The company's wholesale segment now accounts for 39.8% of total net revenues, solidifying its role as the primary growth engine for the firm. Operational capacity in service reached 1,007MW by the end of June 2026, representing a 49.4% increase from the previous year. Despite the revenue gains, VNET reported a net loss of RMB135.6 million, largely due to fair value fluctuations in financial instruments, though adjusted net income reached RMB7.4 million.
VNET Reports Revenue Growth Driven by Wholesale Data Center Expansion
Beijing-based VNET Group reported a 14.2% year-over-year increase in second-quarter net revenue to RMB2.78 billion, bolstered by a 29.3% surge in wholesale data center business. The company also announced a new strategic partnership with Contemporary Amperex Technology Co., Limited to develop an integrated compute-energy ecosystem.
Founder and Executive Chairperson Josh Sheng Chen highlighted a significant 345MW wholesale order secured during the quarter, bringing the year-to-date total to 862MW. VNET also expanded its strategic land bank by 1.4GW to support future growth. Looking ahead, the company maintained its full-year 2026 revenue guidance of RMB11.5 billion to RMB11.8 billion, focusing on disciplined capital allocation and the development of zero-carbon infrastructure alongside CATL.
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