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21Vianet Group (VNET)
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21Vianet Group Income Statement 2025-2008 | VNET
Brief overview of revenue and earnings at 21Vianet Group
This overview is based on financial performance over the past five years. According to figures from 21Vianet Group, revenue changed from 3.6 billion yuan to 4.8 billion yuan over five years. Across the full period, sales moved by +32.9%; the average annual rate was 5.8%. Revenue advanced gradually over the five-year period.
At the gross-profit level, the result moved from 854 million yuan to 1.1 billion yuan, a change of +26%. The gross margin was 23.5% at the start and 22.3% at the end. The gross margin stayed within a similar range.
The operating result measured by EBITDA moved from 302 million yuan to 1.1 billion yuan, or +266.2%. EBITDA grew faster than revenue, indicating positive operating leverage. Comparing the endpoints gives EBITDA margins of 8.3% and 22.9%. The business generated more EBITDA from each unit of revenue.
The final result was −428 million yuan initially and −2.7 billion yuan in the final year. The loss widened and increased the financial risk.
Market capitalization changed from 9.4 billion yuan to 24.9 billion yuan (+163.4%). The market value rose well beyond the pace of financial improvement.
What the figures show
Positive developments coexist with areas of weakness. The financial profile benefits from a larger revenue base and an improving EBITDA margin. The main areas of concern are lower net income and weaker gross profitability. The key question is whether sales can be converted into sustainable profit.
Annual Income Statement 21Vianet Group
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
14.9 B | 10.2 B | 1.42 B | 2.77 B | 7.81 B | 24.9 B | 4.85 B | 5.83 B | 5.37 B | 4.36 B | 9.44 B | 6.64 B | 8.23 B | 3.55 B | 3.31 B | - | - | - |
Shares |
1.61 B | 1.59 B | 901 M | 887 M | 865 M | 717 M | 669 M | 675 M | 673 M | 617 M | 492 M | 401 M | 364 M | 357 M | 317 M | 71.5 M | 71.5 M | - |
Historical Prices |
9.22 | 6.39 | 1.58 | 3.12 | 9.03 | 34.7 | 7.25 | 8.64 | 7.98 | 7.01 | 21.1 | 15.5 | 23.5 | 9.61 | 9.15 | - | - | - |
Net Income |
-252 M | 183 M | -2.64 B | -776 M | 500 M | -2.71 B | -182 M | -205 M | -773 M | -634 M | -428 M | -348 M | -48.2 M | 56.3 M | 18.4 M | -255 M | -5.92 M | - |
Revenue |
- | - | - | - | -38.7 M | 4.83 B | 3.79 B | 3.4 B | 3.39 B | 3.64 B | 3.63 B | 2.88 B | 1.97 B | 1.52 B | 1.02 B | - | - | - |
Cost of Revenue |
- | - | - | - | - | - | 2.85 B | 2.46 B | 2.63 B | 2.93 B | 2.78 B | 2.07 B | 1.45 B | 1.1 B | 744 M | 397 M | 229 M | - |
Gross Profit |
2.19 B | 1.83 B | 1.29 B | 1.36 B | 1.44 B | 1.08 B | 939 M | 945 M | 758 M | 712 M | 854 M | 810 M | 517 M | 426 M | 277 M | 128 M | 84.3 M | - |
Operating Income |
780 M | 669 M | -1.97 B | 121 M | 21.3 M | 117 M | 182 M | 237 M | -1.37 B | -840 M | -284 M | -115 M | 41.8 M | 80.9 M | 14.9 M | -233 M | 27.1 M | - |
Interest Expense |
599 M | 401 M | 312 M | 273 M | 335 M | 381 M | 346 M | 236 M | 185 M | 199 M | 274 M | 232 M | 137 M | 11.4 M | 4.4 M | 2.79 M | 416 K | - |
EBITDA |
2.91 B | 2.27 B | -164 M | 1.72 B | 1.29 B | 1.11 B | 954 M | 872 M | -701 M | -206 M | 302 M | 250 M | 242 M | 209 M | 104 M | -211 M | 49.9 M | - |
Operating Expenses |
- | - | - | - | - | 878 M | 705 M | 721 M | 958 M | 1.25 B | 1.09 B | 902 M | 419 M | 327 M | 262 M | - | - | - |
General and Administrative Expenses |
797 M | 659 M | 542 M | 643 M | 842 M | 535 M | 621 M | 630 M | 809 M | 1.11 B | 980 M | 804 M | 355 M | 278 M | 174 M | 282 M | 25.5 M | - |
All numbers in CNY currency
Quarterly Income Statement 21Vianet Group
| 2025-Q4 | 2024-Q4 | 2024-Q3 | 2023-Q4 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q4 | 2009-Q4 | 2008-Q4 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
1.61 B | 1.59 B | 1.59 B | 901 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 71.5 M | 71.5 M | - |
Net Income |
-252 M | 183 M | 194 M | -2.64 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -255 M | -5.92 M | - |
Cost of Revenue |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 397 M | 229 M | - |
Gross Profit |
2.19 B | 1.83 B | 1.33 B | 1.29 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 128 M | 84.3 M | - |
Operating Income |
780 M | 669 M | 432 M | -1.97 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -233 M | 27.1 M | - |
Interest Expense |
599 M | 401 M | 324 M | 312 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2.79 M | 416 K | - |
EBITDA |
2.91 B | 2.27 B | 1.5 B | -164 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -211 M | 49.9 M | - |
General and Administrative Expenses |
797 M | 659 M | 466 M | 542 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 282 M | 25.5 M | - |
All numbers in CNY currency
The income statement is one of the three key financial reports of a company 21Vianet Group (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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