ZKH Group Limited · NYSE:ZKH
ZKH — Q4 2025 Earnings Presentation
19 slides from ZKH's earnings presentation, Mar 19, 2026
Slide 1: 4Q and Fiscal Year 2025 Earnings Presentation
NYSE: ZKH 4Q and Fiscal Year 2025 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: 4Q and FY2025 Highlights
ZK +r init 1 4Q and FY2025 Highlights
Slide 5: 4Q and FY2025 Highlights
4Q and FY2025 Highlights Accelerated Growth and Return to Profitability with Scaling Platform and AI Capabilities Revenue Growth & Profitability ❑ Accelerated growth momentum: 4Q GMV +8.5% YoY and revenue +7.9% YoY, supported by solid performance across both the ZKH and GBB platforms. ❑ Strengthened
Slide 6: How We Performed?
ZK +r init 02 How We Performed? PC
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 Revenue Growth
GMV and Revenue Growth GMV Net Revenues (RMB mm) (RMB mm) By Platform: ZKH Platform % 1 91.2% 90.4% 89.8% 90.5% 90.4% Net Product Revenues %3 95.6% 96.4% 97.5% 97.2% 97.5% GBB Platform %1 8.8% 9.6% 10.2% 9.5% 9.6% Net Service Revenues %3,4 3.5% 2.8% 1.9% 2.2% 1.9% By Business Model: 12.5% 90.5% 87.5
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% 16.4% 14.9% 16.7% 17.2% 16.4% 17.1% 15.5% Margin Net Revenues 1,192 1,231 1,046 As % of GMV 13.1% 14.4% 14.6% 15.1% 13.6% 336 332 2023 2024 2025 4Q2
Slide 10: Operating Leverage
Operating Leverage Operating Expenses (RMB mm, as % of Total Net Revenues) 2025 vs. 2024 4Q2025 vs. 4Q2024 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 -1.9 pts 362 (4.0%) 642 -0.5 pts -0.6 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%) (1.4%) (1.1%) (3.3%) (1.8%) (1.0%) (0.6%) 0.6% Revenues Revenues As % of GMV (3.6%) (3.2%) (2.1%) (1.2%) (1.0%) As % of GMV (2.6%) (1.5%) (0.8%) (0.6%) 0.5% 15 (15) (33) (2
Slide 12: Quarterly Performance
Quarterly Performance (RMB mm) 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 2,609 2,894 3,207 2,755 2,686 2,690 2,623 2,918 2,373 2,349 2,172 2,420 GMV 2,265 2,444 2,250 2,281 2,370 2,167 2,328 2,557 Net 1,939 2,073 1,860 1,935 Revenues Gross 18.0% 17.1% 17.1%
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) 2,125 2,061 1,918 716 229 2
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 December 31, For the year ended December 31, 2024 2025 2024 2025 RMB RMB USD RMB RMB USD Net revenues 2,370,223 2,557,238 365,680 8,761,318 8,987,738 1,285,229 Net product
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 December 31, For the year ended December 31, 2024 2025 2024 2025 RMB RMB USD RMB RMB USD Net loss (29,102) 4,797 684 (268,043) (139,742) (19,984) Add: Income tax expenses 268 487 70 1,013 689 99 Interes
Slide 17: Unaudited Condensed Consolidated Balance Sheet
Unaudited Condensed Consolidated Balance Sheet (All amounts in thousands) As of Dec 31, 2024 As of December 31, 2025 RMB RMB USD Assets Cash and cash equivalents 1,423,943 1,030,573 147,370 Restricted cash 92,939 61,871 8,847 Short-term investments 543,978 825,289 118,015 Accounts receivable (net of
Slide 18: Unaudited Condensed Consolidated Balance Sheet (Continued)
Unaudited Condensed Consolidated Balance Sheet (Continued) (All amounts in thousands) As of Dec 31, 2024 As of December 31, 2025 RMB RMB USD Liabilities Short-term borrowings 311,000 240,000 34,320 Current portion of long-term borrowings 997 2,305 330 Accounts and notes payable 2,553,396 2,718,941 3
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