ZKH Group Ltd
NYSE:ZKH
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ZKH Group Ltd
NYSE:ZKH
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ZKH Group Ltd
ZKH Group Ltd is a CN-based company operating in industry. The company is headquartered in Shanghai, Shanghai. The company went IPO on 2023-12-15. ZKH Group Ltd is a China-based company mainly engaged in the wholesale of industrial supplies. The firm provides a digital industrial supplies service platform to provide customers with industrial supplies procurement and management services.
ZKH Group Ltd is a CN-based company operating in industry. The company is headquartered in Shanghai, Shanghai. The company went IPO on 2023-12-15. ZKH Group Ltd is a China-based company mainly engaged in the wholesale of industrial supplies. The firm provides a digital industrial supplies service platform to provide customers with industrial supplies procurement and management services.
Profitability: Returned to profitability in 4Q25 with an adjusted net profit of RMB 14.9 million and positive operating cash flow of RMB 116.1 million for the quarter.
Growth momentum: 4Q GMV rebounded to RMB 2.92 billion, up 8.5% YoY and 11.3% sequentially; management expects double-digit YoY GMV growth in 1Q26.
Customer expansion: Transacting customers approached 74,000 in 4Q (up 60% YoY), with strong SME and key-account growth across multiple industrial verticals.
Margin dynamics: 4Q gross margin declined to 15.5% from 17.1% a year ago, management attributes this to product mix (commodity and lower-margin categories) and a higher share of SOE-related volume.
AI & efficiency: Company is scaling AI across the business (H-Nimble LLM launched and filed) — token usage >80 billion/mo, RPA digital employees >5,000 — driving material productivity gains and cost savings.
Private label push: Private label GMV grew 21% in 2025 to 8.3% of GMV (from 6.7%); target is +30% growth in 2026 and ~10% GMV share.
Balance sheet: Strong liquidity with cash, restricted cash and short-term investments totaling RMB 1.92 billion at year-end 2025.
2026 Outlook: Primary objective is full-year profitability in 2026 while continuing product, supply-chain and AI investments; specific near-term guidance includes expected acceleration of GMV in 1Q26 and private label/share targets for 2026.
