{"id":826719,"date":"2025-03-18T06:05:09","date_gmt":"2025-03-18T10:05:09","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/zkh-group-limited-announces-fourth-quarter-and-fiscal-year-2024-unaudited-financial-results\/"},"modified":"2025-03-18T06:05:09","modified_gmt":"2025-03-18T10:05:09","slug":"zkh-group-limited-announces-fourth-quarter-and-fiscal-year-2024-unaudited-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/zkh-group-limited-announces-fourth-quarter-and-fiscal-year-2024-unaudited-financial-results\/","title":{"rendered":"ZKH Group Limited Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n
\n SHANGHAI<\/span>
\n <\/span>, March 18, 2025<\/span><\/span> \/PRNewswire\/ — ZKH Group Limited (“ZKH” or the “Company”) (NYSE: ZKH), a\u00a0leading maintenance, repair and operations (“MRO”) procurement service platform in China<\/span>, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024<\/span>.<\/p>\n

\n Fourth Quarter and Fiscal Year 2024 Operational and Financial Highlights\u00a0<\/b>\n <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n in thousand RMB, except for number of customers,
percentage and basis points (“bps”)<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Fourth Quarter<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Fiscal Year<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 2023<\/span>\n <\/p>\n<\/td>\n

\n

\n 2024<\/span>\n <\/p>\n<\/td>\n

\n

\n Change<\/span>\n <\/p>\n<\/td>\n

\n

\n 2023<\/span>\n <\/p>\n<\/td>\n

\n

\n 2024<\/span>\n <\/p>\n<\/td>\n

\n

\n Change<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n GMV[1]<\/sup><\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 3,207,139<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,690,311<\/span>\n <\/p>\n<\/td>\n

\n

\n -16.1\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 11,083,035<\/span>\n <\/p>\n<\/td>\n

\n

\n 10,479,461<\/span>\n <\/p>\n<\/td>\n

\n

\n -5.4\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n GMV by Platform<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0 ZKH Platform<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,907,077<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,435,037<\/span>\n <\/p>\n<\/td>\n

\n

\n -16.2\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 10,112,872<\/span>\n <\/p>\n<\/td>\n

\n

\n 9,475,550<\/span>\n <\/p>\n<\/td>\n

\n

\n -6.3\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0 GBB Platform<\/span>\n <\/p>\n<\/td>\n

\n

\n 300,062<\/span>\n <\/p>\n<\/td>\n

\n

\n 255,274<\/span>\n <\/p>\n<\/td>\n

\n

\n -14.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 970,163<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,003,911<\/span>\n <\/p>\n<\/td>\n

\n

\n 3.5\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n GMV by Business Model<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0 Product Sales (1P)<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,321,861<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,324,005<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.1\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 8,336,846<\/span>\n <\/p>\n<\/td>\n

\n

\n 8,530,328<\/span>\n <\/p>\n<\/td>\n

\n

\n 2.3\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0 Marketplace (3P)[2]<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 885,279<\/span>\n <\/p>\n<\/td>\n

\n

\n 366,306<\/span>\n <\/p>\n<\/td>\n

\n

\n -58.6\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,746,189<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,949,133<\/span>\n <\/p>\n<\/td>\n

\n

\n -29.0\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Number of Customers[3]<\/sup><\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 42,220<\/span>\n <\/p>\n<\/td>\n

\n

\n 46,192<\/span>\n <\/p>\n<\/td>\n

\n

\n 9.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 66,562<\/span>\n <\/p>\n<\/td>\n

\n

\n 83,958<\/span>\n <\/p>\n<\/td>\n

\n

\n 26.1\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0 ZKH Platform<\/span>\n <\/p>\n<\/td>\n

\n

\n 31,174<\/span>\n <\/p>\n<\/td>\n

\n

\n 36,116<\/span>\n <\/p>\n<\/td>\n

\n

\n 15.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 48,211<\/span>\n <\/p>\n<\/td>\n

\n

\n 57,679<\/span>\n <\/p>\n<\/td>\n

\n

\n 19.6\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0 GBB Platform<\/span>\n <\/p>\n<\/td>\n

\n

\n 11,046<\/span>\n <\/p>\n<\/td>\n

\n

\n 10,076<\/span>\n <\/p>\n<\/td>\n

\n

\n -8.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 18,351<\/span>\n <\/p>\n<\/td>\n

\n

\n 26,279<\/span>\n <\/p>\n<\/td>\n

\n

\n 43.2\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net Revenues<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 2,443,961<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,370,223<\/span>\n <\/p>\n<\/td>\n

\n

\n -3.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 8,721,175<\/span>\n <\/p>\n<\/td>\n

\n

\n 8,761,318<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.5\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Gross Profit<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 417,151<\/span>\n <\/p>\n<\/td>\n

\n

\n 404,998<\/span>\n <\/p>\n<\/td>\n

\n

\n -2.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,452,434<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,510,471<\/span>\n <\/p>\n<\/td>\n

\n

\n 4.0\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0 % of Net Revenues<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 17.1\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 17.1\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1.8bps<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 16.7\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 17.2\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 58.6bps<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Operating Loss<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (6,779)<\/span>\n <\/p>\n<\/td>\n

\n

\n (32,589)<\/span>\n <\/p>\n<\/td>\n

\n

\n 380.7\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n (398,724)<\/span>\n <\/p>\n<\/td>\n

\n

\n (338,770)<\/span>\n <\/p>\n<\/td>\n

\n

\n -15.0\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0 % of Net Revenues<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -0.3\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -1.4\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -109.8bps<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -4.6\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -3.9\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 70.5bps<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Non-GAAP EBITDA[4]<\/sup><\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 43,272<\/span>\n <\/p>\n<\/td>\n

\n

\n (13,330)<\/span>\n <\/p>\n<\/td>\n

\n

\n -130.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n (211,896)<\/span>\n <\/p>\n<\/td>\n

\n

\n (193,258)<\/span>\n <\/p>\n<\/td>\n

\n

\n -8.8\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0 % of Net Revenues<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1.8\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -0.6\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -233.3bps<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -2.4\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -2.2\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 22.4bps<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net Profit\/(Loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 20,229<\/span>\n <\/p>\n<\/td>\n

\n

\n (29,102)<\/span>\n <\/p>\n<\/td>\n

\n

\n -243.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n (304,900)<\/span>\n <\/p>\n<\/td>\n

\n

\n (268,043)<\/span>\n <\/p>\n<\/td>\n

\n

\n -12.1\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0 % of Net Revenues<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 0.8\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -1.2\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -205.6bps<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -3.5\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -3.1\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 43.7bps<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Non-GAAP Adjusted Net Profit\/(Loss)[5]<\/sup><\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 27,538<\/span>\n <\/p>\n<\/td>\n

\n

\n (15,033)<\/span>\n <\/p>\n<\/td>\n

\n

\n -154.6\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n (287,507)<\/span>\n <\/p>\n<\/td>\n

\n

\n (159,527)<\/span>\n <\/p>\n<\/td>\n

\n

\n -44.5\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0 % of Net Revenues<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1.1\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -0.6\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -176.1bps<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -3.3\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -1.8\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 147.6bps<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

“2024 presented a dynamic demand landscape, yet we delivered robust performance, further solidifying our leadership in China’s<\/span> MRO industry and expanding our global footprint.” stated Mr. Eric Long Chen<\/span>, Chairman and Chief Executive Officer of\u00a0ZKH. “During the past year, we continued to enhance our profitability, bolstered by a growing customer base, increased customer loyalty, and advancements in digitalization and artificial intelligence. Notably, in 2024, we reached a significant milestone by broadening our international presence, particularly as our U.S. operations gained momentum. Looking ahead, we remain steadfast in our commitment to enhancing our products and supply chain capabilities and advancing our digitalization and artificial intelligence initiatives. While our strategic business optimization initiatives temporarily affected overall GMV growth, we believe the impact of these adjustments has gradually faded, placing us on a stronger path toward solid and sustainable growth, and we are confident that we will achieve full-year profitability for our domestic operations in 2025.”<\/p>\n

Mr. Max Chun Chiu Lai<\/span>, Chief Financial Officer of ZKH, added, “Despite challenges in the demand environment and the impacts of business optimization, we concluded the year with resilient results, alongside overall enhancements in profitability. This is reflected in the improvement in both gross margin and net margin in 2024, driven by our expanded business scale and continued efforts to optimize our supply chain, sales force, and organizational structure. Our cash position has also strengthened, as we generated net cash of RMB170.7 million<\/span> from operating activities in the fourth quarter and RMB229.1 million<\/span> in 2024, marking our third consecutive quarter and our first full year of positive net cash inflow from operating activities. With this solid foundation, we are poised to leverage future growth opportunities and enhance shareholder returns.”<\/p>\n

\n\n\n\n\n\n\n
\n

\n
\n [1]<\/sup> 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.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n [2]<\/sup>\u00a0The proportion of GMV generated by the marketplace model was 27.6% and 24.8% for the fourth quarter of 2023 and for the fiscal year of 2023, and 13.6% for the fourth quarter of 2024 and 18.6% for the fiscal year of 2024, respectively.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n [3]<\/sup>\u00a0Customers are customers that transacted with the Company during the reporting period, mainly comprised of enterprise customers in various industries.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n [4]<\/sup>\u00a0Non-GAAP EBITDA is defined as net profit\/(loss) before interest expenses, income tax expenses\/(benefits) and depreciation and amortization expenses.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n [5]<\/sup> Non-GAAP adjusted net profit\/(loss) is defined as net profit\/(loss) excluding share-based compensation expenses.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n Fourth Quarter 2024 Financial Results<\/b>\n <\/p>\n

\n
\n Net Revenues. <\/i>
\n <\/b>Net revenues were RMB2,370.2 million<\/span> (US$324.7 million<\/span>), representing a decrease of 3.0% from RMB2,444.0 million<\/span> in the same period of 2023, mainly due to the optimization of certain businesses with low margins and long customer credit terms under the marketplace model.<\/p>\n

\n\n\n\n\n\n\n\n\n\n
\n

\n
\n in thousand RMB, except for percentage<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Fourth Quarter<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 2023<\/span>\n <\/p>\n<\/td>\n

\n

\n 2024<\/span>\n <\/p>\n<\/td>\n

\n

\n Change<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net Revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,443,961<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,370,223<\/span>\n <\/p>\n<\/td>\n

\n

\n -3.0\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0 Net Product Revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,324,986<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,303,451<\/span>\n <\/p>\n<\/td>\n

\n

\n -0.9\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 From ZKH Platform<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2,028,986<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2,049,520<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1.0\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 From GBB Platform<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 296,000<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 253,931<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -14.2\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0 Net Service Revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n 98,592<\/span>\n <\/p>\n<\/td>\n

\n

\n 51,226<\/span>\n <\/p>\n<\/td>\n

\n

\n -48.0\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0 Other Revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n 20,383<\/span>\n <\/p>\n<\/td>\n

\n

\n 15,546<\/span>\n <\/p>\n<\/td>\n

\n

\n -23.7\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n