{"id":911937,"date":"2025-11-20T05:03:19","date_gmt":"2025-11-20T10:03:19","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/zkh-group-limited-announces-third-quarter-2025-unaudited-financial-results\/"},"modified":"2025-11-20T05:03:19","modified_gmt":"2025-11-20T10:03:19","slug":"zkh-group-limited-announces-third-quarter-2025-unaudited-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/zkh-group-limited-announces-third-quarter-2025-unaudited-financial-results\/","title":{"rendered":"ZKH Group Limited Announces Third Quarter 2025 Unaudited Financial Results"},"content":{"rendered":"
\n

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

\n

\n
\n SHANGHAI<\/span>
\n <\/span>, Nov. 20, 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 third quarter ended September 30, 2025<\/span>.<\/p>\n

\n Third Quarter 2025 Operational and Financial Highlights<\/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 in thousand RMB, except for number of <\/i>
\n <\/span>\n <\/p>\n

\n
\n customers, percentage and basis points (“bps”)<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Third 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 2,685,996<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,622,901<\/span>\n <\/p>\n<\/td>\n

\n

\n -2.3\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 2,422,649<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,354,585<\/span>\n <\/p>\n<\/td>\n

\n

\n -2.8\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n 263,347<\/span>\n <\/p>\n<\/td>\n

\n

\n 268,316<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.9\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 2,228,234<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,294,239<\/span>\n <\/p>\n<\/td>\n

\n

\n 3.0\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 457,762<\/span>\n <\/p>\n<\/td>\n

\n

\n 328,662<\/span>\n <\/p>\n<\/td>\n

\n

\n -28.2\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 47,800<\/span>\n <\/p>\n<\/td>\n

\n

\n 70,800<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

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

\n

\n 2,280,690<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,328,354<\/span>\n <\/p>\n<\/td>\n

\n

\n 2.1\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n 388,406<\/span>\n <\/p>\n<\/td>\n

\n

\n 390,177<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.5\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 17.0\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 16.8\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -27.3bps<\/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 (105,355)<\/span>\n <\/p>\n<\/td>\n

\n

\n (32,338)<\/span>\n <\/p>\n<\/td>\n

\n

\n -69.3\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 -4.6\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 323.1bps<\/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 (62,812)<\/span>\n <\/p>\n<\/td>\n

\n

\n (8,450)<\/span>\n <\/p>\n<\/td>\n

\n

\n -86.5\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 -2.8\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n -0.4\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 239.1bps<\/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 (81,751)<\/span>\n <\/p>\n<\/td>\n

\n

\n (24,307)<\/span>\n <\/p>\n<\/td>\n

\n

\n -70.3\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 -3.6\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n
\n 254.1bps<\/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 (66,178)<\/span>\n <\/p>\n<\/td>\n

\n

\n (14,074)<\/span>\n <\/p>\n<\/td>\n

\n

\n -78.7\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 -0.6\u00a0%<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 229.7bps<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

Mr. Eric Long Chen<\/span>, Chairman and Chief Executive Officer of\u00a0ZKH, stated, “In the third quarter, we drove strengthening momentum in our business. Our GMV and revenues returned to approximately prior-year levels, while higher-margin private-label GMV grew in the mid-teens year over year, further enhancing our profit mix. We expanded our customer base across both large corporations and SME customers, reflecting deeper customer penetration and share gains. This broader and diversified customer base, underpinned by strengthened partnerships with leading suppliers that enhance our SKU assortment, supply reliability, and pricing competitiveness, provides a solid foundation for future growth. We also further embedded AI and data capabilities across various aspects of operations to lift efficiency and control costs, enhancing operating margins. Looking ahead, we will remain committed to advancing our AI development and application, further scale our overseas business, and stay focused on growth to compound long-term value for our shareholders.”<\/p>\n

Mr. Max Chun Chiu Lai<\/span>, Chief Financial Officer of ZKH, added, “We delivered a resilient financial performance in the third quarter, bringing revenue back to a growth trajectory and maintaining efficiency gains that underpin our path to profitability. Disciplined execution drove meaningful margin improvement, with operating loss margin and net loss margin narrowing by 323.1 bps and 254.1 bps, respectively. Supported by a robust RMB105.5 million<\/span> of operating cash inflow this quarter, we are well-positioned to fund our strategic priorities while optimizing our revenue mix and operating efficiency to deliver quality growth in the quarters ahead.”<\/p>\n

\n\n\n
\n

\n [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.<\/span>\n <\/p>\n

\n [2]\u00a0The proportion of GMV generated by the marketplace model was 17.0% and 12.5% for the third quarter of 2024 and 2025, respectively.<\/span>\n <\/p>\n

\n [3]\u00a0Customers are customers that transacted with the Company during the reporting period, mainly comprised of enterprise customers in various industries. The total number of customers is rounded to the nearest hundred.<\/span>\n <\/p>\n

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

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

\n Third Quarter 2025 Business Highlights<\/b>\n <\/p>\n