# EDGAR Filing Document

**Accession Number:** 0001862044
**File Stem:** 0001104659-25-114332
**Filing Date:** 2025-11
**Character Count:** 36935
**Document Hash:** 898b1c8c6332387b440977ff5a5841b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-114332.hdr.sgml**: 20251120

**ACCESSION NUMBER**: 0001104659-25-114332

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251120

**FILED AS OF DATE**: 20251120

**DATE AS OF CHANGE**: 20251120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ZKH Group Ltd
- **CENTRAL INDEX KEY:** 0001862044
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY [5200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41885
- **FILM NUMBER:** 251500933

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 7/F, TOWER 4, LIBAO PLAZA
- **STREET 2:** NO. 36 SHENBIN ROAD, MINHANG DISTRICT
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4
- **BUSINESS PHONE:** 86 21 50809696

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 7/F, TOWER 4, LIBAO PLAZA
- **STREET 2:** NO. 36 SHENBIN ROAD, MINHANG DISTRICT
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

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**FORM 6-K**

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**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of November 2025**

**Commission File Number: 001-41885**

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**ZKH Group Limited**

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**7/F, Tower 4, Libao Plaza, No. 36 Shenbin Road**

**Minhang District, Shanghai 201106**

**People's Republic of China**

**(Address of principal executive offices)**

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](tm2531736d1_ex99-1.htm) | [Press Release](tm2531736d1_ex99-1.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| ZKH GROUP LIMITED | ZKH GROUP LIMITED |
| By : | /s/ Chun Chiu Lai |
| Name: | Chun Chiu Lai |
| Title : | Chief Financial Officer |

---

Date: November 20, 2025

## Exhibit 99.1

**Exhibit 99.1**

**ZKH Group Limited Announces Third Quarter 2025 Unaudited Financial Results**

SHANGHAI, November 20, 2025 – ZKH Group Limited ("ZKH" or the "Company") (NYSE: ZKH), a leading maintenance, repair and operations ("MRO") procurement service platform in China, today announced its unaudited financial results for the third quarter ended September 30, 2025.

**Third Quarter 2025 Operational and Financial Highlights**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Third Quarter | Third Quarter | Third Quarter |  |
|  | 2024 | 2025 | Change |  |
|  | (*in thousand RMB, except for number of customers, percentage and basis points ("bps"))* | (*in thousand RMB, except for number of customers, percentage and basis points ("bps"))* | (*in thousand RMB, except for number of customers, percentage and basis points ("bps"))* |  |
| **GMV<sup>1</sup>** | 2685996 | 2622901 | -2.3 | % |
| **GMV by Platform** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ZKH Platform | 2422649 | 2354585 | -2.8 | % |
| &nbsp;&nbsp;&nbsp;GBB Platform | 263347 | 268316 | 1.9 | % |
| **GMV by Business Model** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Product Sales (1P) | 2228234 | 2294239 | 3.0 | % |
| &nbsp;&nbsp;&nbsp;Marketplace (3P)<sup>2</sup> | 457762 | 328662 | -28.2 | % |
| **Number of Customers<sup>3</sup>** | 47800 | 70800 | 48.0 | % |
| **Net Revenues** | 2280690 | 2328354 | 2.1 | % |
| **Gross Profit** | 388406 | 390177 | 0.5 | % |
| &nbsp;&nbsp;&nbsp;% of Net Revenues | 17.0% | 16.8% | -27.3 | bps |
| **Operating Loss** | (105355) | (32338) | -69.3 | % |
| &nbsp;&nbsp;&nbsp;% of Net Revenues | -4.6% | -1.4% | 323.1 | bps |
| **Non-GAAP EBITDA<sup>4</sup>** | (62812) | (8450) | -86.5 | % |
| &nbsp;&nbsp;&nbsp;% of Net Revenues | -2.8% | -0.4% | 239.1 | bps |
| **Net Loss** | (81751) | (24307) | -70.3 | % |
| &nbsp;&nbsp;&nbsp;% of Net Revenues | -3.6% | -1.0% | 254.1 | bps |
| **Non-GAAP Adjusted Net Loss<sup>5</sup>** | (66178) | (14074) | -78.7 | % |
| &nbsp;&nbsp;&nbsp;% of Net Revenues | -2.9% | -0.6% | 229.7 | bps |

---

Mr. Eric Long Chen, Chairman and Chief Executive Officer of ZKH, stated, "In the third quarter, we drove strengthening momentum in our business. Our GMV and revenues returned to approximately prior-year levels, while higher-margin private-label GMV grew in the mid-teens year over year, further enhancing our profit mix. We expanded our customer base across both large corporations and SME customers, reflecting deeper customer penetration and share gains. This broader and diversified customer base, underpinned by strengthened partnerships with leading suppliers that enhance our SKU assortment, supply reliability, and pricing competitiveness, provides a solid foundation for future growth. We also further embedded AI and data capabilities across various aspects of operations to lift efficiency and control costs, enhancing operating margins. Looking ahead, we will remain committed to advancing our AI development and application, further scale our overseas business, and stay focused on growth to compound long-term value for our shareholders."

<sup>1</sup> GMV is the total transaction value of orders placed on the Company's platform and shipped to customers, excluding taxes, net of the returned amount.

<sup>2</sup> The proportion of GMV generated by the marketplace model was 17.0% and 12.5% for the third quarter of 2024 and 2025, respectively.

<sup>3</sup> Customers are customers that transacted with the Company during the reporting period, mainly comprised of enterprise customers in various industries. The total number of customers is rounded to the nearest hundred.

<sup>4</sup> Non-GAAP EBITDA is defined as net loss before interest expenses, income tax expenses/(benefits) and depreciation and amortization expenses.

<sup>5</sup> Non-GAAP adjusted net loss is defined as net loss excluding share-based compensation expenses.

Mr. Max Chun Chiu Lai, Chief Financial Officer of ZKH, added, "We delivered a resilient financial performance in the third quarter, bringing revenue back to a growth trajectory and maintaining efficiency gains that underpin our path to profitability. Disciplined execution drove meaningful margin improvement, with operating loss margin and net loss margin narrowing by 323.1 bps and 254.1 bps, respectively. Supported by a robust RMB105.5 million of operating cash inflow this quarter, we are well-positioned to fund our strategic priorities while optimizing our revenue mix and operating efficiency to deliver quality growth in the quarters ahead."

**Third Quarter 2025 Business Highlights**

· **Business Momentum.** The Company's business entered a clear recovery trajectory in the third
 quarter, following nearly four quarters of strategic optimization. GMV increased across both
 large corporations and SME customers. Although GMV from central SOE customers still declined
 modestly year over year, it recorded two consecutive quarters of double-digit sequential
 growth.

· **Product Capabilities.** The Company added more than 2.3 million sellable SKUs during the quarter, bringing
 the total to over 19 million. This expansion was complemented by an advancement in profitability
 mix, driven by approximately 16.7% year-over-year growth in higher-margin private-label product
 GMV, which now accounts for approximately 8.2% of total GMV. The Company newly launched more
 than 600 private-label products during the quarter.

· **Fulfillment Network.** As part of ongoing efforts to optimize warehousing network and enhance operating
 efficiency, the Company completed the consolidation of the Wuxi (无锡) and Shanghai
 (上海) central warehouses, which is expected to generate annualized savings in
 rent, inventory, and freight. In the third quarter, the through-warehouse fulfillment fee
 declined by about 13% year over year, marking the seventh consecutive quarter of year-over-year
 improvement.

· **AI Capabilities.** The Company leveraged AI capabilities across various aspects of operations,
 including material standardization and management, product recommendations, sales conversion,
 data governance, and process automation. One of the key outcomes of this strategy was the
 ProductRecom Agent (AI推品大脑), which has generated over RMB100
 million in incremental revenue from launch in the fourth quarter of 2024 through the end of September 2025 by recommending
 more than 20 million material line items.

· **International Expansion.** The Company broadened its U.S. distribution channels beyond the independent
 Northsky site to include platforms such as Amazon.

**Third Quarter 2025 Financial Results**

***Net Revenues.*** Net revenues were RMB2,328.4 million (US$327.1 million), representing an increase of 2.1% from RMB2,280.7 million in the same period of 2024.

---

| | | | |
|:---|:---|:---|:---|
|  | Third Quarter | Third Quarter | Third Quarter |
|  | 2024 | 2025 | Change |
|  | (in thousand RMB, except for percentage) | (in thousand RMB, except for percentage) | (in thousand RMB, except for percentage) |
| Net Revenues | 2280690 | 2328354 | 2.1% |
| &nbsp;&nbsp;&nbsp;Net Product Revenues | 2207277 | 2274027 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From ZKH Platform | 1943742 | 2012358 | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From GBB Platform | 263535 | 261669 | -0.7% |
| &nbsp;&nbsp;&nbsp;Net Service Revenues | 57666 | 42963 | -25.5% |
| &nbsp;&nbsp;&nbsp;Other Revenues | 15747 | 11364 | -27.8% |

---

***Cost of Revenues.*** Cost of revenues was RMB1,938.2 million (US$272.3 million), representing an increase of 2.4% from RMB1,892.3 million in the same period of 2024. The increase was outpaced by the growth in product revenues, mainly due to the effectiveness of the Company's initiatives to reduce overall product procurement costs.

***Gross Profit and Gross Margin.*** Gross profit was RMB390.2 million (US$54.8 million), representing an increase of 0.5% from RMB388.4 million in the same period of 2024. Gross margin was 16.8%, compared with 17.0% in the same period of 2024. The decrease was mainly due to lower revenue contribution from the marketplace model, which yields a 100% gross margin under the net revenue recognition basis. Nevertheless, gross profit as a percentage of GMV was 14.9%, compared with 14.5% in the same period of 2024. Both the gross margin of the product sales model and the take rate of the marketplace model increased, driven by optimized procurement costs and a higher proportion of GMV from higher-margin private label products.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Third Quarter | Third Quarter | Third Quarter |  |
|  | 2024 | 2025 | Change |  |
|  | (in thousand RMB, except for percentage and <br> basis points ("bps")) | (in thousand RMB, except for percentage and <br> basis points ("bps")) | (in thousand RMB, except for percentage and <br> basis points ("bps")) |  |
| Gross Profit | 388406 | 390177 | 0.5 | % |
| &nbsp;&nbsp;&nbsp;% of Net Revenues | 17.0% | 16.8% | -27.3 | bps |
| &nbsp;&nbsp;&nbsp;% of GMV | 14.5% | 14.9% | 41.5 | bps |
| &nbsp;&nbsp;&nbsp;Under Product Sales (1P) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZKH Platform | 311947 | 325209 | 4.3 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of Net Product Revenues from ZKH Platform | 16.0% | 16.2% | 11.2 | bps |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBB Platform | 14522 | 20276 | 39.6 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of Net Product Revenues from GBB Platform | 5.5% | 7.7% | 223.8 | bps |
| &nbsp;&nbsp;&nbsp;Under Marketplace (3P) | 57666 | 42963 | -25.5 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of Net Service Revenues | 100.0% | 100.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*% of GMV from the Marketplace Model (Take Rate**<sup>6</sup>**)* | 12.6% | 13.1% | 47.5 | bps |
| &nbsp;&nbsp;&nbsp;Others | 4271 | 1729 | -59.5 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of Other Revenues | 27.1% | 15.2% | -1190.8 | bps |

---

<sup>6</sup> Take rate of the marketplace model represents gross profit from the marketplace model divided by GMV from the marketplace model.

***Operating Expenses.*** Operating expenses were RMB422.5 million (US$59.4 million), a decrease of 14.4% from RMB493.8 million in the same period of 2024. Operating expenses as a percentage of net revenues were 18.1%, compared with 21.6% in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Fulfillment Expenses.*** Fulfillment expenses were RMB90.4 million (US$12.7 million), a decrease
 of 9.8% from RMB100.2 million in the same period of 2024. The decrease was primarily attributable
 to lower employee benefit expenses and warehouse rental costs. Fulfillment expenses as a
 percentage of net revenues were 3.9%, compared with 4.4% in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Sales and Marketing Expenses.*** Sales and marketing expenses were RMB145.9 million (US$20.5
 million), a decrease of 13.2% from RMB168.2 million in the same period of 2024. The decrease
 was primarily attributable to lower employee benefit expenses and travel expenses. Sales
 and marketing expenses as a percentage of net revenues were 6.3%, compared with 7.4% in the
 same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Research and Development Expenses*** . Research and development expenses were RMB40.3 million
 (US$5.7 million), a decrease of 19.0% from RMB49.8 million in the same period of 2024. The
 decrease was primarily attributable to lower employee benefit expenses. Research and development
 expenses as a percentage of net revenues were 1.7%, compared with 2.2% in the same period
 of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***General and Administrative Expenses.*** General and administrative expenses were RMB145.8 million
 (US$20.5 million), a decrease of 17.0% from RMB175.6 million in the same period of 2024.
 The decrease was primarily attributable to lower employee benefit expenses, share-based compensation
 expenses and credit loss allowances. General and administrative expenses as a percentage
 of net revenues were 6.3%, compared with 7.7% in the same period of 2024.

***Loss from Operations.*** Loss from operations was RMB32.3 million (US$4.5 million), compared with RMB105.4 million in the same period of 2024. Operating loss margin was 1.4%, compared with 4.6% in the same period of 2024.

***Non-GAAP EBITDA.*** Non-GAAP EBITDA was negative RMB8.5 million (US$1.2 million), compared with negative RMB62.8 million in the same period of 2024. Non-GAAP EBITDA margin was negative 0.4%, compared with negative 2.8% in the same period of 2024.

***Net Loss.*** Net loss was RMB24.3 million (US$3.4 million), compared with RMB81.8 million in the same period of 2024. Net loss margin was 1.0%, compared with 3.6% in the same period of 2024.

***Non-GAAP Adjusted Net Loss.*** Non-GAAP adjusted net loss was RMB14.1 million (US$2.0 million), compared with RMB66.2 million in the same period of 2024. Non-GAAP adjusted net loss margin was 0.6%, compared with 2.9% in the same period of 2024.

***Basic and Diluted Net Loss per ADS<sup>7</sup> and Non-GAAP Adjusted Basic and Diluted Net Loss per ADS<sup>8</sup>.*** Basic and diluted net loss per ADS were RMB0.15 (US$0.02), compared with RMB0.50 in the same period of 2024. Non-GAAP adjusted basic and diluted net loss per ADS were RMB0.09 (US$0.01), compared with RMB0.40 in the same period of 2024.

**Balance Sheet and Cash Flow**

As of September 30, 2025, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.90 billion (US$267.2 million), compared with RMB2.06 billion as of December 31, 2024.

Net cash generated from operating activities was RMB105.5 million (US$14.8 million) in the third quarter of 2025, compared with net cash generated from operating activities of RMB160.5 million in the same period of 2024.

**Share Repurchase Update**

Pursuant to the Company's share repurchase program of up to US$50 million adopted on June 13, 2025 and effective through June 13, 2026, the Company had repurchased an aggregate of approximately 0.63 million ADSs for approximately US$1.92million from the open market as of October 31, 2025.

**Exchange Rate**

This announcement contains translations of certain Renminbi ("RMB") amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ were made at a rate of RMB7.1190 to US$1.00, the exchange rate in effect as of September 30, 2025, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.

**Conference Call Information**

The Company's management will hold a conference call on Thursday, November 20, 2025, at 7:00 A.M. U.S. Eastern Time or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the third quarter of 2025.

---

| | |
|:---|:---|
| United States (toll free): | +1-888-317-6003 |
| International: | +1-412-317-6061 |
| Mainland China (toll free): | 400-120-6115 |
| Hong Kong (toll free): | 800-963-976 |
| Hong Kong: | +852-5808-1995 |
| Access Code: | 1976591 |

---

<sup>7</sup> ADSs are American depositary shares, each of which represents thirty-five (35) Class A ordinary shares of the Company.

<sup>8</sup> Non-GAAP adjusted basic and diluted net loss per ADS is a non-GAAP financial measure, which is calculated by dividing non-GAAP adjusted net loss attributable to the Company's ordinary shareholders by the weighted average number of ADSs.

The replay will be accessible through November 27, 2025 by dialing the following numbers:

United States: +1-855-669-9658 <br> International: +1-412-317-0088 <br> Replay Access Code: 9206894

A live and archived webcast of the conference call will also be available on the Company's investor relations website at <u>https://ir.zkh.com</u>.

**About ZKH Group Limited**

ZKH Group Limited (NYSE: ZKH) is a leading MRO procurement service platform in China, underpinned by robust supply chain capabilities and dedicated to serving customers globally through a product-led, agentic AI-driven approach. Through its primary online platforms, the *ZKH platform*, the *GBB platform* and the *Northsky platform*, along with innovative technology and extensive industry expertise, the Company provides bespoke MRO procurement solutions to a diverse and loyal customer base. These solutions encompass hyper-personalized product curation from a comprehensive selection of quality products at competitive prices. Additionally, the Company ensures timely and reliable product delivery through professional fulfillment services. By focusing on reducing procurement costs and addressing management efficiency challenges, ZKH is transforming the opaque MRO procurement process and empowering all stakeholders across the value chain.

For more information, please visit: <u>https://ir.zkh.com</u>.

**Use of Non-GAAP Financial Measures**

This press release contains the following non-GAAP financial measures: non-GAAP adjusted net loss, non-GAAP adjusted net loss per ADS, basic and diluted, and non-GAAP EBITDA. The non-GAAP financial measures should not be considered in isolation from or construed as alternatives to their most directly comparable financial measures prepared in accordance with accounting principles generally accepted in the United States of America. Investors are encouraged to review the historical non-GAAP financial measures in reconciliation to their most directly comparable GAAP financial measures.

The Company defines non-GAAP adjusted net loss for a specific period as net loss in the same period excluding share-based compensation expenses. The Company defines non-GAAP EBITDA as net loss before interest expenses, income tax expenses/(benefits) and depreciation and amortization expenses. Non-GAAP adjusted net loss per ADS is calculated by dividing adjusted net loss attributable to the Company's ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods and then multiplied by 35.

The Company presents these non-GAAP financial measures because they are used by the management to evaluate the Company's operating performance and formulate business plans. The Company believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that are included in net loss and certain expenses that are not expected to result in future cash payments or that are non-recurring in nature. The Company also believes that the use of these non-GAAP financial measures facilitates investors' assessment of its operating performance, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by the management in financial and operational decision making.

The non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies. The Company's non-GAAP financial measures do not include all income and expense items that affect the Company's operations. They may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider the non-GAAP financial measures as substitutes for, or superior to, their most directly comparable financial measures prepared in accordance with GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of Non-GAAP Results" set forth at the end of this press release.

**Safe Harbor Statement**

This press release contains forward-looking statements. These statements are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expects," "anticipates," "aim," "estimates," "intends," "plans," "believes," "is/are likely to," "potential," "continue," and similar statements. Among other things, the quotations from management in this press release and ZKH's strategic and operational plans contain forward-looking statements. ZKH may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press release and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about ZKH's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ZKH's mission, goals and strategies; ZKH's future business development, financial condition and results of operations; the expected changes in its revenues, expenses or expenditures; the expected growth of the MRO procurement service industry in China and globally; changes in customer or product mix; ZKH's expectations regarding the prospects of its business model and the demand for and market acceptance of its products and services; ZKH's expectations regarding its relationships with customers, suppliers, and service providers on its platform; competition in the Company's industry; government policies and regulations relating to ZKH's industry; general economic and business conditions in China and globally; the outcome of any current and future legal or administrative proceedings; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ZKH's filings with the SEC. All information provided herein is as of the date of this announcement, and ZKH undertakes no obligation to update any forward-looking statement, except as required under applicable law.

**For investor and media inquiries, please contact:**

**In China:**

ZKH Group Limited

IR Department

E-mail: <u>IR@zkh.com</u>

Piacente Financial Communications

Jenny Cai

Tel: +86-10-6508-0677

E-mail: <u>zkh@thepiacentegroup.com</u>

**In the United States:**

Piacente Financial Communications

Brandi Piacente

Tel: +1-212-481-2050

E-mail: <u>zkh@thepiacentegroup.com</u>

**ZKH GROUP LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

(All amounts in thousands, except share, ADS, per share and per ADS data)

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of September 30** | **As of September 30** |
|  | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **US$** |
| **Assets** |  |  |  |
| **Current assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 1423943 | 905814 | 127239 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 92939 | 79362 | 11148 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 543978 | 917002 | 128811 |
| &nbsp;&nbsp;&nbsp;Accounts receivable (net of allowance for credit losses of RMB145,789 and RMB162,420 as of December 31, 2024 and September 30, 2025, respectively) | 3090323 | 2993104 | 420439 |
| &nbsp;&nbsp;&nbsp;Notes receivable | 234213 | 188424 | 26468 |
| &nbsp;&nbsp;&nbsp;Inventories | 625390 | 738363 | 103717 |
| &nbsp;&nbsp;&nbsp;Prepayments and other current assets | 179387 | 174762 | 24549 |
| **Total current assets** | **6190173** | **5996831** | **842371** |
| **Non-current assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 183572 | 187929 | 26398 |
| &nbsp;&nbsp;&nbsp;Land use right | 10808 | 10639 | 1494 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets, net | 179945 | 143230 | 20119 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 15931 | 17246 | 2423 |
| &nbsp;&nbsp;&nbsp;Goodwill | 30807 | 30807 | 4327 |
| **Total non-current assets** | **421063** | **389851** | **54761** |
| **Total assets** | **6611236** | **6386682** | **897132** |
| **Liabilities** |  |  |  |
| **Current liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | 311000 | 300000 | 42141 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term borrowings | 997 | 2305 | 324 |
| &nbsp;&nbsp;&nbsp;Accounts and notes payable | 2553396 | 2514533 | 353214 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 81379 | 42338 | 5947 |
| &nbsp;&nbsp;&nbsp;Advance from customers | 27433 | 31223 | 4386 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 365333 | 350623 | 49252 |
| &nbsp;&nbsp;&nbsp;Derivatives | - | 5565 | 782 |
| **Total current liabilities** | **3339538** | **3246587** | **456046** |
| **Non-current liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-term borrowings | 38887 | 43803 | 6153 |
| &nbsp;&nbsp;&nbsp;Non-current operating lease liabilities | 109096 | 108623 | 15258 |
| &nbsp;&nbsp;&nbsp;Other non-current liabilities | 25224 | 30342 | 4262 |
| **Total non-current liabilities** | **173207** | **182768** | **25673** |
| **Total liabilities** | **3512745** | **3429355** | **481719** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of September 30** | **As of September 30** |
|  | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **US$** |
| **ZKH Group Limited shareholders' equity:** |  |  |  |
| Ordinary shares (USD0.0000001 par value; 500,000,000,000 and 500,000,000,000 shares authorized; 5,658,952,794 and 5,679,694,214 shares issued and outstanding as of December 31, 2024 and September 30, 2025, respectively) | 4 | 4 | 1 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 8305304 | 8359497 | 1174252 |
| &nbsp;&nbsp;&nbsp;Statutory reserves | 6303 | 6303 | 885 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income/(loss) | 4764 | (17012) | (2390) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (5177126) | (5321665) | (747530) |
| &nbsp;&nbsp;&nbsp;Treasury stock | (40758) | (69800) | (9805) |
| **Total ZKH Group Limited shareholders' equity** | **3098491** | **2957327** | **415413** |
| **Total liabilities and shareholders' deficit** | **6611236** | **6386682** | **897132** |

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**ZKH GROUP LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS**

(All amounts in thousands, except share, ADS, per share and per ADS data)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the nine months ended** | **For the nine months ended** | **For the nine months ended** |
|  | **September 30,<br> 2024** | **September 30, 2025** | **September 30, 2025** | **September 30,<br> 2024** | **September 30, 2025** | **September 30, 2025** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| **Net revenues** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net product revenues | 2207277 | 2274027 | 319431 | 6146017 | 6272857 | 881143 |
| &nbsp;&nbsp;&nbsp;Net service revenues | 57666 | 42963 | 6035 | 193481 | 121564 | 17076 |
| &nbsp;&nbsp;&nbsp;Other revenues | 15747 | 11364 | 1596 | 51597 | 36079 | 5068 |
| **Total net revenues** | **2280690** | **2328354** | **327062** | **6391095** | **6430500** | **903287** |
| **Cost of revenues** | (1892284) | (1938177) | (272254) | (5285622) | (5351218) | (751681) |
| **Operating expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fulfillment | (100176) | (90408) | (12700) | (296621) | (274526) | (38562) |
| &nbsp;&nbsp;&nbsp;Sales and marketing | (168161) | (145923) | (20498) | (489963) | (432088) | (60695) |
| &nbsp;&nbsp;&nbsp;Research and development | (49785) | (40339) | (5666) | (128052) | (121423) | (17056) |
| &nbsp;&nbsp;&nbsp;General and administrative | (175639) | (145845) | (20487) | (497019) | (436353) | (61294) |
| **Loss from operations** | **(105355)** | **(32338)** | **(4543)** | **(306182)** | **(185108)** | **(26001)** |
| &nbsp;&nbsp;&nbsp;Interest and investment income | 17279 | 12822 | 1801 | 49779 | 38688 | 5434 |
| &nbsp;&nbsp;&nbsp;Interest expense | (4967) | (3346) | (470) | (16184) | (8733) | (1227) |
| &nbsp;&nbsp;&nbsp;Others, net | 11883 | (1438) | (202) | 34391 | 10816 | 1519 |
| **Loss before income tax** | **(81160)** | **(24300)** | **(3414)** | **(238196)** | **(144337)** | **(20275)** |
| &nbsp;&nbsp;&nbsp;Income tax expenses | (591) | (7) | (1) | (745) | (202) | (28) |
| **Net loss** | **(81751)** | **(24307)** | **(3415)** | **(238941)** | **(144539)** | **(20303)** |
| &nbsp;&nbsp;&nbsp;Less: net income attributable to non-controlling interests |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: net loss attributable to redeemable non-controlling interests | - | - | - | - | - | - |
| **Net loss attributable to ZKH Group Limited** | **(81751)** | **(24307)** | **(3415)** | **(238941)** | **(144539)** | **(20303)** |
| &nbsp;&nbsp;&nbsp;Accretion on preferred shares to redemption value | - | - | - | - | - | - |
| **Net loss attributable to ZKH Group Limited's ordinary shareholders** | **(81751)** | **(24307)** | **(3415)** | **(238941)** | **(144539)** | **(20303)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the nine months ended** | **For the nine months ended** | **For the nine months ended** |
|  | **September 30,<br> 2024** | **September 30, 2025** | **September 30, 2025** | **September 30,<br> 2024** | **September 30, 2025** | **September 30, 2025** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| **Net loss** | **(81751)** | **(24307)** | **(3415)** | **(238941)** | **(144539)** | **(20303)** |
| **Other comprehensive loss:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | 34122 | (14192) | (1994) | 21651 | (21776) | (3059) |
| **Total comprehensive loss** | (47629) | (38499) | (5409) | (217290) | (166315) | (23362) |
| &nbsp;&nbsp;&nbsp;Less: comprehensive income attributable to non-controlling interests |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: comprehensive loss attributable to redeemable non-controlling interests | - | - | - | - | - | - |
| **Comprehensive loss attributable to ZKH Group Limited** | **(47629)** | **(38499)** | **(5409)** | **(217290)** | **(166315)** | **(23362)** |
| &nbsp;&nbsp;&nbsp;Accretion on Preferred Shares to redemption value | - | - | - | - | - | - |
| **Total comprehensive loss attributable to ZKH Group Limited's ordinary shareholders** | **(47629)** | **(38499)** | **(5409)** | **(217290)** | **(166315)** | **(23362)** |
| **Net loss per ordinary share attributable to ordinary shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | (0.01) | (0.00) | (0.00) | (0.04) | (0.03) | (0.00) |
| **Weighted average number of shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | 5743094981 | 5667874386 | 5667874386 | 5744351364 | 5680656034 | 5680656034 |
| **Net loss per ADS attributable to ordinary shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | (0.50) | (0.15) | (0.02) | (1.46) | (0.89) | (0.13) |
| **Weighted average number of ADS (35 Class A ordinary shares equal to 1 ADS)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | 164088428 | 161939268 | 161939268 | 164124325 | 162304458 | 162304458 |

---

**ZKH GROUP LIMITED**

**RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS**

(All amounts in thousands, except share, ADS, per share and per ADS data)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the nine months ended** | **For the nine months ended** | **For the nine months ended** |
|  | **September 30,<br> 2024** | **September 30, 2025** | **September 30, 2025** | **September 30,<br> 2024** | **September 30, 2025** | **September 30, 2025** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| **Net loss** | **(81751)** | **(24307)** | **(3415)** | **(238941)** | **(144539)** | **(20303)** |
| &nbsp;&nbsp;&nbsp;Income tax expenses | 591 | 7 | 1 | 745 | 202 | 28 |
| &nbsp;&nbsp;&nbsp;Interest expenses | 4967 | 3346 | 470 | 16184 | 8733 | 1227 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 13381 | 12504 | 1756 | 42084 | 36532 | 5132 |
| **Non-GAAP EBITDA** | **(62812)** | **(8450)** | **(1188)** | **(179928)** | **(99072)** | **(13916)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the nine months ended** | **For the nine months ended** | **For the nine months ended** |
|  | **September 30,<br> 2024** | **September 30, 2025** | **September 30, 2025** | **September 30,<br> 2024** | **September 30, 2025** | **September 30, 2025** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| **Net loss** | **(81751)** | **(24307)** | **(3415)** | **(238941)** | **(144539)** | **(20303)** |
| **Add:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share-based compensation expenses | 15573 | 10233 | 1437 | 94447 | 43756 | 6146 |
| **Non-GAAP adjusted net loss** | **(66178)** | **(14074)** | **(1977)** | **(144494)** | **(100783)** | **(14157)** |
| **Non-GAAP adjusted net loss attributable to ordinary shareholders per share** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | (0.01) | (0.00) | (0.00) | (0.03) | (0.02) | (0.00) |
| **Weighted average number of ordinary shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | 5743094981 | 5667874386 | 5667874386 | 5744351364 | 5680656034 | 5680656034 |
| **Non-GAAP adjusted net loss attributable to ordinary shareholders per ADS** | (0.40) | (0.09) | (0.01) | (0.88) | (0.62) | (0.09) |
| &nbsp;&nbsp;&nbsp;Basic and diluted |  |  |  |  |  |  |
| **Weighted average number of ADS (35 Class A ordinary shares equal to 1 ADS)** | 164088428 | 161939268 | 161939268 | 164124325 | 162304458 | 162304458 |
| &nbsp;&nbsp;&nbsp;Basic and diluted |  |  |  |  |  |  |

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