Century Link releases Q4 2025 and full-year financial results, with total revenue reaching 9.95 billion yuan

Beijing Time, March 16, 2026, Century Internet (VNET.US), a leading company in innovative digital infrastructure and China’s first U.S. listed IDC company, released its unaudited financial results for Q4 2025 and the full year.

Data shows that Century Internet’s financial and operational metrics remained strong in 2025. Total revenue for Q4 2025 reached RMB 2.69 billion, a 19.6% increase year-over-year; full-year revenue was RMB 9.95 billion, up 20.5% year-over-year. Of this, revenue from base-type IDC for the full year was RMB 3.46 billion, a 77.4% increase.

Mr. Chen Sheng, Founder and Chairman of Century Internet, stated: “We closed 2025 with excellent results, successfully completing our delivery plan with a total of 404MW delivered, a new record. Both total revenue and adjusted EBITDA exceeded previous guidance. Our base-type IDC business maintained strong growth, driven by robust customer demand and our fast, efficient delivery capabilities. Orders remained strong, with a total of 135MW of new base-type orders in Q4 2025. As an industry leader, we will continue to strengthen our core advantages and accelerate the development of large-scale high-performance data centers to meet the accelerating demand driven by AI. Looking ahead, we will further advance the Hyperscale 2.0 strategic framework to promote sustainable, high-quality growth and create long-term value for all stakeholders.”

Mr. Zhang Zhihua, Senior Vice President and Chief Operating and Financial Officer of Century Internet, said: “Against the backdrop of sustained strong AI demand, the company continued to achieve high-quality growth in Q4 2025. Total revenue in Q4 increased by 19.6% year-over-year to RMB 2.69 billion, with base-type revenue surging 47.1%. Adjusted EBITDA grew 11.6% year-over-year to RMB 810 million. For the full year, total revenue increased 20.5% to RMB 9.95 billion; adjusted EBITDA rose 22.6% to RMB 2.98 billion, both exceeding expectations. We will continue to focus on prudent capital allocation, ongoing capital cycling, and strategic initiatives to strengthen the company’s financial foundation and support long-term sustainable growth. Looking forward, we are confident in our strategic direction and well-prepared to leverage our solid operational foundation to create sustainable long-term value for all parties.”

AI Demand Continues to Drive Strong IDC Growth

Amid the ongoing surge in market demand driven by AI, Century Internet maintains strong IDC growth through high-quality, efficient delivery capabilities.

As of December 31, 2025, the total capacity of the base-type IDC operations reached 889MW, with a quarterly increase of 107MW, and cumulative deliveries for the year totaling 404MW. The rack capacity reached 623MW, a quarterly increase of 41MW, and an annual increase of 270MW, with an on-shelf rate of 70.1%. The city-type IDC operations remained stable, with Q4 2025 city-type MRR per cabinet reaching RMB 9,420, and an on-shelf rate of 64.0%.

Revenue and Adjusted EBITDA Surpass Expectations, Revenue Scale Continues to Expand

Relying on standardized, large-scale lean delivery and deep resource cultivation in core regions, the base-type business became the main driver of revenue growth.

In Q4 2025, total revenue was RMB 2.69 billion, up 19.6% year-over-year; base-type IDC revenue for the quarter was RMB 980 million, a 47.1% increase; adjusted EBITDA was RMB 810 million, up 11.6%. Excluding a one-time impact from asset disposals in Q4 2024, adjusted EBITDA grew 39.3% year-over-year.

For the full year 2025, total revenue reached RMB 9.95 billion, a 20.5% increase; base-type IDC revenue was RMB 3.46 billion, up 77.4%; adjusted EBITDA was RMB 2.98 billion, a 22.6% increase.

“Dual-Engine” Strategy Continues to Deepen, High-Quality Orders Keep Growing

In Q4 2025, new orders remained strong. Leveraging the dual-engine strategy and Hyperscale 2.0 framework, Century Internet continues to expand its high-quality customer base, building a reservoir for medium- and long-term growth.

In the base-type business, the company secured five new orders in Q4 2025, totaling 135MW. Besides the 32MW order disclosed last quarter, the Yangtze River Delta data centers received a 12MW order from internet clients, and multiple data centers in the Beijing-Tianjin region obtained orders totaling 91MW from cloud computing, smart driving, and internet clients. In the city-type business, several data centers secured about 2MW of new orders from clients in smart driving, local life services, IoT, and financial services.

2026 Outlook: Sustained High Growth Momentum

Entering a new phase, customer demand remains robust. Century Internet will precisely seize growth opportunities to support high-quality business development.

The company has raised its full-year 2026 guidance, expecting total revenue between RMB 11.5 billion and RMB 11.8 billion, a year-over-year increase of 15.6% to 18.6%; adjusted EBITDA between RMB 3.55 billion and RMB 3.75 billion, up 19.2% to 25.9%; capital expenditures between RMB 10 billion and RMB 12 billion; and deliveries of 450MW to 500MW, an increase of 11.4% to 23.8% year-over-year.