ZKH Group Limited (ZKH)

ZKH Group Limited Announces First Quarter 2026 Unaudited Financial ResultsMay 21, 2026 6:00 AM
PR Newswire (US) SHANGHAI, May 21, 2026 /PRNewswire/ -- ZKH Group Limited ("ZKH" or the "Company") (NYSE: ZKH), a leading maintenance, repair, and operations ("MRO") procurement service platform in China, today announced its unaudited financial results for the first quarter ended March 31, 2026. First Quarter 2026 Operational and Financial Highlights 
First Quarter
20252026Change
(in thousand RMB, except for number of customers, percentage and basis
points("bps"))GMV[1]2,171,9972,452,78312.9 %GMV by Platform



ZKH Platform1,966,2102,183,95711.1 %
GBB Platform205,787268,82630.6 %GMV by Business Model



Product Sales (1P)1,901,1962,132,44112.2 %
Marketplace (3P)[2]270,800320,34218.3 %Number of Customers[3]60,10266,74211.0 %Net Revenues1,935,3722,113,8199.2 %Gross Profit332,118354,0276.6 %
% of Net Revenues17.2 %16.7 %-41.2bpsOperating Loss(80,813)(22,497)-72.2 %
% of Net Revenues-4.2 %-1.1 %311.1bpsNon-GAAP EBITDA[4](51,959)4,237-
% of Net Revenues-2.7 %0.2 %288.5bpsNet (Loss)/Profit(66,723)(10,103)-84.9 %
% of Net Revenues-3.4 %-0.5 %297.0bpsNon-GAAP Adjusted Net (Loss)/Profit[5](50,176)1,690-
% of Net Revenues-2.6 %0.1 %267.3bps Mr. Eric Long Chen, Chairman and Chief Executive Officer of ZKH, stated, "We are off to a strong start in 2026, with GMV and revenue growth accelerating year over year for the second consecutive quarter. GMV and revenues delivered their highest quarterly year-over-year growth in recent quarters, reflecting robust customer demand and strengthening execution across our platform. Momentum remained broad-based across key customer segments, with small and mid-sized enterprises (SMEs) sustaining over 20% GMV growth and central state-owned enterprises (SOEs) returning to double-digit year-over-year GMV growth. More importantly, the quality of our growth continued to improve, driving significant earnings improvement on both a GAAP and non-GAAP basis. Underpinning this performance was our continued progress in strengthening our product ecosystem, fulfillment network, and AI-powered digitalization, which improved our customer penetration, execution capabilities, and platform scalability. Looking ahead, we believe the solid operational foundation we have built positions us well to further scale the business, improve profitability, and create long-term value for our shareholders."Mr. Max Chun Chiu Lai, Chief Financial Officer of ZKH, added, "Our financial profile improved meaningfully during the quarter. Gross profit achieved year-over-year growth, while gross margin on a GMV basis improved by 0.9 percentage points sequentially. At the same time, operating loss and net loss narrowed significantly year over year, reflecting ongoing enhancement in our operating efficiency and business quality. Notably, non-GAAP adjusted net profit increased by approximately 103.4% year over year, representing a significant turnaround and marking the first time we achieved non-GAAP profitability in a seasonally soft first quarter. These encouraging results further strengthened our confidence in achieving double-digit GMV growth and full-year profitability in 2026. In addition, operating cash flow continued to improve year over year, further reinforcing our financial resilience."[1] GMV is the total transaction value of orders placed on the Company's platform and shipped to customers, excluding taxes, net of the returned amount.[2] The marketplace model accounted for 13.1% of GMV in the first quarter of 2026, compared with 12.5% in the corresponding periods of 2025.[3] Customers are customers that transacted with the Company during the reporting period, mainly comprised of enterprise customers in various industries.[4] Non-GAAP EBITDA is defined as net profit/(loss) before interest expenses, income tax expenses/(benefits) and depreciation and amortization expenses.[5] Non-GAAP adjusted net (loss)/profit is defined as net (loss)/profit excluding share-based compensation expenses.First Quarter 2026 Business HighlightsBusiness Momentum. The Company continued to build on its growth momentum during the quarter, with total GMV increasing 12.9% year over year, accelerating from both the previous quarter and the same period last year. The ZKH platform deepened penetration across its diversified customer segments: GMV from SME customers was up 20% year over year and GMV from central SOE customers returned to double-digit growth. The GBB platform achieved over 30% year-over-year GMV growth, further expanding its customer reach and reinforcing the Company's complementary dual-platform growth strategy.Product Capabilities. The Company strengthened product capabilities across high-value and highly specialized industrial scenarios, with increased investments in ten key product lines, including factory automation, electrical automation, and cutting tools. GMV from key industries such as electrical manufacturing, steel and non-ferrous metals, and communications electronics grew by over 20% year over year, while professional MRO categories such as factory automation components and chemical reagents achieved double-digit growth. During the quarter, the Company added roughly 4 million sellable SKUs, bringing the total to approximately 27 million. At the same time, GMV from higher-margin private-label products grew by over 20% year over year and accounted for approximately 9.7% of total GMV in the first quarter of 2026, with over 400 new products launched during the quarter.Fulfillment Network. The Company enhanced its fulfillment capacity and operational efficiency, supported by the continued expansion of its self-operated delivery fleet and a 36% year-over-year improvement in warehouse utilization efficiency. Continued optimization across its end-to-end fulfillment network drove a 17% year-over-year decrease in fulfillment expenses.AI Capabilities. The Company continued to advance its full-stack AI capabilities, further strengthening its integrated AI infrastructure and accelerating AI adoption across both internal and external business scenarios.At the data layer, the Company continued to strengthen its industrial product data infrastructure. In 2026, the Company targets building the industry's first hundred-million-scale industrial product data dictionary. The enhanced data capabilities are expected to further accelerate AI adoption across key workflows. In business scenarios involving product search and quotations from customers, AI currently handles roughly 30% of product matching and identification tasks that previously required manual processing. This percentage is expected to increase meaningfully in 2026, with key product lines such as fasteners, pipes and valves, and hand tools potentially achieving even higher levels, further improving quotation efficiency and sales conversion.At the model layer, the Company upgraded its proprietary MRO large language model, "Hangjia Linglong (????)," with enhanced multimodal capabilities, and launched "Hangjia Huiyan (????)," the industry's first intelligent visual search engine for industrial products. Powered by advanced image recognition and multimodal AI capabilities, Hangjia Huiyan enables intelligent product identification, scenario understanding and demand diagnosis across complex industrial environments, significantly improving communication, product matching and procurement efficiency.At the application layer, the Company continued to optimize key AI applications across core business functions, unlocking greater operational efficiency and commercial value across key industrial supply chain scenarios. The ProductRecom Agent (AI????), which generated over RMB200 million in sales in 2025, is expected to further scale its impact and commercial contribution in 2026.International Expansion. The Company maintained solid momentum in serving Chinese manufacturers expanding overseas, with continued growth in both customers served and geographic coverage during the quarter. In the U.S. market, the Company further optimized its product development, sales channels, and fulfillment capabilities, strengthening its localized service and operations.First Quarter 2026 Financial ResultsNet Revenues. Net revenues were RMB2,113.8 million (US$306.4 million), representing an increase of 9.2% from RMB1,935.4 million in the same period of 2025. 

First Quarter

20252026Change

(in thousand RMB, except for percentage)Net Revenues
1,935,3722,113,8199.2 %
Net Product Revenues
1,884,8602,061,6219.4 %

From ZKH Platform
1,679,3431,803,0557.4 %

From GBB Platform
205,517258,56625.8 %
Net Service Revenues
37,89441,2518.9 %
Other Revenues
12,61810,947-13.2 % Cost of Revenues. Cost of revenues was RMB1,759.8 million (US$255.1 million), representing an increase of 9.8% from RMB1,603.3 million in the same period of 2025.Gross Profit and Gross Margin. Gross profit was RMB354.0 million (US$51.3 million), representing an increase of 6.6% from RMB332.1 million in the same period of 2025. Gross margin was 16.7%, compared with 17.2% in the same period of 2025.



First Quarter



20252026Change



(in thousand RMB, except for percentage and
basis points ("bps"))Gross Profit332,118354,0276.6 %
% of Net Revenues17.2 %16.7 %-41.2bps
% of GMV15.3 %14.4 %-85.7bps
Under Product Sales (1P)




ZKH Platform278,618295,2056.0 %


% of Net Product Revenues from
ZKH Platform16.6 %16.4 %-21.8bps

GBB Platform12,68715,66923.5 %


% of Net Product Revenues from
GBB Platform6.2 %6.1 %-11.3bps
Under Marketplace (3P)37,89441,2518.9 %

% of Net Service Revenues100.0 %100.0 %-

% of GMV from the Marketplace Model
(Take Rate[6])14.0 %12.9 %-111.6bps
Others2,9181,902-34.8 %

% of Other Revenues23.1 %17.4 %-575.1bps Operating Expenses. Operating expenses were RMB376.5 million (US$54.6 million), down 8.8% from RMB412.9 million in the same period of 2025. Operating expenses were 17.8% of net revenues, compared with 21.3% in the same period of 2025.Fulfillment Expenses. Fulfillment expenses were RMB77.6 million (US$11.3 million), down 16.8% from RMB93.3 million in the same period of 2025, primarily due to lower distribution expenses, employee benefits expenses and rental and property management fees. Fulfillment expenses were 3.7% of net revenues, compared with 4.8% in the same period of 2025.Sales and Marketing Expenses. Sales and marketing expenses were RMB137.6 million (US$20.0 million), up 0.6% from RMB136.8 million in the same period of 2025, primarily due to higher employee benefits expenses, partially offset by lower marketing and promotion expenses, as well as traveling expenses. Sales and marketing expenses were 6.5% of net revenues, compared with 7.1% in the same period of 2025. Research and Development Expenses. Research and development expenses were RMB29.3 million (US$4.3 million), down 25.9% from RMB39.6 million in the same period of 2025, primarily due to lower employee benefits expenses. Research and development expenses were 1.4% of net revenues, compared with 2.0% in the same period of 2025.General and Administrative Expenses. General and administrative expenses were RMB131.9 million (US$19.1 million), down 7.9% from RMB143.2 million in the same period of 2025, primarily due to lower employee benefits expenses and loss on inventory write-down and disposal, partially offset by higher service fee. General and administrative were 6.2% of net revenues, compared with 7.4 % in the same period of 2025.Loss from Operations. Loss from operations was RMB22.5 million (US$3.3 million), compared with RMB80.8 million in the same period of 2025. Operating loss margin was 1.1%, compared with 4.2% in the same period of 2025.Non-GAAP EBITDA. Non-GAAP EBITDA was RMB4.2 million (US$0.6 million), compared with negative RMB52.0 million in the same period of 2025. Non-GAAP EBITDA margin was 0.2%, compared with negative 2.7% in the same period of 2025.Net Loss. Net loss was RMB10.1 million (US$1.5 million), compared with RMB66.7 million in the same period of 2025. Net loss margin was 0.5%, compared with 3.4% in the same period of 2025.Non-GAAP Adjusted Net Profit/(Loss). Non-GAAP adjusted net profit was RMB1.7 million (US$0.2 million), compared with non-GAAP adjusted net loss of RMB50.2 million in the same period of 2025. Non-GAAP adjusted net profit margin was 0.1%, compared with non-GAAP adjusted net loss margin of 2.6% in the same period of 2025.Basic and Diluted Net Profit/(Loss) per ADS[7] and Non-GAAP Adjusted Basic and Diluted Net Profit/(Loss) per ADS[8]. Basic and diluted net loss per ADS was RMB0.06 (US$0.01), compared with RMB0.41 in the same period of 2025. Non-GAAP adjusted basic and diluted net profit per ADS were RMB0.01 (US$0.002), compared with basic and diluted net loss per ADS of RMB0.31 in the same period of 2025.Balance Sheet and Cash FlowAs of March 31, 2026, the Company had cash and cash equivalents, restricted cash, and short-term investments of RMB1.84 billion (US$266.1 million), compared with RMB1.92 billion as of December 31, 2025.Net cash used in operating activities was RMB34.0 million (US$4.9 million) in the first quarter of 2026, compared with net cash used in operating activities of RMB97.1 million in the same period of 2025. Share Repurchase UpdatePursuant to the Company's share repurchase program of up to US$50 million, adopted on June 13, 2025 and effective through June 13, 2026, the Company repurchased an aggregate of approximately 1.48 million ADSs for approximately US$4.76 million from the open market as of March 31, 2026.Exchange RateThis announcement contains translations of certain Renminbi ("RMB") amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ were made at a rate of RMB6.8980 to US$1.00, the exchange rate in effect as of March 31, 2026, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.[6] Take rate of the marketplace model represents gross profit from the marketplace model divided by GMV from the marketplace model.[7] ADSs are American depositary shares, each of which represents thirty-five (35) Class A ordinary shares of the Company.[8] Non-GAAP adjusted basic and diluted net profit/(loss) per ADS is a non-GAAP financial measure, which is calculated by dividing non-GAAP adjusted net profit/(loss) attributable to the Company's ordinary shareholders by the weighted average number of ADSs.Conference Call InformationThe Company's management will hold a conference call on Thursday, May 21, 2026, at 7:00 A.M. U.S. Eastern Time or 7:00 P.M. Beijing Time to discuss its financial results and operating performance for the first quarter of 2026.United States (toll free):+1-888-317-6003International:+1-412-317-6061Mainland China (toll free):400-120-6115Hong Kong (toll free):800-963-976Hong Kong:+852-5808-1995Access Code:2335796The replay will be accessible through May 28, 2026 by dialing the following numbers:United States:+1-855-669-9658International:+1-412-317-0088Replay Access Code:6840038A live and archived webcast of the conference call will also be available on the Company's investor relations website at https://ir.zkh.com.About ZKH Group LimitedZKH Group Limited (NYSE: ZKH) is a leading MRO procurement service platform in China, underpinned by robust supply chain capabilities and dedicated to serving customers globally through a product-led, agentic AI-driven approach. Through its primary online platforms, the ZKH platform, the GBB platform and the Northsky platform, along with innovative technology and extensive industry expertise, the Company provides bespoke MRO procurement solutions to a diverse and loyal customer base. These solutions encompass hyper-personalized product curation from a comprehensive selection of quality products at competitive prices. Additionally, the Company ensures timely and reliable product delivery through professional fulfillment services. By focusing on reducing procurement costs and addressing management efficiency challenges, ZKH is transforming the opaque MRO procurement process and empowering all stakeholders across the value chain.For more information, please visit: https://ir.zkh.com.Use of Non-GAAP Financial Measures This press release contains the following non-GAAP financial measures: non-GAAP adjusted net (loss)/profit, non-GAAP adjusted net (loss)/profit per ADS, basic and diluted, and non-GAAP EBITDA. The non-GAAP financial measures should not be considered in isolation from or construed as alternatives to their most directly comparable financial measures prepared in accordance with accounting principles generally accepted in the United States of America. Investors are encouraged to review the historical non-GAAP financial measures in reconciliation to their most directly comparable GAAP financial measures. The Company defines non-GAAP adjusted net (loss)/profit for a specific period as net loss in the same period excluding share-based compensation expenses. The Company defines non-GAAP EBITDA as net loss before interest expenses, income tax expenses/(benefits) and depreciation and amortization expenses. Non-GAAP adjusted net (loss)/profit per ADS is calculated by dividing adjusted net (loss)/profit attributable to the Company's ordinary shareholders by the weighted average number of ordinary shares during the periods and then multiplied by 35.The Company presents these non-GAAP financial measures because they are used by the management to evaluate the Company's operating performance and formulate business plans. The Company believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that are included in net loss and certain expenses that are not expected to result in future cash payments or that are non-recurring in nature. The Company also believes that the use of these non-GAAP financial measures facilitates investors' assessment of its operating performance, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by the management in financial and operational decision making.The non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies. The Company's non-GAAP financial measures do not include all income and expense items that affect the Company's operations. They may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider the non-GAAP financial measures as substitutes for, or superior to, their most directly comparable financial measures prepared in accordance with GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of Non-GAAP Results" set forth at the end of this press release.Safe Harbor Statement This press release contains forward-looking statements. These statements are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expects," "anticipates," "aim," "estimates," "intends," "plans," "believes," "is/are likely to," "potential," "continue," and similar statements. Among other things, the quotations from management in this press release and ZKH's strategic and operational plans contain forward-looking statements. ZKH may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press release and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about ZKH's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ZKH's mission, goals and strategies; ZKH's future business development, financial condition and results of operations; the expected changes in its revenues, expenses or expenditures; the expected growth of the MRO procurement service industry in China and globally; changes in customer or product mix; ZKH's expectations regarding the prospects of its business model and the demand for and market acceptance of its products and services; ZKH's expectations regarding its relationships with customers, suppliers, and service providers on its platform; competition in the Company's industry; government policies and regulations relating to ZKH's industry; general economic and business conditions in China and globally; the outcome of any current and future legal or administrative proceedings; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ZKH's filings with the SEC. All information provided herein is as of the date of this announcement, and ZKH undertakes no obligation to update any forward-looking statement, except as required under applicable law.For investor and media inquiries, please contact:ZKH Group Limited
IR Department
E-mail: IR@zkh.comChristensen Advisory
Email: zkh@christensencomms.com  ZKH GROUP LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in thousands, except share, ADS, per share and per ADS data)

As of December 31,
As of March 31,

2025
2026

RMB
RMB
US$Assets





Current assets:





Cash and cash equivalents
1,030,573
1,074,095
155,711Restricted cash
61,871
50,891
7,378Short-term investments
825,289
710,454
102,994Accounts receivable (net of allowance    for credit losses of RMB159,923 and    RMB162,340 as of December 31,    2025 and March 31, 2026, respectively)
3,257,162
3,078,948
446,354Notes receivable
113,291
142,929
20,720Inventories
669,825
642,102
93,085Prepayments and other current assets
180,188
179,508
26,023Total current assets
6,138,199
5,878,927
852,265






Non-current assets:





Property and equipment, net
186,185
183,313
26,575Land use right
10,582
10,526
1,526Operating lease right-of-use assets, net
142,205
130,844
18,968Intangible assets, net
21,871
27,057
3,922Goodwill
30,807
30,807
4,466Total non-current assets
391,650
382,547
55,457Total assets
6,529,849
6,261,474
907,722






Liabilities





Current liabilities:





Short-term borrowings
240,000
230,000
33,343Current portion of long-term borrowings
2,305
2,305
334Accounts and notes payable
2,718,941
2,487,578
360,623Operating lease liabilities
50,202
47,083
6,826Advance from customers
27,152
37,805
5,481Accrued expenses and other current liabilities
378,566
390,097
56,552Derivatives
8,624
-
-Total current liabilities
3,425,790
3,194,868
463,159






Non-current liabilities:





Long-term borrowings
42,651
42,651
6,183Non-current operating lease liabilities
91,894
83,247
12,068Other non-current liabilities
28,181
34,969
5,069Total non-current liabilities
162,726
160,867
23,320Total liabilities
3,588,516
3,355,735
486,479






















As of December 31,
As of March 31,

2025
2026

RMB
RMB
US$ZKH Group Limited shareholders' equity:





Ordinary shares (USD0.0000001 par value;
   500,000,000,000 and 500,000,000,000
   shares authorized; 5,682,357,714 and
   5,687,307,274 shares issued and
   5,563,528,436 and 5,555,047,923 shares
   outstanding as of December 31, 2025 and
   March 31, 2026, respectively)
4
4
1Additional paid-in capital
8,370,941
8,385,264
1,215,607Statutory reserves
6,566
6,566
952Accumulated other comprehensive income/(loss)
(37,288)
(67,426)
(9,775)Accumulated deficit
(5,317,131)
(5,327,234)
(772,287)Treasury stock
(81,759)
(91,435)
(13,255)Total ZKH Group Limited shareholders' equity
2,941,333
2,905,739
421,243Total liabilities and shareholders' deficit
6,529,849
6,261,474
907,722  ZKH GROUP LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF (LOSS)/PROFIT(All amounts in thousands, except share, ADS, per share and per ADS data)
For the three months ended
March 31, 2025
March 31, 2026
RMB
RMB
US$Net revenues




Net product revenues1,884,860
2,061,621
298,872Net service revenues37,894
41,251
5,980Other revenues12,618
10,947
1,587Total net revenues1,935,372
2,113,819
306,439Cost of revenues(1,603,254)
(1,759,792)
(255,116)Operating expenses




Fulfillment(93,307)
(77,608)
(11,251)Sales and marketing(136,835)
(137,640)
(19,954)Research and development   (39,613)
(29,342)
(4,254)General and administrative(143,176)
(131,934)
(19,126)Loss from operations(80,813)
(22,497)
(3,262)Interest and investment income13,279
8,407
1,219Interest expense(2,350)
(2,263)
(328)Others, net3,408
6,765
981Loss before income tax(66,476)
(9,588)
(1,390)Income tax expenses(247)
(515)
(75)Net loss(66,723)
(10,103)
(1,465)Less: net income attributable to non-controlling
  interests-
-
-Less: net loss attributable to redeemable non-
  controlling interests-
-
-Net loss attributable to ZKH Group Limited(66,723)
(10,103)
(1,465)Accretion on preferred shares to redemption
  value-
-
-Net loss attributable to ZKH Group Limited's
   ordinary shareholders(66,723)
(10,103)
(1,465)






For the three months ended
March 31, 2025
March 31, 2026
RMB
RMB
US$





Net loss(66,723)
(10,103)
(1,465)Other comprehensive loss:




Foreign currency translation adjustments(3,008)
(30,138)
(4,369)Total comprehensive loss(69,731)
(40,241)
(5,834)Less: comprehensive income attributable to non-
   controlling interests-
-
-Less: comprehensive loss attributable to
   redeemable non-controlling interests-
-
-Comprehensive loss attributable to ZKH
    Group Limited(69,731)
(40,241)
(5,834)Accretion on Preferred Shares to redemption
   value-
-
-Total comprehensive loss attributable to ZKH
     Group Limited's ordinary shareholders(69,731)
(40,241)
(5,834)





Net loss per ordinary share attributable to
     ordinary shareholders




Basic(0.01)
(0.00)
(0.00)Diluted(0.01)
(0.00)
(0.00)Weighted average number of shares




Basic5,695,083,577
5,641,256,369
5,641,256,369Diluted5,695,083,577
5,641,256,369
5,641,256,369





Net loss per ADS attributable to ordinary
    shareholders




Basic(0.41)
(0.06)
(0.01)Diluted(0.41)
(0.06)
(0.01)Weighted average number of ADS (35 Class A
    ordinary shares equal to 1 ADS)




Basic162,716,674
161,178,753
161,178,753Diluted162,716,674
161,178,753
161,178,753  ZKH GROUP LIMITEDRECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(All amounts in thousands, except share, ADS, per share and per ADS data)
For the three months ended
March 31, 2025
March 31, 2026
RMB
RMB
US$Net loss(66,723)
(10,103)
(1,465)Income tax expenses247
515
75Interest expenses2,350
2,263
328Depreciation and amortization expense12,167
11,562
1,676Non-GAAP EBITDA(51,959)
4,237
614










For the three months ended
March 31, 2025
March 31, 2026
RMB
RMB
US$





Net loss(66,723)
(10,103)
(1,465)Add:




Share-based compensation expenses16,547
11,793
1,709Non-GAAP adjusted net (loss)/profit(50,176)
1,690
244





Non-GAAP adjusted net (loss)/profit
   attributable to ordinary shareholders per share




Basic(0.01)
0.00
0.00Diluted(0.01)
0.00
0.00Weighted average number of ordinary shares




Basic5,695,083,577
5,641,256,369
5,641,256,369Diluted5,695,083,577
5,641,256,369
5,641,256,369





Non-GAAP adjusted net (loss)/profit
   attributable to ordinary shareholders per
   ADS




Basic(0.31)
0.01
0.00Diluted(0.31)
0.01
0.00Weighted average number of ADS (35 Class A
   ordinary shares equal to 1 ADS)




Basic162,716,674
161,178,753
161,178,753Diluted162,716,674
161,178,753
161,178,753  View original content:https://www.prnewswire.com/news-releases/zkh-group-limited-announces-first-quarter-2026-unaudited-financial-results-302778804.htmlSOURCE ZKH Group Limited Original: ZKH Group Limited Announces First Quarter 2026 Unaudited Financial Results

ZKH Group Limited to Announce First Quarter 2026 Financial Results on Thursday, May 21, 2026May 7, 2026 6:00 AM
PR Newswire (US) SHANGHAI, May 7, 2026 /PRNewswire/ -- ZKH Group Limited ("ZKH" or the "Company") (NYSE: ZKH), a leading maintenance, repair and operations ("MRO") procurement service platform in China, today announced that it will release its unaudited financial results for the first quarter 2026, on Thursday, May 21, 2026, before the open of the U.S. markets.The Company's management will hold an earnings conference call on Thursday, May 21, 2026 at 7:00 A.M. U.S. Eastern Time (7:00 P.M. Beijing/Hong Kong Time) to discuss the financial results. Listeners may access the call by dialing the following numbers:United States (toll free):+1-888-317-6003International:+1-412-317-6061Mainland China (toll free):400-120-6115Hong Kong (toll free):800-963-976Hong Kong:+852-5808-1995Access Code:2335796A replay of the conference call will be accessible by phone one hour after the conclusion of the live call at the following numbers, until May 28, 2026:United States:+1-855-669-9658International:+1-412-317-0088Replay Access Code:6840038A live and archived webcast of the conference call will also be available on the Company's investor relations website at https://ir.zkh.com.About ZKH Group LimitedZKH Group Limited (NYSE: ZKH) is a leading MRO procurement service platform in China, underpinned by robust supply chain capabilities and dedicated to serving customers globally through a product-led, agentic AI-driven approach. Through its primary online platforms, the ZKH platform, the GBB platform and the Northsky platform, along with innovative technology and extensive industry expertise, the Company provides bespoke MRO procurement solutions to a diverse and loyal customer base. These solutions encompass hyper-personalized product curation from a comprehensive selection of quality products at competitive prices. Additionally, the Company ensures timely and reliable product delivery through professional fulfillment services. By focusing on reducing procurement costs and addressing management efficiency challenges, ZKH is transforming the opaque MRO procurement process and empowering all stakeholders across the value chain.For more information, please visit: https://ir.zkh.com.For investor and media inquiries, please contact:ZKH Group Limited
IR Department
E-mail: IR@zkh.comChristensen Advisory
Email: zkh@christensencomms.com View original content:https://www.prnewswire.com/news-releases/zkh-group-limited-to-announce-first-quarter-2026-financial-results-on-thursday-may-21-2026-302765384.htmlSOURCE ZKH Group Limited Original: ZKH Group Limited to Announce First Quarter 2026 Financial Results on Thursday, May 21, 2026

ZKH Group posts top-line beat in Q4, shares edge higherMarch 19, 2026 10:43 AM
IH Market News
ZKH Group Limited (NYSE:ZKH) reported fourth-quarter results that exceeded revenue forecasts and marked a return to profitability after a loss in the same period a year earlier. Shares rose about 0.6% following the announcement.The MRO procurement services platform generated revenue of $365.68 million for the quarter ended December 31, 2025, surpassing the analyst consensus estimate of $347.38 million. Revenue increased 7.9% from RMB2,370.2 million in the fourth quarter of the prior year. The company reported adjusted earnings per ADS of $0.01, compared with an adjusted loss per ADS of RMB0.09 in the fourth quarter of 2024. On a GAAP basis, ZKH recorded a net profit of RMB4.8 million, reversing a net loss of RMB29.1 million in the year-earlier period.“In the fourth quarter, we achieved accelerated YoY GMV and revenue growth and returned to profitability, closing the year on a strong note,” said Eric Long Chen, Chairman and Chief Executive Officer. “This performance marks the start of a fundamentally healthier, more resilient growth phase for the Company.”Gross merchandise value rose 8.5% year over year to RMB2,918.3 million in the fourth quarter, supported by expansion of the company’s customer base. The number of customers increased 59.8% year over year to 73,803. Gross margin, however, declined to 15.5% from 17.1% in the prior-year quarter, mainly due to shifts in product mix, although this was partly offset by a greater contribution from higher-margin private-label products.Operating expenses fell 3.0% year over year to RMB424.6 million, representing 16.6% of net revenue compared with 18.5% in the same period last year. The company also reported non-GAAP EBITDA of RMB19.7 million, improving from negative RMB13.3 million in the fourth quarter of 2024.For the full fiscal year 2025, ZKH reported revenue of RMB8,987.7 million, an increase of 2.6% compared with 2024. The company’s annual net loss narrowed to RMB139.7 million from RMB268.0 million the previous year.ZKH Group stock price

Original: ZKH Group posts top-line beat in Q4, shares edge higher

ZKH Group Limited Announces Fourth Quarter and Fiscal Year 2025 Unaudited Financial ResultsMarch 19, 2026 6:00 AM
PR Newswire (US)

SHANGHAI, March 19, 2026 /PRNewswire/ -- ZKH Group Limited ("ZKH" or the "Company") (NYSE: ZKH), a leading maintenance, repair, and operations ("MRO") procurement service platform in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025.Fourth Quarter and Fiscal Year 2025 Operational and Financial Highlights
Fourth Quarter
Fiscal Year
20242025Change
20242025Change
(in thousand RMB, except for number of customers, percentage and basis points("bps"))GMV[1]2,690,3112,918,2978.5 %
10,479,46110,133,428-3.3 %GMV by Platform







ZKH Platform2,435,0372,638,2428.3 %
9,475,5509,103,399-3.9 %
GBB Platform255,274280,0559.7 %
1,003,9111,030,0292.6 %GMV by Business Model







Product Sales (1P)2,324,0052,499,6337.6 %
8,530,3288,828,9633.5 %
Marketplace (3P)[2]366,306418,66414.3 %
1,949,1331,304,465-33.1 %Number of Customers[3]46,19273,80359.8 %
83,958155,82985.6 %Net Revenues2,370,2232,557,2387.9 %
8,761,3188,987,7382.6 %Gross Profit404,998396,380-2.1 %
1,510,4711,475,662-2.3 %
% of Net Revenues17.1 %15.5 %-158.7bps
17.2 %16.4 %-82.2bpsOperating Loss(32,589)(28,229)-13.4 %
(338,770)(213,337)-37.0 %
% of Net Revenues-1.4 %-1.1 %27.1bps
-3.9 %-2.4 %149.3bpsNon-GAAP EBITDA[4](13,330)19,725-
(193,258)(79,347)-58.9 %
% of Net Revenues-0.6 %0.8 %133.4bps
-2.2 %-0.9 %132.3bpsNet (Loss)/Profit(29,102)4,797-
(268,043)(139,742)-47.9 %
% of Net Revenues-1.2 %0.2 %141.5bps
-3.1 %-1.6 %150.5bpsNon-GAAP Adjusted Net
(Loss)/Profit [5](15,033)14,860-
(159,527)(85,923)-46.1 %
% of Net Revenues-0.6 %0.6 %121.5bps
-1.8 %-1.0 %86.5bpsMr. Eric Long Chen, Chairman and Chief Executive Officer of ZKH, stated, "In the fourth quarter, we achieved accelerated year-over-year GMV and revenue growth and returned to profitability, closing the year on a strong note. This performance marks the start of a fundamentally healthier, more resilient growth phase for the Company. Our momentum was powered by a broad-based expansion of our customer base, particularly among small and medium-sized enterprises (SMEs) underpinned by an increasingly diverse product portfolio, a stronger supplier network, and enhanced fulfillment capabilities. Notably, our ongoing investments in AI are already delivering measurable commercial impact and meaningful productivity gains across our operations. With a solid foundation and durable growth drivers firmly in place, we are well positioned to deliver sustainable, high-quality growth over the long term."Mr. Max Chun Chiu Lai, Chief Financial Officer of ZKH, added, "We delivered solid revenue growth and achieved profitability on both a GAAP and non-GAAP basis during the fourth quarter, marking a significant improvement in our earnings profile. Operational efficiency continued to improve, with disciplined cost management, expanding scale and broader AI adoption driving down operating expenses year-over-year in both absolute terms and as a percentage of revenue. At the same time, an expanding SME customer base and the growing contribution from private-label products are strengthening our margin foundation. Looking ahead, we remain focused on enhancing operational efficiency and driving profitability to build a more resilient, sustainable foundation for future growth." [1] GMV is the total transaction value of orders placed on the Company's platform and shipped to customers, excluding taxes, net of the returned amount.[2] The marketplace model accounted for 14.3% of GMV in the fourth quarter and 12.9% for full year 2025, compared with 13.6% and 18.6% in the corresponding periods of 2024.[3] Customers are customers that transacted with the Company during the reporting period, mainly comprised of enterprise customers in various industries.[4] Non-GAAP EBITDA is defined as net profit/(loss) before interest expenses, income tax expenses/(benefits) and depreciation and amortization expenses.[5] Non-GAAP adjusted net (loss)/profit is defined as net (loss)/profit excluding share-based compensation expenses.                                                 Fourth Quarter and Fiscal Year 2025 Business HighlightsBusiness Momentum. Following proactive strategic optimization implemented over the past several quarters, the Company's operating performance showed clear signs of inflection point in the second half of 2025. Overall GMV largely recovered to prior-year levels in the third quarter, and accelerated in the fourth quarter on a year-over-year basis. This performance was supported by continued expansion across both SME and key accounts segments. GMV from SME customers on the ZKH platform sustained strong double-digit growth in the fourth quarter, while certain SOE customers previously impacted by strategic optimization returned to year-over-year growth and achieved a sequential expansion of over 20%.Product Capabilities. The Company added more than 5.7 million sellable SKUs during the year, bringing the total to approximately 23 million and further expanding coverage of professional MRO categories such as fasteners, factory automation components, chemical reagents, and test instruments. At the same time, higher-margin private-label products accounted for approximately 8.3% of total GMV in 2025, up from 6.7% in 2024, with 349 new products launched during the quarter.Fulfillment Network. The Company continued to optimize its multi-tier fulfillment infrastructure to enhance operational efficiency and service capabilities. The Company established a new Chengdu (??) chemical warehouse in the fourth quarter. The fulfillment network now comprises 30 distribution centers and more than 100 transit warehouses, supported by over 200 self-operated delivery vehicles and more than 5,500 EVM smart vending machines deployed at customer production sites. Through-warehouse fulfillment fees fell for the eighth consecutive quarter, decreasing by approximately 13% year-over-year, reflecting continued improvements in the Company's warehousing efficiency.AI Capabilities. The Company continued to execute on its AI strategy, embedding AI more deeply across operations and accelerating the translation of technological innovation into tangible commercial value.
At the data layer, the Company's proprietary data assets expanded to petabyte scale, supporting the Company's AI model with billions of parameters and providing a robust foundation for ongoing AI development. In 2025, token usage nearly doubled, with monthly usage exceeding 80 billion tokens, reflecting the rapid scaling of AI-powered capabilities across the Company's operations. Looking ahead, the Company expects token usage to increase by at least tenfold over the next two to three years. Meanwhile, the average cost per million tokens decreased year over year, driven by ongoing improvements in infrastructure efficiency.At the model layer, the Company launched the industry's first MRO vertical large language model, "H-Nimble (????)", in 2025, which completed regulatory filing with the Cyberspace Administration of China in September.At the application layer, AI has been increasingly embedded into core business workflows, supporting both revenue generation and operational efficiency improvements. Key applications include:-  The ProductRecom Agent (AI????), launched in the fourth quarter of 2024, served more than 30,000 customers in 2025 and generated over RMB200 million in cumulative sales by improving supply and demand matching and conversion efficiency.-  The Company deployed more than 5,000 robotic process automation (RPA) digital employees, which exceeded the size of its human workforce and have become core infrastructure supporting scalable intelligent operations. Together, they saved a substantial amount of labor hours during the year.-  The AI Smart Workbench (AI?????) significantly reduced cross-system manual operations and enabled the transition of business processes from a high-touch to a low-touch operating model. In 2025, the AI Smart Workbench autonomously executed more than 520,000 system operations and improved productivity in process-intensive roles, with customer service and procurement productivity up approximately 45% and 50%, respectively, year over year.International Expansion. Capitalizing on the overseas expansion of Chinese manufacturers, the Company's international business delivered approximately 50% sequential GMV growth and a 20% increase in customer count during the quarter. Global fulfillment coverage now extends to 17 countries.Fourth Quarter 2025 Financial ResultsNet Revenues. Net revenues were RMB2,557.2 million (US$365.7 million), representing an increase of 7.9% from RMB2,370.2 million in the same period of 2024.

Fourth Quarter

20242025Change

(in thousand RMB, except for percentage)Net Revenues
2,370,2232,557,2387.9 %
Net Product Revenues
2,303,4512,493,8948.3 %

From ZKH Platform
2,049,5202,219,2738.3 %

From GBB Platform
253,931274,6218.1 %
Net Service Revenues
51,22649,700-3.0 %
Other Revenues
15,54613,644-12.2 %Cost of Revenues. Cost of revenues was RMB2,160.9 million (US$309.0 million), representing an increase of 10.0% from RMB1,965.2 million in the same period of 2024. Gross Profit and Gross Margin. Gross profit was RMB396.4 million (US$56.7 million), representing a decrease of 2.1% from RMB405.0 million in the same period of 2024. Gross margin was 15.5%, compared with 17.1% in the same period of 2024. The decrease was primarily attributable to changes in product mix that diluted gross profit margin, partially offset by an increased contribution from higher-margin private-label products.



Fourth Quarter



20242025Change



(in thousand RMB, except for percentage and
basis points ("bps"))Gross Profit404,998396,380-2.1 %
% of Net Revenues17.1 %15.5 %-158.7bps
% of GMV15.1 %13.6 %-147.1bps
Under Product Sales (1P)




ZKH Platform335,894331,613-1.3 %


% of Net Product Revenues from
ZKH Platform16.4 %14.9 %-144.6bps

GBB Platform13,95814,1311.2 %


% of Net Product Revenues from
GBB Platform5.5 %5.1 %-35.1bps
Under Marketplace (3P)51,22649,700-3.0 %

% of Net Service Revenues100.0 %100.0 %-

% of GMV from the Marketplace Model
(Take Rate[6])14.0 %11.9 %-211.3bps
Others3,920936-76.1 %

% of Other Revenues25.2 %6.9 %-1,835.5bpsOperating Expenses. Operating expenses were RMB424.6 million (US$60.7 million), down 3.0% from RMB437.6 million in the same period of 2024. Operating expenses were 16.6% of net revenues, compared with 18.5% in the same period of 2024.Fulfillment Expenses. Fulfillment expenses were RMB87.6 million (US$12.5 million), down 7.8% from RMB95.1 million in the same period of 2024, primarily due to lower warehouse rental costs and employee benefit expenses. Fulfillment expenses were 3.4% of net revenues, compared with 4.0% in the same period of 2024.Sales and Marketing Expenses. Sales and marketing expenses were RMB153.0 million (US$21.9 million), up 0.9% from RMB151.6 million in the same period of 2024, primarily due to higher employee benefit expenses, partially offset by lower travel, marketing and promotion expenses. Sales and marketing expenses were 6.0% of net revenues, compared with 6.4% in the same period of 2024.Research and Development Expenses. Research and development expenses were RMB44.1 million (US$6.3 million), up 6.4% from RMB41.4 million in the same period of 2024, primarily due to higher employee benefit expenses. Research and development expenses were 1.7% of net revenues, flat year over year.General and Administrative Expenses. General and administrative expenses were RMB139.9 million (US$20.0 million), down 6.4% from RMB149.5 million in the same period of 2024, primarily due to lower loss on inventory write down and disposal, share-based compensation expenses, and employee benefit expenses, partially offset by higher credit loss allowances. General and administrative were 5.5% of net revenues, compared with 6.3% in the same period of 2024.Loss from Operations. Loss from operations was RMB28.2 million (US$4.0 million), compared with RMB32.6 million in the same period of 2024. Operating loss margin was 1.1%, compared with 1.4% in the same period of 2024.Non-GAAP EBITDA. Non-GAAP EBITDA was RMB19.7 million (US$2.8 million), compared with negative RMB13.3 million in the same period of 2024. Non-GAAP EBITDA margin was 0.8%, compared with negative 0.6% in the same period of 2024.Net Profit/(Loss). Net profit was RMB4.8 million (US$0.7 million), compared with net loss of RMB29.1 million in the same period of 2024. Net profit margin was 0.2%, compared with net loss margin of 1.2% in the same period of 2024.Non-GAAP Adjusted Net Profit/(Loss). Non-GAAP adjusted net profit was RMB14.9 million (US$2.1 million), compared with non-GAAP adjusted net loss of RMB15.0 million in the same period of 2024. Non-GAAP adjusted net profit margin was 0.6%, compared with non-GAAP adjusted net loss margin of 0.6% in the same period of 2024.Basic and Diluted Net Profit/(Loss) per ADS[7] and Non-GAAP Adjusted Basic and Diluted Net Profit/(Loss) per ADS[8]. Basic and diluted net profit per ADS was RMB0.03 (US$0.004), compared with basic and diluted net loss per ADS of RMB0.18 in the same period of 2024. Non-GAAP adjusted basic and diluted net profit per ADS were RMB0.09 (US$0.01), compared with basic and diluted net loss per ADS of RMB0.09 in the same period of 2024. [6] Take rate of the marketplace model represents gross profit from the marketplace model divided by GMV from the marketplace model.[7] ADSs are American depositary shares, each of which represents thirty-five (35) Class A ordinary shares of the Company.[8] Non-GAAP adjusted basic and diluted net profit/(loss) per ADS is a non-GAAP financial measure, which is calculated by dividing non-GAAP adjusted net profit/(loss) attributable to the Company's ordinary shareholders by the weighted average number of ADSs. Fiscal Year 2025 Financial ResultsNet Revenues. Net revenues were RMB8,987.7 million (US$1,285.2 million), representing an increase of 2.6% from RMB8,761.3 million in 2024.

Fiscal Year

20242025Change

(in thousand RMB, except for percentage)Net Revenues
8,761,3188,987,7382.6 %
Net Product Revenues
8,449,4688,766,7513.8 %

From ZKH Platform
7,450,2117,757,4644.1 %

From GBB Platform
999,2571,009,2871.0 %
Net Service Revenues
244,707171,264-30.0 %
Other Revenues
67,14349,723-25.9 %Cost of Revenues. Cost of revenues was RMB7,512.1 million (US$1,074.2 million), representing an increase of 3.6% from RMB7,250.8 million in 2024. The increase was in line with the growth in product revenues.Gross Profit and Gross Margin. Gross profit was RMB1,475.7 million (US$211.0 million), representing a decrease of 2.3% from RMB1,510.5 million in 2024. Gross margin was 16.4%, compared with 17.2% in 2024, mainly due to a lower revenue contribution from the marketplace model, which yields a 100% gross margin under the net revenue recognition. Nevertheless, gross profit as a percentage of GMV was 14.6%, compared with 14.4% in 2024. 



Fiscal Year



20242025Change



(in thousand RMB, except for percentage and
basis points ("bps"))Gross Profit1,510,4711,475,662-2.3 %
% of Net Revenues17.2 %16.4 %-82.2bps
% of GMV14.4 %14.6 %14.9bps
Under Product Sales (1P)




ZKH Platform1,192,1891,230,5153.2 %


% of Net Product Revenues from
ZKH Platform16.0 %15.9 %-14.0bps

GBB Platform55,24365,75219.0 %


% of Net Product Revenues from
GBB Platform5.5 %6.5 %98.6bps
Under Marketplace (3P)244,707171,264-30.0 %

% of Net Service Revenues100.0 %100.0 %-

% of GMV from the Marketplace Model (Take Rate)12.6 %13.1 %57.4bps
Others18,3328,131-55.6 %

% of Other Revenues27.3 %16.4 %-1,095.0bpsOperating Expenses. Operating expenses were RMB1,689.0 million (US$241.5 million), a decrease of 8.7% from RMB1,849.2 million in 2024. Operating expenses as a percentage of net revenues were 18.8%, compared with 21.1% in 2024.Fulfillment Expenses. Fulfillment expenses were RMB362.2 million (US$51.8 million), a decrease of 7.5% from RMB391.7 million in 2024. The decrease was primarily attributable to lower warehouse rental costs and employee benefit expenses. Fulfillment expenses as a percentage of net revenues were 4.0%, compared with 4.5% in 2024.Sales and Marketing Expenses. Sales and marketing expenses were RMB585.0 million (US$83.7 million), a decrease of 8.8% from RMB641.5 million in 2024. The decrease was primarily attributable to lower travel expenses and employee benefit expenses. Sales and marketing expenses as a percentage of net revenues were 6.5%, compared with 7.3% in 2024.Research and Development Expenses. Research and development expenses were RMB165.5 million (US$23.7 million), a decrease of 2.3% from RMB169.5 million in 2024. The decrease was primarily attributable to lower employee benefit expenses. Research and development expenses as a percentage of net revenues were 1.8%, compared with 1.9% in 2024.General and Administrative Expenses. General and administrative expenses were RMB576.3 million (US$82.4 million), a decrease of 10.9% from RMB646.5 million in 2024. The decrease was primarily attributable to lower share-based compensation expenses and credit loss allowances. General and administrative expenses as a percentage of net revenues were 6.4%, compared with 7.4% in 2024.Loss from Operations. Loss from operations was RMB213.3 million (US$30.5 million), compared with RMB338.8 million in 2024. Operating loss margin was 2.4%, compared with 3.9% in 2024.Non-GAAP EBITDA. Non-GAAP EBITDA was negative RMB79.3 million (US$11.3 million), compared with negative RMB193.3 million in 2024. Non-GAAP EBITDA margin was negative 0.9%, compared with negative 2.2% in 2024.Net Loss. Net loss was RMB139.7 million (US$20.0 million), compared with RMB268.0 million in 2024. Net loss margin was 1.6%, compared with 3.1% in 2024.Non-GAAP Adjusted Net Loss. Non-GAAP adjusted net loss was RMB85.9 million (US$12.3 million), compared with RMB159.5 million in 2024. Non-GAAP adjusted net loss margin was 1.0%, compared with 1.8% in 2024.Basic and Diluted Net Loss per ADS and Non-GAAP Adjusted Basic and Diluted Net Loss per ADS. Basic and diluted net loss per ADS were RMB0.86 (US$0.12), compared with RMB1.64 in 2024. Non-GAAP adjusted basic and diluted net loss per ADS were RMB0.53 (US$0.08), compared with RMB0.97 in 2024.Balance Sheet and Cash FlowAs of December 31, 2025, the Company had cash and cash equivalents, restricted cash, and short-term investments of RMB1.92 billion (US$274.2 million), compared with RMB2.06 billion as of December 31, 2024.Net cash generated from operating activities was RMB116.1 million (US$16.6 million) in the fourth quarter of 2025, compared with RMB170.7 million in the same period of 2024. For full-year 2025, net cash generated from operating activities was RMB13.7 million (US$2.0 million), compared with RMB229.1 million in 2024.Share Repurchase UpdatePursuant to the Company's share repurchase program of up to US$50 million, adopted on June 13, 2025 and effective through June 13, 2026, the Company repurchased an aggregate of approximately 1.4 million ADSs for approximately US$ 4.4 million from the open market as of February 28, 2026.Exchange RateThis announcement contains translations of certain Renminbi ("RMB") amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ were made at a rate of RMB6.9931 to US$1.00, the exchange rate in effect as of December 31, 2025, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.Conference Call InformationThe Company's management will hold a conference call on Thursday, March 19, 2026, at 8:00 A.M. U.S. Eastern Time or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the fourth quarter and fiscal year of 2025.United States (toll free):+1-888-317-6003International:+1-412-317-6061Mainland China (toll free):400-120-6115Hong Kong (toll free):800-963-976Hong Kong:+852-5808-1995Access Code:0749989The replay will be accessible through March 26, 2026 by dialing the following numbers:United States:

+1-855-669-9658International:

+1-412-317-0088Replay Access Code:

5742991A live and archived webcast of the conference call will also be available on the Company's investor relations website at https://ir.zkh.com.About ZKH Group LimitedZKH Group Limited (NYSE: ZKH) is a leading MRO procurement service platform in China, underpinned by robust supply chain capabilities and dedicated to serving customers globally through a product-led, agentic AI-driven approach. Through its primary online platforms, the ZKH platform, the GBB platform and the Northsky platform, along with innovative technology and extensive industry expertise, the Company provides bespoke MRO procurement solutions to a diverse and loyal customer base. These solutions encompass hyper-personalized product curation from a comprehensive selection of quality products at competitive prices. Additionally, the Company ensures timely and reliable product delivery through professional fulfillment services. By focusing on reducing procurement costs and addressing management efficiency challenges, ZKH is transforming the opaque MRO procurement process and empowering all stakeholders across the value chain.For more information, please visit: https://ir.zkh.com.Use of Non-GAAP Financial Measures This press release contains the following non-GAAP financial measures: non-GAAP adjusted net (loss)/profit, non-GAAP adjusted net (loss)/profit per ADS, basic and diluted, and non-GAAP EBITDA. The non-GAAP financial measures should not be considered in isolation from or construed as alternatives to their most directly comparable financial measures prepared in accordance with accounting principles generally accepted in the United States of America. Investors are encouraged to review the historical non-GAAP financial measures in reconciliation to their most directly comparable GAAP financial measures.The Company defines non-GAAP adjusted net (loss)/profit for a specific period as net loss in the same period excluding share-based compensation expenses. The Company defines non-GAAP EBITDA as net loss before interest expenses, income tax expenses/(benefits) and depreciation and amortization expenses. Non-GAAP adjusted net (loss)/profit per ADS is calculated by dividing adjusted net (loss)/profit attributable to the Company's ordinary shareholders by the weighted average number of ordinary shares during the periods and then multiplied by 35.The Company presents these non-GAAP financial measures because they are used by the management to evaluate the Company's operating performance and formulate business plans. The Company believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that are included in net loss and certain expenses that are not expected to result in future cash payments or that are non-recurring in nature. The Company also believes that the use of these non-GAAP financial measures facilitates investors' assessment of its operating performance, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by the management in financial and operational decision making.The non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies. The Company's non-GAAP financial measures do not include all income and expense items that affect the Company's operations. They may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider the non-GAAP financial measures as substitutes for, or superior to, their most directly comparable financial measures prepared in accordance with GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of Non-GAAP Results" set forth at the end of this press release.Safe Harbor Statement This press release contains forward-looking statements. These statements are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expects," "anticipates," "aim," "estimates," "intends," "plans," "believes," "is/are likely to," "potential," "continue," and similar statements. Among other things, the quotations from management in this press release and ZKH's strategic and operational plans contain forward-looking statements. ZKH may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press release and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about ZKH's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ZKH's mission, goals and strategies; ZKH's future business development, financial condition and results of operations; the expected changes in its revenues, expenses or expenditures; the expected growth of the MRO procurement service industry in China and globally; changes in customer or product mix; ZKH's expectations regarding the prospects of its business model and the demand for and market acceptance of its products and services; ZKH's expectations regarding its relationships with customers, suppliers, and service providers on its platform; competition in the Company's industry; government policies and regulations relating to ZKH's industry; general economic and business conditions in China and globally; the outcome of any current and future legal or administrative proceedings; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ZKH's filings with the SEC. All information provided herein is as of the date of this announcement, and ZKH undertakes no obligation to update any forward-looking statement, except as required under applicable law.For investor and media inquiries, please contact:ZKH Group Limited
IR Department
E-mail: IR@zkh.comChristensen Advisory
Email: zkh@christensencomms.com  ZKH GROUP LIMITED



UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in thousands, except share, ADS, per share and per ADS data)








As of
December 31,
As of December 31

2024
2025

RMB
RMB
US$Assets





Current assets:





Cash and cash equivalents
1,423,943
1,030,573
147,370Restricted cash 
92,939
61,871
8,847Short-term investments
543,978
825,289
118,015Accounts receivable (net of allowance for credit
losses of RMB145,789 and RMB159,923 as of
December 31, 2024 and December 31, 2025,
respectively)
3,090,323
3,257,162
465,768Notes receivable
234,213
113,291
16,200Inventories 
625,390
669,825
95,784Prepayments and other current assets
179,387
180,188
25,767Total current assets
6,190,173
6,138,199
877,751






Non-current assets:





Property and equipment, net
183,572
186,185
26,624Land use right
10,808
10,582
1,513Operating lease right-of-use assets, net
179,945
142,205
20,335Intangible assets, net
15,931
21,871
3,128Goodwill
30,807
30,807
4,405Total non-current assets
421,063
391,650
56,005Total assets
6,611,236
6,529,849
933,756






Liabilities





Current liabilities:





Short-term borrowings
311,000
240,000
34,320Current portion of long-term borrowings 
997
2,305
330Accounts and notes payable
2,553,396
2,718,941
388,803Operating lease liabilities
81,379
50,202
7,179Advance from customers
27,433
27,152
3,883Accrued expenses and other current
   liabilities
365,333
378,566
54,134Derivatives
-
8,624
1,232Total current liabilities
3,339,538
3,425,790
489,881






Non-current liabilities:





Long-term borrowings
38,887
42,651
6,099Non-current operating lease liabilities
109,096
91,894
13,141Other non-current liabilities
25,224
28,181
4,030Total non-current liabilities
173,207
162,726
23,270Total liabilities
3,512,745
3,588,516
513,151






ZKH Group Limited shareholders' equity:





Ordinary shares (USD0.0000001 par value;
500,000,000,000 and 500,000,000,000 shares
authorized; 5,658,952,794 and 5,682,357,714 shares
issued and 5,601,860,619 and 5,563,528,436 shares
outstanding as of December 31, 2024 and December
31, 2025, respectively)
4
4
1Additional paid-in capital
8,305,304
8,370,941
1,197,028Statutory reserves
6,303
6,566
939Accumulated other comprehensive
   income/(loss)
4,764
(37,288)
(5,332)Accumulated deficit
(5,177,126)
(5,317,131)
(760,340)Treasury stock
(40,758)
(81,759)
(11,691)Total ZKH Group Limited shareholders'
      equity
3,098,491
2,941,333
420,605Total liabilities and shareholders' deficit
6,611,236
6,529,849
933,756  ZKH GROUP LIMITED






UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF (LOSS)/PROFIT(All amounts in thousands, except share, ADS, per share and per ADS data)












For the three months ended
For the year ended
December 31, 2024
December 31, 2025
December 31, 2024
December 31, 2025
RMB
RMB
US$
RMB
RMB
US$Net revenues










Net product revenues2,303,451
2,493,894
356,622
8,449,468
8,766,751
1,253,629Net service revenues51,226
49,700
7,107
244,707
171,264
24,490Other revenues15,546
13,644
1,951
67,143
49,723
7,110Total net revenues2,370,223
2,557,238
365,680
8,761,318
8,987,738
1,285,229Cost of revenues(1,965,225)
(2,160,858)
(308,999)
(7,250,847)
(7,512,076)
(1,074,213)











Operating expenses










Fulfillment(95,066)
(87,647)
(12,533)
(391,687)
(362,173)
(51,790)Sales and marketing(151,556)
(152,951)
(21,872)
(641,519)
(585,039)
(83,659)Research and development   (41,444)
(44,095)
(6,306)
(169,496)
(165,518)
(23,669)General and administrative(149,521)
(139,916)
(20,008)
(646,539)
(576,269)
(82,405)Loss from operations(32,589)
(28,229)
(4,038)
(338,770)
(213,337)
(30,507)Interest and investment income14,467
11,400
1,630
64,246
50,088
7,162Interest expense(2,819)
(2,617)
(374)
(19,003)
(11,350)
(1,623)Others, net(7,893)
24,730
3,536
26,497
35,546
5,083(Loss)/profit before income tax (28,834)
5,284
754
(267,030)
(139,053)
(19,885)Income tax expenses(268)
(487)
(70)
(1,013)
(689)
(99)Net (loss)/profit(29,102)
4,797
684
(268,043)
(139,742)
(19,984)Less: net income attributable to non-
   controlling interests-
-
-
-
-
-Less: net loss attributable to redeemable
   non-controlling interests-
-
-
-
-
-Net (loss)/profit attributable to ZKH Group
      Limited(29,102)
4,797
684
(268,043)
(139,742)
(19,984)Accretion on preferred shares to
  redemption value-
-
-
-
-
-Net (loss)/profit attributable to ZKH Group
      Limited's ordinary shareholders(29,102)
4,797
684
(268,043)
(139,742)
(19,984)























Net (loss)/profit(29,102)
4,797
684
(268,043)
(139,742)
(19,984)Other comprehensive income/(loss):










Foreign currency translation adjustments51,569
(20,276)
(2,899)
29,918
(42,052)
(6,013)Total comprehensive income/(loss)22,467
(15,479)
(2,215)
(238,125)
(181,794)
(25,997)Less: comprehensive income attributable
   to non-controlling interests-
-
-
-
-
-Less: comprehensive loss attributable to
   redeemable non-controlling interests-
-
-
-
-
-Comprehensive income/(loss) attributable 
       to ZKH  Group Limited22,467
(15,479)
(2,215)
(238,125)
(181,794)
(25,997)Accretion on Preferred Shares to 
   redemption value-
-
-
-
-
-Total comprehensive income/(loss)
        attributable to ZKH Group Limited's
        ordinary shareholders22,467
(15,479)
(2,215)
(238,125)
(181,794)
(25,997)











Net (loss)/profit per ordinary share attributable
      to ordinary shareholders










Basic(0.01)
0.00
0.00
(0.05)
(0.02)
(0.00)Diluted(0.01)
0.00
0.00
(0.05)
(0.02)
(0.00)Weighted average number of shares 










Basic5,713,526,267
5,666,794,694
5,666,794,694
5,736,262,553
5,686,064,402
5,686,064,402Diluted5,713,526,267
5,669,349,811
5,669,349,811
5,736,262,553
5,686,064,402
5,686,064,402











Net (loss)/profit per ADS attributable to
      ordinary shareholders










Basic(0.18)
0.03
0.00
(1.64)
(0.86)
(0.12)Diluted(0.18)
0.03
0.00
(1.64)
(0.86)
(0.12)Weighted average number of ADS ( 35
      Class A ordinary shares equal to 1
      ADS )










Basic163,243,608
161,908,420
161,908,420
163,893,216
162,458,983
162,458,983Diluted163,243,608
161,981,423
161,981,423
163,893,216
162,458,983
162,458,983  ZKH GROUP LIMITED






RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(All amounts in thousands, except share, ADS, per share and per ADS data)












For the three months ended
For the year ended
December 31, 2024
December 31, 2025
December 31, 2024
December 31, 2025
RMB
RMB
US$
RMB
RMB
US$Net (loss)/profit(29,102)
4,797
684
(268,043)
(139,742)
(19,984)Income tax expenses268
487
70
1,013
689
99Interest expenses2,819
2,617
374
19,003
11,350
1,623Depreciation and amortization expense12,685
11,824
1,691
54,769
48,356
6,915Non-GAAP EBITDA(13,330)
19,725
2,819
(193,258)
(79,347)
(11,347)




For the three months ended
For the year ended
December 31, 2024
December 31, 2025
December 31, 2024
December 31, 2025
RMB
RMB
US$
RMB
RMB
US$Net (loss)/profit(29,102)
4,797
684
(268,043)
(139,742)
(19,984)Add: 










Share-based compensation expenses14,069
10,063
1,440
108,516
53,819
7,695Non-GAAP adjusted net (loss)/profit(15,033)
14,860
2,124
(159,527)
(85,923)
(12,289)











Non-GAAP adjusted net (loss)/profit
      attributable to ordinary
      shareholders per share










Basic(0.00)
0.00
0.00
(0.03)
(0.02)
(0.00)Diluted(0.00)
0.00
0.00
(0.03)
(0.02)
(0.00)Weighted average number of ordinary
      shares










Basic5,713,526,267
5,666,794,694
5,666,794,694
5,736,262,553
5,686,064,402
5,686,064,402Diluted5,713,526,267
5,669,349,811
5,669,349,811
5,736,262,553
5,686,064,402
5,686,064,402Non-GAAP adjusted net (loss)/profit
      attributable to ordinary
      shareholders per ADS










Basic(0.09)
0.09
0.01
(0.97)
(0.53)
(0.08)Diluted(0.09)
0.09
0.01
(0.97)
(0.53)
(0.08)Weighted average number of ADS ( 35
      Class A ordinary shares equal to 1  
      ADS )










Basic163,243,608
161,908,420
161,908,420
163,893,216
162,458,983
162,458,983Diluted163,243,608
161,981,423
161,981,423
163,893,216
162,458,983
162,458,983   



View original content:https://www.prnewswire.com/news-releases/zkh-group-limited-announces-fourth-quarter-and-fiscal-year-2025-unaudited-financial-results-302718579.htmlSOURCE ZKH Group Limited

Original: ZKH Group Limited Announces Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results

ZKH Group Limited to Announce Fourth Quarter and Fiscal Year 2025 Financial Results on Thursday, March 19, 2026March 5, 2026 5:00 AM
PR Newswire (US)

SHANGHAI, March 5, 2026 /PRNewswire/ -- ZKH Group Limited ("ZKH" or the "Company") (NYSE: ZKH), a leading maintenance, repair and operations ("MRO") procurement service platform in China, today announced that it will release its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025, on Thursday, March 19, 2026, before the open of the U.S. markets.The Company's management will hold an earnings conference call on Thursday, March 19, 2026 at 8:00 A.M. U.S. Eastern Time (8:00 P.M. Beijing/Hong Kong Time) to discuss the financial results. Listeners may access the call by dialing the following numbers:United States (toll free):+1-888-317-6003International:+1-412-317-6061Mainland China (toll free):400-120-6115Hong Kong (toll free):800-963-976Hong Kong:+852-5808-1995Access Code:0749989A replay of the conference call will be accessible by phone one hour after the conclusion of the live call at the following numbers, until March 26, 2026:United States:+1-855-669-9658International:+1-412-317-0088Replay Access Code:5742991A live and archived webcast of the conference call will also be available on the Company's investor relations website at https://ir.zkh.com.About ZKH Group LimitedZKH Group Limited (NYSE: ZKH) is a leading MRO procurement service platform in China, underpinned by robust supply chain capabilities and dedicated to serving customers globally through a product-led, agentic AI-driven approach. Through its primary online platforms, the ZKH platform, the GBB platform and the Northsky platform, along with innovative technology and extensive industry expertise, the Company provides bespoke MRO procurement solutions to a diverse and loyal customer base. These solutions encompass hyper-personalized product curation from a comprehensive selection of quality products at competitive prices. Additionally, the Company ensures timely and reliable product delivery through professional fulfillment services. By focusing on reducing procurement costs and addressing management efficiency challenges, ZKH is transforming the opaque MRO procurement process and empowering all stakeholders across the value chain.For more information, please visit: https://ir.zkh.com.For investor and media inquiries, please contact:ZKH Group Limited
IR Department
E-mail: IR@zkh.comChristensen Advisory
Email: zkh@christensencomms.com



View original content:https://www.prnewswire.com/news-releases/zkh-group-limited-to-announce-fourth-quarter-and-fiscal-year-2025-financial-results-on-thursday-march-19-2026-302704757.htmlSOURCE ZKH Group Limited

Original: ZKH Group Limited to Announce Fourth Quarter and Fiscal Year 2025 Financial Results on Thursday, March 19, 2026

ZKH here we go

ZKH CHINA INTO NEXT WEEK