ZKH Group Limited · NYSE:ZKH
ZKH — Q1 2025 Earnings Presentation
19 slides from ZKH's earnings presentation, May 20, 2025
Slide 1: 1Q2025 Earnings Presentation
NYSE: ZKH 1Q2025 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 recommendation and/or a solicitati
Slide 3: ZKH Today
ZKH Today Leading MRO Procurement Service Platform with One-stop Services and Offerings RMB10.5bn GMV1 83,900+ 98% Top Customers Customers1 20.5% Retention2 2020-2024 CAGR RMB~700mm 32 GMV by Private Label1 Product Lines3 3.2+mm 33.4% 17+mm Orders1 2020-2024 CAGR SKU3 30 International 3,200+ 20,000+
Slide 4: 1Q2025 Highlights
ZK Riss 01 1Q2025 Highlights
Slide 5: 1Q2025 Highlights
1Q2025 Highlights Strategic Focus and Strong Execution Driving Business Growth and Long- Term Success: Solid Performance: Strengthened Business Quality & Improved Profitability Metrics q Product Sales (1P) Gross Margin: Up 58.0bps YoY to 16.6% on ZKH Platform; up 67.5bps to 6.2% on GBB Platform q Ma
Slide 6: How We Performed?
ZK Riss 02 How We Performed?
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 91.4% 91.2% 90.4% 91.0% 90.5% Net Product Revenues %3 97.3% 95.6% 96.4% 95.4% 97.4% GBB Platform %1 8.6% 8.8% 9.6% 9.0% 9.5% Net Service Revenues %3,4 2.2% 3.5% 2.8% 3.6% 2.0% By Business Model: Other Revenues %3
Slide 9: Gross Profit and Gross Margin
Gross Profit and Gross Margin Gross Profit and Gross Margin1 ZKH Platform – Product Sales (1P) (RMB mm) (RMB mm) Gross As % of Total 14.4% 14.2% 16.0% 16.0% 16.6% 15.8% 16.7% 17.2% 18.0% 17.2% Margin Net Revenues 1,045 1,046 1,192 As % of GMV 14.1% 13.1% 14.4% 14.2% 15.3% 250 279 2022 2023 2024 1Q20
Slide 10: Operating Leverage
Operating Leverage Operating Expenses (RMB mm, as % of Total Net Revenues) 2,003 (24.1%) 2024 vs. 2023 1Q2025 vs. 1Q2024 1,851 1,849 Operating Leverage Operating Leverage (21.2%) (21.1%) Improvement Improvement 467 (5.6%) 439 392 (5.0%) (4.5%) -0.1 pts -3.6 pts 683 -0.5 pts -0.4 pts (8.2%) 642 701 (
Slide 11: Path to Profitability
Path to Profitability Operating Loss Adjusted Net Loss1 (RMB mm) (RMB mm) As % of Net As % of Net (8.2%) (4.6%) (3.9%) (7.0%) (4.2%) (7.5%) (3.3%) (1.8%) (2.3%) (2.6%) Revenues Revenues As % of GMV (7.3%) (3.6%) (3.2%) (5.5%) (3.7%) As % of GMV (6.7%) (2.6%) (1.5%) (1.9%) (2.3%) (81) (43) (50) (130)
Slide 12: Quarterly Performance
Quarterly Performance (RMB mm) 1Q2022 2Q2022 3Q2022 4Q2022 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 2,578 2,669 2,609 2,894 3,207 2,755 2,686 2,690 2,232 2,373 2,349 2,172 1,894 GMV 1,988 2,333 2,260 2,073 2,265 2,444 2,250 2,281 2,370 Net 1,734 1,939 1,860 1,935 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) 2,125 2,061 2,006 1,800 1,3
Slide 14: Appendix
ZK Riss 03 Appendix PF
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, 2024 2025 RMB RMB USD Net revenues 1,860,409 1,935,372 266,702 Net product revenues 1,775,019 1,884,860 259,741 Net service revenues 66,654 37,894 5,222 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, 2024 2025 RMB RMB USD Net loss (90,901) (66,723) (9,193) Add: Income tax expenses 88 247 34 Interest expenses 5,695 2,350 324 Depreciation and amortization expenses 15,070 12,167 1,677 Non-GAAP
Slide 17: Unaudited Condensed Consolidated Balance Sheet
Unaudited Condensed Consolidated Balance Sheet (All amounts in thousands) As of Dec 31, 2024 As of Mar 31, 2025 RMB RMB USD Assets Cash and cash equivalents 1,423,943 1,136,052 156,552 Restricted cash 92,939 116,183 16,010 Short-term investments 543,978 547,959 75,511 Accounts receivable (net of all
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 Mar 31, 2025 RMB RMB USD Liabilities Short-term borrowings 311,000 160,790 22,157 Current portion of long-term borrowings 997 1,153 159 Accounts and notes payable 2,553,396 2,311,127 318,48
Slide 19: For investor and media inquiries, please contact:
For investor and media inquiries, please contact: In China: ZKH Group Limited IR Department E-mail: IR@zkh.com Piacente Financial Communications Hui Fan Tel: +86-10-6508-0677 E-mail: zkh@thepiacentegroup.com In the United States: Piacente Financial Communications Brandi Piacente Tel: +1-212-481-2050