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MARKETS / NYSE / ZKH
NYSE · RETAIL-BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY · MID CAP

ZKH Group Ltd. ZKH

5 fiscal years on record · CNY · FY2025 reported · SEC filings only
CNY 9.0B
▲ 2.6% YoY
CNY -139.7M
CNY -44.3M
▼ 129.5% YoY
In brief

What this company does

The company is a China-based B2B e-commerce platform that provides one-stop MRO procurement solutions with an international footprint. It directly served over 155,000 customers on its ZKH platform and GBB platform in 2025. Its nationwide fulfillment network consisted of 30 distribution centers, 107 transit warehouses and over 5,600 EVM smart vending machines as of December 31, 2025. By revenue model, it derives revenue from a product sales model and a marketplace model. Under its product sales model, it purchases products from suppliers and sells them to its customers on a principal basis. Under its marketplace model, suppliers sell products to customers over its platform and pay it commissions on sales.

Written from the business description in ZKH Group Ltd's annual report to the U.S. Securities and Exchange Commission, filed 24 April 2026. Every sentence was checked against that document before publication.

Growth
CNY 9.0B
Revenue, FY2025 · full 5-year series below
Revenue CNY B Net income CNY B
FY2025 · Revenue 9.0 · Net income -0.1
4.0B8.0B-0.4B-0.8B20212022202320242025
Compound annual growth
+2.6%
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−2 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -2.4% · Net -1.6%
-5%-10%20212022202320242025
ROE
FY2025 · ROE -4.6%
-5%20212022202320242025

Each CNY of equity lost 5 cents this year.

Cash & shareholders
CNY 38.5M
returned in FY2025 · dividends + net buybacks
Free cash flow CNY B
FY2025 · FCF -0.0
-0.8B20212022202320242025
Net buybacks CNY M Dividends CNY M
FY2025 · Dividends — · Net buybacks 38.5
20M20242025

CNY 38.5M in buybacks went back to shareholders in a year without profit.

Total assetsCNY 6.5B
EquityCNY 2.9B
CashCNY 1.0B
Gross debtCNY 45.0M
Net debtCNY -985.6M
Current ratio1.79×

The company holds more cash than debt.

The 5-year record
5 fiscal years
Every figure from documents filed with the SEC · CNY

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 20252024202320222021
Revenue CNY B9.08.88.78.37.7
Operating income CNY B−0.2−0.3−0.4−0.7−1.1
EBITDA CNY B−0.2−0.3−0.3−0.6−1.1
Income tax CNY B0.00.00.0−0.00.0
Net income CNY B−0.1−0.3−0.3−0.7−1.1
Free cash flow CNY B−0.00.1−0.6−0.5−1.5
EPS, diluted CNY −0.02·−0.63··
Dividend / sh CNY 0.000.00···
Payout %·····
ROE %−4.6−8.5···
Shares out B5.565.605.621.22·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 16 reconciliationsAUDITED

Reconciled in 6 of 19 fiscal years. 74 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityRetail-Building Materials, Hardware, Garden Supply
Listed onNYSE
Incorporated inoutside the United States — SEC code E9
Fiscal year endsDecember 31
Data on record since2020

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