28 May 2025 | 7:13PM HKT VNET Group (VNET): First Take: 1Q25 results beat; Accelerated move-in offset softer wholesale MSR; Buy VNET Group reported above-expected 1Q25 results with revenue +18% yoy (1-2% above GSe/Visible Alpha Consensus Data) and adj. EBITDA +26% yoy (8-12% above GSe/consensus). Revenue from the three business segments came in line or slightly above GSe, with 1) wholesale IDC revenue +86% yoy/+1% qoq and accounting for 30% of total revenue, with stronger move-ins at the new campuses delive ...