21Vianet Group, Inc. (VNET, Financial), a leading digital infrastructure provider, has announced its unaudited financial results for the fourth quarter and full year of 2024. The company reported a strong financial performance, with a notable increase in revenue driven by its data center operations.
In the fourth quarter of 2024, VNET achieved net revenue of RMB 2.25 billion, marking an 18.3% year-over-year increase. For the full year, net revenue reached RMB 8.26 billion, up 11.4% from the previous year. The growth was primarily fueled by the base data center business, which saw a 125.4% revenue increase to RMB 665.2 million in Q4.
The company's founder and chairman highlighted the successful capture of emerging market opportunities, particularly in technology-driven sectors. VNET secured significant new orders in key regions, including a 32 MW order from a major internet client in the Yangtze River Delta and a 1.5 MW order from the smart driving sector in the Greater Bay Area. A framework agreement for a 100 MW data center service in Ulanqab was also signed, with 28 MW expected to be delivered by the end of 2025.
Looking ahead to 2025, VNET is optimistic about the growth potential of China's high-performance data center market, driven by advancements in AI and increased investment in computing infrastructure. The company plans to continue its dual-engine strategy to support high-quality development and enhance shareholder value.
Financial highlights for Q4 2024 include an adjusted EBITDA of RMB 721.3 million, a 63.8% increase, partly due to a one-time asset disposal gain. The full-year adjusted EBITDA rose 19.1% to RMB 2.43 billion. Net profit for the year improved significantly to RMB 248.4 million from a loss of RMB 2.6 billion in 2023.
VNET projects 2025 net revenue between RMB 9.1 billion and RMB 9.3 billion, representing a 10% to 13% growth. Adjusted EBITDA is expected to grow 11% to 14%, excluding the one-time gain from 2024.
