ZKH Group (ZKH) Company Report

Analyst Coverage

Research analysts who have asked questions during ZKH Group earnings calls.

Diying Ji

China Renaissance

5 questions for ZKH

Xiaodan Zhang

CICC

5 questions for ZKH

Also covers: ATHM, BEKE, KC

Leo Chiang

Deutsche Bank

4 questions for ZKH

Also covers: MOMO

Ella Ji

China Renaissance

3 questions for ZKH

Liu Chang

Deutsche Bank

3 questions for ZKH

Zhao Dan Zhang

CICC

3 questions for ZKH

Kai Zhao

China International Capital Corporation

1 question for ZKH

Leo Cheng

Deutsche Bank

1 question for ZKH

Ruchen Tang

CITIC

1 question for ZKH

Latest news

Recent press releases and 8-K filings for ZKH.

ZKH Group Limited Reports Q3 2025 Results with Revenue Growth and Narrowed Losses

ZKH

Earnings

Revenue Acceleration/Inflection

Profitability Improvement

ZKH Group Limited reported a 2.1% year-over-year increase in total revenues to RMB 2.33 billion for Q3 2025, while GMV decreased 2.3% year-over-year to RMB 2.62 billion. The number of transacting customers exceeded 70,000, reaching a new quarterly high.
The company significantly narrowed its adjusted net loss by approximately 78% year-over-year to RMB 14.1 million, with the margin improving to negative 0.6%. Net cash generated from operating activities was RMB 105.5 million in Q3 2025, compared to net cash used of RMB 160.5 million in the same period of 2024.
Operational efficiency improved, with total operating expenses decreasing 14.4% year-over-year to RMB 493.8 million. AI integration led to a 42% year-over-year increase in customer service productivity and a 52% increase in procurement productivity in Q3 2025.
Private label products showed strong growth, with GMV increasing 16.7% year-over-year and contributing 8.2% to total GMV. The company plans to steadily increase private label products' contribution to total GMV from the current 8% to approximately 30%.
ZKH expects to achieve quarterly profitability in Q4 2025 and anticipates GMV growth of 15%-20% per year going forward. The overseas business is projected to achieve break-even in 2026.

Nov 20, 2025, 12:00 PM

Transcript

ZKH Reports Q3 2025 Results with Revenue Growth and Narrowed Losses

ZKH

Earnings

Revenue Acceleration/Inflection

ZKH's revenue returned to approximately prior-year levels in Q3 2025, following nearly four quarters of business optimization.
The company significantly narrowed its operating loss by 69.3% year-over-year to RMB32.3 million, with the operating margin improving to -1.4% from -4.6%.
Adjusted net loss narrowed by 78.7% year-over-year to RMB14.1 million, improving the margin to -0.6% from -2.9%.
The customer base expanded by 48% year-over-year to over 70,800 in Q3 2025, while the ZKH Platform 1P gross margin improved to 16.2% (+11.2bps YoY) and the GBB Platform gross margin improved to 7.7% (+223.8bps YoY).
Net cash provided by operating activities was RMB105 million in Q3 2025.

Nov 20, 2025, 12:00 PM

Presentation

ZKH Group Limited Reports Q3 2025 Results, Narrows Losses, and Launches AI Model

ZKH

Earnings

Product Launch

Revenue Acceleration/Inflection

ZKH Group Limited reported total revenues increased by 2.1% year-over-year to RMB 2.33 billion, while GMV decreased 2.3% to RMB 2.62 billion in Q3 2025.
The company significantly improved profitability, with adjusted net loss narrowing by approximately 78% year-over-year to RMB 14.1 million and operating loss narrowing by 69.3% to RMB 32.3 million.
Operating cash flow turned positive, generating RMB 105.5 million from operating activities in Q3 2025, compared to a net cash outflow in the prior year period.
ZKH launched its proprietary Expert Linglong AI large model, contributing to a 42% year-over-year increase in customer service productivity and a 52% increase in procurement productivity.
The company expects to achieve quarterly profitability in Q4 2025 and projects annual GMV growth of 15%-20% going forward.

Nov 20, 2025, 12:00 PM

Transcript

ZKH Group Limited Announces Q3 2025 Unaudited Financial Results

ZKH

Earnings

Revenue Acceleration/Inflection

Share Buyback

ZKH Group Limited reported net revenues of RMB2,328.4 million (US$327.1 million) for Q3 2025, marking a 2.1% increase compared to Q3 2024.
The company significantly improved its profitability, with net loss decreasing by 70.3% to RMB24.3 million (US$3.4 million) and operating loss narrowing by 69.3% to RMB32.3 million (US$4.5 million) in Q3 2025 compared to Q3 2024.
Operational momentum included a 48.0% increase in the number of customers to 70,800 and 16.7% year-over-year growth in higher-margin private-label product GMV, which now comprises approximately 8.2% of total GMV.
ZKH generated RMB105.5 million (US$14.8 million) in operating cash inflow during Q3 2025 and has repurchased approximately 0.63 million ADSs for US$1.92 million as of October 31, 2025, as part of its share repurchase program.

Nov 20, 2025, 11:12 AM

6-K

ZKH Group Announces Third Quarter 2025 Financial Results

ZKH

Earnings

Share Buyback

Revenue Acceleration/Inflection

Net revenues for ZKH Group Limited increased by 2.1% year-over-year to RMB2,328.4 million (US$327.1 million) for the third quarter ended September 30, 2025.
The company significantly improved its profitability, reducing net loss to RMB24.3 million (US$3.4 million) in Q3 2025 from RMB81.8 million in Q3 2024, with the net loss margin improving to -1.0%. Non-GAAP EBITDA also improved to negative RMB8.5 million (US$1.2 million).
Gross profit rose by 0.5% to RMB390.2 million (US$54.8 million) in Q3 2025, while the number of customers increased by 48.0% to 70,800.
ZKH generated RMB105.5 million (US$14.8 million) in net cash from operating activities during the quarter.
As of October 31, 2025, the company had repurchased approximately 0.63 million ADSs for about US$1.92 million under its share repurchase program.

Nov 20, 2025, 10:00 AM

Press Release

ZKH Reports Narrowed Net Loss and Positive Operating Cash Flow for Full Year 2024

ZKH

Earnings

Guidance Update

Revenue Acceleration/Inflection

ZKH reported full-year 2024 GMV of RMB 10.48 billion and Q4 2024 GMV of RMB 2.69 billion, achieving double-digit year-on-year growth when excluding business optimization impacts. The company significantly narrowed its adjusted net loss to RMB 160 million for FY 2024 (a 44.5% improvement from 2023) and recorded positive net cash inflow from operating activities of RMB 229 million for the full year, a first for the company.
Profitability improved, with the gross profit margin rising to 17.2% for FY 2024 from 16.7% in 2023, driven by business optimization and increased contribution from private label products, which saw 29% GMV growth and now represent 6.7% of total GMV.
Operational highlights include a 26% increase in transacting customers to 84,000 in 2024, the launch of a U.S. independent website in December 2024 with over 1,500 registered customers, and significant efficiency gains from AI tools, such as a 23% increase in customer service order processing productivity.
For 2025, ZKH anticipates rapid revenue growth and aims for full-year profitability for its China business, with strategic priorities focused on strengthening product competitiveness, increasing market share, and further enhancing operational efficiency.