The Q2 results mark a clear inflection to profitability, with accelerating GMV growth and margin expansion. Traders should watch the H2 2026 guidance on the upcoming earnings call for confirmation of sustained momentum; the stock may re-rate if management signals continued operating leverage and double-digit revenue growth.
Price Chart
Executive Summary
ZKH Group reported Q2 2026 results showing a strong turnaround: net revenue grew 12.8% YoY to RMB2.44 billion ($360.2M), and the company swung from a net loss of RMB53.5M to a net profit of RMB26.7M. GMV increased 18.9% YoY, driven by 22.9% growth on the ZKH platform and a 50.7% surge in marketplace GMV. The company achieved operating profitability for the first time, with operating income of RMB4.0M versus a loss of RMB72.0M a year ago, marking a significant inflection point in its earnings trajectory.
Key Facts
- Net revenue increased 12.8% YoY to RMB2,443.8 million ($360.2 million).
- Net profit of RMB26.7 million ($3.9 million) vs. net loss of RMB53.5 million in Q2 2025.
- GMV grew 18.9% YoY to RMB2,877.5 million, with marketplace GMV up 50.7%.
- Operating income was RMB4.0 million, the first quarter of operating profitability.
- Non-GAAP EBITDA was RMB41.9 million ($6.2 million), vs. negative RMB38.7 million in Q2 2025.
- Gross margin improved 110 bps to 17.6% of net revenues.
- Cash and equivalents, restricted cash, and short-term investments totaled RMB1.67 billion ($246.5 million) as of June 30, 2026.
- Company repurchased ~2.49 million ADSs for ~$7.67 million under its $50 million buyback program.
Financial Impact
Revenue of RMB2.44B (+12.8% YoY), net profit of RMB26.7M vs. loss of RMB53.5M, operating income of RMB4.0M vs. loss of RMB72.0M
Risk Factors
- Cash used in operations was RMB122.4 million, slightly worse than RMB110.7 million a year ago.
- GBB platform GMV declined 12.1% YoY, indicating weakness in that segment.
- Customer count decreased 1.7% YoY to 73,547, suggesting potential customer acquisition challenges.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-099346 |
| Document: tm2623688d1_6k.htm | 0001104659-26-099346 |
| Document: 0001104659-26-099346-index-headers.html | 0001104659-26-099346 |
| Document: 0001104659-26-099346-index.html | 0001104659-26-099346 |
| Document: 0001104659-26-099346.txt | 0001104659-26-099346 |
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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