My Buy rating for VNET Group, Inc. is left unchanged based on my assessment of its 1Q2026 results and the implications of a significant change in its shareholder base. Q1 EBITDA rose 30.6% YoY to CNY0.89B, exceeding consensus by 6%, thanks to AI-related demand and good cost control. The entry of CYATY's affiliates as the new 38.1% shareholder ensures strategic continuity and puts VNET in a better position to meet green energy compliance requirements.