ZKH Group Limited · NYSE:ZKH
ZKH — Q4 2024 Earnings Presentation
19 slides from ZKH's earnings presentation, Mar 18, 2025
Slide 1: 4Q2024 and Fiscal Year 2024 Earnings Presentation
NYSE: ZKH 4Q2024 and Fiscal Year 2024 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 3,400+ 20,000+
Slide 4: 4Q2024 and FY2024 Highlights
01 4Q2024 and FY2024 Highlights
Slide 5: 4Q2024 and FY2024 Highlights
4Q2024 and FY2024 Highlights Strategic Focus and Strong Execution Driving Business Forward and Ensuring Long-Term Success: Resilient Performance: Sustained Profitability & Cash Generation as Business Optimization Impact Gradually Faded q FY2024 gross margin: up 58.6bps YoY to 17.2%, driven by optimi
Slide 6: How We Performed?
ZK Riss 02 How We Performed? P|
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% 90.6% 90.5% Net Product Revenues %3 97.3% 95.6% 96.4% 95.1% 97.2% GBB Platform %1 8.6% 8.8% 9.6% 9.4% 9.5% Net Service Revenues %3,4 2.2% 3.5% 2.8% 4.0% 2.2% 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 Gross 14.4% 14.2% 16.0% 14.4% 16.4% Margin 15.8% 16.7% 17.2% 17.1% 17.1% Margin 1,045 1,046 1,192 292 336 2022 2023 2024 4Q2023 4Q2024 1,510 1,452 ZKH Platform – Marketplace (3P) (R
Slide 10: Operating Leverage
Operating Leverage Operating Expenses (RMB mm, as % of Total Net Revenues) 2,003 (24.1%) 2024 vs. 2023 4Q2024 vs. 4Q2023 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 +1.2 pts 683 -0.5 pts -0.4 pts (8.2%) 642 701 (
Slide 11: Path to Profitability
Path to Profitability Operating Loss Adjusted Net (Loss)/Profit1 (RMB mm) (RMB mm) As % of Net As % of Net (8.2%) (4.6%) (3.9%) (0.3%) (1.4%) (7.5%) (3.3%) (1.8%) 1.1% (0.6%) Revenues Revenues As % of GMV (7.3%) (3.6%) (3.2%) (0.2%) (1.2%) As % of GMV (6.7%) (2.6%) (1.5%) 0.9% (0.6%) 28 (7) (33) (15
Slide 12: Quarterly Performance
Quarterly Performance (RMB mm) 1Q2022 2Q2022 3Q2022 4Q2022 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 2,578 2,669 2,609 2,894 3,207 2,755 2,686 2,690 2,232 2,373 2,349 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 Revenues Gross 18.0% 16.7% 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 2,006 1,303 716
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 December 31, For the year ended December 31, 2023 2024 2023 2024 RMB RMB USD RMB RMB USD Net revenues 2,443,961 2,370,223 324,719 8,721,175 8,761,318 1,200,296 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, 2023 2024 2023 2024 RMB RMB USD RMB RMB USD Net profit/(loss) 20,229 (29,102) (3,987) (304,900) (268,043) (36,721) Add: Income tax (benefits)/expenses (60) 2
Slide 17: Unaudited Condensed Consolidated Balance Sheet
Unaudited Condensed Consolidated Balance Sheet (All amounts in thousands) As of December 31, 2023 As of December 31, 2024 RMB RMB USD Assets Cash and cash equivalents 1,090,621 1,423,943 195,079 Restricted cash 159,751 92,939 12,733 Short-term investments 874,210 543,978 74,525 Accounts receivable (
Slide 18: Unaudited Condensed Consolidated Balance Sheet (Cont'd)
Unaudited Condensed Consolidated Balance Sheet (Cont’d) (All amounts in thousands) As of Dec 31, 2023 As of December 31, 2024 RMB RMB USD Liabilities Short-term borrowings 585,000 311,000 42,607 Current portion of long-term borrowings - 997 137 Accounts and notes payable 2,883,370 2,553,396 349,814
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