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ZKH Group (ZKH) investor relations material

ZKH Group Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary22 Aug, 2025

Executive summary

  • Achieved strong business development and operational efficiency in Q2 2025, with high customer activity, a 53.5% YoY increase in customer base to over 74,000, and high retention among top customers.

  • Net revenues for Q2 2025 were RMB2.17 billion, down 3.7% YoY, mainly due to SOE business optimization and exit from low-margin, extended-credit businesses.

  • Net loss narrowed by 19.3% YoY to RMB53.5 million, with net loss margin improving to 2.5% from 2.9%, and monthly breakeven achieved in June.

  • Operational efficiency improved through AI adoption, process streamlining, and cost management, with order processing per customer service rep up 48% and warehouse fulfillment cost down 18%.

  • International expansion accelerated, with U.S. revenue up 260% QoQ, new initiatives in Europe and Southeast Asia, and the operational launch of the Taicang facility to enhance R&D and private-label growth.

Financial highlights

  • GMV declined 12.1% YoY to RMB2.42 billion due to SOE business optimization and exit from low-margin businesses, but underlying GMV excluding this impact grew.

  • Gross margin was 16.5%, slightly down from 17% last year, but gross margin on GMV basis improved to 14.8%.

  • Non-GAAP EBITDA loss narrowed to RMB38.7 million from RMB47.1 million, with margin improving to -1.8% from -2.1%.

  • Private-label product GMV grew 25% YoY to RMB210 million, now 8.7% of total GMV.

  • Marketplace (3P) take rate increased 206.7bps YoY to 14.2%.

Outlook and guidance

  • Management anticipates easing of SOE-related challenges and a potential turnaround in top-line growth in the second half of 2025, with Europe business and standalone site launch targeted by year-end.

  • Focus remains on financial stability, near-term profitability in China, and sustainable long-term growth through international expansion and AI/data infrastructure.

  • Strategic initiatives may weigh on short-term results but are expected to drive sustainable, long-term value.

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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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