ZKH Group (ZKH) Q2 2026 earnings summary

Executive summary

• Achieved fastest year-over-year GMV and revenue growth in several quarters, with Q2 GMV up 18.9% to RMB 2.9 billion and net revenues up 12.8% to RMB 2.4 billion, marking the strongest topline growth in recent quarters.

• Achieved operating profitability for the first time, with non-GAAP EBITDA at RMB 41.9 million and non-GAAP adjusted net profit at RMB 38.5 million, reversing losses from the prior year.

• Growth was broad-based across industries and customer segments, with SME GMV up 30% and private label GMV up over 25% year-over-year, now accounting for about 10% of total GMV.

• International GMV increased tenfold year-over-year in the first half of 2026, reaching RMB 95 million, with U.S. online sales accelerating and local sourcing enhanced.

• AI adoption deepened, with the launch of the "Domino" data engine and expanded AI-driven solutions enhancing customer engagement and productivity.

Financial highlights

• GMV reached RMB 2.9 billion (+18.9% YoY), net revenues RMB 2.4 billion (+12.8% YoY), and gross profit RMB 430 million (+20.3% YoY).

• Gross margin improved to 17.6% from 16.5% year-over-year; gross profit margin as % of GMV was 14.9%.

• Total operating expenses decreased 0.8% year-over-year to RMB 425 million; operating expenses as a percentage of net revenues declined to 17.4%.

• Cash, cash equivalents, and short-term investments stood at RMB 1.67 billion as of June 30, 2026.

• Non-GAAP EBITDA was RMB 41.9 million, a turnaround from a loss of RMB 38.7 million in Q2 2025.

Outlook and guidance

• Management expects GMV growth to accelerate further in H2 2026, with full-year GMV growth targeted at 15%-20%.

• Profitability anticipated to improve meaningfully, with international business expected to turn profitable in H2.

• Continued scaling of AI-driven solutions and international expansion are expected to drive future growth.

• Focus remains on strengthening core competencies in product supply, fulfillment efficiency, and organizational capabilities.