SHANGHAI, March 19, 2026 /PRNewswire/ -- ZKH Group Limited ("ZKH" or the "Company") $(ZKH)$, 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
--------------------- ------------------------------- --------------------------------
2024 2025 Change 2024 2025 Change
--------- --------- --------- ---------- ---------- --------
(in thousand RMB, except for number of customers, percentage and
basis points("bps"))
--------------------- -----------------------------------------------------------------
GMV([1]) 2,690,311 2,918,297 8.5 % 10,479,461 10,133,428 -3.3 %
GMV by Platform
ZKH Platform 2,435,037 2,638,242 8.3 % 9,475,550 9,103,399 -3.9 %
GBB Platform 255,274 280,055 9.7 % 1,003,911 1,030,029 2.6 %
GMV by Business Model
Product Sales (1P) 2,324,005 2,499,633 7.6 % 8,530,328 8,828,963 3.5 %
Marketplace
(3P)([2]) 366,306 418,664 14.3 % 1,949,133 1,304,465 -33.1 %
Number of
Customers([3]) 46,192 73,803 59.8 % 83,958 155,829 85.6 %
Net Revenues 2,370,223 2,557,238 7.9 % 8,761,318 8,987,738 2.6 %
Gross Profit 404,998 396,380 -2.1 % 1,510,471 1,475,662 -2.3 %
% of Net Revenues 17.1 % 15.5 % -158.7bps 17.2 % 16.4 % -82.2bps
Operating 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 % 149.3bps
Non-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 % 132.3bps
Net (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 % 150.5bps
Non-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 % 86.5bps
Mr. 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 Highlights
-- Business 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 Results
Net 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
--------------------------------------------
2024 2025 Change
--------------- -------------- -----------
(in thousand RMB, except for percentage)
----------------------- --------------------------------------------
Net Revenues 2,370,223 2,557,238 7.9 %
Net Product Revenues 2,303,451 2,493,894 8.3 %
From ZKH Platform 2,049,520 2,219,273 8.3 %
From GBB Platform 253,931 274,621 8.1 %
Net Service Revenues 51,226 49,700 -3.0 %
Other Revenues 15,546 13,644 -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
-----------------------------------------------
2024 2025 Change
------------- ------------ ------------------
(in thousand RMB, except for percentage and
basis points ("bps"))
-------------------- -----------------------------------------------
Gross Profit 404,998 396,380 -2.1 %
% of Net Revenues 17.1 % 15.5 % -158.7bps
% of GMV 15.1 % 13.6 % -147.1bps
Under Product Sales
(1P)
ZKH Platform 335,894 331,613 -1.3 %
% of Net Product
Revenues from ZKH
Platform 16.4 % 14.9 % -144.6bps
GBB Platform 13,958 14,131 1.2 %
% of Net Product
Revenues from GBB
Platform 5.5 % 5.1 % -35.1bps
Under Marketplace (3P) 51,226 49,700 -3.0 %
% of Net Service
Revenues 100.0 % 100.0 % -
% of GMV from the
Marketplace Model
(Take Rate([6]) ) 14.0 % 11.9 % -211.3bps
Others 3,920 936 -76.1 %
% of Other Revenues 25.2 % 6.9 % -1,835.5bps
Operating 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 Results
Net 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
--------------------------------------------
2024 2025 Change
--------------- -------------- -----------
(in thousand RMB, except for percentage)
----------------------- --------------------------------------------
Net Revenues 8,761,318 8,987,738 2.6 %
Net Product Revenues 8,449,468 8,766,751 3.8 %
From ZKH Platform 7,450,211 7,757,464 4.1 %
From GBB Platform 999,257 1,009,287 1.0 %
Net Service Revenues 244,707 171,264 -30.0 %
Other Revenues 67,143 49,723 -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
-----------------------------------------------
2024 2025 Change
-------------- ------------- ----------------
(in thousand RMB, except for percentage and
basis points ("bps"))
-------------------- -----------------------------------------------
Gross Profit 1,510,471 1,475,662 -2.3 %
% of Net Revenues 17.2 % 16.4 % -82.2bps
% of GMV 14.4 % 14.6 % 14.9bps
Under Product Sales
(1P)
ZKH Platform 1,192,189 1,230,515 3.2 %
% of Net Product
Revenues from ZKH
Platform 16.0 % 15.9 % -14.0bps
GBB Platform 55,243 65,752 19.0 %
% of Net Product
Revenues from GBB
Platform 5.5 % 6.5 % 98.6bps
Under Marketplace (3P) 244,707 171,264 -30.0 %
% of Net Service
Revenues 100.0 % 100.0 % -
% of GMV from the
Marketplace Model
(Take Rate) 12.6 % 13.1 % 57.4bps
Others 18,332 8,131 -55.6 %
% of Other Revenues 27.3 % 16.4 % -1,095.0bps
Operating 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 Flow
As 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 Update
Pursuant 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 Rate
This 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 Information
The 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): +1-888-317-6003 International: +1-412-317-6061 Mainland China (toll free): 400-120-6115 Hong Kong (toll free): 800-963-976 Hong Kong: +852-5808-1995 Access Code: 0749989
The replay will be accessible through March 26, 2026 by dialing the following numbers:
United States: +1-855-669-9658 International: +1-412-317-0088 Replay Access Code: 5742991
A 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 Limited
ZKH 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.com
Christensen 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 1,030,573 147,370
Restricted cash 92,939 61,871 8,847
Short-term investments 543,978 825,289 118,015
Accounts 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 3,257,162 465,768
Notes receivable 234,213 113,291 16,200
Inventories 625,390 669,825 95,784
Prepayments and other current
assets 179,387 180,188 25,767
-------------
Total current assets 6,190,173 6,138,199 877,751
------------- ----------- ---------
Non-current assets:
Property and equipment, net 183,572 186,185 26,624
Land use right 10,808 10,582 1,513
Operating lease right-of-use
assets, net 179,945 142,205 20,335
Intangible assets, net 15,931 21,871 3,128
Goodwill 30,807 30,807 4,405
-------------
Total non-current assets 421,063 391,650 56,005
------------- ----------- ---------
Total assets 6,611,236 6,529,849 933,756
============= =========== =========
Liabilities
Current liabilities:
Short-term borrowings 311,000 240,000 34,320
Current portion of long-term
borrowings 997 2,305 330
Accounts and notes payable 2,553,396 2,718,941 388,803
Operating lease liabilities 81,379 50,202 7,179
Advance from customers 27,433 27,152 3,883
Accrued expenses and other
current liabilities 365,333 378,566 54,134
Derivatives - 8,624 1,232
-------------
Total current liabilities 3,339,538 3,425,790 489,881
------------- ----------- ---------
Non-current liabilities:
Long-term borrowings 38,887 42,651 6,099
Non-current operating lease
liabilities 109,096 91,894 13,141
Other non-current liabilities 25,224 28,181 4,030
Total non-current liabilities 173,207 162,726 23,270
------------- ----------- ---------
Total 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 1
Additional paid-in capital 8,305,304 8,370,941 1,197,028
Statutory reserves 6,303 6,566 939
Accumulated 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 2,941,333 420,605
------------- ----------- ---------
Total 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, December 31,
2024 December 31, 2025 2024 December 31, 2025
------------- ---------------------------- ------------- ----------------------------
RMB RMB US$ RMB RMB US$
Net revenues
Net product revenues 2,303,451 2,493,894 356,622 8,449,468 8,766,751 1,253,629
Net service revenues 51,226 49,700 7,107 244,707 171,264 24,490
Other revenues 15,546 13,644 1,951 67,143 49,723 7,110
Total net revenues 2,370,223 2,557,238 365,680 8,761,318 8,987,738 1,285,229
------------- ------------- ------------- ------------- ------------- -------------
Cost 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 income 14,467 11,400 1,630 64,246 50,088 7,162
Interest 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
adjustments 51,569 (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
Limited 22,467 (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
shareholders 22,467 (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
Basic 5,713,526,267 5,666,794,694 5,666,794,694 5,736,262,553 5,686,064,402 5,686,064,402
Diluted 5,713,526,267 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
)
Basic 163,243,608 161,908,420 161,908,420 163,893,216 162,458,983 162,458,983
Diluted 163,243,608 161,981,423 161,981,423 163,893,216 162,458,983 162,458,983
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, December 31, December
2024 2025 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
expenses 268 487 70 1,013 689 99
Interest
expenses 2,819 2,617 374 19,003 11,350 1,623
Depreciation
and
amortization
expense 12,685 11,824 1,691 54,769 48,356 6,915
Non-GAAP
EBITDA (13,330) 19,725 2,819 (193,258) (79,347) (11,347)
======== ====== ====== ========= ========= ========
For the three months ended For the year ended
------------------------------------------- -------------------------------------------
December December
31, 2024 December 31, 2025 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
expenses 14,069 10,063 1,440 108,516 53,819 7,695
Non-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
Basic 5,713,526,267 5,666,794,694 5,666,794,694 5,736,262,553 5,686,064,402 5,686,064,402
Diluted 5,713,526,267 5,669,349,811 5,669,349,811 5,736,262,553 5,686,064,402 5,686,064,402
Non-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 )
Basic 163,243,608 161,908,420 161,908,420 163,893,216 162,458,983 162,458,983
Diluted 163,243,608 161,981,423 161,981,423 163,893,216 162,458,983 162,458,983
View original content:https://www.prnewswire.com/news-releases/zkh-group-limited-announces-fourth-quarter-and-fiscal-year-2025-unaudited-financial-results-302718579.html
SOURCE ZKH Group Limited
(END) Dow Jones Newswires
March 19, 2026 06:00 ET (10:00 GMT)
