ZKH Group Limited · NYSE:ZKH
ZKH — Q1 2026 Earnings Presentation
19 slides from ZKH's earnings presentation, May 2026
Slide 1: 1Q2026 Earnings Presentation
NYSE: ZKH 1Q2026 Earnings Presentation
Slide 2: Disclaimer
Disclaimer The following document has been prepared by ZKH GROUP LIMITED (“ZKH” or the “Company”) solely for informational purposes and should not be construed to be, directly or indirectly, in whole or in part, an offer to buy or sell and/or an invitation and/or a recommend ation and/or a solicitat
Slide 3: ZKH Today
ZKH Today Leading MRO Procurement Service Platform with One-stop Services and Offerings RMB10.1bn GMV 1 155,000+ 96% Top Customers Customers1 15.3% Retention2 2020-2025 CAGR RMB~844mm 32 GMV by Private Label1 Product Lines 3 3.8+mm 30.8% 23+mm Orders 1 2020-2025 CAGR SKU 3 30 Distribution Centers3 2
Slide 4: 1Q2026 Highlights
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Slide 5: 1Q2026 Highlights
1Q2026 Highlights Accelerated Growth and Improved Profitability with Scaling Platform and AI Capabilities Revenue Growth & Profitability ❑ Accelerated growth momentum: GMV +12.9% YoY, accelerating vs. -7.5% in 1Q25 and +8.5% in 4Q25; revenue +9.2% YoY, a recent quarterly high, supported by solid per
Slide 6: How We Performed?
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Slide 7: Sources of Revenues
Sources of Revenues Business Model Revenue Stream Revenue Recognition • ZKH platform and GBB platform purchase products from suppliers and sell them directly to customers, acting as the principal in these Product Sales Model Net Product Revenues transactions (1P Model) (Gross Basis) • Net product re
Slide 8: GMV and Revenues Growth
GMV and Revenues Growth GMV Net Revenues (RMB mm) (RMB mm) By Platform: ZKH Platform % 1 91.2% 90.4% 89.8% 90.5% 89.0% Net Product Revenues %3 95.6% 96.4% 97.5% 97.4% 97.5% GBB Platform %1 8.8% 9.6% 10.2% 9.5% 11.0% Net Service Revenues %3,4 3.5% 2.8% 1.9% 2.0% 2.0% By Business Model: 12.5% 90.5% 87
Slide 9: Gross Profit and Gross Margin
Gross Profit and Gross Margin Gross Profit and Gross Margin 1 ZKH Platform – Product Sales (1P) (RMB mm) (RMB mm) Gross As % of Total 14.2% 16.0% 15.9% 16.6% 16.4% 16.7% 17.2% 16.4% 17.2% 16.7% Margin Net Revenues 1,192 1,231 1,046 As % of GMV 13.1% 14.4% 14.6% 15.3% 14.4% 279 295 2023 2024 2025 1Q2
Slide 10: Operating Leverage
Operating Leverage Operating Expenses (RMB mm, as % of Total Net Revenues) 2025 vs. 2024 1Q2026 vs. 1Q2025 1,851 1,849 Operating Leverage Operating Leverage (21.2%) (21.1%) Improvement Improvement 1,689 (18.8%) 439 392 (5.0%) (4.5%) -2.3 pts -3.5 pts 362 (4.0%) 642 -0.5 pts -1.1 pts 701 (7.3%) 585 (
Slide 11: Path to Profitability
Path to Profitability Operating Loss Adjusted Net (Loss)/Profit1 (RMB mm) (RMB mm) As % of Net As % of Net (4.6%) (3.9%) (2.4%) (4.2%) (1.1%) (3.3%) (1.8%) (1.0%) (2.6%) 0.1% Revenues Revenues As % of GMV (3.6%) (3.2%) (2.1%) (3.7%) (0.9%) As % of GMV (2.6%) (1.5%) (0.8%) (2.3%) 0.1% 2 (22) (50) (81
Slide 12: Quarterly Performance
Quarterly Performance (RMB mm) 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026 2,609 2,894 3,207 2,755 2,686 2,690 2,623 2,918 2,373 2,349 2,172 2,420 2,453 GMV 2,265 2,444 2,250 2,281 2,370 2,167 2,328 2,557 1,939 2,073 1,860 1,935 2,114 Net Revenues Gross
Slide 13: Cashflows
Cashflows Net Cash (Used in)/Provided Net Cash (Used in)/Provided Net Cash Provided by/(Used Cash and Cash Equivalents, by Operating Activities by Investing Activities in) Financing Activities Restricted Cash and Short- Term Investments (RMB mm) (RMB mm) (RMB mm) (RMB mm) 2,061 1,918 1,835 229 276 9
Slide 14: Appendix
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Slide 15: Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss)
Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss) (All amounts in thousands) For the three months ended Mar 31, 2025 2026 RMB RMB USD Net revenues 1,935,372 2,113,819 306,439 Net product revenues 1,884,860 2,061,621 298,872 Net service revenues 37,894 41,251 5,980 Other reven
Slide 16: Reconciliation of GAAP and Non-GAAP Results
Reconciliation of GAAP and Non-GAAP Results (All amounts in thousands) For the three months ended Mar 31, 2025 2026 RMB RMB USD Net loss (66,723) (10,103) (1,465) Add: Income tax expenses 247 515 75 Interest expenses 2,350 2,263 328 Depreciation and amortization expenses 12,167 11,562 1,676 Non-GAAP
Slide 17: Unaudited Condensed Consolidated Balance Sheet
Unaudited Condensed Consolidated Balance Sheet (All amounts in thousands) As of Dec 31, 2025 As of Mar 31, 2026 RMB RMB USD Assets Cash and cash equivalents 1,030,573 1,074,095 155,711 Restricted cash 61,871 50,891 7,378 Short-term investments 825,289 710,454 102,994 Accounts receivable (net of allo
Slide 18: Unaudited Condensed Consolidated Balance Sheet (Continued)
Unaudited Condensed Consolidated Balance Sheet (Continued) (All amounts in thousands) As of Dec 31, 2025 As of Mar 31, 2026 RMB RMB USD Liabilities Short-term borrowings 240,000 230,000 33,343 Current portion of long-term borrowings 2,305 2,305 334 Accounts and notes payable 2,718,941 2,487,578 360,
Slide 19: For investor and media inquiries, please contact
For investor and media inquiries, please contact: ZKH Group Limited IR Department E-mail: IR@zkh.com Christensen Advisory Email: zkh@christensencomms.com 19