SHANGHAI, Nov. 20, 2025 /PRNewswire/ -- ZKH Group Limited ("ZKH" or the "Company") $(ZKH)$, a leading maintenance, repair and operations ("MRO") procurement service platform in China, today announced its unaudited financial results for the third quarter ended September 30, 2025.
Third Quarter 2025 Operational and Financial Highlights
Third Quarter
---------------------------------------------- ------------------------------
in thousand RMB, except for number of
customers, percentage and basis points
("bps") 2024 2025 Change
---------------------------------------------- --------- --------- --------
GMV([1]) 2,685,996 2,622,901 -2.3 %
---------------------------------------------- --------- --------- --------
GMV by Platform
------------------------------------------------------------------------------
ZKH Platform 2,422,649 2,354,585 -2.8 %
---------------------------------------------- --------- --------- --------
GBB Platform 263,347 268,316 1.9 %
---------------------------------------------- --------- --------- --------
GMV by Business Model
------------------------------------------------------------------------------
Product Sales (1P) 2,228,234 2,294,239 3.0 %
---------------------------------------------- --------- --------- --------
Marketplace (3P)([2]) 457,762 328,662 -28.2 %
---------------------------------------------- --------- --------- --------
Number of Customers([3]) 47,800 70,800 48.0 %
---------------------------------------------- --------- --------- --------
Net Revenues 2,280,690 2,328,354 2.1 %
---------------------------------------------- --------- --------- --------
Gross Profit 388,406 390,177 0.5 %
---------------------------------------------- --------- --------- --------
% of Net Revenues 17.0 % 16.8 % -27.3bps
---------------------------------------------- --------- --------- --------
Operating Loss (105,355) (32,338) -69.3 %
---------------------------------------------- --------- --------- --------
% of Net Revenues -4.6 % -1.4 % 323.1bps
---------------------------------------------- --------- --------- --------
Non-GAAP EBITDA([4]) (62,812) (8,450) -86.5 %
---------------------------------------------- --------- --------- --------
% of Net Revenues -2.8 % -0.4 % 239.1bps
---------------------------------------------- --------- --------- --------
Net Loss (81,751) (24,307) -70.3 %
---------------------------------------------- --------- --------- --------
% of Net Revenues -3.6 % -1.0 % 254.1bps
---------------------------------------------- --------- --------- --------
Non-GAAP Adjusted Net Loss([5]) (66,178) (14,074) -78.7 %
---------------------------------------------- --------- --------- --------
% of Net Revenues -2.9 % -0.6 % 229.7bps
---------------------------------------------- --------- --------- --------
Mr. Eric Long Chen, Chairman and Chief Executive Officer of ZKH, 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."
Mr. Max Chun Chiu Lai, 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 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."
[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. [2] The proportion of GMV generated by the marketplace model was 17.0% and 12.5% for the third quarter of 2024 and 2025, respectively. [3] Customers 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. [4] Non-GAAP EBITDA is defined as net loss before interest expenses, income tax expenses/(benefits) and depreciation and amortization expenses. [5] Non-GAAP adjusted net loss is defined as net loss excluding share-based compensation expenses.
Third Quarter 2025 Business Highlights
-- Business Momentum. The Company's business entered a clear recovery
trajectory in the third quarter, following nearly four quarters of
strategic optimization. GMV increased across both large corporations and
SME customers. Although GMV from central SOE customers still declined
modestly year over year, it recorded two consecutive quarters of
double-digit sequential growth.
-- Product Capabilities. The Company added more than 2.3 million sellable
SKUs during the quarter, bringing the total to over 19 million. This
expansion was complemented by an advancement in profitability mix, driven
by approximately 16.7% year-over-year growth in higher-margin
private-label product GMV, which now accounts for approximately 8.2% of
total GMV. The Company newly launched more than 600 private-label
products during the quarter.
-- Fulfillment Network. As part of ongoing efforts to optimize warehousing
network and enhance operating efficiency, the Company completed the
consolidation of the Wuxi ( ) and Shanghai ( ) central warehouses, which
is expected to generate annualized savings in rent, inventory, and
freight. In the third quarter, the through-warehouse fulfillment fee
declined by about 13% year over year, marking the seventh consecutive
quarter of year-over-year improvement.
-- AI Capabilities. The Company leveraged AI capabilities across various
aspects of operations, including material standardization and management,
product recommendations, sales conversion, data governance, and process
automation. One of the key outcomes of this strategy was the ProductRecom
Agent (AI ), which has generated over RMB100 million in incremental
revenue from launch in the fourth quarter of 2024 through the end of
September 2025 by recommending more than 20 million material line items.
-- International Expansion. The Company broadened its U.S. distribution
channels beyond the independent Northsky site to include platforms such
as Amazon.
Third Quarter 2025 Financial Results
Net Revenues. Net revenues were RMB2,328.4 million (US$327.1 million), representing an increase of 2.1% from RMB2,280.7 million in the same period of 2024.
Third Quarter
--------------------------------------- -----------------------------
in thousand RMB, except for percentage 2024 2025 Change
--------------------------------------- --------- --------- -------
Net Revenues 2,280,690 2,328,354 2.1 %
--------------------------------------- --------- --------- -------
Net Product Revenues 2,207,277 2,274,027 3.0 %
--------------------------------------- --------- --------- -------
From ZKH Platform 1,943,742 2,012,358 3.5 %
--------------------------------------- --------- --------- -------
From GBB Platform 263,535 261,669 -0.7 %
--------------------------------------- --------- --------- -------
Net Service Revenues 57,666 42,963 -25.5 %
--------------------------------------- --------- --------- -------
Other Revenues 15,747 11,364 -27.8 %
--------------------------------------- --------- --------- -------
Cost of Revenues. Cost of revenues was RMB1,938.2 million (US$272.3 million), representing an increase of 2.4% from RMB1,892.3 million in the same period of 2024. The increase was outpaced by the growth in product revenues, mainly due to the effectiveness of the Company's initiatives to reduce overall product procurement costs.
Gross Profit and Gross Margin. Gross profit was RMB390.2 million (US$54.8 million), representing an increase of 0.5% from RMB388.4 million in the same period of 2024. Gross margin was 16.8%, compared with 17.0% in the same period of 2024. The decrease was mainly due to lower revenue contribution from the marketplace model, which yields a 100% gross margin under the net revenue recognition basis. Nevertheless, gross profit as a percentage of GMV was 14.9%, compared with 14.5% in the same period of 2024. Both the gross margin of the product sales model and the take rate of the marketplace model increased, driven by optimized procurement costs and a higher proportion of GMV from higher-margin private label products.
Third Quarter
----------------------------------------------- -----------------------------
in thousand RMB, except for percentage and
basis points ("bps") 2024 2025 Change
----------------------------------------------- ------- ------- -----------
Gross Profit 388,406 390,177 0.5 %
----------------------------------------------- ------- ------- -----------
% of Net Revenues 17.0 % 16.8 % -27.3bps
----------------------------------------------- ------- ------- -----------
% of GMV 14.5 % 14.9 % 41.5bps
----------------------------------------------- ------- ------- -----------
Under Product Sales (1P)
------------------------------------------------------------------------------
ZKH Platform 311,947 325,209 4.3 %
----------------------------------------------- ------- ------- -----------
% of Net Product Revenues from ZKH
Platform 16.0 % 16.2 % 11.2bps
----------------------------------------------- ------- ------- -----------
GBB Platform 14,522 20,276 39.6 %
----------------------------------------------- ------- ------- -----------
% of Net Product Revenues from GBB
Platform 5.5 % 7.7 % 223.8bps
----------------------------------------------- ------- ------- -----------
Under Marketplace (3P) 57,666 42,963 -25.5 %
----------------------------------------------- ------- ------- -----------
% of Net Service Revenues 100.0 % 100.0 % -
----------------------------------------------- ------- ------- -----------
% of GMV from the Marketplace Model
(Take Rate([6]) ) 12.6 % 13.1 % 47.5bps
----------------------------------------------- ------- ------- -----------
Others 4,271 1,729 -59.5 %
----------------------------------------------- ------- ------- -----------
% of Other Revenues 27.1 % 15.2 % -1,190.8bps
----------------------------------------------- ------- ------- -----------
Operating Expenses. Operating expenses were RMB422.5 million (US$59.4 million), a decrease of 14.4% from RMB493.8 million in the same period of 2024. Operating expenses as a percentage of net revenues were 18.1%, compared with 21.6% in the same period of 2024.
-- Fulfillment Expenses. Fulfillment expenses were RMB90.4 million (US$12.7
million), a decrease of 9.8% from RMB100.2 million in the same period of
2024. The decrease was primarily attributable to lower employee benefit
expenses and warehouse rental costs. Fulfillment expenses as a percentage
of net revenues were 3.9%, compared with 4.4% in the same period of 2024.
-- Sales and Marketing Expenses. Sales and marketing expenses were RMB145.9
million (US$20.5 million), a decrease of 13.2% from RMB168.2 million in
the same period of 2024. The decrease was primarily attributable to lower
employee benefit expenses and travel expenses. Sales and marketing
expenses as a percentage of net revenues were 6.3%, compared with 7.4% in
the same period of 2024.
-- Research and Development Expenses . Research and development expenses
were RMB40.3 million (US$5.7 million), a decrease of 19.0% from RMB49.8
million in the same period of 2024. The decrease was primarily
attributable to lower employee benefit expenses. Research and development
expenses as a percentage of net revenues were 1.7%, compared with 2.2% in
the same period of 2024.
-- General and Administrative Expenses. General and administrative expenses
were RMB145.8 million (US$20.5 million), a decrease of 17.0% from
RMB175.6 million in the same period of 2024. The decrease was primarily
attributable to lower employee benefit expenses, share-based compensation
expenses and credit loss allowances. General and administrative expenses
as a percentage of net revenues were 6.3%, compared with 7.7% in the same
period of 2024.
Loss from Operations. Loss from operations was RMB32.3 million (US$4.5 million), compared with RMB105.4 million in the same period of 2024. Operating loss margin was 1.4%, compared with 4.6% in the same period of 2024.
Non-GAAP EBITDA. Non-GAAP EBITDA was negative RMB8.5 million (US$1.2 million), compared with negative RMB62.8 million in the same period of 2024. Non-GAAP EBITDA margin was negative 0.4%, compared with negative 2.8% in the same period of 2024.
Net Loss. Net loss was RMB24.3 million (US$3.4 million), compared with RMB81.8 million in the same period of 2024. Net loss margin was 1.0%, compared with 3.6% in the same period of 2024.
Non-GAAP Adjusted Net Loss. Non-GAAP adjusted net loss was RMB14.1 million (US$2.0 million), compared with RMB66.2 million in the same period of 2024. Non-GAAP adjusted net loss margin was 0.6%, compared with 2.9% in the same period of 2024.
Basic and Diluted Net Loss per ADS([7]) and Non-GAAP Adjusted Basic and Diluted Net Loss per ADS([8]) . Basic and diluted net loss per ADS were RMB0.15 (US$0.02), compared with RMB0.50 in the same period of 2024. Non-GAAP adjusted basic and diluted net loss per ADS were RMB0.09 (US$0.01), compared with RMB0.40 in the same period of 2024.
[6] Take rate of the marketplace model represents gross profit from the marketplace model divided by GMV from the marketplace model. [7] ADSs are American depositary shares, each of which represents thirty-five (35) Class A ordinary shares of the Company. [8] Non-GAAP adjusted basic and diluted net loss per ADS is a non-GAAP financial measure, which is calculated by dividing non-GAAP adjusted net loss attributable to the Company's ordinary shareholders by the weighted average number of ADSs.
Balance Sheet and Cash Flow
As of September 30, 2025, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.90 billion (US$267.2 million), compared with RMB2.06 billion as of December 31, 2024.
Net cash generated from operating activities was RMB105.5 million (US$14.8 million) in the third quarter of 2025, compared with net cash generated from operating activities of RMB160.5 million in the same period of 2024.
Share Repurchase Update
Pursuant to the Company's share repurchase program of up to US$50 million adopted on June 13, 2025 and effective through June 13, 2026, the Company had repurchased an aggregate of approximately 0.63 million ADSs for approximately US$1.92million from the open market as of October 31, 2025.
Exchange Rate
This announcement contains translations of certain Renminbi ("RMB") amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ were made at a rate of RMB7.1190 to US$1.00, the exchange rate in effect as of September 30, 2025, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.
Conference Call Information
The Company's management will hold a conference call on Thursday, November 20, 2025, at 7:00 A.M. U.S. Eastern Time or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the third quarter of 2025.
United States (toll free): +1-888-317-6003 International: +1-412-317-6061 Mainland China (toll free): 400-120-6115 Hong Kong (toll free): 800-963-976 Hong Kong: +852-5808-1995 Access Code: 1976591
The replay will be accessible through November 27, 2025 by dialing the following numbers:
United States: +1-855-669-9658 International: +1-412-317-0088 Replay Access Code: 9206894
A live and archived webcast of the conference call will also be available on the Company's investor relations website at https://ir.zkh.com.
About ZKH Group Limited
ZKH Group Limited (NYSE: ZKH) is a leading MRO procurement service platform in China, underpinned by robust supply chain capabilities and dedicated to serving customers globally through a product-led, agentic AI-driven approach. Through its primary online platforms, the ZKH platform, the GBB platform and the Northsky platform, along with innovative technology and extensive industry expertise, the Company provides bespoke MRO procurement solutions to a diverse and loyal customer base. These solutions encompass hyper-personalized product curation from a comprehensive selection of quality products at competitive prices. Additionally, the Company ensures timely and reliable product delivery through professional fulfillment services. By focusing on reducing procurement costs and addressing management efficiency challenges, ZKH is transforming the opaque MRO procurement process and empowering all stakeholders across the value chain.
For more information, please visit: https://ir.zkh.com.
Use of Non-GAAP Financial Measures
This press release contains the following non-GAAP financial measures: non-GAAP adjusted net loss, non-GAAP adjusted net loss per ADS, basic and diluted, and non-GAAP EBITDA. The non-GAAP financial measures should not be considered in isolation from or construed as alternatives to their most directly comparable financial measures prepared in accordance with accounting principles generally accepted in the United States of America. Investors are encouraged to review the historical non-GAAP financial measures in reconciliation to their most directly comparable GAAP financial measures.
The Company defines non-GAAP adjusted net loss for a specific period as net loss in the same period excluding share-based compensation expenses. The Company defines non-GAAP EBITDA as net loss before interest expenses, income tax expenses/(benefits) and depreciation and amortization expenses. Non-GAAP adjusted net loss per ADS is calculated by dividing adjusted net loss attributable to the Company's ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods and then multiplied by 35.
The Company presents these non-GAAP financial measures because they are used by the management to evaluate the Company's operating performance and formulate business plans. The Company believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that are included in net loss and certain expenses that are not expected to result in future cash payments or that are non-recurring in nature. The Company also believes that the use of these non-GAAP financial measures facilitates investors' assessment of its operating performance, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by the management in financial and operational decision making.
The non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies. The Company's non-GAAP financial measures do not include all income and expense items that affect the Company's operations. They may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider the non-GAAP financial measures as substitutes for, or superior to, their most directly comparable financial measures prepared in accordance with GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of Non-GAAP Results" set forth at the end of this press release.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expects," "anticipates," "aim," "estimates," "intends," "plans," "believes," "is/are likely to," "potential," "continue," and similar statements. Among other things, the quotations from management in this press release and ZKH's strategic and operational plans contain forward-looking statements. ZKH may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press release and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about ZKH's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ZKH's mission, goals and strategies; ZKH's future business development, financial condition and results of operations; the expected changes in its revenues, expenses or expenditures; the expected growth of the MRO procurement service industry in China and globally; changes in customer or product mix; ZKH's expectations regarding the prospects of its business model and the demand for and market acceptance of its products and services; ZKH's expectations regarding its relationships with customers, suppliers, and service providers on its platform; competition in the Company's industry; government policies and regulations relating to ZKH's industry; general economic and business conditions in China and globally; the outcome of any current and future legal or administrative proceedings; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ZKH's filings with the SEC. All information provided herein is as of the date of this announcement, and ZKH undertakes no obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
ZKH Group Limited
IR Department
E-mail: IR@zkh.com
Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: zkh@thepiacentegroup.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: zkh@thepiacentegroup.com
ZKH GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share, ADS, per share and per ADS
data)
As of
December 31, As of September 30,
------------- ----------------------
2024 2025
------------- ----------------------
RMB RMB US$
Assets
Current assets:
Cash and cash equivalents 1,423,943 905,814 127,239
Restricted cash 92,939 79,362 11,148
Short-term investments 543,978 917,002 128,811
Accounts receivable (net of
allowance for credit losses of
RMB145,789 and RMB162,420 as
of December 31, 2024 and
September 30, 2025,
respectively) 3,090,323 2,993,104 420,439
Notes receivable 234,213 188,424 26,468
Inventories 625,390 738,363 103,717
Prepayments and other current
assets 179,387 174,762 24,549
-------------
Total current assets 6,190,173 5,996,831 842,371
------------- ----------- ---------
Non-current assets:
Property and equipment, net 183,572 187,929 26,398
Land use right 10,808 10,639 1,494
Operating lease right-of-use
assets, net 179,945 143,230 20,119
Intangible assets, net 15,931 17,246 2,423
Goodwill 30,807 30,807 4,327
-------------
Total non-current assets 421,063 389,851 54,761
------------- ----------- ---------
Total assets 6,611,236 6,386,682 897,132
============= =========== =========
Liabilities
Current liabilities:
Short-term borrowings 311,000 300,000 42,141
Current portion of long-term
borrowings 997 2,305 324
Accounts and notes payable 2,553,396 2,514,533 353,214
Operating lease liabilities 81,379 42,338 5,947
Advance from customers 27,433 31,223 4,386
Accrued expenses and other
current liabilities 365,333 350,623 49,252
Derivatives - 5,565 782
-------------
Total current liabilities 3,339,538 3,246,587 456,046
------------- ----------- ---------
Non-current liabilities:
Long-term borrowings 38,887 43,803 6,153
Non-current operating lease
liabilities 109,096 108,623 15,258
Other non-current liabilities 25,224 30,342 4,262
Total non-current liabilities 173,207 182,768 25,673
------------- ----------- ---------
Total liabilities 3,512,745 3,429,355 481,719
------------- ----------- ---------
ZKH Group Limited shareholders'
equity:
Ordinary shares (USD0.0000001 par
value; 500,000,000,000 and
500,000,000,000 shares
authorized; 5,658,952,794 and
5,679,694,214 shares issued
and outstanding as of December
31, 2024 and September 30,
2025, respectively) 4 4 1
Additional paid-in capital 8,305,304 8,359,497 1,174,252
Statutory reserves 6,303 6,303 885
Accumulated other comprehensive
income/(loss) 4,764 (17,012) (2,390)
Accumulated deficit (5,177,126) (5,321,665) (747,530)
Treasury stock (40,758) (69,800) (9,805)
Total ZKH Group Limited
shareholders' equity 3,098,491 2,957,327 415,413
------------- ----------- ---------
Total liabilities and
shareholders' deficit 6,611,236 6,386,682 897,132
============= =========== =========
ZKH GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(All amounts in thousands, except share, ADS, per share and per ADS data)
For the three months ended For the nine months ended
------------------------------------------- -------------------------------------------
September 30, September 30,
2024 September 30, 2025 2024 September 30, 2025
------------- ---------------------------- ------------- ----------------------------
RMB RMB US$ RMB RMB US$
Net revenues
Net product revenues 2,207,277 2,274,027 319,431 6,146,017 6,272,857 881,143
Net service revenues 57,666 42,963 6,035 193,481 121,564 17,076
Other revenues 15,747 11,364 1,596 51,597 36,079 5,068
Total net revenues 2,280,690 2,328,354 327,062 6,391,095 6,430,500 903,287
------------- ------------- ------------- ------------- ------------- -------------
Cost of revenues (1,892,284) (1,938,177) (272,254) (5,285,622) (5,351,218) (751,681)
Operating expenses
Fulfillment (100,176) (90,408) (12,700) (296,621) (274,526) (38,562)
Sales and marketing (168,161) (145,923) (20,498) (489,963) (432,088) (60,695)
Research and
development (49,785) (40,339) (5,666) (128,052) (121,423) (17,056)
General and
administrative (175,639) (145,845) (20,487) (497,019) (436,353) (61,294)
Loss from operations (105,355) (32,338) (4,543) (306,182) (185,108) (26,001)
Interest and
investment income 17,279 12,822 1,801 49,779 38,688 5,434
Interest expense (4,967) (3,346) (470) (16,184) (8,733) (1,227)
Others, net 11,883 (1,438) (202) 34,391 10,816 1,519
------------- ------------- ------------- ------------- ------------- -------------
Loss before income
tax (81,160) (24,300) (3,414) (238,196) (144,337) (20,275)
Income tax expenses (591) (7) (1) (745) (202) (28)
------------- ------------- ------------- ------------- ------------- -------------
Net loss (81,751) (24,307) (3,415) (238,941) (144,539) (20,303)
Less: net income
attributable to non-
controlling
interests - - - - - -
Less: net loss
attributable to
redeemable
non-controlling
interests - - - - - -
Net loss
attributable to ZKH
Group Limited (81,751) (24,307) (3,415) (238,941) (144,539) (20,303)
Accretion on
preferred shares to
redemption value - - - - - -
Net loss
attributable to ZKH
Group
Limited's
ordinary
shareholders (81,751) (24,307) (3,415) (238,941) (144,539) (20,303)
============= ============= ============= ============= ============= =============
Net loss (81,751) (24,307) (3,415) (238,941) (144,539) (20,303)
Other comprehensive
loss:
Foreign currency
translation
adjustments 34,122 (14,192) (1,994) 21,651 (21,776) (3,059)
Total comprehensive
loss (47,629) (38,499) (5,409) (217,290) (166,315) (23,362)
Less: comprehensive
income attributable
to non-controlling
interests - - - - - -
Less: comprehensive
loss attributable to
redeemable
non-controlling
interests - - - - - -
------------- ------------- ------------- ------------- ------------- -------------
Comprehensive loss
attributable
to ZKH Group
Limited (47,629) (38,499) (5,409) (217,290) (166,315) (23,362)
Accretion on
Preferred Shares to
redemption value - - - - - -
------------- ------------- ------------- ------------- ------------- -------------
Total comprehensive
loss
attributable
to ZKH Group
Limited's
ordinary
shareholders (47,629) (38,499) (5,409) (217,290) (166,315) (23,362)
============= ============= ============= ============= ============= =============
Net loss per
ordinary share
attributable to
ordinary
shareholders
Basic and diluted (0.01) (0.00) (0.00) (0.04) (0.03) (0.00)
Weighted average
number of shares
Basic and diluted 5,743,094,981 5,667,874,386 5,667,874,386 5,744,351,364 5,680,656,034 5,680,656,034
Net loss per ADS
attributable to
ordinary
shareholders
Basic and diluted (0.50) (0.15) (0.02) (1.46) (0.89) (0.13)
Weighted average
number of ADS (35
Class A
ordinary shares
equal to 1
ADS)
Basic and diluted 164,088,428 161,939,268 161,939,268 164,124,325 162,304,458 162,304,458
ZKH GROUP LIMITED
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share, ADS, per share and per ADS data)
For the three months ended For the nine months ended
------------------------------------------- -------------------------------------------
September 30, September 30,
2024 September 30, 2025 2024 September 30, 2025
------------- ---------------------------- ------------- ----------------------------
RMB RMB US$ RMB RMB US$
Net loss (81,751) (24,307) (3,415) (238,941) (144,539) (20,303)
Income tax
expenses 591 7 1 745 202 28
Interest expenses 4,967 3,346 470 16,184 8,733 1,227
Depreciation and
amortization
expense 13,381 12,504 1,756 42,084 36,532 5,132
Non-GAAP EBITDA (62,812) (8,450) (1,188) (179,928) (99,072) (13,916)
============= ============= ============= ============= ============= =============
For the three months ended For the nine months ended
------------------------------------------- -------------------------------------------
September 30, September 30,
2024 September 30, 2025 2024 September 30, 2025
------------- ---------------------------- ------------- ----------------------------
RMB RMB US$ RMB RMB US$
Net loss (81,751) (24,307) (3,415) (238,941) (144,539) (20,303)
Add:
Share-based
compensation
expenses 15,573 10,233 1,437 94,447 43,756 6,146
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