ZKH Group Limited

Latest Results (08.10.2025):

ZKH Group Limited reported its unaudited financial results for the second quarter of 2025, showing a decline in key financial metrics compared to the same period in 2024. Despite the decrease in Gross Merchandise Volume (GMV) and net revenues, the company experienced significant growth in its customer base and made strategic advancements to strengthen its operational capabilities and international expansion.

Gross Merchandise Volume Drops 12.1%

The company's GMV for Q2 2025 was RMB2,420,233 thousand, marking a 12.1% decrease from RMB2,754,591 thousand in Q2 2024. The ZKH Platform contributed RMB2,144,362 thousand, a 13.5% decline, while the GBB Platform saw a slight increase of 0.4% to RMB275,871 thousand.

Customer Base Expands by 53.5%

ZKH Group significantly increased its number of customers to 74,854 in Q2 2025, up 53.5% from 48,766 in the same quarter last year. Growth was particularly strong in the GBB Platform, which saw a 160.9% rise in customers to 37,583.

Net Revenues Decrease by 3.7%

Net revenues for Q2 2025 were RMB2,166,774 thousand, reflecting a 3.7% decrease from RMB2,249,996 thousand in Q2 2024. The decline was primarily due to reduced revenues from the marketplace model, offset by growth in higher-margin private-label products.

Gross Profit Falls 6.8%

The gross profit for the quarter was RMB356,987 thousand, down 6.8% from RMB382,991 thousand in Q2 2024. The gross margin slightly decreased to 16.5% from 17.0%, driven by lower revenue contributions from the marketplace model.

Operating and Net Losses Widen

ZKH Group reported an operating loss of RMB71,213 thousand and a net loss of RMB66,289 thousand for Q2 2025, both widening compared to the same period last year. However, the net loss margin improved by 47.7 basis points year-over-year.

Strategic Initiatives and Expansion

The company launched a new facility in Taicang, enhancing its research, development, and production capabilities. Additionally, ZKH accelerated its international expansion and reinforced its talent pipeline in critical areas, positioning the company for future growth despite short-term financial challenges.