Accounts receivable (net of allowance for doubtful accounts of RMB341 and RMB547 (US$90) as of December 31, 2012 and 2013, respectively)
Short-term investments
Inventories
Accounts and notes receivable (net of allowance for doubtful debt of RMB189,501 and RMB267,682 as of December 31, 2024 and 2025, respectively)
Amounts due from related parties
Related Party
Total amounts due from related parties
Prepaid expenses and other current assets
Deferred tax assets
Total current assets
Non-current assets:
Restricted cash
Deferred tax assets
Derivative financial instrument
Long-term investments, net
Amounts due from related parties
Property and equipment, net
Intangible assets, net
Land use rights, net
Operating lease right-of-use assets, net
Goodwill net
Deferred tax assets, net
Other non-current assets
Total non-current assets
Total assets
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term bank borrowings (including short-term bank borrowings of the Consolidated VIEs without recourse to the primary beneficiaries of RMB34,000 and nil as of December 31, 2020 and 2021, respectively)
Accounts payable (including accounts payable the Consolidated VIEs without recourse to the primary beneficiaries of RMB108,860 and RMB186,381 (US$30,788) as of December 31, 201 and 2013, respectively)
Accrued expenses and other payables (includin accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries of RMB124,886 and RMB195,817 (US$32,347) as of December 31, 201 and 2013, respectively)
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)
Convertible promissory notes
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)
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)
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)
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)
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)
Related Party
Total 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)
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)
Amounts due to related parties (including amounts due to related parties of the Consolidated VIEs without recourse to the primary beneficiaries of RMB8,007 and RMB6,928 (US$1,004) as of December 31, 2021 and 2022, respectively)
Current portion of long-term bank borrowings (including current portion of long-term bank borrowings of the Consolidated VIEs without recourse to the primary beneficiaries of RMB70,289 and RMB75,284 (US$10,950) as of December 31, 2017 and 2018, respectively)
Current portion of capital lease obligations (including current portion of capital lease obligations of the Consolidated VIEs without recourse to the primary beneficiaries of RMB201,315 and RMB219,695 (US$31,953) as of December 31, 2017 and 2018, respectively)
Current portion of long-term bank borrowings (including current portion of long-term bank borrowings of the Consolidated VIEs without recourse to the primary beneficiaries of RMB75,284 and RMB32,500 (US$4,668) as of December 31, 2018 and 2019, respectively)
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)
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)
Deferred revenue (including deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries of RMB49,699 and RMB51,026 (US$7,421) as of December 31, 2017 and 2018, respectively)
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)
Bonds payable (including bonds payable of the Consolidated VIEs without recourse to the primary beneficiaries of nil and nil as of December 31, 2016 and 2017, respectively)
Deferred tax liabilities (including deferred tax liabilities of the Consolidated VIEs without recourse to the primary beneficiaries of RMB2,696 and nil as of December 31, 2014 and 2015, respectively)
Current portion of bonds payable
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)
Advances from customers (including advances from customers of the Consolidated VIEs without recourse to the primary beneficiaries of RMB201,397 and RMB403,244 (US$61,977) as of December 31, 2016 and 2017, respectively)
Total current liabilities
Non-current liabilities:
Long-term bank borrowings (including long-term bank borrowings of the Consolidated VIEs without recourse to the primary beneficiaries of RMB112,000 and RMB79,500 (US$11,419) as of December 31, 2018 and 2019, respectively)
Deferred revenue (including deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries of RMB62,531 and nil as of December 31, 2016 and 2017, respectively)
Bonds payable (including bonds payable of the Consolidated VIEs without recourse to the primary beneficiaries of nil and nil as of December 31, 2013 and 2014, respectively)
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)
Bonds payable
Non-current portion of capital lease obligations (including non-current portion of capital lease obligations of the Consolidated VIEs without recourse to the primary beneficiaries of RMB687,176 and RMB852,287 (US$123,960) as of December 31, 2017 and 2018, respectively)
Unrecognized tax benefits (including unrecognized tax benefits of the Consolidated VIE without recourse to 21Vianet Group, Inc. of RMB5,482 and RMB26,712 (US$4,244) as of December 31, 2010 and 2011, respectively)
Convertible notes
Derivative liability
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)
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)
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)
Deferred tax liabilities (including deferred tax liabilities of the Consolidated VIEs without recourse to the primary beneficiaries of RMB109,339 and RMB84,568 (US$12,300) as of December 31, 2017 and 2018, respectively)
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)
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)
Mandatorily redeemable noncontrolling interests (including mandatorily redeemable noncontrolling interests of the Consolidated VIEs without recourse to the primary beneficiaries of nil and RMB100,000 (US$16,519) as of December 31, 2012 and 2013, respectively)
Mandatorily redeemable noncontrolling interests (including mandatorily redeemable noncontrolling interests of the Consolidated VIEs without recourse to the primary beneficiaries of RMB100,000 and nil as of December 31, 2015 and 2016, respectively)
Amounts due to related parties (including amounts due to related parties of the Consolidated VIEs without resource to the primary beneficiaries of RMB747,746 and nil as of December 31, 2020 and 2021, respectively)
Long-term bank and other borrowings (including long-term bank and other borrowings of the Consolidated VIEs without recourse to the primary beneficiaries of nil and RMB27,534 (US$4,251) as of December 31, 2014 and 2015, respectively)
Total non-current liabilities
Total liabilities
Mezzanine equity:
Redeemable noncontrolling interests
Total mezzanine equity
Shareholders' equity:
Ordinary shares
Common Class A
Common Class B
Series A Perpetual Convertible Preferred Shares
Treasury shares
Additional paid-in capital
Series A perpetual convertible preferred shares (par value of US$0.00001 per share; 150,000 and 150,000 shares authorized; 150,000 and nil shares issued and outstanding as of December 31, 2020 and 2021, respectively)
Series A Perpetual Convertible Preferred Shares
Total series A perpetual convertible preferred shares (par value of US$0.00001 per share; 150,000 and 150,000 shares authorized; 150,000 and nil shares issued and outstanding as of December 31, 2020 and 2021, respectively)
Statutory reserves
Accumulated other comprehensive (loss) income
Accumulated deficit
Treasury stock
Total VNET Group, Inc. shareholders' equity
Noncontrolling interests
Total shareholders' equity
Total liabilities, mezzanine equity and shareholders' equity
