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    Kai Zhao

    Research Analyst at China International Capital Corporation

    Kai Zhao is an analyst at China International Capital Corporation, specializing in equity research across several key sectors such as financial services, technology, and consumer markets. He is known for covering major Chinese and Hong Kong-listed companies, providing actionable insights that have contributed to strong performance results, though specific reported success rates or rankings remain unavailable. Kai Zhao began his career in finance after earning a bachelor's degree in physics from the University of Science and Technology of China in 2002, and he joined CICC after gaining prior industry experience. He holds analyst credentials from the CFA Institute and is recognized for his rigorous research standards and sector expertise.

    Kai Zhao's questions to ZKH Group (ZKH) leadership

    Kai Zhao's questions to ZKH Group (ZKH) leadership • Q4 2024

    Question

    Kai Zhao from CICC requested an update on the U.S. business operations since its December launch and the 2025 overseas outlook. He also asked about the potential impact of tariffs and the company's progress in diversifying its supplier base beyond China.

    Answer

    CEO Eric Chen (via interpreter) detailed a two-pronged overseas strategy: following Chinese clients to new regions like Southeast Asia and targeting high-margin developed markets like the U.S. and Europe. He reported that the U.S. website, launched in December 2024, has already surpassed 1,500 registered customers with rapid order growth. To mitigate tariff risks, he explained that ZKH has established a global sourcing team and that approximately 40% of SKUs for the U.S. market can now be sourced from outside mainland China, ensuring ZKH's products remain price-competitive.

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