Century Link's 2025 Total Revenue Reaches 9.95 Billion Yuan, Base-type Business Becomes Important Growth Driver

Beijing Time, March 16 — China’s first U.S. stock-listed IDC company, Century Internet (VNET.US), released its unaudited financial results for Q4 2025 and the full year.

Last year’s Q4 total revenue reached 2.69 billion RMB, a 19.6% increase year-over-year; full-year revenue for 2025 was 9.95 billion RMB, up 20.5%. Among them, revenue from base-type IDC for the full year of 2025 was 3.46 billion RMB, a 77.4% increase.

Chen Sheng, Founder and Chairman of Century Internet Group, stated that by 2025, the company’s cumulative delivery reached 404MW, a new high, and both total revenue and adjusted EBITDA exceeded previous guidance. “The base-type IDC business maintained strong growth momentum, thanks to robust customer demand and the company’s rapid and efficient delivery capabilities. Order momentum remains strong; in Q4 2025, a total of 135MW of new base-type orders were received from customers.”

Chen Sheng clarified that the company will continue to strengthen core advantages and accelerate the development of large-scale high-performance data centers to capture the accelerating demand driven by AI. The company will further promote the Hyperscale 2.0 strategic framework to drive sustainable and high-quality growth.

Zhang Zhihua, Senior Vice President and Chief Operating Financial Officer of Century Internet, said that based on the full-year performance, total revenue increased 20.5% year-over-year to 9.95 billion RMB; adjusted EBITDA grew 22.6% year-over-year to 2.98 billion RMB, both exceeding expectations. “We will continue to focus on prudent capital allocation, sustain capital cycles, and implement other strategic initiatives to further solidify the company’s financial foundation and support long-term sustainable growth.”

Against the backdrop of AI-driven market demand, Century Internet’s IDC business has shown strong growth. As of December 31, 2025, the total capacity of base-type IDC operations reached 889MW, with a quarterly increase of 107MW, and cumulative deliveries for the year totaled 404MW. The rack capacity reached 623MW, a quarterly increase of 41MW, with an annual increase of 270MW, and an on-shelf rate of 70.1%. The city-type IDC business operated stably, with Q4 2025 city-type business single-cabinet MRR reaching 9,420 RMB, and an on-shelf rate of 64.0%.

Breaking it down, supported by standardized, large-scale delivery capabilities and resource advantages in core regions, the base-type business has become the main driver of the company’s revenue growth. Notably, in Q4 2025, the company secured five new orders totaling 135MW. In addition to the 32MW order disclosed last quarter, the Yangtze River Delta data centers received a 12MW order from internet clients, and several data centers in the Beijing-Tianjin-Hebei region secured orders totaling 91MW from cloud computing, autonomous driving, and internet clients. On the city-level side, multiple urban data centers obtained about 2MW of new orders from clients in autonomous driving, local life services, IoT, and financial services.

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