XML 12 R2.htm IDEA: XBRL DOCUMENT v3.25.0.1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
¥ in Thousands, $ in Thousands
Sep. 30, 2024
CNY (¥)
Sep. 30, 2024
USD ($)
Dec. 31, 2023
CNY (¥)
Current assets:      
Cash and cash equivalents ¥ 1,524,819 $ 217,285 ¥ 2,243,537
Restricted cash 556,266 79,267 2,854,568
Accounts and notes receivable (net of allowance for doubtful debt of RMB 188,356 and RMB 243,492 as of December 31, 2023 and September 30, 2024, respectively) 1,861,828 265,308 1,715,975
Short-term investments 15,879 2,263 356,820
Prepaid expenses and other current assets 2,665,924 379,891 2,375,341
Total current assets 6,942,335 989,274 9,823,478
Non-current assets:      
Property and equipment, net 15,153,253 2,159,321 13,024,393
Intangible assets, net 1,347,751 192,053 1,383,406
Land use rights, net 588,846 83,910 602,503
Operating lease right-of-use assets, net 4,412,834 628,824 4,012,329
Restricted cash 882 126 882
Deferred tax assets, net 309,390 44,088 247,644
Long-term investments, net 798,638 113,805 757,949
Other non-current assets 371,501 52,938 533,319
Total non-current assets 22,983,095 3,275,065 20,562,425
Total assets 29,925,430 4,264,339 30,385,903
Current liabilities:      
Accounts and notes payable (including amounts of consolidated VIEs without recourse to the Company of RMB 493,837 and RMB 603,469 as of December 31, 2023 and September 30, 2024, respectively) 728,361 103,791 696,177
Short-term bank borrowings (including amounts of consolidated VIEs without recourse to the Company of RMB 30,000 and RMB 552,270 as of December 31, 2023 and September 30, 2024, respectively) 552,270 78,698 30,000
Accrued expenses and other payables (including amounts of consolidated VIEs without recourse to the Company of RMB 1,616,423 and RMB 1,116,332 as of December 31, 2023 and September 30, 2024, respectively) 2,527,584 360,178 2,783,102
Advances from customers (including amounts of consolidated VIEs without recourse to the Company of RMB 1,605,247 and RMB 1,752,935 as of December 31, 2023 and September 30, 2024, respectively) 1,752,935 249,791 1,605,247
Deferred revenue (including amounts of consolidated VIEs without recourse to the Company of RMB 83,546 and RMB 81,087 as of December 31, 2023 and September 30, 2024, respectively) 87,354 12,448 95,477
Income taxes payable (including amounts of consolidated VIEs without recourse to the Company of RMB 13,531 and RMB 14,038 as of December 31, 2023 and September 30, 2024, respectively) 51,554 7,346 35,197
Current portion of long-term borrowings (including amounts of consolidated VIEs without recourse to the Company of RMB 544,803 and RMB 977,069 as of December 31, 2023 and September 30, 2024, respectively) 1,317,343 187,720 723,325
Current portion of finance lease liabilities (including amounts of consolidated VIEs without recourse to the Company of RMB 97,388 and RMB 86,861 as of December 31, 2023 and September 30, 2024, respectively) 107,785 15,359 115,806
Current portion of deferred government grants (including amounts of consolidated VIEs without recourse to the Company of RMB 8,062 and RMB 8,538 as of December 31, 2023 and September 30, 2024, respectively) 8,538 1,217 8,062
Current portion of operating lease liabilities (including amounts of consolidated VIEs without recourse to the Company of RMB 754,935 and RMB 858,491 as of December 31, 2023 and September 30, 2024, respectively) 874,957 124,680 780,164
Convertible promissory notes     4,208,495
Total current liabilities 8,363,584 1,191,801 11,437,132
Non-current liabilities:      
Long-term borrowings (including amounts of consolidated VIEs without recourse to the Company of RMB 2,464,811 and RMB 3,075,078 as of December 31, 2023 and September 30, 2024, respectively) 7,082,026 1,009,181 5,113,521
Convertible promissory notes 1,793,894 255,628 1,769,946
Derivative liability     188,706
Non-current portion of finance lease liabilities (including amounts of consolidated VIEs without recourse to the Company of RMB 720,954 and RMB 748,256 as of December 31, 2023 and September 30, 2024, respectively) 1,169,573 166,663 1,159,525
Unrecognized tax benefits (including amounts of consolidated VIEs without recourse to the Company of RMB 98,082 and RMB 98,082 as of December 31, 2023 and September 30, 2024, respectively) 98,457 14,030 98,457
Deferred tax liabilities (including amounts of consolidated VIEs without recourse to the Company of RMB 139,174 and RMB 124,516 as of December 31, 2023 and September 30, 2024, respectively) 703,390 100,232 688,362
Deferred government grants (including amounts of consolidated VIEs without recourse to the Company of RMB 11,862 and RMB 35,771 as of December 31, 2023 and September 30, 2024, respectively) 265,941 37,896 145,112
Non-current portion of operating lease liabilities (including amounts of consolidated VIEs without resource to the Company of RMB 3,230,506 and RMB 3,550,870 as of December 31, 2023 and September 30, 2024, respectively) 3,587,701 511,243 3,270,759
Total non-current liabilities 14,700,982 2,094,873 12,434,388
Total liabilities 23,064,566 3,286,674 23,871,520
Commitments and contingencies
Shareholders' equity:      
Additional paid-in capital 17,256,955 2,459,096 17,291,312
Accumulated other comprehensive loss (16,088) (2,293) (14,343)
Statutory reserves 94,276 13,434 80,615
Accumulated deficit (10,800,000) (1,544,073) (11,016,323)
Treasury stock (163,073) (23,238) (326,953)
Total VNET Group, Inc. shareholders' equity 6,336,491 902,942 6,014,415
Noncontrolling interest 524,373 74,723 499,968
Total shareholders' equity 6,860,864 977,665 6,514,383
Total liabilities and shareholders' equity 29,925,430 4,264,339 30,385,903
Related Party      
Current assets:      
Amounts due from related parties 317,619 45,260 277,237
Current liabilities:      
Amounts due to related parties (including amounts of consolidated VIEs without recourse to the Company of RMB 356,080 and RMB 354,902 as of December 31, 2023 and September 30, 2024, respectively) 354,903 50,573 356,080
Common Class A      
Shareholders' equity:      
Ordinary shares 105 15 103
Common Class B      
Shareholders' equity:      
Ordinary shares ¥ 4 $ 1 ¥ 4