{"id":878166,"date":"2025-08-22T06:03:41","date_gmt":"2025-08-22T10:03:41","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/zkh-group-limited-announces-second-quarter-2025-unaudited-financial-results\/"},"modified":"2025-08-22T06:03:41","modified_gmt":"2025-08-22T10:03:41","slug":"zkh-group-limited-announces-second-quarter-2025-unaudited-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/zkh-group-limited-announces-second-quarter-2025-unaudited-financial-results\/","title":{"rendered":"ZKH Group Limited Announces Second Quarter 2025 Unaudited Financial Results"},"content":{"rendered":"
\n

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

\n

\n
\n SHANGHAI<\/span>
\n <\/span>, Aug. 22, 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 second quarter ended June 30, 2025<\/span>.<\/p>\n

\n Second Quarter 2025 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 Second Quarter<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n 2025<\/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 2,754,591<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,420,233<\/span>\n <\/p>\n<\/td>\n

\n

\n -12.1\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 2,479,915<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,144,362<\/span>\n <\/p>\n<\/td>\n

\n

\n -13.5\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n 274,676<\/span>\n <\/p>\n<\/td>\n

\n

\n 275,871<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.4\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 2,185,351<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,133,895<\/span>\n <\/p>\n<\/td>\n

\n

\n -2.4\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 569,240<\/span>\n <\/p>\n<\/td>\n

\n

\n 286,338<\/span>\n <\/p>\n<\/td>\n

\n

\n -49.7\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 48,766<\/span>\n <\/p>\n<\/td>\n

\n

\n 74,854<\/span>\n <\/p>\n<\/td>\n

\n

\n 53.5\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n 34,360<\/span>\n <\/p>\n<\/td>\n

\n

\n 37,271<\/span>\n <\/p>\n<\/td>\n

\n

\n 8.5\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n 14,406<\/span>\n <\/p>\n<\/td>\n

\n

\n 37,583<\/span>\n <\/p>\n<\/td>\n

\n

\n 160.9\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n 2,249,996<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,166,774<\/span>\n <\/p>\n<\/td>\n

\n

\n -3.7\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n 382,991<\/span>\n <\/p>\n<\/td>\n

\n

\n 356,987<\/span>\n <\/p>\n<\/td>\n

\n

\n -6.8\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 17.0\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 16.5\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -54.6bps<\/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 (71,213)<\/span>\n <\/p>\n<\/td>\n

\n

\n (71,957)<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.0\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 -3.2\u00a0%<\/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 -15.6bps<\/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 (47,068)<\/span>\n <\/p>\n<\/td>\n

\n

\n (38,663)<\/span>\n <\/p>\n<\/td>\n

\n

\n -17.9\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 -2.1\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 30.8bps<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n (66,289)<\/span>\n <\/p>\n<\/td>\n

\n

\n (53,509)<\/span>\n <\/p>\n<\/td>\n

\n

\n -19.3\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 -2.9\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -2.5\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 47.7bps<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n (34,857)<\/span>\n <\/p>\n<\/td>\n

\n

\n (36,533)<\/span>\n <\/p>\n<\/td>\n

\n

\n 4.8\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 -1.5\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -1.7\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -13.7bps<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

Mr. Eric Long Chen<\/span>, Chairman and Chief Executive Officer of ZKH, stated, “Despite ongoing macro headwinds and subdued market sentiment, we continued to grow our customer base and achieved consistent improvements\u00a0in business quality during the second quarter. This reflects our resilience and commitment to operational excellence and disciplined execution, which are fundamental to our sustainable growth. A key milestone of this quarter was the operational launch of our Taicang facility in China<\/span>, a strategic hub that will enhance our capabilities in research and development, testing, and production of industrial products, significantly boosting the competitiveness of our private-label offerings. Additionally, we accelerated our international expansion, positioning ZKH to seize new growth opportunities. Organizationally, we reinforce our talent pipeline in critical functions such as product lines, IT, and overseas business, while maintaining a lean and agile middle- and back-office structure. While these strategic initiatives may weigh on our short-term financial performance, they are crucial for building a solid foundation for middle- and long-term growth and creating greater value for our shareholders.”<\/p>\n

Mr. Max Chun Chiu Lai<\/span>, Chief Financial Officer of ZKH, added, “In the second quarter, we advanced in enhancing business quality and operational efficiency while navigating a modest year-over-year decline in overall GMV and revenue, primarily due to a high prior-year base that included low-margin, extended-credit businesses, which we have since strategically optimized. Importantly, our higher-margin private-label products continued to grow, with GMV outpacing overall business growth, highlighting a successful shift toward a more profitable and sustainable revenue mix. We also achieved year-over-year improvements in both our product sales model’s gross margin and our marketplace model’s take rate[6]<\/sup>, validating the effectiveness of our revenue quality strategy. Furthermore, our net loss margin narrowed by 47.7 basis points year over year, a clear demonstration of our disciplined cost management and focused execution. Looking ahead, we are committed to achieving high-quality revenue growth through targeted long-term investments and prudent cost management to ensure both short-term stability and sustained value for our shareholders.”<\/p>\n

\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 20.7% and 11.8% for the second quarter of 2024 and 2025, 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 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 loss is defined as net loss excluding share-based compensation expenses.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n [6] <\/sup>Take rate of the marketplace model represents gross profit from the marketplace model divided by GMV from the marketplace model.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n Second Quarter 2025 Financial Results<\/b>\n <\/p>\n

\n
\n Net Revenues. <\/i>
\n <\/b>Net revenues were RMB2,166.8 million<\/span> (US$302.5 million<\/span>), representing a decrease of 3.7% from RMB2,250.0 million<\/span> in the same period of 2024. This decrease was mainly attributable to a decrease in revenues from the marketplace model due to the prior year’s high base, which included low-margin businesses with extended customer credit terms that have since been strategically optimized.<\/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 Second Quarter<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n 2025<\/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 2,249,996<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,166,774<\/span>\n <\/p>\n<\/td>\n

\n

\n -3.7\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 2,163,721<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,113,970<\/span>\n <\/p>\n<\/td>\n

\n

\n -2.3\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 1,893,447<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1,846,490<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -2.5\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 270,274<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 267,480<\/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 \u00a0\u00a0\u00a0 Net Service Revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n 69,161<\/span>\n <\/p>\n<\/td>\n

\n

\n 40,707<\/span>\n <\/p>\n<\/td>\n

\n

\n -41.1\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n 17,114<\/span>\n <\/p>\n<\/td>\n

\n

\n 12,097<\/span>\n <\/p>\n<\/td>\n

\n

\n -29.3\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n