Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Exhibit 99.1
ZKH Group Limited Announces Second Quarter 2026
Unaudited Financial Results
SHANGHAI, Aug. 21, 2026 – 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 second quarter ended June 30, 2026.
Second Quarter 2026 Operational and Financial
Highlights
| | |
| Second
Quarter | |
| | |
| 2025 | | |
| 2026 | | |
| Change | |
| | |
| (in thousand RMB, except for number of customers, percentage and basis points(“bps”)) | |
| GMV1 | |
| 2,420,233 | | |
| 2,877,545 | | |
| 18.9 | % |
| GMV by Platform | |
| | | |
| | | |
| | |
| ZKH Platform | |
| 2,144,362 | | |
| 2,635,045 | | |
| 22.9 | % |
| GBB Platform | |
| 275,871 | | |
| 242,500 | | |
| -12.1 | % |
| GMV by Business Model | |
| | | |
| | | |
| | |
| Product Sales (1P) | |
| 2,133,895 | | |
| 2,446,015 | | |
| 14.6 | % |
| Marketplace (3P)2 | |
| 286,338 | | |
| 431,529 | | |
| 50.7 | % |
| Number of Customers3 | |
| 74,854 | | |
| 73,547 | | |
| -1.7 | % |
| Net Revenues | |
| 2,166,774 | | |
| 2,443,750 | | |
| 12.8 | % |
| Gross Profit | |
| 356,987 | | |
| 429,574 | | |
| 20.3 | % |
| % of Net Revenues | |
| 16.5 | % | |
| 17.6 | % | |
| 110.3 | bps |
| Operating (Loss)/Profit | |
| (71,957 | ) | |
| 4,001 | | |
| - | |
| % of Net Revenues | |
| -3.3 | % | |
| 0.2 | % | |
| 348.5 | bps |
| Non-GAAP EBITDA4 | |
| (38,663 | ) | |
| 41,857 | | |
| - | |
| % of Net Revenues | |
| -1.8 | % | |
| 1.7 | % | |
| 349.7 | bps |
| Net (Loss)/Profit | |
| (53,509 | ) | |
| 26,687 | | |
| - | |
| % of Net Revenues | |
| -2.5 | % | |
| 1.1 | % | |
| 356.2 | bps |
| Non-GAAP Adjusted Net (Loss)/Profit5 | |
| (36,533 | ) | |
| 38,461 | | |
| - | |
| % of Net Revenues | |
| -1.7 | % | |
| 1.6 | % | |
| 326.0 | bps |
Mr. Eric Long Chen, Chairman and Chief Executive
Officer of ZKH, stated, “Building on a strong start to the year, our business gained further momentum in the second quarter, with
GMV and revenue posting their fastest year-over-year growth in the past several quarters. This performance was broad-based across the
industries we serve. Core verticals such as communications and electronics, fine chemicals and pharmaceuticals, and utilities continued
to outpace overall GMV growth. At the customer level, GMV from SMEs on the ZKH platform increased by approximately 30% year-over-year,
while industry key accounts (KAs) and central state-owned enterprises (SOEs) sustained healthy double-digit growth. Meanwhile, AI is becoming
increasingly embedded in how we serve customers and operate our business, helping us deepen customer engagement, unlock additional revenue
opportunities, and drive greater efficiency. Together, these results reinforce our confidence in our strategy and underscore the strength
of our execution. Looking ahead, we expect growth to accelerate further in the second half of the year. As we build on this momentum,
we will continue to execute with focus and discipline to deliver sustainable, high-quality 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 15.0% of GMV in the second quarter of 2026, compared with 11.8% 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.
Mr. Jerry Qian Wang, Chief Financial Officer
of ZKH, added, “The second quarter marked an important milestone in our earnings trajectory, as we achieved operating profitability
for the first time. This achievement was underpinned by our continued scale expansion and stronger operating leverage. GMV increased by
18.9% year-over-year, reflecting ongoing share gains in China’s fragmented MRO market. Gross profit grew even faster, increasing
by 20.3% year-over-year, while gross margin on a GMV basis improved by approximately 50 basis points sequentially. At the same time, we
maintained disciplined cost management and further expanded AI adoption across our operations, supporting continued efficiency gains.
As a result, we delivered a significant bottom-line turnaround: both GAAP net profit and non-GAAP adjusted net profit reversed year-ago
losses and showed considerable sequential improvement. Looking ahead, we enter the second half of 2026 in a stronger financial position,
and remain confident in our ability to deliver sustainable and profitable growth over the long term.”
Second Quarter 2026 Business Highlights
| · | Business Momentum. The Company accelerated
its growth momentum in the second quarter, with total GMV increasing 18.9% year-over-year. This performance was driven by deeper penetration
across both SME and key account segments. GMV from SME customers increased approximately 30% year-over-year, while GMV from industry KA
and central SOE customers maintained double-digit growth. The sustained strength of the SME business reflected the Company’s improving
product and service capabilities, and contributed to a higher-quality, more resilient earnings profile. |
| · | Product Capabilities. The Company continued
to advance its capabilities in professional MRO categories, including chemical reagents, industrial spare parts, and machining-related
products. It also scaled its higher-margin private-label products, adding more than 700 SKUs during the quarter. Private-label GMV increased
by more than 25% year-over-year and accounted for approximately 10% of total GMV. The growing contribution from private-label offerings
supported both overall GMV growth and gross margin improvement. |
| · | Fulfillment Network. The Company further
enhanced its hazardous materials supply capabilities with the completion of a dedicated warehouse in Cangzhou, Hebei Province. As of quarter-end,
its network comprised more than 30 distribution centers and 109 warehouses, supported by over 200 self-operated delivery vehicles and
more than 6,000 EVM smart vending machines at customer production sites. Fulfillment efficiency also improved, with fulfillment expenses
as a percentage of revenue declining by 50 basis points year-over-year. |
| o | Drove greater customer value through AI innovation and broader adoption. |
| § | Launched “Domino,” an industrial supplies data engine powered
by the industry’s first billion-parameter industrial supplies knowledge graph. Featuring automated data labeling, self-learning,
and end-to-end traceability, Domino delivers high-quality data to support customers’ data governance, model training, and AI applications. |
| § | Expanded deployments of the Company’s comprehensive AI solutions across
manufacturing, chemicals, ports, and automotive. This helps customers reduce inventory costs, accelerate product selection and materials
processing, and improve operational efficiency. In particular, our AI Materials Manager grew its total users by more than 200% year-over-year
to over 8,000 and had processed more than 24 million rows of material data to date. |
| o | Generated measurable efficiency gains through Company-wide deployment. |
| § | Established a multi-layered AI application framework spanning robotic process
automation (RPA), AI agents, and advanced AI tools, with AI supporting more than 70% of the Company’s research and development coding
activities. |
| § | Generated productivity gains equivalent to an estimated 12,759 hours through
Company-wide AI adoption during the quarter. |
| · | International Expansion. International
GMV increased tenfold year-over-year in the first half of 2026, supported by the Company’s continued efforts to help Chinese manufacturers
expand overseas and further localize its U.S. operations. During the quarter, U.S. online sales accelerated across multiple channels,
while offline operations strengthened collaboration with local manufacturers and enhanced local sourcing and fulfillment capabilities. |
Second Quarter 2026 Financial Results
Net Revenues. Net revenues were
RMB2,443.8 million (US$360.2 million), representing an increase of 12.8% from RMB2,166.8 million in the same period of 2025.
| | |
| Second Quarter | |
| | |
| 2025 | | |
| 2026 | | |
| Change | |
| | |
(in thousand
RMB, except for percentage) | |
| Net Revenues | |
| 2,166,774 | | |
| 2,443,750 | | |
| 12.8 | % |
| Net Product Revenues | |
| 2,113,970 | | |
| 2,377,498 | | |
| 12.5 | % |
| From ZKH Platform | |
| 1,846,490 | | |
| 2,129,626 | | |
| 15.3 | % |
| From GBB Platform | |
| 267,480 | | |
| 247,872 | | |
| -7.3 | % |
| Net Service Revenues | |
| 40,707 | | |
| 50,935 | | |
| 25.1 | % |
| Other Revenues | |
| 12,097 | | |
| 15,317 | | |
| 26.6 | % |
Cost of Revenues. Cost of revenues
was RMB2,014.2 million (US$296.9 million), representing an increase of 11.3% from RMB1,809.8 million in the same period of 2025.
Gross Profit and Gross Margin. Gross
profit was RMB429.6 million (US$63.3 million), representing an increase of 20.3% from RMB357.0 million in the same period of 2025. Gross
margin was 17.6%, compared with 16.5% in the same period of 2025.
| | |
Second Quarter | |
| | |
2025 | | |
2026 | | |
Change | |
| | |
(in thousand RMB, except for percentage and basis points (“bps”)) | |
| Gross Profit | |
| 356,987 | | |
| 429,574 | | |
| 20.3 | % |
| % of Net Revenues | |
| 16.5 | % | |
| 17.6 | % | |
| 110.3 | bps |
| % of GMV | |
| 14.8 | % | |
| 14.9 | % | |
| 17.8 | bps |
| Under Product Sales (1P) | |
| | | |
| | | |
| | |
| ZKH Platform | |
| 295,075 | | |
| 355,844 | | |
| 20.6 | % |
| % of Net Product Revenues from ZKH Platform | |
| 16.0 | % | |
| 16.7 | % | |
| 72.9 | bps |
| GBB Platform | |
| 18,658 | | |
| 19,452 | | |
| 4.3 | % |
| % of Net Product Revenues from GBB Platform | |
| 7.0 | % | |
| 7.8 | % | |
| 87.2 | bps |
| Under Marketplace (3P) | |
| 40,707 | | |
| 50,935 | | |
| 25.1 | % |
| % of Net Service Revenues | |
| 100.0 | % | |
| 100.0 | % | |
| - | |
| % of GMV from the Marketplace Model (Take Rate6) | |
| 14.2 | % | |
| 11.8 | % | |
| -241.3 | bps |
| Others | |
| 2,547 | | |
| 3,343 | | |
| 31.3 | % |
| % of Other Revenues | |
| 21.1 | % | |
| 21.8 | % | |
| 77.1 | bps |
Operating Expenses. Operating expenses
were RMB425.6 million (US$62.7 million), down 0.8% from RMB428.9 million in the same period of 2025. Operating expenses were 17.4% of
net revenues, compared with 19.8% in the same period of 2025.
| · | Fulfillment Expenses. Fulfillment expenses were RMB89.6 million (US$13.2 million), down
1.3% from RMB90.8 million in the same period of 2025, primarily due to lower rental and property management fees, partially offset by
higher distribution expenses. Fulfillment expenses were 3.7% of net revenues, compared with 4.2% in the same period of 2025. |
| · | Sales and Marketing Expenses. Sales and marketing expenses were RMB150.8 million (US$22.2
million), up 1.0% from RMB149.3 million in the same period of 2025, primarily due to higher marketing and promotion expenses and service
fees, partially offset by lower other and traveling expenses. Sales and marketing expenses were 6.2% of net revenues, compared with 6.9%
in the same period of 2025. |
| · | Research and Development Expenses. Research and development expenses were RMB35.2 million
(US$5.2 million), down 15.2% from RMB41.5 million in the same period of 2025, primarily due to lower employee benefits expenses, partially
offset by higher service fees. Research and development expenses were 1.4% of net revenues, compared with 1.9% in the same period of 2025. |
| · | General and Administrative Expenses. General and administrative expenses were RMB150.0 million
(US$22.1 million), up 1.8% from RMB147.3 million in the same period of 2025, primarily due to higher service fees and credit losses, partially
offset by lower employee benefits expenses and share-based payments. General and administrative expenses were 6.1% of net revenues, compared
with 6.8% in the same period of 2025. |
Income/(Loss) from Operations. Income
from operations was RMB4.0 million (US$0.6 million), compared with loss from operations of RMB72.0 million in the same period of 2025.
Operating income margin was 0.2%, compared with operating loss margin of 3.3% in the same period of 2025.
Non-GAAP EBITDA. Non-GAAP EBITDA
was RMB41.9 million (US$6.2 million), compared with negative RMB38.7 million in the same period of 2025. Non-GAAP EBITDA margin was 1.7%,
compared with negative 1.8% in the same period of 2025.
Net Profit/(Loss). Net profit was
RMB26.7 million (US$3.9 million), compared with net loss of RMB53.5 million in the same period of 2025. Net profit margin was 1.1%, compared
with net loss margin of 2.5% in the same period of 2025.
6 Take rate of the marketplace model represents gross profit
from the marketplace model divided by GMV from the marketplace model.
Non-GAAP Adjusted
Net Profit/(Loss). Non-GAAP adjusted net profit was RMB38.5 million (US$5.7 million), compared with non-GAAP adjusted net loss
of RMB36.5 million in the same period of 2025. Non-GAAP adjusted net profit margin was 1.6%, compared with non-GAAP adjusted net loss
margin of 1.7% in the same period of 2025.
Basic and Diluted
Net Profit/(Loss) per ADS7 and Non-GAAP Adjusted Basic and Diluted Net Profit/(Loss) per ADS8. Basic
and diluted net profit per ADS was RMB0.17 (US$0.02), compared with basic and diluted net loss per ADS of RMB0.33 in the same period of
2025. Non-GAAP adjusted basic and diluted net profit per ADS were RMB0.24 (US$0.04), compared with basic and diluted net loss per ADS
of RMB0.23 in the same period of 2025.
Balance Sheet and Cash Flow
As of June 30, 2026, the Company had cash
and cash equivalents, restricted cash, and short-term investments of RMB1.67 billion (US$246.5 million), compared with RMB1.92 billion
as of December 31, 2025.
Net cash used in operating activities was RMB122.4
million (US$18.0 million) in the second quarter of 2026, compared with net cash used in operating activities of RMB110.7 million in the
same period of 2025.
Share Repurchase Update
Pursuant to the Company’s share repurchase
program of up to US$50 million, adopted on June 13, 2025 and subsequently extended for another 12 months through June 13, 2027,
the Company repurchased an aggregate of approximately 2.49 million ADSs for approximately US$7.67 million from the open market as of June 30,
2026.
Exchange Rate
This announcement contains translations of certain
Renminbi (“RMB”) amounts into U.S. dollars (“US$”) 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 RMB6.7851 to US$1.00, the exchange rate in effect as of
June 30, 2026, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company
makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any
particular rate, or at all.
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 Information
The Company’s management will hold a conference
call on Friday, August 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 second quarter of 2026.
| 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: |
4251895 |
The replay will be accessible through August 28,
2026 by dialing the following numbers:
| United States: |
+1-855-669-9658 |
| International: |
+1-412-317-0088 |
| Replay Access Code: |
1176528 |
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 June 30, | |
| | |
2025 | | |
2026 | |
| | |
RMB | | |
RMB | | |
US$ | |
| Assets | |
| | |
| | |
| |
| Current assets: | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 1,030,573 | | |
| 896,485 | | |
| 132,126 | |
| Restricted cash | |
| 61,871 | | |
| 39,844 | | |
| 5,872 | |
| Short-term investments | |
| 825,289 | | |
| 738,136 | | |
| 108,788 | |
| Derivatives Asset | |
| | | |
| 2,038 | | |
| 300 | |
| Accounts receivable (net of allowance for credit losses of RMB159,923 and RMB178,932 as of December 31, 2025 and June 30, 2026, respectively) | |
| 3,257,162 | | |
| 3,447,300 | | |
| 508,069 | |
| Notes receivable | |
| 113,291 | | |
| 149,602 | | |
| 22,049 | |
| Inventories | |
| 669,825 | | |
| 646,931 | | |
| 95,346 | |
| Prepayments and other current assets | |
| 180,188 | | |
| 210,373 | | |
| 31,005 | |
| Total current assets | |
| 6,138,199 | | |
| 6,128,671 | | |
| 903,254 | |
| | |
| | | |
| | | |
| | |
| Non-current assets: | |
| | | |
| | | |
| | |
| Property and equipment, net | |
| 186,185 | | |
| 179,867 | | |
| 26,509 | |
| Land use right | |
| 10,582 | | |
| 10,470 | | |
| 1,543 | |
| Operating lease right-of-use assets, net | |
| 142,205 | | |
| 124,433 | | |
| 18,339 | |
| Intangible assets, net | |
| 21,871 | | |
| 30,876 | | |
| 4,551 | |
| Goodwill | |
| 30,807 | | |
| 30,807 | | |
| 4,541 | |
| Total non-current assets | |
| 391,650 | | |
| 376,453 | | |
| 55,483 | |
| Total assets | |
| 6,529,849 | | |
| 6,505,124 | | |
| 958,737 | |
| | |
| | | |
| | | |
| | |
| Liabilities | |
| | | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | | |
| | |
| Short-term borrowings | |
| 240,000 | | |
| 235,000 | | |
| 34,635 | |
| Current portion of long-term borrowings | |
| 2,305 | | |
| 2,305 | | |
| 340 | |
| Accounts and notes payable | |
| 2,718,941 | | |
| 2,796,496 | | |
| 412,153 | |
| Operating lease liabilities | |
| 50,202 | | |
| 44,897 | | |
| 6,617 | |
| Advance from customers | |
| 27,152 | | |
| 34,597 | | |
| 5,099 | |
| Accrued expenses and other current liabilities | |
| 378,566 | | |
| 345,179 | | |
| 50,872 | |
| Derivatives | |
| 8,624 | | |
| - | | |
| - | |
| Total current liabilities | |
| 3,425,790 | | |
| 3,458,474 | | |
| 509,716 | |
| | |
| | | |
| | | |
| | |
| Non-current liabilities: | |
| | | |
| | | |
| | |
| Long-term borrowings | |
| 42,651 | | |
| 41,498 | | |
| 6,116 | |
| Non-current operating lease liabilities | |
| 91,894 | | |
| 77,103 | | |
| 11,364 | |
| Other non-current liabilities | |
| 28,181 | | |
| 31,858 | | |
| 4,695 | |
| Total non-current liabilities | |
| 162,726 | | |
| 150,459 | | |
| 22,175 | |
| Total liabilities | |
| 3,588,516 | | |
| 3,608,933 | | |
| 531,891 | |
| | |
As of December 31, | | |
As of June 30, | |
| | |
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 5,689,169,974
shares issued and 5,563,528,436 and 5,521,954,758 shares outstanding as of December 31, 2025 and June 30, 2026, respectively) | |
| 4 | | |
| 4 | | |
| 1 | |
| Additional paid-in capital | |
| 8,370,941 | | |
| 8,397,997 | | |
| 1,237,711 | |
| Statutory reserves | |
| 6,566 | | |
| 6,566 | | |
| 968 | |
| Accumulated other comprehensive loss | |
| (37,288 | ) | |
| (96,648 | ) | |
| (14,244 | ) |
| Accumulated deficit | |
| (5,317,131 | ) | |
| (5,300,547 | ) | |
| (781,204 | ) |
| Treasury stock | |
| (81,759 | ) | |
| (111,181 | ) | |
| (16,386 | ) |
| Total ZKH Group Limited shareholders’ equity | |
| 2,941,333 | | |
| 2,896,191 | | |
| 426,846 | |
| Total liabilities and shareholders’ equity | |
| 6,529,849 | | |
| 6,505,124 | | |
| 958,737 | |
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 six months ended | |
| | |
June 30, 2025 | | |
June 30, 2026 | | |
June 30, 2025 | | |
June 30, 2026 | |
| | |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
| Net revenues | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net product revenues | |
| 2,113,970 | | |
| 2,377,498 | | |
| 350,400 | | |
| 3,998,830 | | |
| 4,439,119 | | |
| 654,245 | |
| Net service revenues | |
| 40,707 | | |
| 50,935 | | |
| 7,507 | | |
| 78,601 | | |
| 92,186 | | |
| 13,587 | |
| Other revenues | |
| 12,097 | | |
| 15,317 | | |
| 2,257 | | |
| 24,715 | | |
| 26,264 | | |
| 3,871 | |
| Total net revenues | |
| 2,166,774 | | |
| 2,443,750 | | |
| 360,164 | | |
| 4,102,146 | | |
| 4,557,569 | | |
| 671,703 | |
| Cost of revenues | |
| (1,809,787 | ) | |
| (2,014,176 | ) | |
| (296,853 | ) | |
| (3,413,041 | ) | |
| (3,773,968 | ) | |
| (556,214 | ) |
| Operating expenses | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Fulfillment | |
| (90,811 | ) | |
| (89,632 | ) | |
| (13,210 | ) | |
| (184,118 | ) | |
| (167,240 | ) | |
| (24,648 | ) |
| Sales and marketing | |
| (149,330 | ) | |
| (150,822 | ) | |
| (22,228 | ) | |
| (286,165 | ) | |
| (288,462 | ) | |
| (42,514 | ) |
| Research and development | |
| (41,471 | ) | |
| (35,164 | ) | |
| (5,183 | ) | |
| (81,084 | ) | |
| (64,506 | ) | |
| (9,507 | ) |
| General and administrative | |
| (147,332 | ) | |
| (149,955 | ) | |
| (22,101 | ) | |
| (290,508 | ) | |
| (281,889 | ) | |
| (41,545 | ) |
| (Loss)/profit from operations | |
| (71,957 | ) | |
| 4,001 | | |
| 589 | | |
| (152,770 | ) | |
| (18,496 | ) | |
| (2,725 | ) |
| Interest and investment income | |
| 12,587 | | |
| 8,664 | | |
| 1,277 | | |
| 25,866 | | |
| 17,071 | | |
| 2,516 | |
| Interest expense | |
| (3,037 | ) | |
| (3,087 | ) | |
| (455 | ) | |
| (5,387 | ) | |
| (5,350 | ) | |
| (788 | ) |
| Others, net | |
| 8,846 | | |
| 18,074 | | |
| 2,664 | | |
| 12,254 | | |
| 24,839 | | |
| 3,661 | |
| (Loss)/profit before income tax | |
| (53,561 | ) | |
| 27,652 | | |
| 4,075 | | |
| (120,037 | ) | |
| 18,064 | | |
| 2,664 | |
| Income tax benefits/(expenses) | |
| 52 | | |
| (965 | ) | |
| (142 | ) | |
| (195 | ) | |
| (1,480 | ) | |
| (218 | ) |
| Net (loss)/profit | |
| (53,509 | ) | |
| 26,687 | | |
| 3,933 | | |
| (120,232 | ) | |
| 16,584 | | |
| 2,446 | |
| 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 | |
| (53,509 | ) | |
| 26,687 | | |
| 3,933 | | |
| (120,232 | ) | |
| 16,584 | | |
| 2,446 | |
| Accretion on preferred shares to redemption value | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Net (loss)/profit attributable to ZKH Group Limited's ordinary shareholders | |
| (53,509 | ) | |
| 26,687 | | |
| 3,933 | | |
| (120,232 | ) | |
| 16,584 | | |
| 2,446 | |
| | |
For the three months ended | | |
For the six months ended | |
| | |
June 30, 2025 | | |
June 30, 2026 | | |
June 30, 2025 | | |
June 30, 2026 | |
| | |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
| Net (loss)/profit | |
| (53,509 | ) | |
| 26,687 | | |
| 3,933 | | |
| (120,232 | ) | |
| 16,584 | | |
| 2,446 | |
| Other comprehensive income/(loss): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Foreign currency translation adjustments | |
| (4,576 | ) | |
| (29,222 | ) | |
| (4,307 | ) | |
| (7,584 | ) | |
| (59,360 | ) | |
| (8,749 | ) |
| Total comprehensive loss | |
| (58,085 | ) | |
| (2,535 | ) | |
| (374 | ) | |
| (127,816 | ) | |
| (42,776 | ) | |
| (6,303 | ) |
| Less: comprehensive income attributable to non-controlling interests | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Less: comprehensive loss attributable to redeemable non-controlling interests | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Comprehensive loss attributable to ZKH Group Limited | |
| (58,085 | ) | |
| (2,535 | ) | |
| (374 | ) | |
| (127,816 | ) | |
| (42,776 | ) | |
| (6,303 | ) |
| Accretion on Preferred Shares to redemption value | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total comprehensive loss attributable to ZKH Group Limited's ordinary shareholders | |
| (58,085 | ) | |
| (2,535 | ) | |
| (374 | ) | |
| (127,816 | ) | |
| (42,776 | ) | |
| (6,303 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net (loss)/profit per ordinary share attributable to ordinary shareholders | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| (0.01 | ) | |
| 0.00 | | |
| 0.00 | | |
| (0.02 | ) | |
| 0.00 | | |
| 0.00 | |
| Diluted | |
| (0.01 | ) | |
| 0.00 | | |
| 0.00 | | |
| (0.02 | ) | |
| 0.00 | | |
| 0.00 | |
| Weighted average number of shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 5,678,582,721 | | |
| 5,625,935,232 | | |
| 5,625,935,232 | | |
| 5,683,922,789 | | |
| 5,636,198,015 | | |
| 5,636,198,015 | |
| Diluted | |
| 5,678,582,721 | | |
| 5,627,918,674 | | |
| 5,627,918,674 | | |
| 5,683,922,789 | | |
| 5,638,181,457 | | |
| 5,638,181,457 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net (loss)/profit per ADS attributable to ordinary shareholders | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| (0.33 | ) | |
| 0.17 | | |
| 0.02 | | |
| (0.74 | ) | |
| 0.10 | | |
| 0.02 | |
| Diluted | |
| (0.33 | ) | |
| 0.17 | | |
| 0.02 | | |
| (0.74 | ) | |
| 0.10 | | |
| 0.02 | |
| Weighted average number of ADS (35 Class A ordinary shares equal to 1 ADS) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 162,245,221 | | |
| 160,741,007 | | |
| 160,741,007 | | |
| 162,397,794 | | |
| 161,034,229 | | |
| 161,034,229 | |
| Diluted | |
| 162,245,221 | | |
| 160,797,676 | | |
| 160,797,676 | | |
| 162,397,794 | | |
| 161,090,899 | | |
| 161,090,899 | |
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 six months ended | |
| | |
June 30, 2025 | | |
June 30, 2026 | | |
June 30, 2025 | | |
June 30, 2026 | |
| | |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
| Net (loss)/profit | |
| (53,509 | ) | |
| 26,687 | | |
| 3,933 | | |
| (120,232 | ) | |
| 16,584 | | |
| 2,446 | |
| Income tax (benefits)/expenses | |
| (52 | ) | |
| 965 | | |
| 142 | | |
| 195 | | |
| 1,480 | | |
| 218 | |
| Interest expenses | |
| 3,037 | | |
| 3,087 | | |
| 455 | | |
| 5,387 | | |
| 5,350 | | |
| 788 | |
| Depreciation and amortization expense | |
| 11,861 | | |
| 11,118 | | |
| 1,639 | | |
| 24,028 | | |
| 22,680 | | |
| 3,343 | |
| Non-GAAP EBITDA | |
| (38,663 | ) | |
| 41,857 | | |
| 6,169 | | |
| (90,622 | ) | |
| 46,094 | | |
| 6,795 | |
| | |
For the three months ended | | |
For the six months ended | |
| | |
June 30, 2025 | | |
June 30, 2026 | | |
June 30, 2025 | | |
June 30, 2026 | |
| | |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
| Net (loss)/profit | |
| (53,509 | ) | |
| 26,687 | | |
| 3,933 | | |
| (120,232 | ) | |
| 16,584 | | |
| 2,446 | |
| Add: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Share-based compensation expenses | |
| 16,976 | | |
| 11,774 | | |
| 1,735 | | |
| 33,523 | | |
| 23,567 | | |
| 3,473 | |
| Non-GAAP adjusted net (loss)/profit | |
| (36,533 | ) | |
| 38,461 | | |
| 5,668 | | |
| (86,709 | ) | |
| 40,151 | | |
| 5,919 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP adjusted net (loss)/profit attributable to ordinary shareholders per share | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| (0.01 | ) | |
| 0.01 | | |
| 0.00 | | |
| (0.02 | ) | |
| 0.01 | | |
| 0.00 | |
| Diluted | |
| (0.01 | ) | |
| 0.01 | | |
| 0.00 | | |
| (0.02 | ) | |
| 0.01 | | |
| 0.00 | |
| Weighted average number of ordinary shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 5,678,582,721 | | |
| 5,625,935,232 | | |
| 5,625,935,232 | | |
| 5,683,922,789 | | |
| 5,636,198,015 | | |
| 5,636,198,015 | |
| Diluted | |
| 5,678,582,721 | | |
| 5,627,918,674 | | |
| 5,627,918,674 | | |
| 5,683,922,789 | | |
| 5,638,181,457 | | |
| 5,638,181,457 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP adjusted net (loss)/profit attributable to ordinary shareholders per ADS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| (0.23 | ) | |
| 0.24 | | |
| 0.04 | | |
| (0.53 | ) | |
| 0.25 | | |
| 0.04 | |
| Diluted | |
| (0.23 | ) | |
| 0.24 | | |
| 0.04 | | |
| (0.53 | ) | |
| 0.25 | | |
| 0.04 | |
| Weighted average number of ADS (35 Class A ordinary shares equal to 1 ADS) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 162,245,221 | | |
| 160,741,007 | | |
| 160,741,007 | | |
| 162,397,794 | | |
| 161,034,229 | | |
| 161,034,229 | |
| Diluted | |
| 162,245,221 | | |
| 160,797,676 | | |
| 160,797,676 | | |
| 162,397,794 | | |
| 161,090,899 | | |
| 161,090,899 | |
