ZKH Group Limited Announces Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results
Rhea-AI Summary
ZKH (NYSE: ZKH) reported Q4 2025 net revenues of RMB2,557.2M (+7.9% YoY) and returned to GAAP profitability with Q4 net profit of RMB4.8M. Fiscal 2025 net revenues were RMB8,987.7M (+2.6% YoY) with gross profit of RMB1,475.7M (-2.3% YoY). Key shifts: marketplace GMV fell and SME customer counts expanded significantly, while AI investments and fulfillment efficiency drove margin and productivity improvements.
Operational highlights include ~23 million SKUs, 5.7 million SKUs added in 2025, 30 distribution centers, through-warehouse fees down ~13%, and broad AI deployment including a vertical LLM and >5,000 RPAs.
Positive
- Number of customers +85.6% year-over-year (FY2025)
- Non-GAAP EBITDA improved by 58.9% year-over-year (FY2025)
- Added ~5.7 million sellable SKUs, totaling ~23 million SKUs
- Through-warehouse fulfillment fees down ~13% year-over-year
- Q4 GAAP net profit of RMB4.8M, returned to profitability
Negative
- Marketplace (3P) GMV declined 33.1% year-over-year (FY2025)
- Gross profit decreased 2.3% year-over-year (FY2025)
- Net loss remained for FY2025 at RMB139.7M despite improvement
News Market Reaction – ZKH
In the Mar 19 session, ZKH declined 28.66%, reflecting a significant negative market reaction. Argus tracked a trough of -39.2% from its starting point during tracking. Our momentum scanner triggered 23 alerts that day, indicating elevated trading interest and price volatility. Trading volume was exceptionally heavy at 6.9x the daily average, suggesting significant selling pressure.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 20 | Q3 2025 earnings | Positive | +1.6% | Q3 2025 showed revenue growth, narrowed losses and customer expansion. |
| Aug 22 | Q2 2025 earnings | Neutral | +0.7% | Q2 2025 saw lower revenues but improved net loss and strong customer growth. |
| May 20 | Q1 2025 earnings | Positive | -3.3% | Q1 2025 delivered revenue growth and narrower losses despite GMV decline. |
| Mar 18 | Q4/FY 2024 earnings | Neutral | +0.3% | Q4/FY 2024 reported slight revenue growth and better cash flow with ongoing losses. |
| Nov 22 | Q3 2024 earnings | Positive | -2.9% | Q3 2024 improved margins and cash flow amid GMV pressure and smaller loss. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have often produced modest moves, with a mix of positive and negative reactions; markets have sometimes sold off despite operational improvement.
Across the last five earnings releases since Nov 2024, ZKH has shown steady customer growth and a consistent narrowing of losses, supported by improving cash generation and margin initiatives. GMV was pressured in early 2025 by strategic optimization, but revenues generally grew modestly and profitability metrics trended better. The latest Q4/FY 2025 report extends this pattern by returning to quarterly profitability and sustaining revenue growth, while margins compressed somewhat versus prior periods.
Key Terms
gmv financial
bps financial
non-gaap ebidta financial
take rate financial
ads financial
robotic process automation technical
rpa technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 | (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 |
[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 from6.7% 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 (成都) 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 approximately13% 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 (行家玲珑)", 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:
- 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.
- The ProductRecom Agent (AI推品大脑), launched in the fourth quarter of 2024, served more than 30,000 customers in 2025 and generated over
- 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智能工作台) 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
- International Expansion. Capitalizing on the overseas expansion of Chinese manufacturers, the Company's international business delivered approximately
50% sequential GMV growth and a20% 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
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
Gross Profit and Gross Margin. Gross profit was
Fourth Quarter | ||||||
2024 | 2025 | Change | ||||
(in thousand RMB, except for percentage and | ||||||
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 | 16.4 % | 14.9 % | -144.6bps | |||
GBB Platform | 13,958 | 14,131 | 1.2 % | |||
% of Net Product Revenues from | 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 | 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
- Fulfillment Expenses. Fulfillment expenses were
RMB87.6 million (US ), down$12.5 million 7.8% fromRMB95.1 million in the same period of 2024, primarily due to lower warehouse rental costs and employee benefit expenses. Fulfillment expenses were3.4% of net revenues, compared with4.0% in the same period of 2024. - Sales and Marketing Expenses. Sales and marketing expenses were
RMB153.0 million (US ), up$21.9 million 0.9% fromRMB151.6 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 were6.0% of net revenues, compared with6.4% in the same period of 2024. - Research and Development Expenses. Research and development expenses were
RMB44.1 million (US .3 million), up$6 6.4% fromRMB41.4 million in the same period of 2024, primarily due to higher employee benefit expenses. Research and development expenses were1.7% of net revenues, flat year over year. - General and Administrative Expenses. General and administrative expenses were
RMB139 .9 million (US .0 million), down$20 6.4% fromRMB149.5 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 were5.5% of net revenues, compared with6.3% in the same period of 2024.
Loss from Operations. Loss from operations was
Non-GAAP EBITDA. Non-GAAP EBITDA was
Net Profit/(Loss). Net profit was
Non-GAAP Adjusted Net Profit/(Loss). Non-GAAP adjusted net profit was
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
[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
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
Gross Profit and Gross Margin. Gross profit was
Fiscal Year | ||||||
2024 | 2025 | Change | ||||
(in thousand RMB, except for percentage and | ||||||
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 | 16.0 % | 15.9 % | -14.0bps | |||
GBB Platform | 55,243 | 65,752 | 19.0 % | |||
% of Net Product Revenues from | 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
- Fulfillment Expenses. Fulfillment expenses were
RMB362.2 million (US ), a decrease of$51.8 million 7.5% fromRMB391.7 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 were4.0% , compared with4.5% in 2024. - Sales and Marketing Expenses. Sales and marketing expenses were
RMB585.0 million (US ), a decrease of$83.7 million 8.8% fromRMB641.5 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 were6.5% , compared with7.3% in 2024. - Research and Development Expenses. Research and development expenses were
RMB165.5 million (US .7 million), a decrease of$23 2.3% fromRMB169.5 million in 2024. The decrease was primarily attributable to lower employee benefit expenses. Research and development expenses as a percentage of net revenues were1.8% , compared with1.9% in 2024. - General and Administrative Expenses. General and administrative expenses were
RMB576 .3 million (US .4 million), a decrease of$82 10.9% fromRMB646 .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 were6.4% , compared with7.4% in 2024.
Loss from Operations. Loss from operations was
Non-GAAP EBITDA. Non-GAAP EBITDA was negative
Net Loss. Net loss was
Non-GAAP Adjusted Net Loss. Non-GAAP adjusted net loss was
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
Balance Sheet and Cash Flow
As of December 31, 2025, the Company had cash and cash equivalents, restricted cash, and short-term investments of
Net cash generated from operating activities was
Share Repurchase Update
Pursuant to the Company's share repurchase program of up to
Exchange Rate
This announcement contains translations of certain Renminbi ("RMB") amounts into
Conference Call Information
The Company's management will hold a conference call on Thursday, March 19, 2026, at 8:00 A.M.
+1-888-317-6003 | |
International: | +1-412-317-6061 |
Mainland | 400-120-6115 |
800-963-976 | |
+852-5808-1995 | |
Access Code: | 0749989 |
The replay will be accessible through March 26, 2026 by dialing the following numbers:
+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
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 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
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 | 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 | 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 | 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 ( | 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 | 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' | 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, 2024 | December 31, 2025 | December 31, 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- | - | - | - | - | - | - | |||||
Less: net loss attributable to redeemable | - | - | - | - | - | - | |||||
Net (loss)/profit attributable to ZKH Group | (29,102) | 4,797 | 684 | (268,043) | (139,742) | (19,984) | |||||
Accretion on preferred shares to | - | - | - | - | - | - | |||||
Net (loss)/profit attributable to ZKH Group | (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 | - | - | - | - | - | - | |||||
Less: comprehensive loss attributable to | - | - | - | - | - | - | |||||
Comprehensive income/(loss) attributable | 22,467 | (15,479) | (2,215) | (238,125) | (181,794) | (25,997) | |||||
Accretion on Preferred Shares to | - | - | - | - | - | - | |||||
Total comprehensive income/(loss) | 22,467 | (15,479) | (2,215) | (238,125) | (181,794) | (25,997) | |||||
Net (loss)/profit per ordinary share attributable | |||||||||||
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 | |||||||||||
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 | |||||||||||
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, 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 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 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 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 | |||||||||||
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 | |||||||||||
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 | |||||||||||
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 | |||||||||||
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 | |||||
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SOURCE ZKH Group Limited