax benefits and its interest (Note 21). The final outcome of the tax uncertainty is dependent upon various matters including tax examinations, interpretation of tax laws or expiration of status of limitation. However, due to the uncertainties associated with the status of examinations, including the protocols of finalizing audits by the relevant tax authorities, there is a high degree of uncertainty regarding the future cash outflows associated with these tax uncertainties.

27. COMMITMENTS AND CONTINGENCIES (CONTINUED)

Securities Litigation

In January 2024, the Company and certain of its current and former executive officers were named as defendants in a putative securities class action lawsuit filed in the United States District Court for the Southern District of New York. The complaint alleges that the Company made materially false and/or misleading statements and/or failed to disclose certain material information concerning the founder, executive chairperson and interim Chief Executive Officer, Mr. Sheng Chen’s financing activities and the related impact on the Company’s business operations in violation of the U.S. securities laws. Motion-to-dismiss briefing for the amended complaint was completed on October 3, 2024. On September 15, 2025, the Court granted Defendants’ motion to dismiss as to Plaintiffs’ scheme-liability claim and denied the motion as to the remaining claims, and the case proceeded to discovery. On February 12, 2026, the parties submitted a joint letter to the Court advising that they had reached an agreement in principle to settle the litigation. On February 13, 2026, the Court ordered that any pending motions were moot, all conferences were canceled and all deadlines were adjourned sine die. On April 3, 2026, Plaintiffs filed an unopposed motion for preliminary approval of the class action settlement, which remains pending before the Court.

Operating Litigation

In the ordinary course of business, the Company may from time to time be involved in legal proceedings and litigations. As of December 31, 2025, the Company did not consider an unfavorable outcome in any material respects in the outstanding legal proceedings and litigations to be probable.

REDEEMABLE NONCONTROLLING INTEREST (Tables)

12 Months Ended

Dec. 31, 2025

REDEEMABLE NONCONTROLLING INTEREST

Schedule of redeemable noncontrolling interests


		Redeemable
		Non-
		controlling
		Interests
		RMB
Balance at January 1, 2025
Initial recognition		1,790,060
Net income attributable to the redeemable noncontrolling interests		50,903
Accretion to redemption value of redeemable noncontrolling interests		4,929
Dividends to redeemable noncontrolling interests		(34,301)
Redemption of a redeemable noncontrolling interest		(100,000)
Balance at December 31, 2025		1,711,591

CONSOLIDATED STATEMENTS OF OPERATIONS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Net revenues
Hosting and related services (including related parties amounts of RMB938, RMB7,954 and nil for the years ended December 31, 2023, 2024 and 2025, respectively)	$ 1,422,725	¥ 9,949,261	¥ 8,259,069	¥ 7,412,930
Cost of revenues
Hosting and related services (including related parties amounts of RMB50,709, RMB34,153 and RMB40,426 for the years ended December 31, 2023, 2024 and 2025, respectively)	(1,109,204)	(7,756,772)	(6,426,914)	(6,120,445)
Gross profit	313,521	2,192,489	1,832,155	1,292,485
Operating income (expenses)
Operating income	3,969	27,755	114,585	106,273
Sales and marketing expenses	(39,925)	(279,201)	(263,756)	(266,207)
Research and development expenses	(37,342)	(261,133)	(246,612)	(322,220)
General and administrative expenses	(113,950)	(796,861)	(659,030)	(541,850)
Provision for doubtful debt	(14,693)	(102,749)	(107,899)	(368,505)
Impairment of long-lived assets				(506,686)
Impairment of goodwill				(1,364,191)
Total operating expenses	(201,941)	(1,412,189)	(1,162,712)	(3,263,386)
Operating (loss) profit	111,580	780,300	669,443	(1,970,901)
Interest income	5,342	37,358	27,958	41,802
Interest expense	(85,602)	(598,625)	(400,975)	(312,172)
Changes in the fair value of financial instruments	(44,949)	(314,332)	(74,112)	(165,930)
Impairment of long-term investments				(11,166)
Gain on debt extinguishment			246,175
Gain on deconsolidation of a subsidiary	67,186	469,838
Foreign exchange (loss) gain, net	790	5,523	(19,242)	(78,965)
Other income	7,949	55,576	52,728	27,344
Other expenses	(2,636)	(18,433)	(27,290)	(16,086)
(Loss) income before income taxes and gain from equity method investments	59,660	417,205	474,685	(2,486,074)
Income tax expenses	(79,723)	(557,510)	(234,229)	(114,374)
Gain from equity method investments	984	6,884	7,967	3,279
Net (loss) income	(19,079)	(133,421)	248,423	(2,597,169)
Net income attributable to noncontrolling interests	(9,655)	(67,518)	(65,223)	(46,667)
Net income attributable to redeemable noncontrolling interests	(7,279)	(50,903)
Net (loss) income attributable to VNET Group, Inc.	(36,013)	(251,842)	183,200	(2,643,836)
Accretion to redemption value of redeemable noncontrolling interests	(705)	(4,929)
Net loss attributable to the Company's ordinary shareholders	$ (36,718)	¥ (256,771)	¥ 168,122	¥ (2,643,836)
(Loss) earnings per share:
Basic (in dollars per share) \| (per share)	$ (0.02)	¥ (0.16)	¥ 0.11	¥ (2.93)
Diluted (in dollars per share) \| (per share)	$ (0.02)	¥ (0.16)	¥ 0.02	¥ (2.93)
Shares used in (loss) earning per share computation:
Basic (in shares) \| shares	1,612,272,787	1,612,272,787	1,593,594,519	901,143,138
Diluted (in shares) \| shares	1,612,272,787	1,612,272,787	1,742,346,367	901,143,138

REDEEMABLE NONCONTROLLING INTEREST - Investment in Yiyun (Details) - Yiyun Hongtu (Shanghai) Big Data Technology Co., Ltd ¥ in Millions	1 Months Ended
	Jan. 31, 2025 CNY (¥) item
REDEEMABLE NONCONTROLLING INTEREST
Number of put options prescribed	2
Number of times of EBITDA of acquiree entity used to calculate price	10
Total transaction price \| ¥	¥ 218.3

BORROWINGS

12 Months Ended

Dec. 31, 2025

BORROWINGS

BORROWINGS

13. BORROWINGS

Borrowings were as follows as of the respective balance sheet dates:


		As of December 31,
		2024		2025
		RMB		RMB
Short term bank borrowings		589,000		1,172,561
Long-term bank borrowings, current portion		615,015		957,062
Other long-term borrowings, current portion		805,175		1,102,092
		2,009,190		3,231,715
Long-term bank borrowings, non-current portion		6,082,964		9,490,143
Other long-term borrowings, non-current portion		1,684,426		2,089,521
Total borrowings		9,776,580		14,811,379

The short-term bank borrowings outstanding as of December 31, 2024 and 2025 bore a weighted average interest rate of 4.35% and 3.18% per annum, respectively.

The long-term borrowings (including current portion) outstanding as of December 31, 2024 and 2025 bore a weighted average interest rate of 4.53% and 3.90% per annum, respectively, and were denominated in RMB. These loans were obtained from financial institutions located in the PRC.

As of December 31, 2024 and 2025, unused loan facilities for bank and other borrowings amounted to RMB4,038,927 and RMB7,280,855, respectively.

13. BORROWINGS (CONTINUED)

Borrowings as of December 31, 2024 and 2025 were secured by the following:

December 31, 2024


Short-term borrowings		Secured by
(RMB)
589,000		Unsecured borrowing.

Long-term borrowings (including current portion)		Secured by
(RMB)
2,988,344		Secured by a subsidiary’s share.
5,124,656		Secured by property and equipment and land-use right with net book value of RMB832,153 and RMB205,334, respectively (Note 8/Note 10), and a subsidiary’s share.
1,074,580		Unsecured borrowing.
9,187,580

December 31, 2025



Short-term borrowings		Secured by
(RMB)
1,172,561		Unsecured borrowing.

Long-term borrowings (including current portion)		Secured by
(RMB)
2,925,374		Secured by shares of subsidiaries and/or acccouts receivable.
9,526,034		Secured by property and equipment and land-use right with net book value of RMB1,257,726 and RMB249,031, respectively (Note 8/Note 10). In addition to the above assets pledged for secured borrowings, some of the borrowings were guaranteed by shares of subsidiaries and/or accounts receivable.
1,187,410		Unsecured borrowing.
13,638,818

The following table summarizes the aggregate required repayments of the principal amounts of the Company’s short-term borrowings and long-term borrowings, including bank and other borrowings in the succeeding five years and thereafter:


		RMB
For the years ending December 31,
2026		3,231,715
2027		1,897,821
2028		1,791,557
2029		1,387,968
2030		1,286,159
2031 and thereafter		5,216,159

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (h)
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Net (loss) income	$ (19,079)	¥ (133,421)	¥ 248,423	¥ (2,597,169)
Other comprehensive (loss) income, net of tax of nil
Foreign currency translation adjustments, net of tax of nil	9,459	66,149	(21,488)	(25,365)
Changes in fair value due to instrument-specific credit risk			14,243
Unrealized gain (loss) for available-for-sale debt securities	(182)	(1,270)	3,084
Other comprehensive (loss) income, net of tax of nil	9,277	64,879	(4,161)	(25,365)
Comprehensive (loss) income	(9,802)	(68,542)	244,262	(2,622,534)
Comprehensive income attributable to noncontrolling interests	(9,655)	(67,518)	(65,223)	(46,667)
Comprehensive income attributable to redeemable noncontrolling interests	(7,279)	(50,903)
Accretion to redemption value of redeemable noncontrolling interests	(705)	(4,929)
Comprehensive (loss) income attributable to VNET Group, Inc.	$ (27,441)	¥ (191,892)	¥ 179,039	¥ (2,669,201)

TAXATION - Chinese Mainland operations (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
TAXATION
Statutory income tax rate	25.00%	25.00%	25.00%

ACQUISITION AND DISPPOSAL OF SUBSIDIARIES - Narrative (Details) - CNY (¥) ¥ in Millions	1 Months Ended
	Jan. 31, 2025	May 31, 2024	Mar. 31, 2023
Sanhe Mingtai Digital Industrial Park Co., Ltd. (Sanhe Digital)
ACCRUED EXPENSES AND OTHER PAYABLES
Asset acquisition, percentage of equity interests issued			22.50%
Asset acquisition, percentage of acquisition			100.00%
Yiyun Hongtu (Shanghai) Big Data Technology Co., Ltd
ACCRUED EXPENSES AND OTHER PAYABLES
Asset acquisition, percentage of acquisition	51.00%
Yiyun
ACCRUED EXPENSES AND OTHER PAYABLES
Equity interest		10.00%
HLA Data Ltd
ACCRUED EXPENSES AND OTHER PAYABLES
Percentage of equity interests acquired	100.00%
Purchase consideration	¥ 266.7

SHARE CAPITAL (Details) ¥ in Thousands, $ in Millions		1 Months Ended					12 Months Ended
SHARE CAPITAL (Details) ¥ in Thousands, $ in Millions	Jan. 27, 2022 shares	Jun. 30, 2025 USD ($) shares	Jun. 30, 2025 CNY (¥) shares	Nov. 30, 2024 shares	Feb. 29, 2024 shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2025 CNY (¥) Vote shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2023 CNY (¥) shares	Oct. 05, 2023 shares	Feb. 15, 2023 Vote shares
SHARE CAPITAL
Reissuance of treasury stock for restricted share units vested (in shares)								23,788,254	3,252,768
Proceeds from issuance of stock \| ¥									¥ 2,122,123
Payment of issuance costs \| ¥								¥ 35,791	¥ 1,880
Shares issued to depositary banks (in shares)				39,000,000
share repurchase \| ¥							¥ 17,195
Common Class A
SHARE CAPITAL
Entitled vote per ordinary share \| Vote							1
Conversion share ratio							1
Increase in number of shares										1,500,000,000
Ordinary shares, shares authorized (in shares)							2,698,935,000	2,698,935,000
Ordinary shares, shares issued (in shares)							1,609,260,305	1,611,141,743
Proceeds from issuance of stock \| ¥						¥ 2,122,123
Payment of issuance costs \| ¥						¥ 37,720
Share repurchase (in shares)		1,881,438	1,881,438
share repurchase		$ 2.4	¥ 17,200
Common Class A \| Mr. Sheng Chen, the Founder and Co-chairperson
SHARE CAPITAL
Stock issued during period					34,744,206
Common Class A \| Success Flow International Investment Limited
SHARE CAPITAL
Number of shares issued						455,296,932
Common Class A \| Choice Faith Group Holdings Limited
SHARE CAPITAL
Number of shares issued						195,127,260
Common Class B
SHARE CAPITAL
Entitled vote per ordinary share \| Vote							10
Ordinary shares, shares authorized (in shares)							300,000,000	300,000,000
Ordinary shares, shares issued (in shares)							30,721,723	30,721,723
Common Class C
SHARE CAPITAL
Entitled vote per ordinary share \| Vote							1
Ordinary shares, shares authorized (in shares)							60,000	60,000
Ordinary shares, shares issued (in shares)							60,000	60,000
Class D ordinary shares
SHARE CAPITAL
Entitled vote per ordinary share \| Vote											500
Ordinary shares, shares authorized (in shares)											555,000
Ordinary shares, shares issued (in shares)							0
Series A Perpetual Convertible Preferred Shares
SHARE CAPITAL
Total issuance for converted preferred stock	300,000						0
ADSs
SHARE CAPITAL
Share repurchase program authorized amount \| $		$ 50.0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) assuming the Company will continue as a going concern.

(b) Principles of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries and the consolidated VIEs for which the Company or a subsidiary of the Company is the primary beneficiary. All significant inter-company transactions and balances between the Company, its subsidiaries and the consolidated VIEs are eliminated upon consolidation. Results of acquired subsidiaries and its consolidated VIEs are consolidated from the date on which control is transferred to the Company.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant estimates and assumptions reflected in the Company’s financial statements include, but are not limited to, determining the allowance for doubtful doubts, the valuation allowance for deferred tax assets, the fair value of convertible notes and derivative liability, the fair value of assets acquired, liabilities assumed and the redeemable noncontrolling interests in acquisitions, fair value of restricted shares with market condition, the recoverability of long-lived assets, the fair values of asset groups, the fair value of a reporting unit, the estimated useful lives of property and equipment, and intangible assets, and incremental borrowing rate of leases. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.

The Company regularly assesses the estimated useful lives of its property and equipment, and intangible assets. In January 2024, the Company completed an assessment and revised its estimate of the useful lives of certain data center properties, including the data center structural and supply assets, which primarily included the infrastructure and decoration of data centers, cabinets, diesel generators, and uninterruptible power supply equipment, from a range of 2 to 10 years, to 3 to 15 years, based on the Company’s long-term use plan, considering a number of factors including current condition, historical useful life data of these assets and industry practices. This change in estimated useful lives is accounted for as a change in accounting estimate, prospectively beginning in fiscal year 2024. The effect of the change was a reduction in depreciation expense of RMB389.7 million and an increase in net income of RMB292.8 million for the year ended December 31, 2024. The effect of change in basic and diluted earning per share was an increase of RMB0.18 per share and RMB0.17 per share, respectively, for the year ended December 31, 2024.

(d) Foreign currency

The functional currency of the Company and the most of its overseas subsidiaries is the United States dollar (“US$”), whereas the functional currency of the Company’s PRC subsidiaries and its consolidated VIEs is the Chinese Renminbi (“RMB”) as determined based on the criteria of ASC Topic 830, Foreign Currency Matters (“ASC 830”). The Company uses the RMB as its reporting currency.

The financial statements of the Company and its overseas subsidiaries are translated from the functional currency to the reporting currency, RMB. Transactions denominated in foreign currencies are re-measured into the functional currency at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are re-measured at the exchange rates prevailing at the balance sheet date. Non-monetary items that are measured in terms of historical costs in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains and losses are included in the consolidated statements of operations.

The Company uses the average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. Translation differences are recorded in other comprehensive (loss) income within the statements of comprehensive (loss) income.

(e) Convenience translation

Translations of consolidated balance sheets, consolidated statements of operations, comprehensive loss, cash flows, and shareholders’ equity from RMB to US$ as of and for the year ended December 31, 2025 are solely for the convenience of the reader and were calculated at the noon buying rate of US$1.00 to RMB6.9931 on December 31, 2025, the last business day in fiscal year 2025, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be converted, realized or settled into US$ at such rate or at any other rate.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(f) Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and demand deposits placed with banks which are unrestricted as to withdrawal and use and have original maturities less than three months. All highly liquid investments with a stated maturity of 90 days or less from the date of purchase are classified as cash equivalents.

(g) Restricted cash

Restricted cash mainly represents amounts held by a few banks in escrow as security for credit facilities, the deposits for finance lease, the deposits held in escrow for the advances received from end customers subscribing Microsoft Azure, Microsoft 365, Dynamics 365 and Power Platform (the disbursement of which shall be agreed by both Microsoft (China) Co., Ltd. (“Microsoft”) and the Company), the deposits for business operation, the deposits for loans and the deposits held for legal proceedings.

(h) Short-term investments

The Company’s short-term investments primarily include the Company’s investments in short-term wealth management products managed by financial institutions in Hong Kong S.A.R. The Company elects to apply the fair value option for the short-term investments. Realized and unrealized fair value changes in the short-term investments are recorded in other income in the consolidated statement of operations. In addition, other highly liquid investments with original maturities of greater than three months but less than twelve months, are also classified as short-term investments.

(i) Accounts receivable and allowance for doubtful debt

Pursuant to ASC 326, Financial Instruments-Credit Losses, an allowance for credit losses for financial assets, including accounts receivable, carried at amortized cost to present the net amount expected to be collected as of the balance sheet date. Such allowance is based on credit losses expected to arise over the life of the asset’s contractual term, which includes consideration of prepayments. Assets are written off when the Company determines that such financial assets are deemed uncollectible and are recognized as a deduction from the allowance for credit losses. Expected recoveries of amounts previously written off, not to exceed the aggregate of the amount previously written off, are included in determining the necessary reserve at the balance sheet date. The Company pools financial assets based on similar risk characteristics to estimate expected credit losses. The Company estimates expected credit losses on financial assets individually when those assets do not share similar risk characteristics. The Company closely monitors its accounts receivable including timely account reconciliations, detailed reviews of past due accounts, updated credit limits, and monthly analysis of the adequacy of their reserve for credit losses.

The Company utilizes a loss rate approach to determine lifetime expected credit losses for its financial assets. This method is used for calculating an estimate of losses based primarily on the Company’s historical loss experience. In determining loss rates, the Company evaluates information related to historical losses, adjusted for current conditions and further adjusted for the period of time that the Company can reasonably forecast. The Company has concluded that it can reasonably support a forecast period for the contractual life of its financial assets. Qualitative and quantitative adjustments related to current conditions and the reasonable and supportable forecast period consider the following: the customer or vendor’s creditworthiness, changes in the policy and procedures to establish customer credit limits, changes in the payment terms of receivables, existence and effect of any concentration of credit and changes in the level of such concentrations, and the effects of other external forces such as the current and forecasted direction of the economic and business environment.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(j) Property and equipment

Property and equipment are stated at cost less accumulated depreciation and any recorded impairment. Property and equipment acquired in a business combination are recognized initially at fair value at the date of acquisition. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, as follows:


Category		Estimated useful life
Property		25-50 years
Leasehold improvements		Over the shorter of lease term or the estimated useful lives of the assets
Renovation and decoration		3-15 years
Data center equipment		1-20 years
Office equipment		2-8 years
Motor vehicles		2-8 years

Repair and maintenance costs are charged to expense as incurred, whereas the costs of betterments that extend the useful life of property and equipment are capitalized as additions to the related assets. Retirements, sale and disposals of assets are recorded by removing the cost and accumulated depreciation with any resulting gain or loss reflected in the consolidated statements of operations.

Property and equipment that are purchased or constructed which require a period of time before the assets are ready for their intended use are accounted for as construction-in-progress. Construction-in-progress is recorded at acquisition cost, including installation costs. Construction-in-progress is transferred to specific property and equipment accounts and commences depreciation when these assets are ready for their intended use.

(k) Intangible assets

Intangible assets are carried at cost less accumulated amortization and any recorded impairment. Intangible assets acquired in a business combination are recognized initially at fair value at the date of acquisition. Intangible assets with finite useful lives are amortized using a straight-line method. These amortization methods reflect the estimated pattern in which the economic benefits of the respective intangible assets are to be consumed.

The Company has capitalized certain internal use software development costs in accordance with ASC Subtopic 350-40, Intangibles-Goodwill and Other: Internal-Use Software (“ASC 350-40”), amounting to RMB16,195, RMB11,919 and RMB12,476 for the years ended December 31, 2023, 2024 and 2025, respectively. The Company capitalizes certain costs relating to software acquired, developed, or modified solely to meet the Company’s internal requirements and for which there are no substantive plans to market the software. These costs mainly include the research staff costs directly associated with the internal-develop software projects during the application development stage. Capitalized internal-use software costs are included in “intangible assets, net”.

Intangible assets are amortized using the straight-line method over the estimated useful lives of the assets, as follows:


Category		Estimated useful life
Purchased software		2-10 years
Radio spectrum license		15 years
Operating permits*		18-49 years
Licenses*		15 years
Trade names*		20 years
Internal use software		3 years
Customer contract*		7-10 years

*	Acquired in the acquisitions of subsidiaries.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(l) Leases

The Company determines if an arrangement is a lease at inception. Leases are classified as operating or finance leases in accordance with the recognition criteria in ASC 842-20-25. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants.

The Company has lease agreements as the lessee with lease and non-lease components, which are accounted for separately. The Company elected the short-term lease exemption for all contracts with lease term of 12 months or less.

At the commencement date of a lease, the Company determines the classification of the lease based on the relevant factors present and records a right-of-use (“ROU”) asset and lease liability for operating lease, and records property and equipment and finance lease liability for finance lease. ROU assets and property and equipment acquired through lease represent the right to use an underlying asset for the lease term, and operating lease liabilities and finance lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are calculated as the present value of the lease payments not yet paid. If the rate implicit in the Company’s leases is not readily available, the Company uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This incremental borrowing rate reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. ROU assets include any lease prepayments and are reduced by lease incentives. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease terms are based on the non-cancelable term of the lease and may contain options to extend the lease when it is reasonably certain that the Company will exercise that option.

Leases with an initial lease term of 12 months or less are not recorded on the consolidated balance sheets. Lease expense for these leases is recognized on a straight-line basis over the lease term.

(m) Land use right

The land use rights represent the operating lease prepayments for the rights to use the land in the PRC under ASC 842. Amortization of the prepayments is provided on a straight-line basis over the terms of the respective land use rights certificates.

(n) Long-term investments

The Company’s long-term investments primarily consist of equity investments without readily determinable fair value, equity method investments, available-for-sale debt investments and equity investment with NAV practical expedient.

Pursuant to ASC Topic 321, Investments—Equity Securities (“ASC 321”), equity investments, except for those accounted for under the equity method and those that result in consolidation of the investee and certain other investments, are measured at fair value, and any changes in fair value are recognized in earnings. For equity securities without readily determinable fair value and do not qualify for the existing practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), to estimate fair value using the net asset value per share (or its equivalent) of the investment, the Company elected to use the measurement alternative to measure those investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. Equity securities with readily determinable fair value are measured at fair values, and any changes in fair value are recognized in earnings.

For equity investments measured at fair value with changes in fair value recorded in earnings, the Company does not assess whether those securities are impaired. For those equity investments that the Company elects to use the measurement alternative, the Company makes a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the entity has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the entity has to recognize an impairment loss in net loss equal to the difference between the carrying value and fair value.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(n) Long-term investments (continued)

Investments in equity investees represent investments in entities in which the Company can exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC Subtopic 323-10, Investments-Equity Method and Joint Ventures: Overall (“ASC 323-10”). The Company applies the equity method of accounting that is consistent with ASC 323-10 in limited partnerships in which the Company holds a three percent or greater interest. Under the equity method, the Company initially records its investment at cost and prospectively recognizes its proportionate share of each equity investee’s net profit or loss into its consolidated statements of operations. The difference between the cost of the equity investee and the amount of the underlying equity in the net assets of the equity investee is recognized as equity method goodwill included in equity method investments on the consolidated balance sheets. The Company evaluates its equity method investments for impairment under ASC 323-10. An impairment loss on the equity method investments is recognized in the consolidated statements of operations when the decline in value is determined to be other-than-temporary.

The Company accounts for investments in debt securities as available-for-sale when they are not classified as either trading or held-to-maturity. Except for the election of fair value option, available-for-sale debt investments are recorded at fair value, with unrealized gains and losses, net of related tax effect, are excluded from earnings and are reported as a separate component of accumulated other comprehensive loss until realized. Realized gains and losses from the sale of available-for-sale debt investments are determined on a specific-identification basis. An impairment loss on the available-for-sale debt investments are recognized in the consolidated statement of comprehensive loss when the decline in value is determined to be other-than-temporary.

(o) Goodwill

Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the identifiable assets acquired and the liabilities assumed of an acquired business. The Company assesses goodwill for impairment in accordance with ASC Subtopic 350-20, Intangibles—Goodwill and Other: Goodwill (“ASC 350-20”), which requires that goodwill to be tested for impairment at the reporting unit level at least annually and more frequently upon the occurrence of certain events, as defined by ASC 350-20.

The Company has the option to assess qualitative factors first to determine whether it is necessary to perform the quantitative test in accordance with ASC 350-20. In the qualitative assessment, the Company considers primary factors such as industry and market considerations, overall financial performance of the reporting units, and other specific information related to the operations. If the Company believes, as a result of the qualitative assessment, that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test described above is required. Otherwise, no further testing is required. The quantitative impairment test compares the fair value of the reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess.

Considering the adverse changes in macroeconomic and market conditions in 2023 as well as a sustained decrease in share price, the Company determined that a quantitative assessment was required at December 31, 2023. The Company estimated the fair value of a reporting unit by using income approach, which considered a number of factors, including expected future cash flows and discount rate. Expected future cash flows are dependent on certain key assumptions including forecasted revenue growth rates. Based on the quantitative assessment results, the difference of the reporting unit’s carrying amount over its fair value exceeded the total amount of goodwill as of December 31, 2023. Therefore, the Company recognized impairment of goodwill in its full amount of RMB1,364,191 for the year ended December 31, 2023.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(p) Impairment of long-lived assets

The Company evaluates long-lived assets, such as fixed assets, purchased or internally developed intangible assets with finite lives, and operating lease right-of-use assets for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable in accordance with ASC Topic 360, Property, Plant and Equipment. When such events occur, the Company assesses the recoverability of the asset groups by comparing the undiscounted cash flows expected to be generated by the asset groups to their carrying amounts. If the Company identifies an impairment, the Company reduces the carrying amount of the asset group to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values and the impairment loss, if any, is recognized in the consolidated statements of operations.

For the year ended December 31, 2023, due to the weaker-than-expected operations, the Company tested certain long-lived asset groups for recoverability and recorded an impairment loss of RMB506,686, based on the amount by which the carrying amount of the relevant asset groups exceeded their estimated fair value.

The impairment loss reduced the carrying amount of the long-lived assets of the group on a pro-rata basis using the relative carrying amount of those assets except that the loss allocated to an individual long-lived asset of the group shall not reduce the carrying amount of that asset below its fair value whenever that fair value is determinable without undue cost and effort.

The Company recorded impairment charges associated with its long-lived assets as follows:


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Impairment of property and equipment	480,099	—	—
Impairment of intangible assets	15,113	—	—
Impairment of right-of-use assets	11,474	—	—

(q) Value-added-tax (“VAT”)

The Company is subject to VAT on the revenues earned for services provided in the PRC. The applicable value-added-tax rate for general VAT payers vary from 6% to 13% for the years ended December 31, 2023, 2024 and 2025 depending on nature of the services provided.

Entities that are VAT general taxpayers are permitted to offset qualified input VAT paid to suppliers against their output VAT upon receipt of appropriate supplier VAT invoices on an entity-by-entity basis. When the output VAT exceeds the input VAT, the difference is remitted to tax authorities, usually on a monthly basis; whereas when the input VAT exceeds the output VAT, the difference is treated as VAT recoverable which can be carried forward indefinitely to offset future net VAT payables. VAT related to purchases and sales which have not been settled at the balance sheet date is disclosed separately as an asset and liability, respectively, in the consolidated balance sheets.

At each balance sheet date, the Company reviews the balance of deductible input VAT for recoverability, taking into consideration of the indefinite life of the deductible input VAT as well as the Company’s forecasted operating results and capital spendings. The Company has not made an allowance for deductible input VAT, as the balance is expected to be utilized to offset against VAT payables. Deductible input VAT that is not expected to be utilized within one year are classified as other non-current assets, net.

(r) Fair value of financial instruments

The Company’s financial instruments primarily include cash and cash equivalents, restricted cash, short-term investments, accounts receivable and payable, other receivables and payables, amounts due from/to related parties, short-term bank borrowing, long-term borrowings, available-for-sale debt investments, convertible notes, a derivative financial instrument and a derivative liability. Other than available-for-sale debt investments, long-term borrowings, convertible notes, the derivative liability and the derivative financial instrument, the carrying values of these financial instruments approximate their fair values due to their short-term maturities.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(r) Fair value of financial instruments (continued)

The carrying amounts of long-term borrowings approximate their fair values since they bear interest rates which approximate market interest rates. The Company elected the fair value option for the 2025 Convertible Notes (Note 16) upon initial recognition in 2020 as financial liability. During year ended December 31, 2023, the Company repurchased all of the outstanding 2025 Convertible Notes. The Company recorded the 2026 Convertible Notes (Note 16) using amortized cost method upon initial recognition in 2021 and measured the fair value for disclosure purposes. In February 2024, the Company repurchased all outstanding 2026 Convertible Notes. The Company recorded the 2027 Convertible Notes (Note 16) using amortized cost method upon initial recognition in 2022, and recorded the bifurcated redemption feature as a derivative liability measured at fair value. In August 2024, the 2027 Convertible Notes was significantly modified and was subsequently accounted for at fair value as a whole. The Company recorded the 2030 Convertible Notes (Note 16) using amortized cost method upon initial recognition in 2026 and measured the fair value for disclosure purposes. See Note 26 for disclosure of fair value measurements.

Derivative financial instruments are initially measured at fair value, and subsequently remeasured at the end of each reporting period with an adjustment for fair value recorded to the current period income/(expense). Available-for-sale debt securities are recorded at fair value, with unrealized gains and losses, net of related tax effect, are excluded from earnings and are reported as a separate component of accumulated other comprehensive loss until realized.

(s) Revenue recognition

The Company provides hosting and related services including hosting of customers’ servers and networking equipment, connecting customers’ servers with internet backbones (“Hosting service”), virtual private network services providing encrypted secured connection to public internet (“VPN service”) and other value-added services and public cloud service through strategic partnership with Microsoft.

The Company recognizes revenue as it satisfies a performance obligation when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer.

Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations it must deliver and which of these performance obligations are distinct. The Company recognizes revenue based on the amount of the transaction price that is allocated to each performance obligation when that performance obligation is satisfied or as it is satisfied.

The Company is a principal and records revenue on a gross basis when the Company is primarily responsible for fulfilling the service, has discretion in establishing pricing and controls the promised service before transferring that service to customers. Otherwise, the Company records revenue at the net amounts as commissions.

The Company’s revenue recognition policies are as follows:

Hosting services are services that the Company dedicates data center space to house customers’ servers and networking equipment and provides tailored server administration services including operating system support and assistance with updates, server monitoring, server backup and restoration, server security evaluation, firewall services, and disaster recovery. The Company also provides interconnectivity services to connect customers with each other, internet backbones in China and other networks through Border Gateway Protocol, or BGP, network, or single-line, dual-line or multiple-line networks and other value-added services. Hosting services are typically provided to customers for a fixed amount over the contract service period and the related revenues are recognized on a straight-line basis over the term of the contract. For certain contracts where considerations are based on the usage of the hosting services, the related revenues are recognized based on the consumption at the predetermined rate as the services are rendered throughout the contract term.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(s) Revenue recognition (continued)

VPN services are services that the Company extends customers’ private networks by setting up secure and dedicated connections through the public internet. VPN services are provided to customers for a fixed amount over the contract service period and revenue are recognized on a straight-line basis over the term of the contract.

The Company partners with Microsoft to provide cloud services that allow enterprise and individual customers to run their applications over the internet using the IT infrastructure. Cloud services are generally charged by the Company to the end customers for a fixed amount or based on the actual usage of the cloud resources at predetermined rates over the subscription period, which in general is one year. The Company fulfils its performance obligation of facilitating Microsoft to provide the cloud services to the end customers by providing, but not limited to, contract processing management, billing, payment collection, maintenance, help desk supports and certain IT infrastructure services. These are considered as a series of distinct services that are substantially the same and have the same pattern of transfer to the customer; therefore, they are accounted for as a single performance obligation that is satisfied over time. The corresponding consideration that the Company is entitled to is recognized as revenue using a time-based method since this best depicts the pattern of the control transfer. Revenue from cloud services consists of monthly incentive revenues received from Microsoft upon completion of certain conditions and gross billing amount received from end customers net of considerations remitted by the Company to Microsoft. When the contract is modified to add distinct services to the single performance obligation for additional fees, such changes are accounted for prospectively as a termination of the old contract and the creation of a new contract.

For certain arrangements, customers are required to pay the Company before the services are delivered. When either party to a revenue contract has performed, the Company recognizes a contract asset or a contract liability in the consolidated balance sheets, depending on the relationship between the Company’s performance and the customer’s payment. Contract liabilities were mainly related to fee received for hosting services to be provided over the contract period, which were presented as deferred revenue on the consolidated balance sheets.

Deferred revenue represented the Company’s obligation to transfer the goods or services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer. As of January 1, 2024 and 2025, the Company has deferred revenue amounting up to RMB95,477 and RMB87,830, respectively, which were recognized as revenue for the years ended December 31, 2024 and 2025 in an amount of RMB70,912 and RMB72,822, respectively.

Advance from customers primarily represents the collections on behalf of Microsoft for the cloud services. It also includes contract liabilities of RMB6,263 and RMB4,974 as of December 31, 2024 and 2025, respectively. As of January 1, 2024 and 2025, the Company had contract liability amounting up to RMB13,716 and RMB6,263, respectively, which were recognized as revenue for the years ended December 31, 2024 and 2025 in an amount of RMB13,716 and RMB6,263, respectively.

The Company’s certain hosting service contains lease and non-lease components. The Company elected to adopt the practical expedient which allows lessors to combine lease and non-lease components and account for them as one component if 1) the timing and pattern of transfer of the lease component and non-lease component is the same; 2) the lease component should be classified as an operating lease if it were accounted for separately. The combined component is accounted for in accordance with the current lease accounting guidance (“ASC 842”) if the lease component is predominant, and in accordance with the ASC 606 if the non-lease component is predominant. The Company has determined that the non-lease component is the predominant component in hosting service. Therefore, the Company has accounted for the combined component in accordance with ASC 606.

The Company does not disclose the value of unsatisfied performance obligations (1) as the Company’s revenue contracts are contracts with an original expected length of one year or less or (ii) for variable considerations, which are charged based on the agreed unit price and number of racks in usage.

(t) Cost of revenues

Cost of revenues consists primarily of telecommunication costs, depreciation of the Company’s long-lived assets, amortization of acquired intangible assets, utility, maintenance, data center rental expenses directly attributable to the provision of the IDC services, payroll and other related costs of operations.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(u) Advertising expenditures

Advertising expenditures are expensed as incurred and are included in sales and marketing expenses, which amounted to RMB9,826, RMB9,364 and RMB9,774 for the years ended December 31, 2023, 2024 and 2025, respectively.

(v) Research and development expenses

Research and development expenses consist primarily of payroll and related personnel costs for routine upgrades and related enhancements of the Company’s services and network. Research and development expenses are expensed as incurred except for costs to develop internal-use software or add significant upgrades and enhancements resulting in additional functionality to internal-use software that meet the capitalization criteria in accordance with ASC Subtopic 350-40, Intangibles-Goodwill and Other, Internal-Use Software.

(w) Government grants

Government grants are provided by the relevant government authorities to subsidize the cost of certain projects or for the purpose of giving immediate incentive to the Company with no future costs or obligations. The amount of such government grants is determined solely at the discretion of the relevant government authorities and there is no assurance that the Company will continue to receive these government grants in the future. Government grants are recognized when it is probable that the Company will comply with the conditions attached to them, and the grants are received. When the grant relates to an expense item, it is recognized in the consolidated statement of operations over the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate, as a reduction of the related operating expense. When the grant relates to an asset, it is recognized as deferred government grants and released to the consolidated statement of operations in equal amounts over the expected useful life of the related asset, when operational, as a reduction of the related depreciation expense, which amounted to RMB8,477, RMB13,504 and RMB58,711 for the years ended December 31, 2023, 2024 and 2025, respectively.

(x) Capitalized interest

Interest costs are capitalized if they are incurred during the acquisition, construction or production of a qualifying asset and such costs could have been avoided if expenditures for these assets have not been made.

As a result of total interest costs capitalized during the period, the interest expense for the years ended December 31, 2023, 2024 and 2025, was as follows:


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Interest expense and amortization cost of 2025, 2026, 2027 and 2030 Convertible Notes (Note 16)	59,429	64,115	71,342
Interest expense on bank and other borrowings	222,918	336,533	551,046
Interest expense on finance leases	90,679	93,264	117,906
Total interest costs	373,026	493,912	740,294
Less: Total interest costs capitalized	(60,854)	(92,937)	(141,669)
Interest expense, net	312,172	400,975	598,625

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(y) Income taxes

The Company accounts for income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax basis of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The carrying amount of deferred tax assets is reviewed on an entity-by-entity basis and is reduced by a valuation allowance to the extent that it is more-likely-than-not that the benefits of the deferred tax assets will not be realized in future years. The valuation allowance is determined based on the weight of positive and negative evidence including future reversals of existing taxable temporary differences, future taxable income exclusive of reversing temporary differences, and verifiable tax planning. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date of the change in tax rate. All deferred income tax assets and liabilities are classified as non-current on the consolidated balance sheets.

The Company applies ASC Topic 740, Accounting for Income Taxes (“ASC 740”), to account for uncertainty in income taxes. ASC 740 prescribes a recognition threshold a tax position is required to meet before being recognized in the financial statements.

The Company has elected to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of “income tax expenses” in the consolidated statements of operations.

(z) Share-based compensation

Share options and Restricted Share Units (“RSUs”) granted to employees are accounted for under ASC Topic 718, Compensation—Stock Compensation (“ASC 718”), which requires that share-based awards granted to employees be measured based on the grant date fair value and recognized as compensation expenses over the requisite service period and/or performance period (which is generally the vesting period) in the consolidated statements of operations. The Company accounts for forfeitures as they occur.

The Company has elected to recognize compensation expenses using the straight-line method for share-based awards granted with only service conditions that have a graded vesting schedule. For share-based awards granted with performance conditions, the Company recognizes compensation expenses using the accelerated method. The Company commences recognition of the related compensation expenses if it is probable that the defined performance condition will be met. To the extent that the Company determines that it is probable that a different number of share-based awards will vest depending on the outcome of the performance condition, the cumulative effect of the change in estimate is recognized in the period of change. For share-based awards with market conditions, the probability to achieve market conditions is reflected in the grant date fair value. The Company recognized the related compensation expenses when the requisite service is rendered using the accelerate method.

On November 26, 2016, the Board approved a new incentive program to certain individuals with a new bonus scheme which will be settled by issuing a variable number of shares with a fair value equal to fixed dollar amount on the settlement date. The Company remeasures the fair value of such liability at each reporting period end through earnings until the actual settlement date, which is the date when the number of underlying shares were fixed and recorded the compensation cost over the remaining vesting term.

A cancellation of the terms or conditions of an equity award under original award in exchange for a new award should be treated as modification. The compensation costs associated with the modified awards are recognized if either the original vesting conditions or the new vesting conditions have been achieved. Total recognized compensation cost for the awards is at least equal to the fair value of the original awards at the grant date unless at the date of the modification the performance or service conditions of the original awards are not expected to be satisfied. The incremental compensation cost is measured as the excess of the fair value of the replacement awards over the fair value of original awards at the modification date. Therefore, in relation to the modified awards, the Company recognizes share-based compensation over the vesting periods of the new awards, which comprises (i) the amortization of the incremental portion of share-based compensation over the remaining vesting term, and (ii) any unrecognized compensation cost of original awards, using the shorter of the remaining original term or the new term. For a modification of a market condition, the incremental portion of share-based compensation and unrecognized compensation cost of original award are recognized over new vesting period. For modification of a liability award that remains a liability after modification, the liability award continues to be remeasured at fair value at each reporting date.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(aa) (Loss) earnings per share

In accordance with ASC Topic 260, Earnings per Share (“ASC 260”), basic (loss) earnings per share is computed by dividing (loss) earnings attributable to ordinary shareholders by the weighted average number of unrestricted ordinary shares outstanding during the year using two-class method. Under the two-class method, (loss) earnings are allocated between ordinary shares and participating securities based on their participating rights. The Company’s 2027 Convertible Notes are participating securities. Diluted (loss) earnings per share are calculated by dividing (loss) earnings attributable to ordinary shareholders using two-class method as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the year. Contingently issuable shares, including performance-based share awards and contingent considerations to be settled in shares, are included in the computation of basic (loss) earnings per share only when there is no circumstance under which those shares would not be issued. Contingently issuable shares are included in the denominator of the diluted (loss) earnings per share calculation as of the beginning of the period or as of the inception date of the contingent share arrangement, if later, only when dilutive and when all the necessary conditions have been satisfied as of the reporting period end. For contracts that may be settled in ordinary shares or in cash at the election of the Company, share settlement is presumed, pursuant to which incremental shares relating to the number of shares that would be required to settle the contract are included in the denominator of diluted (loss) earnings per share calculation if the effect is more dilutive. Ordinary equivalent shares consist of the ordinary shares issuable upon the exercise of the share options, using the treasury stock method and shares issuable upon the conversion of the Company’s convertible promissory notes using if converted method. Ordinary equivalent shares are excluded from the computation of diluted (loss) earnings per share if their effects would be anti-dilutive.

(bb) Treasury share

When the Company acquires treasury share, the repurchased ordinary shares is accounted for under the cost method whereby the entire cost of the acquired shares is recorded as treasury share. The cost basis for the reissuance of treasury share is determined using a weighted-average cost basis. To the extent that the reissuance price is more than the cost basis (gain), the excess is recorded as an increase to additional paid-in capital. If the reissuance price is less than the cost basis (loss), the difference is recorded to additional paid-in capital to the extent there is a remaining balance. Any losses in excess of that amount is charged to accumulated deficit.

(cc) Comprehensive (loss) income

Comprehensive (loss) income is defined as the (decrease) increase in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Accumulated other comprehensive loss (income) of the Company includes foreign currency translation adjustments related to the Company and its overseas subsidiaries, whose functional currency is US$, changes in fair value due to instrument-specific credit risk and unrealized gain for available-for-sale debt securities.

(dd) Segment reporting

In accordance with ASC Topic 280, Segment Reporting (“ASC 280”), the Company had one operating and reportable segment since the Company’s chief executive officer, who has been identified as the Company’s chief operating decision-maker (“CODM”) formerly relied on the results of operations of hosting and related services when making decisions on allocating resources and assessing performance of the Company, and the CODM reviews the operation result of the Company as a whole. Hosting and related services business focuses primarily on colocation, interconnectivity, cloud, VPN, hybrid IT and other value-added services.

The Company’s CODM uses consolidated operating income as the measure of profit or loss to monitor budget versus actual results and decide where to allocate and invest additional resources to continue growth. Significant segment expenses and other segment items are consistent with the financial information included on the consolidated statements of operations and comprehensive (loss) income. The measure of segment assets is reported on the consolidated balance sheet as total assets.

As substantial all of the Company’s long-lived assets and revenues are located in and derived from the PRC, geographical segments are not presented.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(ee) Employee benefits

The full-time employees of the Company’s PRC subsidiaries are entitled to staff welfare benefits including medical care, housing fund, pension benefits and unemployment insurance, which are governmental mandated defined contribution plans. These entities are required to accrue for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant PRC regulations, and make cash contributions to the state-sponsored plans out of the amounts accrued.

(ff) Recent accounting pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires the annual financial statements to include consistent categories and greater disaggregation of information in the rate reconciliation, and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for the Company’s annual reporting periods beginning after December 15, 2024. Adoption is either with a prospective method or a fully retrospective method of transition. Early adoption is permitted. The Company adopted this standard on January 1, 2025, and applied the disclosure requirements prospectively.

In November 2024, the FASB issued Accounting Standards Update 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This update requires that at each interim and annual reporting period public entities disclose (1) the amounts of purchases of inventory, employee compensation, depreciation, amortization, and depletion in commonly presented expense captions; (2) certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements; (3) a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and (4) the total amount of selling expenses and, in annual reporting periods, the definition of selling expenses. In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This update clarifies that ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company plans to adopt ASU2024-03 for the year beginning January 1, 2027 and is currently evaluating the impact on its consolidated financial statements of adopting this guidance.

SHARE-BASED COMPENSATION - Employee share options activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Aggregate intrinsic value
Aggregate intrinsic value, beginning value	$ 222
Aggregate intrinsic value, ending balance		$ 222
2010 Plan
Number of options
Outstanding, beginning balance	359,202
Exercised (in shares)	(150,030)
Forfeited (in shares)	(12,750)
Outstanding, ending balance	196,422	359,202
Vested as of December 31, 2025	196,422
Exercisable as of December 31, 2025	196,422
Weighted average exercise price
Outstanding, beginning balance	$ 0.17
Exercised	0.15
Forfeited	0.85
Outstanding, ending balance	0.15	$ 0.17
Vested as of December 31, 2025	0.15
Exercisable as of December 31, 2025	$ 0.15
Weighted average remaining contractual term
Outstanding, beginning balance	1 year	1 year 11 months 15 days
Vested as of December 31, 2025	1 year
Exercisable as of December 31, 2025	1 year
Aggregate intrinsic value
Aggregate intrinsic value, exercisable	$ 247
Aggregate intrinsic value, vested	247
Aggregate intrinsic value, ending balance	$ 247

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Condensed balance sheets


		As of December 31,
		2024		2025
		RMB		RMB
ASSETS
Current assets:
Cash and cash equivalents		539		235
Prepaid expenses and other current assets		191,548		191,970
Total current assets		192,087		192,205

Non-current assets:
Investments in subsidiaries		9,335,836		12,454,943
Total non-current assets		9,335,836		12,454,943
Total assets		9,527,923		12,647,148

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accrued expenses and other payables		65,499		89,827
Account payables		58		56
Amounts due to subsidiaries		1,198,728		1,200,157
Total current liabilities		1,264,285		1,290,040

Non-current liabilities:
Convertible notes		1,897,738		5,138,664
Total non-current liabilities		1,897,738		5,138,664
Total liabilities		3,162,023		6,428,704
Shareholders’ equity:
Class A ordinary shares		108		108
Class B ordinary shares		4		4
Class C ordinary shares		—		—
Treasury shares		(161,892)		(179,087)
Additional paid-in capital		17,298,692		17,360,323
Accumulated other comprehensive (loss) income		(18,504)		46,375
Accumulated deficit		(10,752,508)		(11,009,279)
Total shareholders’ equity		6,365,900		6,218,444
Total liabilities and shareholders’ equity		9,527,923		12,647,148

Condensed statements of operations


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Operating expenses
General and administrative expenses		(24,663)		(35,331)		(47,510)
Operating loss		(24,663)		(35,331)		(47,510)
Other loss		(94,452)		(100,547)		(25,338)
Changes in the fair value of financial instruments		(165,930)		(74,112)		(328,573)
Share of (losses) profits from subsidiaries and consolidated VIEs		(2,358,791)		393,190		144,650
Net (loss) income		(2,643,836)		183,200		(256,771)

Condensed statements of comprehensive (loss) income


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Net (loss) income		(2,643,836)		183,200		(256,771)
Other comprehensive (loss) income, net of tax of nil
Foreign currency translation adjustments, net of tax of nil		(25,365)		(21,488)		66,149
Changes in fair value due to instrument-specific credit risk		—		14,243		—
Others		—		3,084		(1,270)
Other comprehensive income (loss), net of tax of nil		(25,365)		(4,161)		64,879
Comprehensive (loss) income		(2,669,201)		179,039		(191,892)

Condensed statements of cash flows


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Net cash generated from (used in) operating activities		29,940		23,174		(40,547)
Net cash used in investing activities		(37,571)		(22,665)		40,243
Net (decrease) increase in cash and cash equivalents		(7,631)		509		(304)
Cash and cash equivalents at beginning of the year		7,661		30		539
Cash and cash equivalents at end of the year		30		539		235

DEFERRED GOVERNMENT GRANTS - Movements of Deferred Grants (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
DEFERRED GOVERNMENT GRANTS
Balance at beginning of the year	¥ 280,551	¥ 153,174	¥ 6,318
Additions	89,490	140,881	155,333
Recognized as a reduction of depreciation expense	(58,711)	(13,504)	(8,477)
Balance at end of the year	¥ 311,330	¥ 280,551	¥ 153,174

SHORT-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

SHORT-TERM INVESTMENTS

Schedule of short-term investments


		As of December 31,
		2024		2025
		RMB		RMB
Aggregate cost basis		—		370,461
Gross unrealized holding gain		—		8,737
Aggregate fair value		—		379,198

ORGANIZATION (Tables)

12 Months Ended

Dec. 31, 2025

ORGANIZATION

Schedule of financial information of the consolidated VIEs before eliminating the intercompany balances and transactions between the consolidated VIEs and other entities within the Company

The following tables represent the financial information of the consolidated VIEs as of December 31, 2024 and 2025 and for the years ended December 31, 2023, 2024 and 2025 before eliminating the intercompany balances and transactions between the consolidated VIEs and other entities within the Company:


	As of December 31,
	2024	2025
	RMB	RMB
ASSETS
Current assets:
Cash and cash equivalents	951,869	3,633,178
Restricted cash	514,991	629,377
Accounts receivable (net of allowance for doubtful debt of RMB121,632 and RMB206,310 as of December 31, 2024 and 2025, respectively)	1,510,487	2,109,472
Short-term investments	—	5,031
Amounts due from related parties	77,907	78,384
Prepaid expenses and other current assets	2,258,563	1,923,157
Total current assets	5,313,817	8,378,599
Non-current assets:
Restricted cash	18,000	123
Derivative financial instrument	6,768	11,185
Long-term investments, net	151,849	180,925
Property and equipment, net	7,150,464	12,736,740
Intangible assets, net	510,847	637,113
Land use rights, net	55,402	133,618
Operating lease right-of-use assets, net	4,561,722	4,817,080
Deferred tax assets, net	221,722	173,541
Other non-current assets	166,103	645,565
Total non-current assets	12,842,877	19,335,890
Total assets	18,156,694	27,714,489
Current liabilities:
Short-term bank borrowings	589,000	1,086,997
Current portion of long-term borrowings	1,093,160	1,657,840
Current portion of finance lease liabilities	94,162	229,691
Current portion of operating lease liabilities	881,025	941,603
Accounts and notes payable	574,642	610,988
Amounts due to inter-companies, net ⁽¹⁾	3,128,991	3,622,715
Amounts due to related parties	355,679	415,889
Income taxes payable	68,458	136,043
Advances from customers	1,378,806	933,920
Deferred revenue	80,435	124,401
Current portion of deferred government grants	6,727	24,929
Accrued expenses and other payables	1,274,258	3,060,317
Total current liabilities	9,525,343	12,845,333


	As of December 31,
	2024	2025
	RMB	RMB
Non-current liabilities:
Long-term borrowings	3,285,482	7,846,171
Non-current portion of finance lease liabilities	705,013	923,083
Non-current portion of operating lease liabilities	3,737,819	3,963,305
Amounts due to inter-companies, net ⁽¹⁾	1,020,972	892,476
Unrecognized tax benefits	107,850	118,734
Deferred tax liabilities	118,374	106,232
Deferred government grants	38,654	82,493
Total non-current liabilities	9,014,164	13,932,494
Total liabilities	18,539,507	26,777,827


	For the years ended December 31,
	2023	2024		2025
	RMB	RMB		RMB
Net revenues	6,418,125	7,391,709		9,278,295
Net (loss) income	(999,101)	353,325		741,675


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Net cash generated from operating activities	1,418,796	2,191,027	1,800,362
Net cash used in investing activities	(1,431,085)	(2,095,055)	(4,459,173)
Net cash (used in) generated from financing activities	(359,809)	30,393	5,436,629
Net (decrease) increase in cash and cash equivalents and restricted cash	(372,098)	126,365	2,777,818

(1)	Amounts due to inter-companies consist of intercompany payables to the other companies within the Company for the purchase of telecommunication resources and property and equipment on behalf of the Consolidated VIEs.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

TAXATION - Income Taxes (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
TAXATION - Income Taxes (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
TAXATION
(Loss) Income before income taxes	¥ 424,089	¥ 482,652	¥ (2,482,795)
Non-Chinese mainland
TAXATION
(Loss) Income before income taxes	(244,445)	(39,684)	(331,586)
Chinese mainland
TAXATION
(Loss) Income before income taxes	¥ 668,534	¥ 522,336	¥ (2,151,209)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

LONG-TERM INVESTMENTS, NET (Tables)

12 Months Ended

Dec. 31, 2025

LONG-TERM INVESTMENTS, NET

Schedule of long-term investments


		As of December 31,
		2024		2025
		RMB		RMB
Equity investments without readily determinable fair values		30,821		18,565
Equity method investments		718,094		822,815
Available-for-sale debt investments		45,773		44,491
Equity investment with NAV practical expedient		—		176,789
		794,688		1,062,660

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2025

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

22. RELATED PARTY TRANSACTIONS

a)Related parties *


Name of related parties		Relationship with the Company
Shanghai Shibei Hi-Tech Co., Ltd. (“SH Shibei”)		Noncontrolling shareholder of a subsidiary
Shanghai Puping Information Technology Co., Ltd. (“Shanghai Puping”) ⁽¹⁾		A company controlled by minority shareholder of the Company
Beijing Chengyishidai Network Engineering Technology Co., Ltd. (“CYSD”)⁽²⁾		Equity investee of the Company before October 16, 2023
Jingliang Interconnected Cloud Technology Co., Ltd. (“Jingliang Inter Cloud”)		Equity investee of the Company
Beijing New Internet Digital Technology Research Institution Limited (“BJ New Internet”)		Equity investee of the Company
SH Edge Interchange		Equity investee of the Company since September 30, 2022
Changzhou Gaoxin		Equity investee of the Company
Sanhe Mingtai Machinery Manufacturing Co., Ltd. (“Sanhe Mingtai”)		Noncontrolling shareholder of a subsidiary since March 1, 2023
Beijing Jiwa Forest System Technology Co., Ltd. (“Beijing Jiwa”)		A company controlled by the founder of the Company since October 1, 2023
SDHG International Asset Management Limited (“SDHG INTL AM LTD”)		A subsidiary of a shareholder

*	These are the related parties that have engaged in significant transactions with the Company for the years ended December 31, 2023, 2024 and 2025.

(1)	This entity is controlled by Waburg Pincus, a significant minority shareholder of the Company.

(2)	This company was disposed by the Company in September 2017, included in WiFire Entities, and determined by the Company as a related party before the Company disposed the remaining equity interests held in October 2023.

22. RELATED PARTY TRANSACTIONS (CONTINUED)

b)Other than disclosed elsewhere, the Company had the following significant related party transactions for the years ended December 31, 2022, 2023 and 2024:


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Services provided to:
-SH Edge Interchange		938		40		—
-Changzhou Gaoxin		—		7,914		—

Services provided by:
-CYSD		31,119		—		—
-Sanhe Mingtai⁽¹⁾		17,366		28,607		40,426
-Beijing Jiwa		1,891		—		—
-Others ⁽³⁾		333		5,546		—

Loan to:
-Shanghai Puping		80,263		40,038		92,575
-SH Edge Interchange		1,000		—		—
-Sanhe Mingtai		33,785		23,853		23,853

Receipt of loan to:
-SH Shibei		9,800		—		—
-Sanhe Mingtai		—		28,313		—

Loan from:
-Changzhou Gaoxin ⁽²⁾		350,000		—		—

Interest income of loan to:
-SH Shibei		(1,321)		—		—
-SH Edge Interchange		32		19		—

Interest expense of loan from:
-Changzhou Gaoxin		13,183		18,219		12,767

Interest payment paid to:
-Changzhou Gaoxin		7,116		18,725		6,887

Lease payment paid to:
-Sanhe Mingtai ⁽¹⁾		10,801		41,305		50,229

Investment purchased from:
-SDHG INTL AM LTD (Note 11)		—		—		175,720

(1)

The Company leased properties for data centers from Sanhe Mingtai. The annual lease costs from Sanhe Mingtai for 2023, 2024 and 2025 were RMB14,268, RMB23,142 and RMB33,526, respectively; property management fees were RMB3,098, RMB4,926 and RMB6,783, respectively. As of December 31, 2023, 2024 and 2025, the related right-of-use (ROU) assets were RMB171,629, RMB262,237 and RMB346,121, respectively, and the corresponding lease liabilities were RMB173,628, RMB246,073 and RMB313,254, respectively.

(2)

In May 15, 2023, the Company obtained a loan in the amount of RMB350,000 from Changzhou Gaoxin at an interest rate of 6.0% per annum. The interest rate was modified to 3.85% since July 31, 2024. The maturity date of the loan was January 31, 2025 which was subsequently extended to January 31, 2026 with the interest rate of 3.60% per annum.

(3)	In November 2024, the company paid a legal service fee of RMB5.5 million to a legal advisor of Mr. Sheng Chen, the founder, executive chairperson and interim Chief Executive Officer for legal services rendered to enable him establish a stable control structure for the Company.

Except for above related party transactions, Mr. Sheng Chen, the founder, executive chairperson and interim Chief Executive Officer invested in a fund controlled by the Company in an amount of RMB1.0 million in December 2024.

22. RELATED PARTY TRANSACTIONS (CONTINUED)

c)The Company had the following related party balances as of December 31, 2024 and 2025:


		As of December 31,
		2024		2025
		RMB		RMB
Amounts due from related parties:
Current:
-Shanghai Puping		258,443		351,018
-BJ New Internet		441		441
-Sanhe Mingtai		77,461		77,938
-Others		15		14
		336,360		429,411
Amounts due to related parties:
Current:
-Changzhou Gaoxin		355,561		361,440
-Sanhe Mingtai		117		54,446
-Others		1		3
		355,679		415,889

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

RELATED PARTY TRANSACTIONS - Related party transactions (Details) ¥ in Thousands, $ in Thousands				1 Months Ended	12 Months Ended
	Jan. 31, 2026	Jul. 31, 2024	May 15, 2023 CNY (¥)	Nov. 30, 2024 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
RELATED PARTY TRANSACTIONS
Long-term loan to related parties					$ 16,649	¥ 116,426	¥ 63,892	¥ 115,048
Receipt of loans to a related party							28,313	9,800
Proceeds from loan from a related party								350,000
Interest expense by loan					$ 85,602	598,625	400,975	312,172
Percentage of related party interest rate		3.85%	6.00%
Lease expenses						1,316,032	1,128,722	1,040,405
Mr. Sheng Chen
RELATED PARTY TRANSACTIONS
Investments in fund							1,000
Shanghai Edge Interchange
RELATED PARTY TRANSACTIONS
Revenues							40	938
Long-term loan to related parties								1,000
Interest on investment income (expense)							19	32
Changzhou Gaoxin
RELATED PARTY TRANSACTIONS
Revenues							7,914
Proceeds from loan from a related party								350,000
Interest expense by loan						12,767	18,219	13,183
Payments of interest expense						6,887	18,725	7,116
Sanhe Mingtai
RELATED PARTY TRANSACTIONS
Cost of goods and services sold						40,426	28,607	17,366
Long-term loan to related parties						23,853	23,853	33,785
Receipt of loans to a related party							28,313
Related party transaction, Lease payment paid						50,229	41,305	10,801
Lease expenses						33,526	23,142	14,268
Property management fees						6,783	4,926	3,098
Right-of-use (ROU) assets						346,121	262,237	171,629
Lease liabilities						313,254	246,073	173,628
Shanghai Puping
RELATED PARTY TRANSACTIONS
Long-term loan to related parties						92,575	40,038	80,263
Others
RELATED PARTY TRANSACTIONS
Cost of goods and services sold							¥ 5,546	333
CYSD
RELATED PARTY TRANSACTIONS
Cost of goods and services sold								31,119
SH Shibei
RELATED PARTY TRANSACTIONS
Receipt of loans to a related party								9,800
Interest on investment income (expense)								(1,321)
Beijing Jiwa
RELATED PARTY TRANSACTIONS
Cost of goods and services sold								¥ 1,891
Changzhou Gaoxin Internet Co., Ltd
RELATED PARTY TRANSACTIONS
Proceeds from loan from a related party			¥ 350,000
Mr. Sheng Chen
RELATED PARTY TRANSACTIONS
Legal service fee				¥ 5,500
SDHG INTL AM LTD
RELATED PARTY TRANSACTIONS
Payments to Acquire Investments						¥ 175,720
Subsequent event
RELATED PARTY TRANSACTIONS
Percentage of related party interest rate	3.60%

DEFERRED GOVERNMENT GRANTS - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
DEFERRED GOVERNMENT GRANTS
Government grants received	¥ 89,490	¥ 140,881	¥ 155,333

CONVERTIBLE NOTES

12 Months Ended

Dec. 31, 2025

CONVERTIBLE NOTES

CONVERTIBLE NOTES

16. CONVERTIBLE NOTES

2025 Convertible Notes

During the year ended December 31, 2020, the Company entered into agreements with a group of investors led by Goldman Sachs Asia Strategic Pte. Ltd. (the “Purchasers”) to issue the Company’s convertible promissory note (the “2025 Convertible Notes”) for total gross proceeds of US$200,000. The 2025 Convertible Notes will mature in five years and, bear interest at the rate of 2% per annum from the issuance date which will be payable semiannually in arrears in cash.

Conversion

Purchasers have the option to convert all or a portion of the outstanding 2025 Convertible Notes and any accrued and unpaid interest, into ADSs at the conversion price at any time. The conversion price will initially be US$12.00 per ADS or will be subject to customary adjustments when the decrease in VWAP exceeds certain threshold. In addition, the conversion price will be adjusted in the event when the Company makes certain dilutive issuances of shares.

Redemption upon maturity

Unless previously redeemed or converted, the Company shall redeem the 2025 Convertible Notes on the maturity date in an amount equal to the sum of (i) 115% of the then outstanding principal amount of the 2025 Convertible Notes and (ii) the interest accrued but unpaid on the maturity date. The Company may not redeem the 2025 Convertible Notes at its option prior to the maturity date.

Early redemption at the option of the Purchasers

If any portion of the outstanding principal amount of the 2025 Convertible Notes has not been converted by the third anniversary of the date of issuance of the 2025 Convertible Notes, the Purchasers at their sole discretion will have the right to require the Company to redeem, in whole or in part, the outstanding principal amount of the 2025 Convertible Notes which has not been converted previously in an amount equal to the sum of (i) 109% of the outstanding principal amount and (ii) the interest accrued but unpaid on the outstanding principal amount.

The Company elected to account for the 2025 Convertible Notes at fair value as a whole. Issuance costs including underwriting commissions and offering expenses were approximately RMB18,932, which were recognized in earnings as incurred.

16. CONVERTIBLE NOTES (CONTINUED)

2025 Convertible Notes (continued)

During the years ended December 31, 2020 and 2021, Purchasers of the 2025 Convertible Notes exercised the right to convert 23,710,140 and 42,401,010 newly issued Class A ordinary shares at the conversion price of US$12 per ADS. Upon conversion, the fair value of converted portion was RMB720,547 and RMB1,639,806, respectively. Issuance costs was approximately RMB2,939 and nil, respectively, which were credited to capital accounts with the changes in the fair value up to the conversion date recorded in earning. No conversion rights were exercised by the Purchasers for the years ended December 31, 2023 and 2024.

From March to June 2023, the Company received notices from the holders of the 2025 Convertible Notes, requiring the Company to redeem the 2025 Convertible Notes at 109% of the principal amount plus all accrued but unpaid interest within three months since the receipt of notices. The Company repurchased all of the outstanding 2025 Convertible Notes with principal amount of US$68,000 during the year ended December 31, 2023.

The interest expense on the convertible promissory was recorded based on the stated rate of 2% in the interest expense within the consolidated statements of operations. For the year ended December 31, 2023, the interest expense was RMB4,471.

The changes in fair value gain of convertible notes of RMB21,816 were recognized in the changes in the fair value of financial instruments in the consolidated statement of operations for the years ended December 31, 2023.

2026 Convertible Notes

In January 2021, the Company issued US$600,000 principal amount 0.00% convertible senior notes including US$75,000 sold upon the exercise of the over-allotment option (the “2026 Convertible Notes”). The 2026 Convertible Notes will mature on February 1, 2026 unless redeemed, repurchased or converted prior to such date.

Holders may convert their 2026 Convertible Notes at their option prior to the close of business on the business day immediately preceding August 1, 2025 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price of ADSs’, each representing six Class A ordinary shares of the Company, par value US$0.00001 per share, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any ten consecutive trading day period in which the trading price per 1,000 US dollars principal amount of the 2026 Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the ADSs and the conversion rate on each such trading day; (3) if the Company calls the 2026 Convertible Notes for a tax or optional redemption; or (4) upon the occurrence of specified corporate events. On or after August 1, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2026 Convertible Notes at any time. Upon conversion, the Company will pay or deliver, as the case may be, cash, ADSs, or a combination of cash and ADSs, at its election. If the Company satisfies its conversion obligation solely in cash or through payment and delivery, as the case may be, of a combination of cash and ADSs, the amount of cash and ADSs, if any, due upon conversion will be based on a daily conversion value calculated on a proportionate basis for each trading day in a 40 trading day observation period.

The initial conversion rate of the 2026 Convertible Notes is 18.3574 of the Company’s ADS per 1,000 US dollars principal amount of the 2026 Convertible Notes (which is equivalent to an initial conversion price of approximately US$54.47 per ADS). The conversion rate will be subject to adjustment in some events. In addition, following certain corporate events that occur prior to the maturity date, if a make-whole fundamental change occurs prior to the maturity date of the 2026 Convertible Notes, or under certain circumstances upon a tax redemption or the Company’s optional redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2026 Convertible Notes in connection with such corporate event, such make-whole fundamental change or such notice of tax redemption or notice of optional redemption, as the case may be. Upon conversion, the Company will pay or deliver, as the case may be, cash, ADSs (plus cash in lieu of a fractional ADS) or a combination of cash and ADSs, at its election. The conversion option may be settled in cash, ADSs, or a combination of cash and ADSs at the Company’s option.

16. CONVERTIBLE NOTES (CONTINUED)

2026 Convertible Notes (continued)

The Company may not redeem the 2026 Convertible Notes prior to February 6, 2024 unless certain tax-related events occur. From February 6, 2024 to the 40th scheduled trading day immediately before the maturity date, the Company may redeem for cash all or part of the 2026 Convertible Notes, at its option, if the last reported sale price of the Company’s ADSs has been at least 130% of the conversion price then in effect on (i) each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately prior to the date the Company provides notice of redemption; and (ii) the trading day immediately preceding the date the Company sends such notice. Holders of the notes have the right to require the Company to repurchase for cash all of the 2026 Convertible Notes, or any portion of the principal thereof, on February 1, 2024 or in the event of certain fundamental changes. The redemption price will equal 100% of the principal amount of the 2026 Convertible Notes to be redeemed, plus any accrued and unpaid special interest, if any, to, but not including, the redemption date.

The 2026 Convertible Notes was accounted for as one unit of liability account using amortized cost method under ASU 2020-06, with no embedded derivative features being bifurcated.

The gross proceeds from issuance of the 2026 Convertible Notes were US$600,000. Debt issuance costs including underwriting commissions and offering expenses were approximately US$13,841, which were presented as deduction from liability and amortized into interest expense over the remaining period of 5 years. As of December 31, 2023, the net carrying amount of the 2026 Convertible Notes was RMB4,208,495. For the years ended December 31, 2023 and 2024, no coupon interest expense was recognized. The amortization of issuance costs was RMB19,499 for the year ended December 31, 2023. The effective interest rate was 0.47% for the year ended December 31, 2023.

In January 2024, the Company received notices from the holders of the 2026 Convertible Notes, requiring the Company to redeem the 2026 Convertible Notes at 100% of the principal amount. The Company repurchased all of the outstanding 2026 Convertible Notes with principal amount of of US$600,000 (equivalent to RMB4,262,340) in February 2024. The loss on debt extinguishment of RMB41,261 was recorded in interest expenses for the year ended December 31, 2024.

2027 Convertible Notes

On January 28, 2022, the Company entered into an investment agreement with funds managed by Blackstone Tactical Opportunities (each fund as an “Investor Party”) to issue the Company’s convertible promissory note (the “2027 Convertible Notes”) with principal amount of US$250,000. The 2027 Convertible Notes will mature in five years unless redeemed or converted prior to maturity date. For any holder that is an Investor Party as of the maturity date, the maturity date shall be extended to the 31st day after the maturity date (the “Investor Maturity Date”) and unless the 2027 Convertible Notes held by such holder have been duly redeemed or converted prior to the Investor Maturity Date, the Company’s repayment obligation to such holder will be satisfied by issuance and delivery of an aggregate number of Series A-1 perpetual convertible preferred shares equal to (1) the remaining portion of the principal amount, divided by (2) 1,000 US dollars, in repayment of the 2027 Convertible Notes. 2027 Convertible Notes bear interest at the rate of 2% per annum and paid in cash semi-annually unless prior written notice is provided to the holders by the Company.

If the Company declares or pays a dividend or distribution (whether in cash, property or any other form) on the ordinary shares, the Company shall simultaneously pay the holder in the same form and manner on a pro rata basis with the ordinary shares determined on an as-converted basis assuming that the 2027 Convertible Notes had been fully converted at the option of the holder pursuant to below conversion term as of the date immediately prior to the record date of the applicable dividend (or if no record date is fixed, the date as of which the record holders of ordinary shares entitled to such dividends are to be determined) (except in the case of a distribution in kind that consists solely of ordinary shares and/or ADSs, in which case the holder shall not be entitled to participate but the conversion price shall be adjusted pursuant to the below concerion term).

16. CONVERTIBLE NOTES (CONTINUED)

2027 Convertible Notes (continued)

Conversion

2027 Convertible Notes are convertible at any time on and after the original issuance date, at the option of holders, into Class A ordinary shares of the Company at a conversion price of US$1.8333 per Class A ordinary share, or into ADSs at a conversion price of US$11.00 per ADS. The conversion prices are subject to adjustment under the terms of the 2027 Convertible Notes. The Company may effect a mandatory conversion at its election at any time on or after the third anniversary of the original issuance date, if its ADSs achieve a price threshold of 200% of the conversion price for a specified period.

Redemption

The holders have the right to require the Company to redeem the 2027 Convertible Notes during the Redemption Period as defined below in an amount equal to the sum of: (a) the principal amount of the 2027 Convertible Notes; plus (b) the total amount of the accrued interest, and any stub period interest that has accrued until, but excluding, the date the redemption price is paid in full; plus (c) the incremental amount in case a fundamental change specified in the investment agreement has occurred. Incremental amount is equal to (a) 50% of the principal amount, minus (b) the interest that has already been paid in cash, minus (c) the fair market value of a dividend or distribution paid to the holder in any form other than cash or as Class A Ordinary Shares, minus (d) the accrued interest and minus (e) the stub period interest accrued. Any portion of the redemption price not paid by the Company on the redemption date shall accrue interest at a rate of 10% per annum annually from the redemption date to the date when the redemption price is paid in full.

“Redemption Period” means: (a) in the case of any holder that is the Investor Party, (i) the period commencing on the date of a fundamental adverse regulatory change, a fundamental change or an event of default as defined in the investment agreement and ending on the fifth anniversary of the original issuance date, and (ii) the thirty-day period beginning on the fifth anniversary of the original issuance date; and (b) in the case of any holder that is not Investor Party, the period commencing on the date of a fundamental adverse regulatory change or an event of default and ending on the fifth anniversary of the original issuance date. Fundamental change represents events defined in the investment agreement, including that a “person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act), other than the Company or any of its wholly-owned subsidiaries, has become or files any report with the SEC indicating that such person or group has become the direct or indirect “beneficial owner” of the Company’s equity securities representing more than fifty percent (50%) of the voting power of all of the Company’s then-outstanding equity securities.

The gross proceeds from issuance of the 2027 Convertible Notes were US$250,000. Debt issuance costs were approximately US$162, which were presented as deduction from liability and amortized into interest expense over the remaining period of 5 years. As of December 31, 2023, the net carrying amount of the 2027 Convertible Notes was RMB1,769,946. For the year ended December 31, 2023, the coupon interest expense was RMB35,234. The effective interest rate was 2.02% for the year ended December 31, 2023.

The redemption feature is required to be bifurcated as a separate unit of liability account and measured at fair value as it is not clearly and closely related to the debt host contract. After the bifurcation, the 2027 Convertible Notes was accounted for using amortized cost method. The fair value of the redemption feature was immaterial initially and subsequently at December 31, 2022. As of December 31, 2023, the fair value of the bifurcated redemption feature was RMB188,706 and was recored as derivative liablitiy in the consolidated balance sheet. The changes in fair value of derivative liability was recognized in the changes in the fair value of financial instruments in the consolidated statement of operations for the year ended December 31, 2023.

On August 20, 2024, the holders entered into an agreement with the Company to consent the cancellation of the redemption right solely due to any fundamental change caused by the Strategic Investment from Success Flow International InvestmentLimited (“Success Flow”) and Choice Faith Group Holdings Limited (“Choice Faith”), both of which are beneficially owned by Shandong Hi-Speed HoldingsGroup Limited (“SDHG”, 00412.HK). And the Company shall pay the consent fee of an aggregate amount equal to US$37.5 million to the holders on the earlier of January 6, 2027 and the date on which the principal amount of the 2027 Convertible Notes become due and payable in accordance with the terms and conditions of the 2027 Convertible Notes.

16. CONVERTIBLE NOTES (CONTINUED)

2027 Convertible Notes (continued)

Immediately prior to the above amendments, the net carrying amount of the 2027 Convertible Notes was RMB1,782,521, the related interest payables was RMB90,671 and the fair value of the bifurcated redemption feature, which was recorded as a derivative liability, was RMB57,060.

The coupon interest expense was RMB22,594 for the year ended December 31, 2024 (prior to the amendments). The effective interest rate was 2.02% for the year ended December 31, 2024 (prior to the amendment). The changes in fair value of derivative liability was recognized as a gain in the changes in the fair value of financial instruments of RMB132,538 in the consolidated statement of operations for the year ended December 31, 2024 (prior to the amendment).

The Company assessed the above amendments to the terms of the 2027 Convertible Notes as an extinguishment of debt based on a qualitative and quantitative evaluation of the amendment.

Upon the extinguishment, the 2027 Convertible Notes, the related interest payables and the derivative liability were derecognized and a gain on debt extinguishment of RMB246,175 was recognized in the consolidated statement of operations for the year ended December 31, 2024. The Company elected to account for the 2027 Convertible Notes at fair value as a whole subsequently to improve transparency of the financial statements, with the interest expenses presented within the changes in fair value of financial instruments.

As of December 31, 2024 and 2025, the fair value of the 2027 Convertible Notes was RMB1,897,738 and RMB2,178,928, respectively. For the years ended December 31, 2024 and 2025, the fair value changes were RMB199,408 and RMB328,573, including losses of RMB213,418 and RMB328,573 recorded in the changes in the fair value of financial instruments and gains of RMB14,243 and nil recorded in the other comprehensive income as changes in fair value due to instrument-specific credit risks, respectively. The fair value of the 2027 Convertible Notes exceeds the aggregate unpaid principal balance in an amount of RMB100,638 and RMB421,728 as of December 31, 2024 and 2025, respectively.

2030 Convertible Notes

On March 17, 2025, the Company completed issuance of US$430 million aggregate principal amount of its 2.50% Convertible Senior Notes due 2030 (the “2030 Convertible Notes”), with the interest payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2025. The 2030 Convertible Notes will mature on April 1, 2030, unless earlier repurchased, redeemed, or converted in accordance with their terms.

Redemption

Optional Redemption of the Noteholders

Holders have the right to require the Company to repurchase all or a portion of their 2030 Convertible Notes for cash on April 3, 2028. The repurchase price will be equal to 100% of the principal amount of the 2030 Convertible Notes to be repurchased, plus any accrued and unpaid interest up to, but excluding, the repurchase date.

If the Company experiences a “Fundamental Change” (including a change in control, liquidation, substantial asset sale, delisting, etc.), noteholders may require the Company to repurchase their 2030 Convertible Notes for cash. The repurchase price in this scenario will also be equal to 100% of the principal amount, plus any accrued and unpaid interest up to, but excluding, the fundamental change repurchase date.

16. CONVERTIBLE NOTES (CONTINUED)

2030 Convertible Notes (continued)

Optional Redemption and tax redemption of the Company

The Company may not redeem the 2030 Convertible Notes prior to April 10, 2028, except in the event of certain tax law changes. On or after April 10, 2028, and on or prior to the 40th scheduled trading day immediately prior to the maturity date, the Company may redeem for cash all or any portion of the 2030 Convertible Notes if the last reported sale price of the ADSs has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will be equal to 100% of the principal amount of the 2030 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

In addition, if a change in tax law requires the Company to pay additional amounts to investors, the Company may optionally redeem all of the 2030 Convertible Notes at a redemption price also equal to 100% of the principal amount plus accrued and unpaid interest.

Conversion

Holders may convert their 2030 Convertible Notes at their option at an initial conversion rate of 72.7273 ADSs per US$1 thousand principal amount of 2030 Convertible Notes, which is equivalent to an initial conversion price of approximately US$13.75 per ADS. Prior to October 1, 2029, the 2030 Convertible Notes will be convertible only upon the occurrence of certain specified conditions, such as: (1) if the closing price of the ADSs exceeds 130% of the conversion price for at least 20 trading days in a specified 30-day period; (2) if the trading price of the 2030 Convertible Notes falls below 98% of the value of the underlying ADSs for a specified period; (3) if the Company calls the 2030 Convertible Notes for redemption; or (4) upon the occurrence of certain specified corporate events.

On or after October 1, 2029, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2030 Convertible Notes at any time, regardless of the foregoing conditions. Upon conversion, the Company will satisfy its conversion obligation by paying or delivering, at its election, cash, ADSs, or a combination of cash and ADSs.

Make-Whole Fundamental Change

If a “Make-Whole Fundamental Change” (such as a change in control, substantial asset sale, or delisting, etc.) occurs prior to the maturity date, or if the Company calls the 2030 Convertible Notes for optional redemption or tax redemption, and a holder elects to convert its 2030 Convertible Notes in connection with such an event, the Company will, under certain circumstances, increase the conversion rate for the 2030 Convertible Notes so surrendered for conversion by a number of “Additional ADSs”.

The number of Additional ADSs will be determined by reference to a pre-set table, based on the effective date of the event and the applicable price of the ADSs at that time. However, in no event will the conversion rate exceed a maximum of 90.9091 ADSs per US$1 thousand principal amount of 2030 Convertible Note, subject to standard anti-dilution adjustments.

The Company accounts for the 2030 Convertible Notes as a single liability instrument measured at amortized cost. The debt issuance costs of US$10,389 (equivalent to RMB74,525) will be amortized to interest expense using the effective interest method over the term of the 2030 Convertible Notes. The embedded redemption features do not require bifurcation as they are considered clearly and closely related to the debt host contract. The embedded conversion option, including the make-whole fundamental change provision, does not require bifurcation as the conversion feature is considered indexed to the Company’s own stock. The make-whole fundamental change provision is based on a pre-set table with axes of stock price and time and designed to compensate the holders for the lost time value, it does not violate the “indexed to own stock” requirement.

As of December 31, 2025, the carrying amount of the 2030 Convertible Notes was RMB2,959,736. The coupon interest expense was RMB60,798 for the twelve months ended December 31, 2025. The amortization of issuance costs was RMB10,544 for the year ended December 31, 2025. The effective interest rate was 3.04% for the twelve months ended December 31, 2025. As of December 31, 2025, the fair value of the 2030 Convertible Notes was RMB2,973,182 and is classified within Level 3 of the fair value hierarchy.

EMPLOYEE CONTRIBUTION PLAN (Details) - CNY (¥)	12 Months Ended
EMPLOYEE CONTRIBUTION PLAN (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
EMPLOYEE CONTRIBUTION PLAN
Total expense for defined contribution plan	¥ 187,308,000	¥ 183,210,000	¥ 208,556,000

BORROWINGS - Unused loan facilities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
BORROWINGS
Long-term borrowings (including current portion)	¥ 13,638,818	¥ 9,187,580
Secured by a subsidiary's share
BORROWINGS
Long-term borrowings (including current portion)		2,988,344
Secured by shares of subsidiaries or accounts receivable
BORROWINGS
Long-term borrowings (including current portion)	2,925,374
Secured by property, equipment and land-use right
BORROWINGS
Long-term borrowings (including current portion)	9,526,034	5,124,656
Unsecured borrowing
BORROWINGS
Short-term borrowings	1,172,561	589,000
Long-term borrowings (including current portion)	¥ 1,187,410	¥ 1,074,580

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

ORGANIZATION - Financial information of the consolidated VIEs (Parenthetical) (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity
Accounts receivable, allowance for doubtful accounts	¥ 206,310	¥ 121,632

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

LEASES - Weighted average remaining lease term and discount rate (Details)	Dec. 31, 2025	Dec. 31, 2024
Weighted average remaining lease term:
Operating lease	9 years 8 months 12 days	9 years 8 months 12 days
Finance lease	12 years 1 month 6 days	14 years 4 months 24 days
Weighted average discount rate:
Operating lease	6.70%	7.20%
Finance lease	5.80%	8.20%

REDEEMABLE NONCONTROLLING INTEREST - Changes in carrying amount (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Change in the carrying amount of redeemable non-controlling interests
Initial recognition		¥ 1,790,060
Net income attributable to the redeemable noncontrolling interests	$ 7,279	50,903
Accretion to redemption value of redeemable noncontrolling interests		4,929
Dividends to redeemable noncontrolling interests		(34,301)	¥ (26,272)	¥ (5,467)
Redemption of a redeemable noncontrolling interest		(100,000)	¥ 1,152	¥ (57,671)
Ending balance	$ 244,754	¥ 1,711,591

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Interest expenses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Interest expense and amortization cost of 2025, 2026, 2027 and 2030 Convertible Notes (Note 16)		¥ 71,342	¥ 64,115	¥ 59,429
Interest expense on bank and other borrowings		551,046	336,533	222,918
Interest expense on finance leases		117,906	93,264	90,679
Total interest costs		740,294	493,912	373,026
Less: Total interest costs capitalized		(141,669)	(92,937)	(60,854)
Interest expense, net	$ 85,602	¥ 598,625	¥ 400,975	¥ 312,172

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Publisher FASB
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+ Details

DEFERRED GOVERNMENT GRANTS (Tables)

12 Months Ended

Dec. 31, 2025

DEFERRED GOVERNMENT GRANTS

Schedule of movements of deferred government grants


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Balance at beginning of the year		6,318		153,174		280,551
Additions		155,333		140,881		89,490
Recognized as a reduction of depreciation expense		(8,477)		(13,504)		(58,711)
Balance at end of the year		153,174		280,551		311,330

BORROWINGS - Bank and Other Borrowings (Details) ¥ in Thousands	Dec. 31, 2025 CNY (¥)
BORROWINGS
2026	¥ 3,231,715
2027	1,897,821
2028	1,791,557
2029	1,387,968
2030	1,286,159
2031 and thereafter	¥ 5,216,159

LEASES - Additional information (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
LEASES
Current portion of operating lease liabilities	$ 137,603	¥ 962,275	¥ 899,818
Non-current portion of operating lease liabilities	572,142	4,001,047	3,779,293
Current portion of finance lease liabilities	51,193	357,995	208,299
Non-current portion of finance lease liabilities	$ 235,048	¥ 1,643,713	¥ 1,532,309

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated useful lives of property and equipment (Details)	Dec. 31, 2025
Property \| Minimum
PROPERTY AND EQUIPMENT, NET
Property and equipment, estimated useful life (in years)	25 years
Property \| Maximum
PROPERTY AND EQUIPMENT, NET
Property and equipment, estimated useful life (in years)	50 years
Leasehold improvements
PROPERTY AND EQUIPMENT, NET
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Renovation and decoration \| Minimum
PROPERTY AND EQUIPMENT, NET
Property and equipment, estimated useful life (in years)	3 years
Renovation and decoration \| Maximum
PROPERTY AND EQUIPMENT, NET
Property and equipment, estimated useful life (in years)	15 years
Data center equipment \| Minimum
PROPERTY AND EQUIPMENT, NET
Property and equipment, estimated useful life (in years)	1 year
Data center equipment \| Maximum
PROPERTY AND EQUIPMENT, NET
Property and equipment, estimated useful life (in years)	20 years
Office equipment \| Minimum
PROPERTY AND EQUIPMENT, NET
Property and equipment, estimated useful life (in years)	2 years
Office equipment \| Maximum
PROPERTY AND EQUIPMENT, NET
Property and equipment, estimated useful life (in years)	8 years
Motor vehicles \| Minimum
PROPERTY AND EQUIPMENT, NET
Property and equipment, estimated useful life (in years)	2 years
Motor vehicles \| Maximum
PROPERTY AND EQUIPMENT, NET
Property and equipment, estimated useful life (in years)	8 years

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2025

RELATED PARTY TRANSACTIONS

Schedule of significant related party transactions


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Services provided to:
-SH Edge Interchange		938		40		—
-Changzhou Gaoxin		—		7,914		—

Services provided by:
-CYSD		31,119		—		—
-Sanhe Mingtai⁽¹⁾		17,366		28,607		40,426
-Beijing Jiwa		1,891		—		—
-Others ⁽³⁾		333		5,546		—

Loan to:
-Shanghai Puping		80,263		40,038		92,575
-SH Edge Interchange		1,000		—		—
-Sanhe Mingtai		33,785		23,853		23,853

Receipt of loan to:
-SH Shibei		9,800		—		—
-Sanhe Mingtai		—		28,313		—

Loan from:
-Changzhou Gaoxin ⁽²⁾		350,000		—		—

Interest income of loan to:
-SH Shibei		(1,321)		—		—
-SH Edge Interchange		32		19		—

Interest expense of loan from:
-Changzhou Gaoxin		13,183		18,219		12,767

Interest payment paid to:
-Changzhou Gaoxin		7,116		18,725		6,887

Lease payment paid to:
-Sanhe Mingtai ⁽¹⁾		10,801		41,305		50,229

Investment purchased from:
-SDHG INTL AM LTD (Note 11)		—		—		175,720

(1)

(2)

(3)	In November 2024, the company paid a legal service fee of RMB5.5 million to a legal advisor of Mr. Sheng Chen, the founder, executive chairperson and interim Chief Executive Officer for legal services rendered to enable him establish a stable control structure for the Company.

Schedule of related party balances


		As of December 31,
		2024		2025
		RMB		RMB
Amounts due from related parties:
Current:
-Shanghai Puping		258,443		351,018
-BJ New Internet		441		441
-Sanhe Mingtai		77,461		77,938
-Others		15		14
		336,360		429,411
Amounts due to related parties:
Current:
-Changzhou Gaoxin		355,561		361,440
-Sanhe Mingtai		117		54,446
-Others		1		3
		355,679		415,889

ORGANIZATION - VIEs Financial information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 CNY (¥)
Current assets:
Cash and cash equivalents	$ 789,860		¥ 1,492,436	¥ 2,243,537	¥ 5,523,571
Restricted cash-current	93,808		545,795	2,854,568	656,010
Short-term investments	54,225				379,198
Prepaid expenses and other current assets	320,542		2,789,573		2,241,570
Total current assets	1,637,597		6,820,148		11,451,866
Non-current assets:
Restricted cash-non-current	3,161		42,842	882	22,104
Derivative financial instrument	1,599		6,768		11,185
Long-term investments, net	151,958		794,688		1,062,660
Property and equipment, net	3,256,864		17,216,635		22,775,579
Intangible assets, net	286,670		1,403,787		2,004,710
Land use rights, net	124,089		766,213		867,765
Operating lease right-of-use assets, net	696,592		4,618,212		4,871,341
Deferred tax assets, net	35,974		306,623		251,572
Other non-current assets	182,377		381,126		1,275,380
Total non-current assets	4,739,284		25,536,894		33,142,296
Total assets	6,376,881		32,357,042		44,594,162
Current liabilities:
Current portion of long-term borrowings			615,015		957,062
Current portion of finance lease liabilities	51,193		208,299		357,995
Current portion of operating lease liabilities	137,603		899,818		962,275
Accounts and notes payable	106,087		709,260		741,878
Amounts due to related parties	59,471		355,679		415,889
Income taxes payable	22,071		69,569		154,343
Advances from customers	133,549		1,378,806		933,920
Deferred revenue	19,830		87,830		138,671
Current portion of deferred government grants	7,302		6,727		51,062
Accrued expenses and other payables	780,693		3,618,237		5,459,465
Total current liabilities	1,779,928		9,343,415		12,447,213
Non-current liabilities:
Non-current portion of finance lease liabilities	235,048		1,532,309		1,643,713
Non-current portion of operating lease liabilities	572,142		3,779,293		4,001,047
Unrecognized tax benefits	16,979		107,850		118,734
Deferred tax liabilities	120,174		734,404		840,387
Deferred government grants	37,218		273,824		260,268
Total non-current liabilities	3,372,250		16,092,808		23,582,477
Total liabilities	5,152,178		25,436,223		36,029,690
Net (loss) income	(19,079)	¥ (133,421)	248,423	(2,597,169)
Net cash generated from operating activities	274,351	1,918,550	2,005,393	2,063,480
Net cash used in investing activities	(1,145,644)	(8,011,594)	(4,390,708)	(3,905,109)
Net cash (used in) generated from financing activities	1,461,566	10,220,881	(627,654)	3,941,134
Net (decrease) increase in cash and cash equivalents and restricted cash	589,240	4,120,612	(3,017,914)	2,109,493
Related Party
Current assets:
Amounts due from related parties	$ 61,405		336,360		429,411
Variable Interest Entity, Primary Beneficiary
Current assets:
Cash and cash equivalents			951,869		3,633,178
Restricted cash-current			514,991		629,377
Accounts receivable			1,510,487		2,109,472
Short-term investments					5,031
Amounts due from related parties			77,907		78,384
Prepaid expenses and other current assets			2,258,563		1,923,157
Total current assets			5,313,817		8,378,599
Non-current assets:
Restricted cash-non-current			18,000		123
Derivative financial instrument			6,768		11,185
Long-term investments, net			151,849		180,925
Property and equipment, net			7,150,464		12,736,740
Intangible assets, net			510,847		637,113
Land use rights, net			55,402		133,618
Operating lease right-of-use assets, net			4,561,722		4,817,080
Deferred tax assets, net			221,722		173,541
Other non-current assets			166,103		645,565
Total non-current assets			12,842,877		19,335,890
Total assets			18,156,694		27,714,489
Current liabilities:
Short-term bank borrowings			589,000		1,086,997
Current portion of long-term borrowings			1,093,160		1,657,840
Current portion of finance lease liabilities			94,162		229,691
Current portion of operating lease liabilities			881,025		941,603
Accounts and notes payable			574,642		610,988
Amounts due to inter-companies, net			3,128,991		3,622,715
Amounts due to related parties			355,679		415,889
Income taxes payable			68,458		136,043
Advances from customers			1,378,806		933,920
Deferred revenue			80,435		124,401
Current portion of deferred government grants			6,727		24,929
Accrued expenses and other payables			1,274,258		3,060,317
Total current liabilities			9,525,343		12,845,333
Non-current liabilities:
Long-term borrowings			3,285,482		7,846,171
Non-current portion of finance lease liabilities			705,013		923,083
Non-current portion of operating lease liabilities			3,737,819		3,963,305
Amounts due to inter-companies, net			1,020,972		892,476
Unrecognized tax benefits			107,850		118,734
Deferred tax liabilities			118,374		106,232
Deferred government grants			38,654		82,493
Total non-current liabilities			9,014,164		13,932,494
Total liabilities			18,539,507		26,777,827
Net revenues		9,278,295	7,391,709	6,418,125
Net (loss) income		741,675	353,325	(999,101)
Net cash generated from operating activities		1,800,362	2,191,027	1,418,796
Net cash used in investing activities		(4,459,173)	(2,095,055)	(1,431,085)
Net cash (used in) generated from financing activities		5,436,629	30,393	(359,809)
Net (decrease) increase in cash and cash equivalents and restricted cash		¥ 2,777,818	126,365	¥ (372,098)
Variable Interest Entity, Primary Beneficiary \| Related Party
Current liabilities:
Amounts due to related parties			¥ 355,679		¥ 415,889

REDEEMABLE NONCONTROLLING INTEREST (Details) - CNY (¥) ¥ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025
REDEEMABLE NONCONTROLLING INTEREST
Accretion to redemption value		¥ 4,929
Investment	¥ 1,829,060

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	$ 789,860	¥ 5,523,571	¥ 1,492,436
Restricted cash	93,808	656,010	545,795
Short-term investments	54,225	379,198
Accounts and notes receivable (net of allowance for doubtful debt of RMB189,501 and RMB267,682 as of December 31, 2024 and 2025, respectively)	317,757	2,222,106	1,655,984
Prepaid expenses and other current assets	320,542	2,241,570	2,789,573
Total current assets	1,637,597	11,451,866	6,820,148
Non-current assets:
Restricted cash	3,161	22,104	42,842
Derivative financial instrument	1,599	11,185	6,768
Long-term investments, net	151,958	1,062,660	794,688
Property and equipment, net	3,256,864	22,775,579	17,216,635
Intangible assets, net	286,670	2,004,710	1,403,787
Land use rights, net	124,089	867,765	766,213
Operating lease right-of-use assets, net	696,592	4,871,341	4,618,212
Deferred tax assets, net	35,974	251,572	306,623
Other non-current assets	182,377	1,275,380	381,126
Total non-current assets	4,739,284	33,142,296	25,536,894
Total assets	6,376,881	44,594,162	32,357,042
Current liabilities:
Short-term bank borrowings (including amounts of consolidated VIEs without recourse to the Company of RMB589,000 and RMB1,086,997 as of December 31, 2024 and 2025, respectively)	167,674	1,172,561	589,000
Current portion of long-term borrowings (including amounts of consolidated VIEs without recourse to the Company of RMB1,093,160 and RMB1,657,840 as of December 31, 2024 and 2025, respectively)	294,455	2,059,154	1,420,190
Current portion of finance lease liabilities (including amounts of consolidated VIEs without recourse to the Company of RMB94,162 and RMB229,691 as of December 31, 2024 and 2025, respectively)	51,193	357,995	208,299
Current portion of operating lease liabilities (including amounts of consolidated VIEs without recourse to the Company of RMB881,025 and RMB941,603 as of December 31, 2024 and 2025, respectively)	137,603	962,275	899,818
Accounts and notes payable (including amounts of consolidated VIEs without recourse to the Company of RMB574,642 and RMB610,988 as of December 31, 2024 and 2025, respectively)	106,087	741,878	709,260
Amounts due to related parties (including amounts of consolidated VIEs without recourse to the Company of RMB 355,679 and RMB 415,889 as of December 31, 2024 and 2025, respectively)	59,471	415,889	355,679
Income taxes payable (including amounts of consolidated VIEs without recourse to the Company of RMB68,458 and RMB136,043 as of December 31, 2024 and 2025, respectively)	22,071	154,343	69,569
Advances from customers (including amounts of consolidated VIEs without recourse to the Company of RMB1,378,806 and RMB933,920 as of December 31, 2024 and 2025, respectively)	133,549	933,920	1,378,806
Deferred revenue (including amounts of consolidated VIEs without recourse to the Company of RMB80,435 and RMB124,401 as of December 31, 2024 and 2025, respectively)	19,830	138,671	87,830
Current portion of deferred government grants (including amounts of consolidated VIEs without recourse to the Company of RMB6,727 and RMB24,929 as of December 31, 2024 and 2025, respectively)	7,302	51,062	6,727
Accrued expenses and other payables (including amounts of consolidated VIEs without recourse to the Company of RMB 1,274,258 and RMB 3,060,318 as of December 31, 2024 and 2025, respectively)	780,693	5,459,465	3,618,237
Total current liabilities	1,779,928	12,447,213	9,343,415
Non-current liabilities:
Long-term borrowings (including amounts of consolidated VIEs without recourse to the Company of RMB3,285,482 and RMB7,846,171 as of December 31, 2024 and 2025, respectively)	1,655,870	11,579,664	7,767,390
Convertible notes	734,819	5,138,664	1,897,738
Non-current portion of finance lease liabilities (including amounts of consolidated VIEs without recourse to the Company of RMB705,013 and RMB923,083 as of December 31, 2024 and 2025, respectively)	235,048	1,643,713	1,532,309
Non-current portion of operating lease liabilities (including amounts of consolidated VIEs without resource to the Company of RMB3,737,819 and RMB3,963,305 as of December 31, 2024 and 2025, respectively)	572,142	4,001,047	3,779,293
Unrecognized tax benefits (including amounts of consolidated VIEs without recourse to the Company of RMB107,850 and RMB118,734 as of December 31, 2024 and 2025, respectively)	16,979	118,734	107,850
Deferred tax liabilities (including amounts of consolidated VIEs without recourse to the Company of RMB118,374 and RMB106,232 as of December 31, 2024 and 2025, respectively)	120,174	840,387	734,404
Deferred government grants (including amounts of consolidated VIEs without recourse to the Company of RMB38,654 and RMB82,493 as of December 31, 2024 and 2025, respectively)	37,218	260,268	273,824
Total non-current liabilities	3,372,250	23,582,477	16,092,808
Total liabilities	5,152,178	36,029,690	25,436,223
Commitments and contingencies
Mezzanine equity:
Redeemable noncontrolling interests	244,754	1,711,591
Total mezzanine equity	244,754	1,711,591
Shareholders' equity:
Treasury shares	(25,609)	(179,087)	(161,892)
Additional paid-in capital	2,482,493	17,360,323	17,298,692
Statutory reserves	16,633	116,316	107,380
Accumulated other comprehensive (loss) income	6,632	46,375	(18,504)
Accumulated deficit	(1,590,939)	(11,125,595)	(10,859,888)
Total VNET Group, Inc. shareholders' equity	889,226	6,218,444	6,365,900
Noncontrolling interests	90,723	634,437	554,919
Total shareholders' equity	979,949	6,852,881	6,920,819
Total liabilities, mezzanine equity and shareholders' equity	6,376,881	44,594,162	32,357,042
Related Party
Current assets:
Amounts due from related parties	61,405	429,411	336,360
Common Class A
Shareholders' equity:
Ordinary shares	15	108	108
Common Class B
Shareholders' equity:
Ordinary shares	$ 1	¥ 4	¥ 4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets


Category		Estimated useful life
Property		25-50 years
Leasehold improvements		Over the shorter of lease term or the estimated useful lives of the assets
Renovation and decoration		3-15 years
Data center equipment		1-20 years
Office equipment		2-8 years
Motor vehicles		2-8 years

Schedule of Intangible assets are amortized using the straight-line method over the estimated useful lives of the assets


Category		Estimated useful life
Purchased software		2-10 years
Radio spectrum license		15 years
Operating permits*		18-49 years
Licenses*		15 years
Trade names*		20 years
Internal use software		3 years
Customer contract*		7-10 years

*	Acquired in the acquisitions of subsidiaries.

Schedule of impairment charges associated with its long-lived assets


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Impairment of property and equipment	480,099	—	—
Impairment of intangible assets	15,113	—	—
Impairment of right-of-use assets	11,474	—	—

Schedule of interest expenses


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Interest expense and amortization cost of 2025, 2026, 2027 and 2030 Convertible Notes (Note 16)	59,429	64,115	71,342
Interest expense on bank and other borrowings	222,918	336,533	551,046
Interest expense on finance leases	90,679	93,264	117,906
Total interest costs	373,026	493,912	740,294
Less: Total interest costs capitalized	(60,854)	(92,937)	(141,669)
Interest expense, net	312,172	400,975	598,625

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2025

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

28. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

In the Company-only financial statements, the Company’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since inception.

The Company records its investment in its subsidiary under the equity method of accounting as prescribed in ASC 323-10, Investment-Equity Method and Joint Ventures, and such investment is presented on the balance sheets as “Investments in subsidiaries” and the share of the subsidiaries’ profit or loss is presented as “Share of (losses) profits of subsidiaries and Consolidated VIEs” on the statements of operations.

The subsidiaries did not pay any dividends to the Company for the years presented.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted and as such, these Company-only financial statements should be read in conjunction with the Company’s consolidated financial statements.

28. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (CONTINUED)

Condensed balance sheets


		As of December 31,
		2024		2025
		RMB		RMB
ASSETS
Current assets:
Cash and cash equivalents		539		235
Prepaid expenses and other current assets		191,548		191,970
Total current assets		192,087		192,205

Non-current assets:
Investments in subsidiaries		9,335,836		12,454,943
Total non-current assets		9,335,836		12,454,943
Total assets		9,527,923		12,647,148

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accrued expenses and other payables		65,499		89,827
Account payables		58		56
Amounts due to subsidiaries		1,198,728		1,200,157
Total current liabilities		1,264,285		1,290,040

Non-current liabilities:
Convertible notes		1,897,738		5,138,664
Total non-current liabilities		1,897,738		5,138,664
Total liabilities		3,162,023		6,428,704
Shareholders’ equity:
Class A ordinary shares		108		108
Class B ordinary shares		4		4
Class C ordinary shares		—		—
Treasury shares		(161,892)		(179,087)
Additional paid-in capital		17,298,692		17,360,323
Accumulated other comprehensive (loss) income		(18,504)		46,375
Accumulated deficit		(10,752,508)		(11,009,279)
Total shareholders’ equity		6,365,900		6,218,444
Total liabilities and shareholders’ equity		9,527,923		12,647,148

28. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (CONTINUED)

Condensed statements of operations


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Operating expenses
General and administrative expenses		(24,663)		(35,331)		(47,510)
Operating loss		(24,663)		(35,331)		(47,510)
Other loss		(94,452)		(100,547)		(25,338)
Changes in the fair value of financial instruments		(165,930)		(74,112)		(328,573)
Share of (losses) profits from subsidiaries and consolidated VIEs		(2,358,791)		393,190		144,650
Net (loss) income		(2,643,836)		183,200		(256,771)

Condensed statements of comprehensive (loss) income


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Net (loss) income		(2,643,836)		183,200		(256,771)
Other comprehensive (loss) income, net of tax of nil
Foreign currency translation adjustments, net of tax of nil		(25,365)		(21,488)		66,149
Changes in fair value due to instrument-specific credit risk		—		14,243		—
Others		—		3,084		(1,270)
Other comprehensive income (loss), net of tax of nil		(25,365)		(4,161)		64,879
Comprehensive (loss) income		(2,669,201)		179,039		(191,892)

Condensed statements of cash flows


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Net cash generated from (used in) operating activities		29,940		23,174		(40,547)
Net cash used in investing activities		(37,571)		(22,665)		40,243
Net (decrease) increase in cash and cash equivalents		(7,631)		509		(304)
Cash and cash equivalents at beginning of the year		7,661		30		539
Cash and cash equivalents at end of the year		30		539		235

SHARE-BASED COMPENSATION - RSU valuation assumptions (Details) - Restricted Stock Units (RSUs)	1 Months Ended
	Nov. 30, 2025 $ / shares
SHARE-BASED COMPENSATION
Risk-free interest rate	3.56%
Volatility	86.10%
Subscription price (in dollars per share)	$ 1.37
Minimum
SHARE-BASED COMPENSATION
Expected term	1 year
Maximum
SHARE-BASED COMPENSATION
Expected term	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Subparagraph (a)(1)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

RESTRICTED NET ASSETS (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
RESTRICTED NET ASSETS.
Minimum required percentage of annual after-tax profit to the general statutory reserve	10.00%
Maximum requirement of each of the entity's PRC subsidiaries' after-tax profits to be allocated to a general reserve fund as a percentage of each Subsidiaries' registered capital	50.00%
Statutory reserves	¥ 116,316	¥ 107,380
Restricted net asset, PRC generally accepted accounting principles (in RMB) or (in dollars)	¥ 24,510,375

ACCOUNTS AND NOTES RECEIVABLE, NET

12 Months Ended

Dec. 31, 2025

ACCOUNTS AND NOTES RECEIVABLE, NET

ACCOUNTS AND NOTES RECEIVABLE, NET

5. ACCOUNTS AND NOTES RECEIVABLE, NET

Accounts and notes receivable and the allowance for doubtful debt consisted of the following:


	As of December 31,
	2024	2025
	RMB	RMB
Accounts receivable	1,845,205	2,488,988
Notes receivable	280	800
Allowance for doubtful debt	(189,501)	(267,682)
	1,655,984	2,222,106

As of December 31, 2024 and 2025, all accounts and notes receivable were due from third party customers. An analysis of the allowance for doubtful debt was as follows:


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Balance at beginning of the year	134,569	188,356	189,501
Additional provision charged to expense	54,512	106,283	97,542
Write-off of accounts receivable	(725)	(105,138)	(19,361)
Balance at the end of the year	188,356	189,501	267,682

BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2025

BORROWINGS

Schedule of borrowings and their securities


		As of December 31,
		2024		2025
		RMB		RMB
Short term bank borrowings		589,000		1,172,561
Long-term bank borrowings, current portion		615,015		957,062
Other long-term borrowings, current portion		805,175		1,102,092
		2,009,190		3,231,715
Long-term bank borrowings, non-current portion		6,082,964		9,490,143
Other long-term borrowings, non-current portion		1,684,426		2,089,521
Total borrowings		9,776,580		14,811,379

December 31, 2024


Short-term borrowings		Secured by
(RMB)
589,000		Unsecured borrowing.

Long-term borrowings (including current portion)		Secured by
(RMB)
2,988,344		Secured by a subsidiary’s share.
5,124,656		Secured by property and equipment and land-use right with net book value of RMB832,153 and RMB205,334, respectively (Note 8/Note 10), and a subsidiary’s share.
1,074,580		Unsecured borrowing.
9,187,580

December 31, 2025



Short-term borrowings		Secured by
(RMB)
1,172,561		Unsecured borrowing.

Long-term borrowings (including current portion)		Secured by
(RMB)
2,925,374		Secured by shares of subsidiaries and/or acccouts receivable.
9,526,034		Secured by property and equipment and land-use right with net book value of RMB1,257,726 and RMB249,031, respectively (Note 8/Note 10). In addition to the above assets pledged for secured borrowings, some of the borrowings were guaranteed by shares of subsidiaries and/or accounts receivable.
1,187,410		Unsecured borrowing.
13,638,818

Schedule of maturities of the Company's short-term borrowings and long-term borrowings, including bank and other borrowings


		RMB
For the years ending December 31,
2026		3,231,715
2027		1,897,821
2028		1,791,557
2029		1,387,968
2030		1,286,159
2031 and thereafter		5,216,159

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

LEASES

Schedule of weighted-average remaining lease term and weighted-average discount rate


	As of December 31,
	2024		2025
Weighted average remaining lease term:
Operating lease	9.7 years		9.7 years
Finance lease	14.4 years		12.1 years

Weighted average discount rate:
Operating lease	7.20	%	6.7	%
Finance lease	8.20	%	5.8	%

Schedule of total lease cost


	For the years ended December 31,
	2023		2024	2025
	RMB		RMB	RMB
Lease cost
Finance lease cost:
Depreciation	199,926		165,262	205,297
Interest expenses	90,679		93,264	117,906
Operating lease cost	749,800		870,196	992,829
Total lease cost	1,040,405		1,128,722	1,316,032

Schedule of supplemental cash flow information related to leases


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash payments for operating leases		796,541		847,908		961,747
Financing cash payments for finance leases		210,902		102,646		211,604
Operating cash payments for finance leases		90,679		93,264		117,906

Schedule of future lease payments under operating leases and finance leases


		Operating Leases		Finance Leases
		RMB		RMB
2026		992,524		458,033
2027		796,747		440,640
2028		751,293		415,483
2029		727,114		242,937
2030		684,040		111,729
2031 and thereafter		2,945,405		1,486,225
Total future lease payments		6,897,123		3,155,047
Less: Imputed interest		(1,933,801)		(1,153,339)
Present value of future lease payments*		4,963,322		2,001,708

*	Present value of future operating lease payments consisted of current portion of operating lease liabilities and non-current portion of operating lease liabilities, amounting to RMB962,275 and RMB4,001,047 for the year ended December 31, 2025, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

(a) Basis of presentation

Principles of consolidation

(b) Principles of consolidation

Use of estimates

Foreign currency

(d) Foreign currency

Convenience translation

(e) Convenience translation

Cash and cash equivalents

(f) Cash and cash equivalents

Restricted cash

(g) Restricted cash

Short-term investments

(h) Short-term investments

Accounts receivable and allowance for doubtful debt

(i) Accounts receivable and allowance for doubtful debt

Property and equipment

(j) Property and equipment


Category		Estimated useful life
Property		25-50 years
Leasehold improvements		Over the shorter of lease term or the estimated useful lives of the assets
Renovation and decoration		3-15 years
Data center equipment		1-20 years
Office equipment		2-8 years
Motor vehicles		2-8 years

Intangible assets

(k) Intangible assets

Intangible assets are amortized using the straight-line method over the estimated useful lives of the assets, as follows:


Category		Estimated useful life
Purchased software		2-10 years
Radio spectrum license		15 years
Operating permits*		18-49 years
Licenses*		15 years
Trade names*		20 years
Internal use software		3 years
Customer contract*		7-10 years

*	Acquired in the acquisitions of subsidiaries.

Leases

(l) Leases

Leases with an initial lease term of 12 months or less are not recorded on the consolidated balance sheets. Lease expense for these leases is recognized on a straight-line basis over the lease term.

Land use right

(m) Land use right

Long-term investments

(n) Long-term investments

Goodwill

(o) Goodwill

Impairment of long-lived assets

(p) Impairment of long-lived assets

The Company recorded impairment charges associated with its long-lived assets as follows:


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Impairment of property and equipment	480,099	—	—
Impairment of intangible assets	15,113	—	—
Impairment of right-of-use assets	11,474	—	—

Value-added-tax ("VAT")

(q) Value-added-tax (“VAT”)

Fair value of financial instruments

(r) Fair value of financial instruments

(r) Fair value of financial instruments (continued)

Revenue recognition

(s) Revenue recognition

The Company’s revenue recognition policies are as follows:

Cost of revenues

(t) Cost of revenues

Advertising expenditures

(u) Advertising expenditures

Research and development expenses

(v) Research and development expenses

Government grants

(w) Government grants

Capitalized interest

(x) Capitalized interest

As a result of total interest costs capitalized during the period, the interest expense for the years ended December 31, 2023, 2024 and 2025, was as follows:


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Interest expense and amortization cost of 2025, 2026, 2027 and 2030 Convertible Notes (Note 16)	59,429	64,115	71,342
Interest expense on bank and other borrowings	222,918	336,533	551,046
Interest expense on finance leases	90,679	93,264	117,906
Total interest costs	373,026	493,912	740,294
Less: Total interest costs capitalized	(60,854)	(92,937)	(141,669)
Interest expense, net	312,172	400,975	598,625

Income taxes

(y) Income taxes

Share-based compensation

(z) Share-based compensation

(Loss) earnings per share

(aa) (Loss) earnings per share

Treasury share

(bb) Treasury share

Comprehensive (loss) income

(cc) Comprehensive (loss) income

Segment reporting

(dd) Segment reporting

As substantial all of the Company’s long-lived assets and revenues are located in and derived from the PRC, geographical segments are not presented.

Employee benefits

(ee) Employee benefits

Recent accounting pronouncements

(ff) Recent accounting pronouncements

(LOSS) EARNING PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

(LOSS) EARNING PER SHARE

Schedule of basic and dilute loss per share


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Numerator:
Net (loss) income	(2,597,169)	248,423	(133,421)
Net income attributable to noncontrolling interest	(46,667)	(65,223)	(67,518)
Net income attributable to redeemable noncontrolling interests	—	—	(50,903)
Accretion to redemption amount of redeemable noncontrolling interests	—	—	(4,929)
Net income attributable to convertible note holders based on their participating rights	—	(15,078)	—
Net (loss) income attributable to the Company	(2,643,836)	168,122	(256,771)
Adjusted net (loss) income attributable to ordinary shareholders - basic	(2,643,836)	168,122	(256,771)
Reversal of net income attributable to convertible promissory notes	—	15,078	—
Adjust for changes in the fair value of financial instruments	—	80,880	—
Adjust for gain on debt extinguishment	—	(246,175)	—
Adjusted interest for convertible promissory notes	—	22,723	—
Adjusted net (loss) income attributable to ordinary shareholders -diluted	(2,643,836)	40,628	(256,771)


Denominator:
Weighted average number of shares outstanding-basic	901,143,138	1,593,594,519	1,612,272,787
Weighted average number of shares outstanding-diluted	901,143,138	1,742,346,367	1,612,272,787
(Loss) earning per share—basic:	(2.93)	0.11	(0.16)
(Loss) earning per share—diluted:	(2.93)	0.02	(0.16)

Schedule of antidilutive securities excluded from computation of earnings per share


		As of December 31,
		2023		2024		2025

Share options		258,986		—		196,422
RSUs*		2,483,079		—		4,302,552
2026 Convertible Notes		66,086,640		—		—
2027 Convertible Notes		136,363,636		—		147,018,680
2030 Convertible Notes		—		—		187,636,364

*	Each RSU reprensents six Class A Ordinary Shares.

TAXATION - Unrecognized Tax Benefits (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
TAXATION
Balance at beginning of year	¥ 63,273	¥ 64,528
Reversal based on tax positions related to prior years	(28)	(1,255)
Balance at end of year	¥ 63,245	¥ 63,273

ACQUISITION AND DISPPOSAL OF SUBSIDIARIES - Disposal in 2025 (Details) ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)
ACCRUED EXPENSES AND OTHER PAYABLES
Structured Entity, Asset Backed Securitization Vehicle, Issuance Size	¥ 860,000
Percentage of interest subscribed in structured entity	7.00%
Gain on deconsolidation of a subsidiary		$ 67,186	¥ 469,838
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
ACCRUED EXPENSES AND OTHER PAYABLES
Gain on deconsolidation of a subsidiary	¥ 470,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

TAXATION - Deferred Taxes (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Non-current
Allowance for doubtful debt		¥ 152,606	¥ 151,507
Impairment of long-lived assets		167,455	167,016
Impairment of long-term investment		4,866	4,866
Accrued expense		81,430	99,066
Tax losses		916,553	722,959
Property and equipment		74,014	60,739
Intangible assets		8,831	7,937
Finance lease		361,498	387,135
Operating lease		1,092,755	1,074,944
Loss picked up on equity method investments		13,804	13,804
Valuation allowance		(1,205,912)	(952,541)	¥ (955,738)	¥ (397,457)
Total deferred tax assets, net of valuation allowance		1,667,900	1,737,432
Non-current
Intangible assets		389,510	315,308
Property and equipment		234,624	233,369
Capitalized interest expenses		95,131	62,582
Finance lease		254,843	289,158
Operating lease		1,092,755	1,074,944
Investment in a VIE		189,852	189,852
Total non-current deferred tax liabilities		2,256,715	2,165,213
Net deferred tax liabilities		(588,815)	(427,781)
Deferred tax assets, net	$ 35,974	251,572	306,623
Deferred tax liabilities	$ 120,174	¥ 840,387	¥ 734,404

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

SHARE-BASED COMPENSATION

Schedule of employee share option activity under the 2010 Plan


			Weighted
		Weighted	average
		average	remaining	Aggregate
	Number of	exercise	contractual	intrinsic
	options	price	term	value
		(US$)	(Years)	(US$)
Outstanding, January 1, 2025	359,202	0.17	1.96	222
Exercised	(150,030)	0.15	—	—
Forfeited	(12,750)	0.85	—	—
Outstanding, December 31, 2025	196,422	0.15	1.00	247
Vested as of December 31, 2025	196,422	0.15	1.00	247
Exercisable as of December 31, 2025	196,422	0.15	1.00	247

Schedule of fair value of the RSUs granted


Grant date:		November 2025
Risk-free interest rate⁽¹⁾		3.56	%
Volatility⁽²⁾		86.1	%
Expected dividend yield⁽³⁾		—
Share price at grant date		US$1.37
Expected term		1~3 years

(1)	Risk-free interest rate: The risk-free interest rate is based on the United States Treasury Constant Maturity rate with a term equal to the expected term.

(2)	Volatility: Expected volatility is estimated based on the historical volatility of the Company’s share price over a lookback period equal to the expected term.

(3)	Dividend yield: The dividend yield is estimated by the Company based on its expected dividend policy over the expected term of the restricted shares.

Schedule of RSUs activity under the 2014 and 2020 Plans


				Weighted		Weighted
				average		average		Aggregate
		Number of		grant date		remaining		intrinsic
		RSUs		fair value		contractual life		value
				(US$)		(Years)		(US$)
Unvested, January 1, 2025		4,912,467		4.99		2.3		23,285
Granted		1,455,913		5.99		—		—
Vested		(1,644,216)		5.47		—		—
Forfeited		(421,612)		3.73		—		—
Unvested, December 31, 2025		4,302,552		5.08		6.6		36,400

Schedule of total share-based compensation expenses relating to share options and RSUs granted to employees


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Cost of revenues		—		4,886		1,196
Sales and marketing expenses		3,141		20,048		1,677
General and administrative expenses		28,883		118,374		21,956
Research and development expenses		3,272		5,249		949
		35,296		148,557		25,778

TAXATION - Additional Information (Details) ¥ in Thousands, $ in Thousands		1 Months Ended				12 Months Ended						240 Months Ended
	Jan. 01, 2008	Dec. 31, 2025 USD ($)	Dec. 31, 2016	Nov. 30, 2016	Oct. 31, 2015	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2019	Dec. 31, 2018 USD ($)	Dec. 31, 2008	Dec. 31, 2030	Dec. 31, 2025 CNY (¥)
TAXATION
Unified enterprise income tax rate	25.00%
Statutory income tax rate						25.00%	25.00%	25.00%
Undistributed earnings from its PRC subsidiaries							¥ 3,722,046
Withholding tax liability							189,852
Unrecognized tax benefits		$ 16,979					¥ 107,850						¥ 118,734
Unrecognized tax benefits impact in the effective rate													63,245
Beijing 21Vianet Broad Band Data Center Co., Ltd. ("21Vianet Beijing")
TAXATION
Income tax rate									15.00%
Preferential tax rate						15.00%	15.00%	15.00%			15.00%
Certain subsidiaries in inner Mongolia autonomous region Shaaanxi and Sichuan province
TAXATION
Preferential tax rate												15.00%
Shanghai Blue Cloud Technology Co., Ltd. ("SH Blue Cloud")
TAXATION
Preferential tax rate					15.00%	15.00%	15.00%	15.00%
Shenzhen Diyixian Telecommunication Co., Ltd. ("SZ DYX")
TAXATION
Preferential tax rate				15.00%		15.00%	15.00%	15.00%
Beijing TenxCloud Technology Co., Ltd. ("BJ TenxCloud")
TAXATION
Preferential tax rate			15.00%			15.00%	15.00%	15.00%
Shanghai Edge Connect Technology Co., Ltd. ("SH Edge Connect")
TAXATION
Preferential tax rate		15.00%
Statutory income tax rate						15.00%	25.00%	25.00%
TAIWAN \| DYX Taiwan
TAXATION
Income tax rate						20.00%	20.00%	20.00%
PRC
TAXATION
Income tax rate on PRC tax resident enterprises						25.00%
Net tax operating losses from PRC subsidiaries (in RMB)							¥ 2,338,538
Interest expenses (in RMB)						¥ 10,912	10,648	¥ 11,283
Accumulated interest expenses (in RMB)							¥ 44,577						¥ 55,489
PRC \| Minimum
TAXATION
Net tax operating losses expiration year							2026
PRC \| Maximum
TAXATION
Net tax operating losses expiration year							2035
HONG KONG
TAXATION
Assessable profits \| $										$ 2,000
HONG KONG \| 21Vianet Hong Kong Entities
TAXATION
Income tax rate						16.50%	16.50%	16.50%
HONG KONG \| Scenario assessable profits earned Hk2 million
TAXATION
Income tax rate										8.25%
HONG KONG \| Scenario assessable profits remaining Hk2 million
TAXATION
Income tax rate										16.50%
Non-PRC
TAXATION
Withholding tax percent						10.00%

LONG-TERM INVESTMENTS, NET - Long term investments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
LONG-TERM INVESTMENTS, NET
Equity investments without readily determinable fair values		¥ 18,565	¥ 30,821
Equity method investments		822,815	718,094
Available-for-sale debt investments		44,491	45,773
Equity investment with NAV practical expedient		176,789
Long term investments	$ 151,958	¥ 1,062,660	¥ 794,688

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

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+ Details

ACQUISITION AND DISPPOSAL OF SUBSIDIARIES

12 Months Ended

Dec. 31, 2025

ACQUISITION AND DISPPOSAL OF SUBSIDIARIES

ACQUISITION AND DISPPOSAL OF SUBSIDIARIES

4. ACQUISITION AND DISPPOSAL OF SUBSIDIARIES

Acquisitions in 2023

Sanhe Mingtai Digital Industrial Park Co., Ltd. (“Sanhe Digital”)

In March 2023, the Company through one of its Consolidated VIEs, Langfang Huahai Network Technology Co., Ltd. (“Langfang Huahai”), acquired 100% equity interest in Sanhe Digital by issuance of 22.5% equity interest (share consideration) of Langfang Huahai. The share consideration is referenced to the fair value of the identifiable assets acquired and liabilities assumed. The purpose of the transaction is to acquire the property and land use rights for data center. As Sanhe Digital does not possess all the elements that are necessary to conduct normal operations as a business, such acquisition is accounted for as an acquisition of assets. Sanhe Digital was subsequently merged into Langfang Huahai in December 2023.

The carrying amount of the net identifiable assets of Sanhe Digital were as follows:


		RMB
Net assets acquired:
Current assets		3
Property and equipment, net		105,538
Land use rights, net		14,258
Deferred tax assets		2,232
Accrued expenses and other payables		(2,277)
Deferred tax liabilities		(2,758)
Total share consideration		116,996

Acquisitions in 2025

Hebei Yiyun Yuanjing Big Data Technology Co., Ltd (“Yiyun”)

In January 2025, the Company entered into an equity purchase agreement with third parties (the “Sellers”) to acquire 100% of the shares of HLA Data Ltd., through which the Company obtained 51% equity interest of Yiyun, for a cash consideration of RMB266.7 million, together with 10% equity interest of Yiyun acquired in May 2024 (Note 11). Accordingly, Yiyun has been consolidated into the Company’s consolidated financial statements. As Yiyun had not yet commenced operations and does not have outputs or a substantive process, such acquisition is accounted for as an acquisition of assets.

The carrying amount of the net assets acquired were as follows:


		RMB
Cash and cash equivalents		500
Property and equipment, net		12,941
Land use rights, net		98,296
Intangible assets (Note 9)		512,526
Deferred tax liabilities		(129,259)
Redeemable noncontrolling interests (Note 18)		(218,299)
Total consideration
- Cash consideration		266,705
- Carrying amount of the acquirer’s previously held equity interests		10,000

4. ACQUISITION AND DISPPOSAL OF SUBSIDIARIES (CONTINUED)

Disposal in 2025

In November 2025, the Company, acting as the originator, involved in the issuance of a holding-type real estate asset-backed plan (the “ABS Plan”), through which the Company disposed a data center subsidiary to a special purposed vehicle controlled by the ABS Plan. The ABS Plan was listed on the Shanghai Stock Exchange in December 2025, with the issuance scale of RMB860 million. The Company subscribed 7% interest (Note 11) of the ABS Plan with the remaining portion subscribed by various institutional investors. Following the completion of this transaction, the Company deconsolidated the subsidiary transferred to the ABS Plan and recognized gain on deconsolidation of a subsidiary of RMB470 million.

COMMITMENTS AND CONTINGENCIES - Purchase Commitments (Details) - Purchase commitments - Schedule of outstanding purchase commitments in relation to bandwidth and cabinet capacity ¥ in Thousands	Dec. 31, 2025 CNY (¥)
COMMITMENTS AND CONTINGENCIES
2026	¥ 734,690
2027	230,478
2028	74,717
2029	17,708
2030	5,495
2031 and thereafter	1,031
Commitments to purchase	¥ 1,064,119

LEASES - Future lease payments under operating leases and finance leases (Details) ¥ in Thousands	Dec. 31, 2025 CNY (¥)
Future lease payments under operating leases
2026	¥ 992,524
2027	796,747
2028	751,293
2029	727,114
2030	684,040
2031 and thereafter	2,945,405
Total future lease payments	6,897,123
Less: Imputed interest	(1,933,801)
Present value of future lease payments	4,963,322
Future lease payments under finance leases
2026	458,033
2027	440,640
2028	415,483
2029	242,937
2030	111,729
2031 and thereafter	1,486,225
Total future lease payments	3,155,047
Less: Imputed interest	(1,153,339)
Present value of future lease payments	¥ 2,001,708

SHORT-TERM INVESTMENTS (Details) - Dec. 31, 2025 ¥ in Thousands, $ in Thousands	USD ($)	CNY (¥)
SHORT-TERM INVESTMENTS
Aggregate cost basis		¥ 370,461
Gross unrealized holding gain		(8,737)
Aggregate fair value	$ 54,225	¥ 379,198

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands	Ordinary shares USD ($) shares	Ordinary shares CNY (¥) shares	Treasury shares USD ($)	Treasury shares CNY (¥)	Additional paid-in capital USD ($)	Additional paid-in capital CNY (¥)	Accumulated other comprehensive income (loss) USD ($)	Accumulated other comprehensive income (loss) CNY (¥)	Statutory reserves USD ($)	Statutory reserves CNY (¥)	Accumulated deficit USD ($)	Accumulated deficit CNY (¥)	Total VNET Group, Inc. shareholders' equity USD ($)	Total VNET Group, Inc. shareholders' equity CNY (¥)	Noncontrolling interests USD ($)	Noncontrolling interests CNY (¥)	USD ($) shares	CNY (¥) shares
Beginning Balance (in shares) at Dec. 31, 2022 \| shares	890,714,046	890,714,046
Beginning balance at Dec. 31, 2022		¥ 60		¥ (349,523)		¥ 15,239,926		¥ 11,022		¥ 77,996		¥ (8,369,868)		¥ 6,609,613		¥ 372,243		¥ 6,981,856
Consolidated net loss												(2,643,836)		(2,643,836)		46,667		(2,597,169)
Issuance of new shares for restricted share units vested (in shares) \| shares	650,424,192	650,424,192
Issuance of new shares for restricted share units vested		¥ 47				2,084,356								2,084,403				2,084,403
Contribution by noncontrolling interest																116,996		116,996
Acquisition of noncontrolling interest						(27,200)								(27,200)		(30,471)		(57,671)
Appropriation of dividend																(5,467)		(5,467)
Share-based compensation						16,800								16,800				¥ 16,800
Appropriation of statutory reserves										2,619		(2,619)
Reissuance of treasury stock for restricted share units vested (in shares) \| shares	3,252,768	3,252,768															3,252,768	3,252,768
Reissuance of treasury stock for restricted share units vested				22,570		(22,570)
Restricted share units vested (in shares) \| shares	3,043,692	3,043,692
Settlement of restricted share units by reissuance of treasury stock (in shares) \| shares	(3,043,692)	(3,043,692)
Foreign exchange difference								(25,365)						(25,365)				¥ (25,365)
Ending Balance (in shares) at Dec. 31, 2023 \| shares	1,544,391,006	1,544,391,006
Ending balance at Dec. 31, 2023		¥ 107		(326,953)		17,291,312		(14,343)		80,615		(11,016,323)		6,014,415		499,968		6,514,383
Consolidated net loss												183,200		183,200		65,223		248,423
Shares issued to depositary banks (in shares) \| shares	39,000,000	39,000,000
Shares issued to depositary banks		¥ 3				(3)
Issuance of new shares for restricted share units vested (in shares) \| shares	34,744,206	34,744,206
Issuance of new shares for restricted share units vested		¥ 2				(2)
Contribution by noncontrolling interest																16,000		16,000
Acquisition of noncontrolling interest						1,152								1,152				1,152
Appropriation of dividend																(26,272)		(26,272)
Share-based compensation						147,784								147,784				147,784
Shares from bonus conversion (in shares) \| shares	12,898,272	12,898,272
Shares from bonus conversion						23,510								23,510				¥ 23,510
Appropriation of statutory reserves										26,765		(26,765)
Reissuance of treasury stock for restricted share units vested (in shares) \| shares	23,788,254	23,788,254															23,788,254	23,788,254
Reissuance of treasury stock for restricted share units vested				165,061		(165,061)
Restricted share units vested (in shares) \| shares	20,491,014	20,491,014
Settlement of restricted share units and bonus conversion by reissuance of treasury stock and shares issued to depository banks (in shares) \| shares	(33,389,286)	(33,389,286)
Changes in fair value due to instrument-specific credit risk								14,243						14,243				¥ 14,243
Unrealized gain (loss) for available-for-sale debt securities								3,084						3,084				3,084
Foreign exchange difference								(21,488)						(21,488)				(21,488)
Ending Balance (in shares) at Dec. 31, 2024 \| shares	1,641,923,466	1,641,923,466
Ending balance at Dec. 31, 2024		¥ 112		(161,892)		17,298,692		(18,504)		107,380		(10,859,888)		6,365,900		554,919		6,920,819
Consolidated net loss												(251,842)		(251,842)		67,518		(184,324)
Contribution by noncontrolling interest																12,000		12,000
Acquisition of noncontrolling interest																		(100,000)
Appropriation of dividend																		(34,301)
Share-based compensation						25,787								25,787				25,787
Shares from bonus conversion (in shares) \| shares	5,977,050	5,977,050
Shares from bonus conversion						35,385								35,385				35,385
Appropriation of statutory reserves										8,936		(8,936)
Accretion to redemption value of redeemable non-controlling interests												(4,929)		(4,929)				(4,929)
Restricted share units vested (in shares) \| shares	5,058,030	5,058,030
Settlement of restricted share units and bonus conversion by reissuance of treasury stock and shares issued to depository banks (in shares) \| shares	(11,185,110)	(11,185,110)
Share option exercised (in shares) \| shares	150,030	150,030
Share option exercised						459								459				459
Share repurchase (in shares) \| shares	(1,881,438)	(1,881,438)
Share repurchase				(17,195)										(17,195)				(17,195)
Unrealized gain (loss) for available-for-sale debt securities								(1,270)						(1,270)			$ (182)	(1,270)
Foreign exchange difference								66,149						66,149				66,149
Ending Balance (in shares) at Dec. 31, 2025 \| shares	1,640,042,028	1,640,042,028
Ending balance at Dec. 31, 2025	$ 16	¥ 112	$ (25,609)	¥ (179,087)	$ 2,482,493	¥ 17,360,323	$ 6,632	¥ 46,375	$ 16,633	¥ 116,316	$ (1,590,939)	¥ (11,125,595)	$ 889,226	¥ 6,218,444	$ 90,723	¥ 634,437	$ 979,949	¥ 6,852,881

TAXATION - Movements of the valuation allowance (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Movements of the valuation allowance
Balance at beginning of year	¥ 952,541	¥ 955,738	¥ 397,457
Addition	254,034	57,808	606,071
Expiration	(663)	(61,005)	(47,790)
Balance at end of year	¥ 1,205,912	¥ 952,541	¥ 955,738

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2025

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

8. PROPERTY AND EQUIPMENT, NET

Property and equipment, including those held under finance leases, consisted of the following:


	As of December 31,
	2024	2025
	RMB	RMB
At cost:
Property	4,261,678	6,628,488
Leasehold improvements, renovation and decoration	6,040,445	7,018,376
Data center equipment	10,777,790	16,599,217
Office equipment	102,991	104,092
Motor vehicles	3,937	3,900
	21,186,841	30,354,073
Less: Accumulated depreciation	(7,895,831)	(9,226,809)
	13,291,010	21,127,264
Construction-in-progress	4,529,065	2,251,455
Impairment	(603,440)	(603,140)
Property and equipment, net	17,216,635	22,775,579

See note 2 (p) for details of impairment of property and equipment.

In December 2024, the Company entered into an agreement with a third party, which is also the Company’s customer, to dispose the long-lived assets in one of the Company’s data center. A disposal gain of RMB87,688 was recognized upon the disposal.

8. PROPERTY AND EQUIPMENT, NET (CONTINUED)

Depreciation expense was RMB1,663,932, RMB1,468,100 and RMB1,956,041 for the years ended December 31, 2023, 2024 and 2025, respectively, and were included in the following captions:


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Cost of revenues	1,573,970	1,409,442	1,866,176
Sales and marketing expenses	1,721	1,391	1,873
General and administrative expenses	38,280	30,949	50,350
Research and development expenses	49,961	26,318	37,642
	1,663,932	1,468,100	1,956,041

The carrying amounts of the Company’s property and equipment held under finance leases at respective balance sheet dates were as follows:


	As of December 31,
	2024	2025
	RMB	RMB
Property	1,018,510	1,018,510
Data center equipment	1,302,597	1,768,073
	2,321,107	2,786,583
Less: Accumulated depreciation	(874,470)	(947,847)
	1,446,637	1,838,736
Impairment	(19,904)	(19,904)
	1,426,733	1,818,832

Depreciation of property and data center equipment under finance leases was RMB199,926 RMB165,262 and RMB205,297 for the years ended December 31, 2023, 2024 and 2025, respectively.

The carrying amounts of property and equipment pledged by the Company to secure borrowings (Note 13) granted to the Company at the respective balance sheet dates were as follows:


		As of December 31,
		2024		2025
		RMB		RMB
Property		445,345		431,186
Leasehold improvements, renovation and decoration		128,031		112,015
Data center equipment		258,306		714,447
Office equipment		471		78
Total		832,153		1,257,726

RESTRICTED NET ASSETS

12 Months Ended

Dec. 31, 2025

RESTRICTED NET ASSETS.

RESTRICTED NET ASSETS

23. RESTRICTED NET ASSETS

The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s PRC subsidiaries.

In accordance with the PRC Regulations on Enterprises with Foreign Investment and the articles of association of the Company’s PRC subsidiaries, a foreign-invested enterprise established in the PRC is required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A foreign-invested enterprise is required to allocate at least 10% of its annual after-tax profit to the general reserve until such reserve has reached 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign-invested enterprises. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. VNET China was established as a foreign-invested enterprise and, therefore, is subject to the above mandated restrictions on distributable profits. As of December 31, 2024, and 2025, the Company’s PRC subsidiaries had appropriated RMB107,380 and RMB116,316, respectively, in its statutory reserves.

As a result of these PRC laws and regulations subject to the limit discussed above that require annual appropriations of 10% of after-tax income to be set aside, prior to payment of dividends as general reserve fund, the Company’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company. Amounts restricted include paid-in capital, additional paid in capital and statutory reserve funds of the Company’s PRC subsidiaries and the equity of the consolidated VIEs, as determined pursuant to PRC generally accepted accounting principles, totaling an aggregate of RMB24,510,375 as of December 31, 2025.

INTANGIBLE ASSETS, NET - Amortization expenses (Details) ¥ in Thousands	Dec. 31, 2025 CNY (¥)
INTANGIBLE ASSETS, NET
2026	¥ 178,864
2027	166,329
2028	156,551
2029	137,358
2030	92,230
Annual estimated amortization expenses for intangible assets	¥ 731,332

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustments, net of tax	¥ 0	¥ 0	¥ 0
Other comprehensive (loss) income, net of tax	¥ 0	¥ 0	¥ 0

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

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-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-SubTopic 10
-Topic 220
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

+ Details

Pay vs Performance Disclosure ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Pay vs Performance Disclosure
Net Income (Loss)	$ (36,013)	¥ (251,842)	¥ 183,200	¥ (2,643,836)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION- Condensed statements of operations (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Operating Expenses
General and administrative expenses	$ (113,950)	¥ (796,861)	¥ (659,030)	¥ (541,850)
Operating loss	111,580	780,300	669,443	(1,970,901)
Changes in the fair value of financial instruments	(44,949)	(314,332)	(74,112)	(165,930)
Share of (losses) profits from subsidiaries and consolidated VIEs		424,089	482,652	(2,482,795)
Net (loss) income attributable to VNET Group, Inc.	$ (36,013)	(251,842)	183,200	(2,643,836)
Parent Company
Operating Expenses
General and administrative expenses		(47,510)	(35,331)	(24,663)
Operating loss		(47,510)	(35,331)	(24,663)
Other loss		(25,338)	(100,547)	(94,452)
Changes in the fair value of financial instruments		(328,573)	(74,112)	(165,930)
Share of (losses) profits from subsidiaries and consolidated VIEs		144,650	393,190	(2,358,791)
Net (loss) income attributable to VNET Group, Inc.		¥ (256,771)	¥ 183,200	¥ (2,643,836)

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

+ Details

FAIR VALUE MEASUREMENTS - Liabilities measured (Details) - CNY (¥) ¥ in Thousands	4 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
2025 Convertible Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Beginning Balance				¥ 537,778
Changes in fair value through the earnings				¥ (21,816)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]				Changes In The Fair Value Of Convertible Promissory Notes
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements				¥ 527,089
Foreign currency translation adjustment				11,127
2027 Convertible Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Beginning Balance	¥ 1,683,270	¥ 1,897,738
Changes in fair value through the earnings	¥ 213,418	¥ 328,573
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Changes In The Fair Value Of Convertible Promissory Notes	Changes In The Fair Value Of Convertible Promissory Notes
Changes in fair value due to instrument-specific credit risk in other comprehensive income	¥ (14,243)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, after Tax and Reclassification Adjustment, Attributable to Parent
Foreign currency translation adjustment	¥ 15,293	¥ (47,383)	¥ 15,293
Ending Balance	1,897,738	2,178,928	1,897,738
Derivative liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Beginning Balance		¥ 57,060	188,706
Changes in fair value through the earnings			¥ (132,538)	¥ 187,746
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Changes In The Fair Value Of Convertible Promissory Notes	Changes In The Fair Value Of Convertible Promissory Notes
Foreign currency translation adjustment	892		¥ 892	¥ 960
Ending Balance	¥ 57,060		¥ 57,060	¥ 188,706

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	At VNET, cybersecurity risk management is an integral part of our overall enterprise risk management program. Our cybersecurity risk management program is based on industry best practices that aim (1) to provide a roadmap for effective security management practices and controls that protect and maintain the confidentiality, integrity, and availability of Company’s information systems and information assets, including non-public information and (2) to prevent data exfiltration, manipulation, and destruction, as well as system and transactional disruption. It is also designed to provide a framework for handling cybersecurity threats and incidents, including threats and incidents associated with the use of applications developed and services provided by third-party service providers, and facilitate coordination across different departments of our company. This framework includes steps for assessing the severity of a cybersecurity threat, identifying the source of a cybersecurity threat including whether the cybersecurity threat is associated with a third-party service provider, implementing cybersecurity countermeasures and mitigation strategies and informing management and our board of directors of material cybersecurity threats and incidents. We carry out information security management from three levels of physical security, internal cybersecurity and external cybersecurity, and formulate privacy policies to ensure the security of personal data and privacy. Our cybersecurity team is responsible for assessing our cybersecurity risk management program and we currently do not engage third parties for such assessment. In addition, we require information security awareness and training to be completed annually by our employees, including all new hires. Our IT department is available to all employees to answer questions related to security awareness and information security best practice references and archived documentation, and we provide targeted training from time to time on topics such as phishing and secure application development, among others. Our data centers are certified as level 3 by the China Cybersecurity Review Technology and Certification Center (CCRC) for information system security integration service, information security emergency response service, and information security risk assessment service. We are ISO 27001 certified in the main operating regions of the Company. In 2025, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. However, despite our efforts, we cannot eliminate all risks from cybersecurity threats, or provide assurances that we have not experienced an undetected cybersecurity incident. For more information about these risks, please see “Risk Factors –– Risks Related to Our Business and Industry––Actual or alleged failure to comply with laws and regulations related to cybersecurity, information security, privacy and data protection could lead to government enforcement actions, have a serious adverse effect on our reputation, and discourage current and potential clients from doing business with us” in this annual report on Form 20-F.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program is based on industry best practices that aim (1) to provide a roadmap for effective security management practices and controls that protect and maintain the confidentiality, integrity, and availability of Company’s information systems and information assets, including non-public information and (2) to prevent data exfiltration, manipulation, and destruction, as well as system and transactional disruption. It is also designed to provide a framework for handling cybersecurity threats and incidents, including threats and incidents associated with the use of applications developed and services provided by third-party service providers, and facilitate coordination across different departments of our company. This framework includes steps for assessing the severity of a cybersecurity threat, identifying the source of a cybersecurity threat including whether the cybersecurity threat is associated with a third-party service provider, implementing cybersecurity countermeasures and mitigation strategies and informing management and our board of directors of material cybersecurity threats and incidents. We carry out information security management from three levels of physical security, internal cybersecurity and external cybersecurity, and formulate privacy policies to ensure the security of personal data and privacy. Our cybersecurity team is responsible for assessing our cybersecurity risk management program and we currently do not engage third parties for such assessment. In addition, we require information security awareness and training to be completed annually by our employees, including all new hires. Our IT department is available to all employees to answer questions related to security awareness and information security best practice references and archived documentation, and we provide targeted training from time to time on topics such as phishing and secure application development, among others. Our data centers are certified as level 3 by the China Cybersecurity Review Technology and Certification Center (CCRC) for information system security integration service, information security emergency response service, and information security risk assessment service.
Cybersecurity Risk Management Third Party Engaged [Flag]	false
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors has overall oversight responsibility for our risk management, and delegates cybersecurity risk management oversight to the audit committee of the board of directors. The audit committee is responsible for ensuring that management has processes in place designed to identify and evaluate cybersecurity risks to which the company is exposed and implement processes and programs to manage cybersecurity risks and mitigate cybersecurity incidents. The audit committee also reports material cybersecurity risks to our full board of directors.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	audit committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The audit committee is responsible for ensuring that management has processes in place designed to identify and evaluate cybersecurity risks to which the company is exposed and implement processes and programs to manage cybersecurity risks and mitigate cybersecurity incidents. The audit committee also reports material cybersecurity risks to our full board of directors.Management, including the CISO, CEO and CFO and our cybersecurity team, regularly update the audit committee on the company’s cybersecurity programs, material cybersecurity risks and mitigation strategies and provide cybersecurity reports quarterly that cover, among other topics, update the status of any material cybersecurity incidents or material risks from cybersecurity threats to the Company, if any, the relevant disclosure issues, assessments of the Company’s cybersecurity programs, developments in cybersecurity and updates to the company’s cybersecurity programs and mitigation strategies.
Cybersecurity Risk Role of Management [Text Block]	Management is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that such potential cybersecurity risk exposures are monitored, putting in place appropriate mitigation measures and maintaining cybersecurity programs. Our cybersecurity programs are under the direction of our Chief Information Security Officer, or CISO who receives reports from our cybersecurity team and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our CISO and dedicated personnel are certified and experienced information systems security professionals and information security managers with many years of experience. Management, including the CISO, CEO and CFO and our cybersecurity team, regularly update the audit committee on the company’s cybersecurity programs, material cybersecurity risks and mitigation strategies and provide cybersecurity reports quarterly that cover, among other topics, update the status of any material cybersecurity incidents or material risks from cybersecurity threats to the Company, if any, the relevant disclosure issues, assessments of the Company’s cybersecurity programs, developments in cybersecurity and updates to the company’s cybersecurity programs and mitigation strategies.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Chief Information Security Officer
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO and dedicated personnel are certified and experienced information systems security professionals and information security managers with many years of experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our cybersecurity programs are under the direction of our Chief Information Security Officer, or CISO who receives reports from our cybersecurity team and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

ACCOUNTS AND NOTES RECEIVABLE, NET (Tables)

12 Months Ended

Dec. 31, 2025

ACCOUNTS AND NOTES RECEIVABLE, NET

Schedule of accounts and notes receivable and the allowance for doubtful debt


	As of December 31,
	2024	2025
	RMB	RMB
Accounts receivable	1,845,205	2,488,988
Notes receivable	280	800
Allowance for doubtful debt	(189,501)	(267,682)
	1,655,984	2,222,106

Schedule of analysis of the allowance for doubtful debt


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Balance at beginning of the year	134,569	188,356	189,501
Additional provision charged to expense	54,512	106,283	97,542
Write-off of accounts receivable	(725)	(105,138)	(19,361)
Balance at the end of the year	188,356	189,501	267,682

INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2025

INTANGIBLE ASSETS, NET

Schedule of intangible assets


				Radio										Internal
		Purchased		spectrum		Operating				Trade		Customer		use
		software		license		Permits		Licenses		names		contract		software		Total
		RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB
Intangible assets, cost December 31, 2024		343,836		138,867		1,199,210		5,772		116,266		190,141		102,338		2,096,430
Accumulated amortization		(175,815)		(90,920)		(127,121)		(4,197)		(60,555)		(109,087)		(81,561)		(649,256)
Impairment		(802)		(42,585)		—		—		—		—		—		(43,387)
Intangible assets, net December 31, 2024		167,219		5,362		1,072,089		1,575		55,711		81,054		20,777		1,403,787
Intangible assets, cost December 31, 2025		564,236		135,784		1,711,736		5,772		116,266		190,141		114,814		2,838,749
Accumulated amortization		(235,223)		(91,321)		(174,504)		(4,582)		(66,369)		(123,484)		(96,115)		(791,598)
Impairment		(802)		(41,639)		—		—		—		—		—		(42,441)
Intangible assets, net December 31, 2025		328,211		2,824		1,537,232		1,190		49,897		66,657		18,699		2,004,710

Schedule of annual estimated amortization expenses of intangible assets


		RMB
2026		178,864
2027		166,329
2028		156,551
2029		137,358
2030		92,230
		731,332

LONG-TERM INVESTMENTS, NET - Additional Information (Details) ¥ in Thousands, $ in Thousands		1 Months Ended												2 Months Ended	12 Months Ended
	Oct. 17, 2024 CNY (¥)	Nov. 30, 2025 CNY (¥)	Oct. 31, 2025 USD ($)	Oct. 31, 2025 CNY (¥)	Sep. 30, 2025 CNY (¥)	Sep. 30, 2024 CNY (¥)	May 31, 2024 USD ($) installment shares	May 31, 2024 CNY (¥) installment shares	Feb. 28, 2023 CNY (¥)	Nov. 30, 2022 CNY (¥)	Sep. 30, 2022 CNY (¥)	Dec. 31, 2019 CNY (¥)	Jan. 31, 2018 CNY (¥)	May 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 CNY (¥)
LONG TERM INVESTMENT, NET
Equity investments without readily determinable fair values																	¥ 30,821		¥ 18,565
Gain on deconsolidation of a subsidiary															$ 67,186	¥ 469,838
Issuance scale		¥ 860,000
Percentage of interest subscribed in structured entity		7.00%
Number of shares acquired in Matrix \| shares							988,116	988,116
Equity interest of Matrix							4.76%	4.76%
Cash consideration to Matrix							$ 6,000	¥ 42,661
Unrealized gain (loss) for available-for-sale debt securities															(182)	(1,270)	3,084
Amount of tax																0	0
Long term investments															$ 151,958		794,688		1,062,660
Disposal Group, disposed of by Sale, Not Discontinued Operations
LONG TERM INVESTMENT, NET
Gain on deconsolidation of a subsidiary		¥ 470,000
Equity Investments Without Readily Determinable Fair Value
LONG TERM INVESTMENT, NET
Dividend income of non-marketable investments																197	691	¥ 3,270
Impairment of equity investments without readily determinable fair values																0	0	¥ 9,327
Yiyun
LONG TERM INVESTMENT, NET
Equity interest							10.00%	10.00%
Cash consideration								¥ 49,500
Number of installments to acquire equity \| installment							2	2
Payments to acquire equity securities								¥ 10,000
Equity investments without readily determinable fair values																	10,000
Zhuhai VNET Private Equity Fund Management Co., Ltd
LONG TERM INVESTMENT, NET
Returned capital						¥ 20,075
Disposal gain	¥ 1,842
Beijing Xingshulian Technology Development Co., Ltd. [Member]
LONG TERM INVESTMENT, NET
Equity interest, percentage						40.00%
Investment gain (loss)																	¥ 0
Capital injected						¥ 3
Jingliang Inter Cloud
LONG TERM INVESTMENT, NET
Equity interest, percentage													60.00%
Capital injected													¥ 6,000
Jingliang Century Cloud
LONG TERM INVESTMENT, NET
Equity interest, percentage													40.00%
Capital injected													¥ 4,000
Chengdu Qidi Chengxin Education Limit ("Qidi Chengxin")
LONG TERM INVESTMENT, NET
Equity interest, percentage												59.00%
Capital injected												¥ 3,930
Dexin Tonglian (Beijing) Culture Technology Co., Ltd
LONG TERM INVESTMENT, NET
Equity interest, percentage											30.00%							45.00%
Investment gain (loss)		(3)
Capital injected											¥ 3,000
Changzhou Gaoxin Internet Co., Ltd
LONG TERM INVESTMENT, NET
Equity interest, percentage										35.00%				35.00%
Investment gain (loss)																			6,500
Capital injected										¥ 210,000				¥ 488,392
Zhuhai Private
LONG TERM INVESTMENT, NET
Equity interest, percentage									40.00%
Capital injected									¥ 23,000
Shenzhen Diyixian Telecommunication Co., Ltd. ("SZ DYX")
LONG TERM INVESTMENT, NET
Percentage of voting interest					2.61%
Capital injected					¥ 470
Asset Backed Securitization Plan
LONG TERM INVESTMENT, NET
Capital injected		¥ 60,200
Percentage of interest subscribed in structured entity		7.00%
Asset Management Portfolio Product from SDHG International Asset Management Limited
LONG TERM INVESTMENT, NET
Payments to acquire investments			$ 25,000	¥ 175,720
Investment term			10 years	10 years
Long term investments																			¥ 176,800
Fair value gain																¥ 1,100

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Hosting and related services - Net revenues	¥ 9,949,261	¥ 8,259,069	¥ 7,412,930
Hosting and related services - Cost of revenues	7,756,772	6,426,914	6,120,445
Related Party
Hosting and related services - Net revenues	0	7,954	938
Hosting and related services - Cost of revenues	¥ 40,426	¥ 34,153	¥ 50,709

ORGANIZATION

12 Months Ended

Dec. 31, 2025

ORGANIZATION

ORGANIZATION

1. ORGANIZATION

VNET Group, Inc. (the “Company”) was incorporated under the laws of the Cayman Islands on October 16, 2009. The Company, together with its consolidated subsidiaries and variable interest entities (“VIEs”) are principally engaged in the provision of data center hosting and related services. Where appropriate, the term “Company” also refers to the Company itself and its consolidated subsidiaries and VIEs as a whole.

Foreign ownership in the business involving value-added telecommunications service, including data center service (except for e-commerce, domestic conferencing, store-and-forward, and call center services), is subject to significant restrictions under current PRC laws, rules and regulations. To comply with these foreign ownership restrictions, the Company conducts its businesses in the PRC through its VIEs using contractual agreements (the “VIE Agreements”). The Company controls three significant VIEs, namely Beijing Yiyun Network Technology Co., Ltd. (previously known as Beijing aBitCool Network Technology Co., Ltd.), or VNET Technology, Beijing iJoy Information Technology Co., Ltd., or BJ iJoy, and Shanghai Zhiyan Yunwei Technology Co., Ltd., or SH Zhiyan as of December 31, 2025. The equity interests of VNET Technology are legally held by certain PRC individuals, including Mr. Sheng Chen, the Executive Chairperson of Board of Directors of the Company and Zhang Jun (collectively the “Nominee Shareholders”). On April 24, 2025, the Company updated certain VIE agreements while the substance of the terms had not been changed. The following is a summary of the key terms of the updated VIE Agreements of VNET Technology:

Share Pledge Agreements

On April 22, 2024, VNET China entered into a share pledge agreement with VNET Technology’s two shareholders. Pursuant to the share pledge agreement, each of the shareholders pledged his shares in VNET Technology to VNET China in order to guarantee the performance by the shareholders of their obligations under the equity option agreement, the loan agreement and the power of attorney, as well as the performance by VNET Technology of its obligations under the equity option agreement, the power of attorney, and payment of service fees to VNET China under the exclusive consultation and service agreement. In the event of a breach by VNET Technology or any shareholder of contractual obligations under the equity pledge agreement, VNET China, as pledgee, will have the right to dispose of the pledged equity interests in VNET Technology and will have priority in receiving the proceeds from such disposal. The shareholders of VNET Technology also have undertaken that, without prior written consent of VNET China, they will not dispose of, create, or allow any encumbrance on the pledged equity interests. We have registered the pledges of the equity interests in VNET Technology with the local branch of the State Administration for Industry and Commerce of the PRC (currently known as State Administration for Market Regulation of the PRC).

Power of Attorney

Pursuant to the respective power of attorney entered into on April 22, 2024, each shareholder of VNET Technology irrevocably authorized VNET Group, Inc. to act as his attorney in-fact to exercise all of his or her rights as a shareholder of VNET Technology, including the right to convene shareholder meetings, the right to vote and sign any resolution as a shareholder, the right to appoint directors, supervisors, and officers, and the right to sell, transfer, pledge, and dispose of all or a portion of the equity interest held by such shareholder. These powers of attorney will remain in force for ten years. Upon request by VNET Group, Inc., each shareholder of VNET Technology shall extend the term of its authorization prior to its expiration.

1. ORGANIZATION (CONTINUED)

Equity Option Agreements

Pursuant to the equity option agreement on April 22, 2024 by and among VNET China, VNET Technology, Beijing VNET Broad Band Data Center Co., Ltd. (VNET Beijing) and each of the shareholders of VNET Technology, the shareholders of VNET Technology and VNET Technology (as the shareholder of VNET Beijing) have irrevocably granted VNET China an exclusive option to purchase all or part of their equity interests in VNET Technology and VNET Beijing when permissible under PRC laws. VNET China or its designated person may exercise such options to purchase equity interests at the lower of the amount of their respective paid-in capital in VNET Technology and VNET Beijing and the lowest price permitted under applicable PRC laws. The shareholders of VNET Technology and VNET Technology (as the shareholder of VNET Beijing) have undertaken that, without VNET China’s prior written consent, they will not, among other things, (i) transfer or otherwise dispose of their equity interests in VNET Technology and VNET Beijing, (ii) create any pledge or encumbrance on their equity interests in VNET Technology and VNET Beijing, (iii) change the registered capital of VNET Technology or VNET Beijing, (iv) merge VNET Technology and VNET Beijing with any other entity, (v) dispose of VNET Technology’s or VNET Beijing’s material assets (except in the ordinary course of business), or (vi) amend VNET Technology’s or VNET Beijing’s articles of association. The equity option agreement will remain effective for ten years and can be renewed upon request by VNET China.

Loan Agreements

VNET China and the shareholders of VNET Technology entered into a loan agreement on April 22, 2024. Pursuant to the agreements, VNET China has provided interest-free loan facilities of RMB57.0 million and RMB3.0 million, respectively, to the shareholders of VNET Technology, Mr. Sheng Chen and Mr. Jun Zhang, which was used to provide capital to VNET Technology to develop our data center and telecommunications value-added business and related businesses. There is no fixed term for the loan. To repay the loans, the shareholders of VNET Technology are required to transfer their shares in VNET Technology to VNET China or any entity or person designated by VNET China, as permitted under PRC laws. The shareholders of VNET Technology also undertake not to transfer all or part of their equity interests in VNET Technology to any third party, or to create any encumbrance, without the written permission from VNET China. In addition, we will provide unlimited financial support to VNET Technology for its operations and agreed to forego the right to seek repayment in the event VNET Technology is unable to repay such funding.

Exclusive Consultation and Service Agreement

Pursuant to the exclusive consultation service agreement entered into on April 22, 2024 by and among VNET China, VNET Technology and VNET Beijing, VNET China has the exclusive right to provide VNET Technology and VNET Beijing with software technology development, technology consulting, and technical services required by the business of VNET Technology and VNET Beijing. Without VNET China’s prior written consent, VNET Technology and VNET Beijing cannot accept any same or similar services subject to this agreement from any third party. VNET Technology and VNET Beijing agree to pay VNET China an annual service fee at an amount that is equal to 100% of its monthly after-tax profits, after making up losses from previous years, or an amount that is adjusted in accordance with VNET China’s sole discretion for the relevant month and also the mutually-agreed amount for certain other technical services, both of which should be paid within five days after VNET China sends invoice. VNET China has exclusive ownership of all the intellectual property rights created as a result of the performance of the exclusive consultation and service agreement, to the extent permitted by applicable PRC laws. To guarantee the performance the obligations of VNET Technology and VNET Beijing thereunder, the shareholders of VNET Technology have agreed to pledge their equity interests in VNET Technology to VNET China pursuant to the equity pledge agreement. The Exclusive Consultation and Service Agreement will remain effective for ten years, unless otherwise terminated by VNET China. Upon request by VNET China, the term of this agreement can be renewed prior to its expiration.

The contractual arrangements entered into by the Compant with the other VIEs are substantially similar to those entered into with VNET Technology.

In 2025, two consolidated subsidiaries of the Company entered into several agreements with third-party institutional investors to establish two separate partnerships, through which the Company transferred the equity interests of two data center subsidiaries to these partnerships. Another two subsidiaries of the Company, acting as general partners, owed 51% interests in the prospective partnerships. The two partnerships qualifies as VIEs and the Company evaluated that the two subsidiaries acting as the general partners are the primary beneficiaries and consolidated the financial information of the two partnerships. The Company evaluated the two partnerships qualified as businesses and their assets can be used for purposes other than settlement of their own obligations. Such two VIEs’ financial information was also included in the below table.

1. ORGANIZATION (CONTINUED)


	As of December 31,
	2024	2025
	RMB	RMB
ASSETS
Current assets:
Cash and cash equivalents	951,869	3,633,178
Restricted cash	514,991	629,377
Accounts receivable (net of allowance for doubtful debt of RMB121,632 and RMB206,310 as of December 31, 2024 and 2025, respectively)	1,510,487	2,109,472
Short-term investments	—	5,031
Amounts due from related parties	77,907	78,384
Prepaid expenses and other current assets	2,258,563	1,923,157
Total current assets	5,313,817	8,378,599
Non-current assets:
Restricted cash	18,000	123
Derivative financial instrument	6,768	11,185
Long-term investments, net	151,849	180,925
Property and equipment, net	7,150,464	12,736,740
Intangible assets, net	510,847	637,113
Land use rights, net	55,402	133,618
Operating lease right-of-use assets, net	4,561,722	4,817,080
Deferred tax assets, net	221,722	173,541
Other non-current assets	166,103	645,565
Total non-current assets	12,842,877	19,335,890
Total assets	18,156,694	27,714,489
Current liabilities:
Short-term bank borrowings	589,000	1,086,997
Current portion of long-term borrowings	1,093,160	1,657,840
Current portion of finance lease liabilities	94,162	229,691
Current portion of operating lease liabilities	881,025	941,603
Accounts and notes payable	574,642	610,988
Amounts due to inter-companies, net ⁽¹⁾	3,128,991	3,622,715
Amounts due to related parties	355,679	415,889
Income taxes payable	68,458	136,043
Advances from customers	1,378,806	933,920
Deferred revenue	80,435	124,401
Current portion of deferred government grants	6,727	24,929
Accrued expenses and other payables	1,274,258	3,060,317
Total current liabilities	9,525,343	12,845,333

1. ORGANIZATION (CONTINUED)


	As of December 31,
	2024	2025
	RMB	RMB
Non-current liabilities:
Long-term borrowings	3,285,482	7,846,171
Non-current portion of finance lease liabilities	705,013	923,083
Non-current portion of operating lease liabilities	3,737,819	3,963,305
Amounts due to inter-companies, net ⁽¹⁾	1,020,972	892,476
Unrecognized tax benefits	107,850	118,734
Deferred tax liabilities	118,374	106,232
Deferred government grants	38,654	82,493
Total non-current liabilities	9,014,164	13,932,494
Total liabilities	18,539,507	26,777,827


	For the years ended December 31,
	2023	2024		2025
	RMB	RMB		RMB
Net revenues	6,418,125	7,391,709		9,278,295
Net (loss) income	(999,101)	353,325		741,675


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Net cash generated from operating activities	1,418,796	2,191,027	1,800,362
Net cash used in investing activities	(1,431,085)	(2,095,055)	(4,459,173)
Net cash (used in) generated from financing activities	(359,809)	30,393	5,436,629
Net (decrease) increase in cash and cash equivalents and restricted cash	(372,098)	126,365	2,777,818

(1)	Amounts due to inter-companies consist of intercompany payables to the other companies within the Company for the purchase of telecommunication resources and property and equipment on behalf of the Consolidated VIEs.

RELATED PARTY TRANSACTIONS - Related party balances (Details) - Related Party ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
RELATED PARTY TRANSACTIONS
Amounts due from related parties	$ 61,405	¥ 429,411	¥ 336,360
Amount due to related parties		415,889	355,679
Shanghai Puping
RELATED PARTY TRANSACTIONS
Amounts due from related parties		351,018	258,443
BJ New Internet
RELATED PARTY TRANSACTIONS
Amounts due from related parties		441	441
Sanhe Mingtai
RELATED PARTY TRANSACTIONS
Amounts due from related parties		77,938	77,461
Amount due to related parties		54,446	117
Others
RELATED PARTY TRANSACTIONS
Amounts due from related parties		14	15
Amount due to related parties		3	1
Changzhou Gaoxin
RELATED PARTY TRANSACTIONS
Amount due to related parties		¥ 361,440	¥ 355,561

- Definition

Amount of liabilities classified as other.

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