ZKH Group Limited Announces Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results

SHANGHAI, March 19, 2026 /PRNewswire/ -- 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 fourth quarter and fiscal year ended December 31, 2025.

Fourth Quarter and Fiscal Year 2025 Operational and Financial Highlights

Fourth Quarter

Fiscal Year

2024

2025

Change

2024

2025

Change

(in thousand RMB, except for number of customers, percentage and basis points("bps"))

GMV [1]

2,690,311

2,918,297

8.5 %

10,479,461

10,133,428

-3.3 %

GMV by Platform

ZKH Platform

2,435,037

2,638,242

8.3 %

9,475,550

9,103,399

-3.9 %

GBB Platform

255,274

280,055

9.7 %

1,003,911

1,030,029

2.6 %

GMV by Business Model

Product Sales (1P)

2,324,005

2,499,633

7.6 %

8,530,328

8,828,963

3.5 %

Marketplace (3P) [2]

366,306

418,664

14.3 %

1,949,133

1,304,465

-33.1 %

Number of Customers [3]

46,192

73,803

59.8 %

83,958

155,829

85.6 %

Net Revenues

2,370,223

2,557,238

7.9 %

8,761,318

8,987,738

2.6 %

Gross Profit

404,998

396,380

-2.1 %

1,510,471

1,475,662

-2.3 %

% of Net Revenues

17.1 %

15.5 %

-158.7bps

17.2 %

16.4 %

-82.2bps

Operating Loss

(32,589)

(28,229)

-13.4 %

(338,770)

(213,337)

-37.0 %

% of Net Revenues

-1.4 %

-1.1 %

27.1bps

-3.9 %

-2.4 %

149.3bps

Non-GAAP EBITDA [4]

(13,330)

19,725

(193,258)

(79,347)

-58.9 %

% of Net Revenues

-0.6 %

0.8 %

133.4bps

-2.2 %

-0.9 %

132.3bps

Net (Loss)/Profit

(29,102)

4,797

(268,043)

(139,742)

-47.9 %

% of Net Revenues

-1.2 %

0.2 %

141.5bps

-3.1 %

-1.6 %

150.5bps

Non-GAAP Adjusted Net

(Loss)/Profit [5]

(15,033)

14,860

(159,527)

(85,923)

-46.1 %

% of Net Revenues

-0.6 %

0.6 %

121.5bps

-1.8 %

-1.0 %

86.5bps

Mr. Eric Long Chen, Chairman and Chief Executive Officer of ZKH, stated, "In the fourth quarter, we achieved accelerated year-over-year GMV and revenue growth and returned to profitability, closing the year on a strong note. This performance marks the start of a fundamentally healthier, more resilient growth phase for the Company. Our momentum was powered by a broad-based expansion of our customer base, particularly among small and medium-sized enterprises (SMEs) underpinned by an increasingly diverse product portfolio, a stronger supplier network, and enhanced fulfillment capabilities. Notably, our ongoing investments in AI are already delivering measurable commercial impact and meaningful productivity gains across our operations. With a solid foundation and durable growth drivers firmly in place, we are well positioned to deliver sustainable, high-quality growth over the long term."

Mr. Max Chun Chiu Lai, Chief Financial Officer of ZKH, added, "We delivered solid revenue growth and achieved profitability on both a GAAP and non-GAAP basis during the fourth quarter, marking a significant improvement in our earnings profile. Operational efficiency continued to improve, with disciplined cost management, expanding scale and broader AI adoption driving down operating expenses year-over-year in both absolute terms and as a percentage of revenue. At the same time, an expanding SME customer base and the growing contribution from private-label products are strengthening our margin foundation. Looking ahead, we remain focused on enhancing operational efficiency and driving profitability to build a more resilient, sustainable foundation for future 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 14.3% of GMV in the fourth quarter and 12.9% for full year 2025, compared with 13.6% and 18.6% in the corresponding periods of 2024.

[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.

Fourth Quarter and Fiscal Year 2025 Business Highlights

- The ProductRecom Agent (AI推品大脑), launched in the fourth quarter of 2024, served more than 30,000 customers in 2025 and generated over RMB200 million in cumulative sales by improving supply and demand matching and conversion efficiency.

- The Company deployed more than 5,000 robotic process automation (RPA) digital employees, which exceeded the size of its human workforce and have become core infrastructure supporting scalable intelligent operations. Together, they saved a substantial amount of labor hours during the year.

- The AI Smart Workbench (AI智能工作台) significantly reduced cross-system manual operations and enabled the transition of business processes from a high-touch to a low-touch operating model. In 2025, the AI Smart Workbench autonomously executed more than 520,000 system operations and improved productivity in process-intensive roles, with customer service and procurement productivity up approximately 45% and 50%, respectively, year over year.

Fourth Quarter 2025 Financial Results

Net Revenues. Net revenues were RMB2,557.2 million (US$365.7 million), representing an increase of 7.9% from RMB2,370.2 million in the same period of 2024.

Fourth Quarter

2024

2025

Change

(in thousand RMB, except for percentage)

Net Revenues

2,370,223

2,557,238

7.9 %

Net Product Revenues

2,303,451

2,493,894

8.3 %

From ZKH Platform

2,049,520

2,219,273

8.3 %

From GBB Platform

253,931

274,621

8.1 %

Net Service Revenues

51,226

49,700

-3.0 %

Other Revenues

15,546

13,644

-12.2 %

Cost of Revenues. Cost of revenues was RMB2,160.9 million (US$309.0 million), representing an increase of 10.0% from RMB1,965.2 million in the same period of 2024.

Gross Profit and Gross Margin. Gross profit was RMB396.4 million (US$56.7 million), representing a decrease of 2.1% from RMB405.0 million in the same period of 2024. Gross margin was 15.5%, compared with 17.1% in the same period of 2024. The decrease was primarily attributable to changes in product mix that diluted gross profit margin, partially offset by an increased contribution from higher-margin private-label products.

Fourth Quarter

2024

2025

Change

(in thousand RMB, except for percentage and

basis points ("bps"))

Gross Profit

404,998

396,380

-2.1 %

% of Net Revenues

17.1 %

15.5 %

-158.7bps

% of GMV

15.1 %

13.6 %

-147.1bps

Under Product Sales (1P)

ZKH Platform

335,894

331,613

-1.3 %

% of Net Product Revenues from

ZKH Platform

16.4 %

14.9 %

-144.6bps

GBB Platform

13,958

14,131

1.2 %

% of Net Product Revenues from

GBB Platform

5.5 %

5.1 %

-35.1bps

Under Marketplace (3P)

51,226

49,700

-3.0 %

% of Net Service Revenues

100.0 %

% of GMV from the Marketplace Model

(Take Rate [6])

14.0 %

11.9 %

-211.3bps

Others

3,920

936

-76.1 %

% of Other Revenues

25.2 %

6.9 %

-1,835.5bps

Operating Expenses. Operating expenses were RMB424.6 million (US$60.7 million), down 3.0% from RMB437.6 million in the same period of 2024. Operating expenses were 16.6% of net revenues, compared with 18.5% in the same period of 2024.

Loss from Operations. Loss from operations was RMB28.2 million (US$4.0 million), compared with RMB32.6 million in the same period of 2024. Operating loss margin was 1.1%, compared with 1.4% in the same period of 2024.

Non-GAAP EBITDA. Non-GAAP EBITDA was RMB19.7 million (US$2.8 million), compared with negative RMB13.3 million in the same period of 2024. Non-GAAP EBITDA margin was 0.8%, compared with negative 0.6% in the same period of 2024.

Net Profit/(Loss). Net profit was RMB4.8 million (US$0.7 million), compared with net loss of RMB29.1 million in the same period of 2024. Net profit margin was 0.2%, compared with net loss margin of 1.2% in the same period of 2024.

Non-GAAP Adjusted Net Profit/(Loss). Non-GAAP adjusted net profit was RMB14.9 million (US$2.1 million), compared with non-GAAP adjusted net loss of RMB15.0 million in the same period of 2024. Non-GAAP adjusted net profit margin was 0.6%, compared with non-GAAP adjusted net loss margin of 0.6% in the same period of 2024.

Basic and Diluted Net Profit/(Loss) per ADS [7] and Non-GAAP Adjusted Basic and Diluted Net Profit/(Loss) per ADS [8]. Basic and diluted net profit per ADS was RMB0.03 (US$0.004), compared with basic and diluted net loss per ADS of RMB0.18 in the same period of 2024. Non-GAAP adjusted basic and diluted net profit per ADS were RMB0.09 (US$0.01), compared with basic and diluted net loss per ADS of RMB0.09 in the same period of 2024.

[6] Take rate of the marketplace model represents gross profit from the marketplace model divided by GMV from the marketplace model.

[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.

Fiscal Year 2025 Financial Results

Net Revenues. Net revenues were RMB8,987.7 million (US$1,285.2 million), representing an increase of 2.6% from RMB8,761.3 million in 2024.

Fiscal Year

2024

2025

Change

(in thousand RMB, except for percentage)

Net Revenues

8,761,318

8,987,738

2.6 %

Net Product Revenues

8,449,468

8,766,751

3.8 %

From ZKH Platform

7,450,211

7,757,464

4.1 %

From GBB Platform

999,257

1,009,287

1.0 %

Net Service Revenues

244,707

171,264

-30.0 %

Other Revenues

67,143

49,723

-25.9 %

Cost of Revenues. Cost of revenues was RMB7,512.1 million (US$1,074.2 million), representing an increase of 3.6% from RMB7,250.8 million in 2024. The increase was in line with the growth in product revenues.

Gross Profit and Gross Margin. Gross profit was RMB1,475.7 million (US$211.0 million), representing a decrease of 2.3% from RMB1,510.5 million in 2024. Gross margin was 16.4%, compared with 17.2% in 2024, mainly due to a lower revenue contribution from the marketplace model, which yields a 100% gross margin under the net revenue recognition. Nevertheless, gross profit as a percentage of GMV was 14.6%, compared with 14.4% in 2024.

Fiscal Year

2024

2025

Change

(in thousand RMB, except for percentage and

basis points ("bps"))

Gross Profit

1,510,471

1,475,662

-2.3 %

% of Net Revenues

17.2 %

16.4 %

-82.2bps

% of GMV

14.4 %

14.6 %

14.9bps

Under Product Sales (1P)

ZKH Platform

1,192,189

1,230,515

3.2 %

% of Net Product Revenues from

ZKH Platform

16.0 %

15.9 %

-14.0bps

GBB Platform

55,243

65,752

19.0 %

% of Net Product Revenues from

GBB Platform

5.5 %

6.5 %

98.6bps

Under Marketplace (3P)

244,707

171,264

-30.0 %

% of Net Service Revenues

100.0 %

% of GMV from the Marketplace Model (Take Rate)

12.6 %

13.1 %

57.4bps

Others

18,332

8,131

-55.6 %

% of Other Revenues

27.3 %

16.4 %

-1,095.0bps

Operating Expenses. Operating expenses were RMB1,689.0 million (US$241.5 million), a decrease of 8.7% from RMB1,849.2 million in 2024. Operating expenses as a percentage of net revenues were 18.8%, compared with 21.1% in 2024.

Loss from Operations. Loss from operations was RMB213.3 million (US$30.5 million), compared with RMB338.8 million in 2024. Operating loss margin was 2.4%, compared with 3.9% in 2024.

Non-GAAP EBITDA. Non-GAAP EBITDA was negative RMB79.3 million (US$11.3 million), compared with negative RMB193.3 million in 2024. Non-GAAP EBITDA margin was negative 0.9%, compared with negative 2.2% in 2024.

Net Loss. Net loss was RMB139.7 million (US$20.0 million), compared with RMB268.0 million in 2024. Net loss margin was 1.6%, compared with 3.1% in 2024.

Non-GAAP Adjusted Net Loss. Non-GAAP adjusted net loss was RMB85.9 million (US$12.3 million), compared with RMB159.5 million in 2024. Non-GAAP adjusted net loss margin was 1.0%, compared with 1.8% in 2024.

Basic and Diluted Net Loss per ADS and Non-GAAP Adjusted Basic and Diluted Net Loss per ADS. Basic and diluted net loss per ADS were RMB0.86 (US$0.12), compared with RMB1.64 in 2024. Non-GAAP adjusted basic and diluted net loss per ADS were RMB0.53 (US$0.08), compared with RMB0.97 in 2024.

Balance Sheet and Cash Flow

As of December 31, 2025, the Company had cash and cash equivalents, restricted cash, and short-term investments of RMB1.92 billion (US$274.2 million), compared with RMB2.06 billion as of December 31, 2024.

Net cash generated from operating activities was RMB116.1 million (US$16.6 million) in the fourth quarter of 2025, compared with RMB170.7 million in the same period of 2024. For full-year 2025, net cash generated from operating activities was RMB13.7 million (US$2.0 million), compared with RMB229.1 million in 2024.

Share Repurchase Update

Pursuant to the Company's share repurchase program of up to US$50 million, adopted on June 13, 2025 and effective through June 13, 2026, the Company repurchased an aggregate of approximately 1.4 million ADSs for approximately US$ 4.4 million from the open market as of February 28, 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 RMB6.9931 to US$1.00, the exchange rate in effect as of December 31, 2025, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.

Conference Call Information

The Company's management will hold a conference call on Thursday, March 19, 2026, at 8:00 A.M. U.S. Eastern Time or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the fourth quarter and fiscal year of 2025.

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:

0749989

The replay will be accessible through March 26, 2026 by dialing the following numbers:

United States:

+1-855-669-9658

International:

+1-412-317-0088

Replay Access Code:

5742991

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: [email protected]

Christensen Advisory

Email: [email protected]

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 December 31

2024

2025

RMB

US$

Assets

Current assets:

Cash and cash equivalents

1,423,943

1,030,573

147,370

Restricted cash

92,939

61,871

8,847

Short-term investments

543,978

825,289

118,015

Accounts receivable (net of allowance for credit

losses of RMB145,789 and RMB159,923 as of

December 31, 2024 and December 31, 2025,

respectively)

3,090,323

3,257,162

465,768

Notes receivable

234,213

113,291

16,200

Inventories

625,390

669,825

95,784

Prepayments and other current assets

179,387

180,188

25,767

Total current assets

6,190,173

6,138,199

877,751

Non-current assets:

Property and equipment, net

183,572

186,185

26,624

Land use right

10,808

10,582

1,513

Operating lease right-of-use assets, net

179,945

142,205

20,335

Intangible assets, net

15,931

21,871

3,128

Goodwill

30,807

4,405

Total non-current assets

421,063

391,650

56,005

Total assets

6,611,236

6,529,849

933,756

Liabilities

Current liabilities:

Short-term borrowings

311,000

240,000

34,320

Current portion of long-term borrowings

997

2,305

330

Accounts and notes payable

2,553,396

2,718,941

388,803

Operating lease liabilities

81,379

50,202

7,179

Advance from customers

27,433

27,152

3,883

Accrued expenses and other current

liabilities

365,333

378,566

54,134

Derivatives

8,624

1,232

Total current liabilities

3,339,538

3,425,790

489,881

Non-current liabilities:

Long-term borrowings

38,887

42,651

6,099

Non-current operating lease liabilities

109,096

91,894

13,141

Other non-current liabilities

25,224

28,181

4,030

Total non-current liabilities

173,207

162,726

23,270

Total liabilities

3,512,745

3,588,516

513,151

ZKH Group Limited shareholders' equity:

Ordinary shares (USD0.0000001 par value;

500,000,000,000 and 500,000,000,000 shares

authorized; 5,658,952,794 and 5,682,357,714 shares

issued and 5,601,860,619 and 5,563,528,436 shares

outstanding as of December 31, 2024 and December

31, 2025, respectively)

Additional paid-in capital

8,305,304

8,370,941

1,197,028

Statutory reserves

6,303

6,566

939

Accumulated other comprehensive

income/(loss)

4,764

(37,288)

(5,332)

Accumulated deficit

(5,177,126)

(5,317,131)

(760,340)

Treasury stock

(40,758)

(81,759)

(11,691)

Total ZKH Group Limited shareholders'

equity

3,098,491

2,941,333

420,605

Total liabilities and shareholders' deficit

6,611,236

6,529,849

933,756

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 year ended

December 31, 2024

December 31, 2025

December 31, 2024

December 31, 2025

RMB

US$

RMB

US$

Net revenues

Net product revenues

2,303,451

2,493,894

356,622

8,449,468

8,766,751

1,253,629

Net service revenues

51,226

49,700

7,107

244,707

171,264

24,490

Other revenues

15,546

13,644

1,951

67,143

49,723

7,110

Total net revenues

2,370,223

2,557,238

365,680

8,761,318

8,987,738

1,285,229

Cost of revenues

(1,965,225)

(2,160,858)

(308,999)

(7,250,847)

(7,512,076)

(1,074,213)

Operating expenses

Fulfillment

(95,066)

(87,647)

(12,533)

(391,687)

(362,173)

(51,790)

Sales and marketing

(151,556)

(152,951)

(21,872)

(641,519)

(585,039)

(83,659)

Research and development

(41,444)

(44,095)

(6,306)

(169,496)

(165,518)

(23,669)

General and administrative

(149,521)

(139,916)

(20,008)

(646,539)

(576,269)

(82,405)

Loss from operations

(32,589)

(28,229)

(4,038)

(338,770)

(213,337)

(30,507)

Interest and investment income

14,467

11,400

1,630

64,246

50,088

7,162

Interest expense

(2,819)

(2,617)

(374)

(19,003)

(11,350)

(1,623)

Others, net

(7,893)

24,730

3,536

26,497

35,546

5,083

(Loss)/profit before income tax

(28,834)

5,284

754

(267,030)

(139,053)

(19,885)

Income tax expenses

(268)

(487)

(70)

(1,013)

(689)

(99)

Net (loss)/profit

(29,102)

4,797

684

(268,043)

(139,742)

(19,984)

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

(29,102)

4,797

684

(268,043)

(139,742)

(19,984)

Accretion on preferred shares to

redemption value

Net (loss)/profit attributable to ZKH Group

Limited's ordinary shareholders

(29,102)

4,797

684

(268,043)

(139,742)

(19,984)

Net (loss)/profit

(29,102)

4,797

684

(268,043)

(139,742)

(19,984)

Other comprehensive income/(loss):

Foreign currency translation adjustments

51,569

(20,276)

(2,899)

29,918

(42,052)

(6,013)

Total comprehensive income/(loss)

22,467

(15,479)

(2,215)

(238,125)

(181,794)

(25,997)

Less: comprehensive income attributable

to non-controlling interests

Less: comprehensive loss attributable to

redeemable non-controlling interests

Comprehensive income/(loss) attributable

to ZKH Group Limited

22,467

(15,479)

(2,215)

(238,125)

(181,794)

(25,997)

Accretion on Preferred Shares to

redemption value

Total comprehensive income/(loss)

attributable to ZKH Group Limited's

ordinary shareholders

22,467

(15,479)

(2,215)

(238,125)

(181,794)

(25,997)

Net (loss)/profit per ordinary share attributable

to ordinary shareholders

Basic

(0.01)

0.00

(0.05)

(0.02)

(0.00)

Diluted

(0.01)

0.00

(0.05)

(0.02)

(0.00)

Weighted average number of shares

Basic

5,713,526,267

5,666,794,694

5,736,262,553

5,686,064,402

Diluted

5,713,526,267

5,669,349,811

5,736,262,553

5,686,064,402

Net (loss)/profit per ADS attributable to

ordinary shareholders

Basic

(0.18)

0.03

0.00

(1.64)

(0.86)

(0.12)

Diluted

(0.18)

0.03

0.00

(1.64)

(0.86)

(0.12)

Weighted average number of ADS ( 35

Class A ordinary shares equal to 1

ADS )

Basic

163,243,608

161,908,420

163,893,216

162,458,983

Diluted

163,243,608

161,981,423

163,893,216

162,458,983

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 year ended

December 31, 2024

December 31, 2025

December 31, 2024

December 31, 2025

RMB

US$

RMB

US$

Net (loss)/profit

(29,102)

4,797

684

(268,043)

(139,742)

(19,984)

Income tax expenses

268

487

1,013

689

Interest expenses

2,819

2,617

374

19,003

11,350

1,623

Depreciation and amortization expense

12,685

11,824

1,691

54,769

48,356

6,915

Non-GAAP EBITDA

(13,330)

19,725

2,819

(193,258)

(79,347)

(11,347)

For the three months ended

For the year ended

December 31, 2024

December 31, 2025

December 31, 2024

December 31, 2025

RMB

US$

RMB

US$

Net (loss)/profit

(29,102)

4,797

684

(268,043)

(139,742)

(19,984)

Add:

Share-based compensation expenses

14,069

10,063

1,440

108,516

53,819

7,695

Non-GAAP adjusted net (loss)/profit

(15,033)

14,860

2,124

(159,527)

(85,923)

(12,289)

Non-GAAP adjusted net (loss)/profit

attributable to ordinary

shareholders per share

Basic

(0.00)

0.00

(0.03)

(0.02)

(0.00)

Diluted

(0.00)

0.00

(0.03)

(0.02)

(0.00)

Weighted average number of ordinary

Basic

5,713,526,267

5,666,794,694

5,736,262,553

5,686,064,402

Diluted

5,713,526,267

5,669,349,811

5,736,262,553

5,686,064,402

Non-GAAP adjusted net (loss)/profit

attributable to ordinary

shareholders per ADS

Basic

(0.09)

0.09

0.01

(0.97)

(0.53)

(0.08)

Diluted

(0.09)

0.09

0.01

(0.97)

(0.53)

(0.08)

Weighted average number of ADS ( 35

Class A ordinary shares equal to 1

ADS )

Basic

163,243,608

161,908,420

163,893,216

162,458,983

Diluted

163,243,608

161,981,423

163,893,216

162,458,983

SOURCE ZKH Group Limited