Monitor customer retention metrics and gross margin trends in the next quarter to assess sustainability of the profitability turnaround, as revenue growth is being driven by customer expansion rather than GMV growth.
Price Chart
Executive Summary
ZKH Group Ltd reported its 2025 annual results, showing a 2.6% increase in net revenue to $1.285 billion despite a 3.3% decline in GMV. The company returned to profitability with a net profit of $20 million, driven by improved operational efficiency and cost management. The company also announced a significant expansion of its fulfillment network, including a new chemical warehouse in Chengdu, and highlighted the commercial impact of its AI initiatives.
Key Facts
- Net revenue increased 2.6% year-over-year to $1.285 billion in 2025
- Company returned to profitability with net profit of $20 million in 2025
- GMV declined 3.3% to $1.4 billion despite revenue growth
- Gross margin decreased to 16.4% from 17.2% in 2024
- Customer base grew 85.6% year-over-year to 155,829 customers
- Established new chemical warehouse in Chengdu and expanded fulfillment network to 30 distribution centers
- AI capabilities are delivering measurable commercial impact and productivity gains
Financial Impact
Revenue growth of 2.6% and return to profitability
Risk Factors
- Declining GMV despite revenue growth suggests potential margin pressure
- Increased accounts receivable and inventories are putting pressure on operating cash flow
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 12 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001104659-26-048107 |
| Document: zkh-20251231xex12d1.htm | 0001104659-26-048107 |
| Document: zkh-20251231xex12d2.htm | 0001104659-26-048107 |
| Document: zkh-20251231xex15d1.htm | 0001104659-26-048107 |
| Document: zkh-20251231xex15d2.htm | 0001104659-26-048107 |
| Document: zkh-20251231xex13d1.htm | 0001104659-26-048107 |
| Document: zkh-20251231xex13d2.htm | 0001104659-26-048107 |
| Document: zkh-20251231xex8d1.htm | 0001104659-26-048107 |
| Document: zkh-20251231xex15d3.htm | 0001104659-26-048107 |
| Document: 0001104659-26-048107-index-headers.html | 0001104659-26-048107 |
| Document: 0001104659-26-048107-index.html | 0001104659-26-048107 |
| Document: 0001104659-26-048107.txt | 0001104659-26-048107 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 21, 2026 9w ago | 6-K | $2.90 $2.92 | ▲ +0.69% | ▲ +0.22% | $1.78 (−38.62%) |
Aug 21, 2026 9w ago | Press Release | $2.90 $2.92 | ▲ +0.69% | ▲ +0.22% | $1.78 (−38.62%) |
Jul 20, 2026 14w ago | 6-K | $2.96 $2.95 | ▼ −0.34% | ▲ +0.09% | $1.78 (−39.86%) |
Jun 15, 2026 19w ago | 6-K | $2.74 $2.46 | ▼ −10.22% | ▼ −8.84% | $1.78 (−35.04%) |
Apr 24, 2026 26w ago | 20-F | $2.98 $3.05 | ▲ +2.35% | ▲ +1.44% | $1.78 (−40.27%) |
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