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ZKH Group (ZKH) investor relations material
ZKH Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Business stabilized and returned to growth, with net revenues up 2.1% year-over-year to RMB 2,328.4 million and transacting customers exceeding 70,800, a new quarterly high, supported by efficiency gains and AI-driven operational improvements.
Private-label GMV grew 16.7% year-over-year, now representing 8.2% of total GMV, with over 600 new SKUs launched.
Customer base expanded 48% year-over-year, with improved mix across key accounts and SMEs, and international expansion continued, including U.S. channel growth and support for China-outbound clients.
AI initiatives and warehouse consolidation drove productivity and cost savings, with customer service productivity up 42% and procurement productivity up 52% year-over-year.
Achieved monthly break-even in September, with adjusted net loss down 78.7% to RMB 14.1 million and adjusted net loss margin at 0.6%.
Financial highlights
Net revenues for 3Q2025 were RMB 2,328.4 million, up 2.1% year-over-year; gross profit rose 0.5% to RMB 390.2 million.
Gross margin was 16.8% (down 27.3 bps year-over-year); on a GMV basis, gross margin improved by 41.5 bps to 14.9%.
Operating loss narrowed 69.3% to RMB 32.3 million; non-GAAP EBITDA loss improved to RMB 8.5 million from RMB 62.8 million.
Net loss narrowed to RMB 24.3 million (1.0% margin), and non-GAAP adjusted net loss to RMB 14.1 million (0.6% margin).
Net cash from operating activities was RMB 105.5 million, compared to a net outflow of RMB 160.5 million a year ago.
Outlook and guidance
Confident in achieving quarterly profitability in Q4 2025, with annual GMV growth of 15%-20% expected going forward.
Overseas business expected to reach break-even in 2026, with near-term focus on serving Chinese companies abroad.
Management remains focused on AI development, overseas expansion, and long-term value creation.
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Frequently asked questions
ZKH Group Limited operates as a comprehensive platform for maintenance, repair, and operations (MRO) products and services in China. The company offers a wide range of products, including spare parts, chemicals, manufacturing components, general consumables, and office supplies. In addition to these products, ZKH provides MRO procurement and management services, digitalized solutions, and logistics and warehousing services. The company also produces and sells intelligent warehousing equipment. The company is headquartered in Shanghai, and its shares are listed on the NYSE.
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