ZKH Group Limited

Latest Results (27.02.2026):

ZKH Group Limited’s third quarter of 2025 results show a recovery in top-line activity and materially narrower losses: Q3 2025 GMV was RMB2,622.9 million (down 2.3% YoY) while net revenues rose 2.1% YoY to RMB2,328.4 million (US$327.1M). Profitability improved — gross profit modestly increased to RMB390.2 million and operating and net losses narrowed significantly (operating loss RMB32.3M; net loss RMB24.3M) versus Q3 2024 — supported by cost controls, mix shifts toward higher-margin private-label sales and positive operating cash flow.

ZKH Group Limited — Q3 2025 Key financials

Net revenues: RMB2,328.4M (+2.1% YoY). GMV: RMB2,622.9M (-2.3% YoY). Gross profit: RMB390.2M (+0.5% YoY); gross margin 16.8% (-27 bps). Loss from operations narrowed to RMB32.3M (from RMB105.4M); non‑GAAP EBITDA improved to negative RMB8.45M (from negative RMB62.8M). Net loss: RMB24.3M (vs RMB81.8M). Non‑GAAP adjusted net loss: RMB14.1M.

ZKH Group Limited — Revenue mix & product trends (Q3 2025)

Product sales (1P) GMV increased ~3.0% YoY to support revenue growth, while marketplace (3P) GMV declined ~28.2%. Higher‑margin private‑label GMV grew ~16.7% YoY and now represents ~8.2% of total GMV; the Company launched >600 private‑label products and added >2.3 million sellable SKUs in the quarter (total >19 million SKUs).

ZKH Group Limited — Customers & growth (Q3 2025)

Customer base expanded to ~70,800 transacting customers (up 48% YoY), with deeper penetration across large corporates and SMEs. Central SOE GMV remained down year‑over‑year but showed two consecutive quarters of double‑digit sequential growth.

ZKH Group Limited — Cost control & operational efficiency (Q3 2025)

Operating expenses decreased 14.4% YoY to RMB422.5M (18.1% of revenues). Improvements include fulfillment expenses down 9.8%, sales & marketing down 13.2%, R&D down 19.0% and G&A down 17.0%. Through‑warehouse fulfillment fee declined ~13% YoY; consolidation of Wuxi and Shanghai central warehouses is expected to yield additional annualized savings.

ZKH Group Limited — Cash, balance sheet & cash flow (Q3 2025)

Cash, restricted cash and short‑term investments totaled RMB1.90B (US$267.2M) as of September 30, 2025 (vs RMB2.06B at 12/31/2024). Net cash generated from operating activities in Q3 2025 was RMB105.5M.

ZKH Group Limited — Capital actions & international expansion (Q3 2025)

Under the June 2025 share repurchase program (up to US$50M), the Company repurchased ~0.63M ADSs for ~US$1.92M as of Oct 31, 2025. The Company also broadened U.S. distribution beyond Northsky to platforms including Amazon.

ZKH Group Limited — AI & outlook (Q3 2025)

Management emphasized continued AI deployment and overseas scaling. The ProductRecom Agent has generated >RMB100M incremental revenue since launch (Q4 2024 through Sept 2025). Management reiterated focus on AI, mix optimization and efficiency to drive further margin improvement and long‑term growth.