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Ruchen Tang

Research Analyst at CITIC

Ruchen Tang is an Equity Analyst at CITIC Securities, specializing in coverage of Chinese listed companies in the consumer, retail, and technology sectors. Tang follows major firms such as Alibaba, JD.com, and Suning, and is noted in industry platforms for maintaining an analyst success rate above 60%, with average returns on recommendations consistently outperforming the Shanghai Composite benchmark. Tang began her professional career in 2014 at Fosun Group as an associate analyst, then transitioned to CITIC Securities in 2017 where she progressed to her current analyst role. Holding a CFA charter and passing the Chinese securities qualification exams, Tang is recognized for her fundamental equity research and expertise in industry value chains.

Ruchen Tang's questions to ZKH Group (ZKH) leadership

Question · Q3 2025

Ruchen Tang with CITIC asked for an update on ZKH Group's latest developments and future plans for its overseas business, specifically addressing both services for Chinese companies expanding internationally and direct market development in the US and Europe.

Answer

Eric Chen, Founder, Chairman, and CEO, outlined a two-pronged overseas strategy: serving Chinese companies going global and developing business in the US/Europe. He noted a recent adjustment to prioritize services for Chinese companies abroad due to limited investment and high business certainty, citing successful MRO procurement and delivery for Chinese clients in Southeast Asia and Mexico in Q3. He described the US and European markets as mid-to-long-term plays requiring extensive product certification, leading to a strategy of controlled investment. The overall goal for overseas business is to achieve break-even in 2026.

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