$ZKH

ZKH Group Ltd

CIK:0001862044|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net revenues
Total net revenues	¥ 8,987,738	¥ 8,761,318	¥ 8,721,175
Cost of revenues	(7,512,076)	(7,250,847)	(7,268,741)
Operating expenses
Fulfillment	(362,173)	(391,687)	(438,959)
Sales and marketing	(585,039)	(641,519)	(700,791)
Research and development	(165,518)	(169,496)	(175,915)
General and administrative	(576,269)	(646,539)	(535,493)
Loss from operations	(213,337)	(338,770)	(398,724)
Interest and investment income	50,088	64,246	53,703
Interest expense	(11,350)	(19,003)	(19,343)
Others, net	35,546	26,497	59,659
Loss before income tax	(139,053)	(267,030)	(304,705)
Income tax expenses	(689)	(1,013)	(195)
Net loss	(139,742)	(268,043)	(304,900)
Less: net loss attributable to non-controlling interests			(393)
Less: net loss attributable to redeemable non-controlling interests			(193)
Net loss attributable to ZKH Group Limited	(139,742)	(268,043)	(304,314)
Accretion on preferred shares to redemption value			(660,070)
Net loss attributable to ZKH Group Limited's ordinary shareholders	(139,742)	(268,043)	(964,384)
Net loss	(139,742)	(268,043)	(304,900)
Other comprehensive loss:
Foreign currency translation adjustments	(42,052)	29,918	26,756
Total comprehensive loss	(181,794)	(238,125)	(278,144)
Less: comprehensive loss attributable to non-controlling interests			(393)
Less: comprehensive loss attributable to redeemable non-controlling interests			(193)
Comprehensive loss attributable to ZKH Group Limited	(181,794)	(238,125)	(277,558)
Total comprehensive loss attributable to ZKH Group Limited's ordinary shareholders	¥ (181,794)	¥ (238,125)	¥ (937,628)
Net loss per share
Basic	¥ (0.02)	¥ (0.05)	¥ (0.63)
Diluted	¥ (0.02)	¥ (0.05)	¥ (0.63)
Weighted average number of shares
Basic	5,686,064,402	5,736,262,553	1,528,540,765
Diluted	5,686,064,402	5,736,262,553	1,528,540,765
ADS
Net loss per share
Basic	¥ (0.86)	¥ (1.64)	¥ (22.08)
Diluted	¥ (0.86)	¥ (1.64)	¥ (22.08)
Weighted average number of shares
Basic	162,458,983	163,893,216	43,672,593
Diluted	162,458,983	163,893,216	43,672,593
Net product revenues
Net revenues
Total net revenues	¥ 8,766,751	¥ 8,449,468	¥ 8,341,603
Net service revenues
Net revenues
Total net revenues	171,264	244,707	307,412
Other revenues
Net revenues
Total net revenues	¥ 49,723	¥ 67,143	¥ 72,160

CONSOLIDATED STATEMENTS OF CASH FLOWS - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	¥ (139,742)	¥ (268,043)	¥ (304,900)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	48,356	54,769	73,466
Share-based compensation expense	53,817	108,516	17,393
Loss/(Gain) on disposals of property and equipment	(629)	659	3,011
Credit losses, net	32,868	48,900	12,756
Write-down of inventories	31,365	25,906	39,969
Investment income	(20,017)	(25,494)	(6,100)
Foreign exchange losses/(gains)	(16,405)	12,213	11,061
Changes in operating assets and liabilities:
Accounts receivable	(199,326)	502,397	(585,486)
Notes receivable	120,922	118,784	(42,289)
Inventories	(75,708)	17,688	(52,956)
Prepayments and other current assets	(8,179)	(11,334)	51,982
Accounts and notes payable	165,545	(329,974)	317,234
Advance from customers	(281)	7,526	(11,224)
Operating lease right-of use assets	37,740	44,985	73,007
Land use rights	226	224	(328)
Accrued expenses and other liabilities	26,616	(30,928)	(92,542)
Operating lease liabilities	(48,379)	(47,725)	(72,002)
Net cash (used in)/provided by operating activities	8,789	229,069	(567,948)
Cash flows from investing activities:
Purchase of short-term investments	(488,288)	(104,866)	(1,288,080)
Maturity of short-term investments	213,828	461,890	430,623
Purchase of property and equipment	(53,043)	(79,159)	(50,496)
Purchase of intangible assets	(665)	(3,875)	(5,067)
Proceeds from sale of property and equipment and intangible assets	3,695	2,090	4,718
Net cash (used in)/provided by investing activities	(324,473)	276,080	(908,302)
Cash flows from financing activities:
Cash paid for ordinary shares repurchases	(41,001)	(40,757)
Proceeds from short-term borrowings	589,790	897,000	1,114,000
Repayment of short-term borrowings	(660,790)	(1,171,000)	(779,000)
Proceeds from long-term borrowings	5,072	39,884
Acquisition of the redeemable non-controlling interest		(2,474)	(5,044)
Proceeds from the IPO, net of issuance costs			385,768
Proceeds from the Overallotment, net of issuance costs		29,382
Proceeds from exercised share options	2,460	920
Other financing activities		(7,140)
Net cash provided by/(used in) financing activities	(104,469)	(254,185)	715,724
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(4,285)	15,546	5,042
(Decrease)/Increase in cash, cash equivalents, and restricted cash	(424,438)	266,510	(755,484)
Cash, cash equivalents, and restricted cash at beginning of the year	1,516,882	1,250,372	2,005,856
Cash, cash equivalents, and restricted cash at end of the year	1,092,444	1,516,882	1,250,372
Supplemental cash flow information:
Cash payments for interest	(3,812)	(10,158)	(19,343)
Cash payments for income taxes	(569)	(842)	(154)
Supplemental information for non-cash investing and financing activities:
Purchase of property and equipment in form of other payables	¥ 6,583	¥ 2,642
Accretion of convertible redeemable preferred shares			(660,070)
Conversion of preferred shares to ordinary shares			¥ (7,570,417)

CONSOLIDATED BALANCE SHEETS - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	¥ 1,030,573	¥ 1,423,943
Restricted cash	61,871	92,939
Short-term investments	825,289	543,978
Accounts receivable, net	3,257,162	3,090,323
Notes receivable	113,291	234,213
Inventories	669,825	625,390
Prepayments and other current assets	180,188	179,387
Total current assets	6,138,199	6,190,173
Non-current assets:
Property and equipment, net	186,185	183,572
Land use rights, net	10,582	10,808
Operating lease right-of-use assets, net	142,205	179,945
Intangible assets, net	21,871	15,931
Goodwill	30,807	30,807
Total non-current assets	391,650	421,063
Total assets	6,529,849	6,611,236
Current liabilities:
Short-term borrowings	240,000	311,000
Current portion of long-term borrowings	2,305	997
Accounts and notes payable	2,718,941	2,553,396
Operating lease liabilities	50,202	81,379
Advance from customers	27,152	27,433
Accrued expenses and other current liabilities	378,566	365,333
Derivatives	8,624
Total current liabilities	3,425,790	3,339,538
Non-current liabilities:
Long-term borrowings	42,651	38,887
Non-current operating lease liabilities	91,894	109,096
Other non-current liabilities	28,181	25,224
Total non-current liabilities	162,726	173,207
Total liabilities	3,588,516	3,512,745
Commitments and contingencies (Note 22)
ZKH Group Limited shareholders' equity:
Ordinary shares (USD 0.0000001 par value; 500,000,000,000 and 500,000,000,000 shares authorized; 5,658,952,794 and 5,682,357,714 shares issued and 5,601,860,619 and 5,563,528,436 shares outstanding as of December 31, 2024 and December 31, 2025, respectively) (Note 17)	4	4
Additional paid-in capital	8,370,941	8,305,304
Statutory reserves	6,566	6,303
Accumulated other comprehensive income/(loss)	(37,288)	4,764
Accumulated deficit	(5,317,131)	(5,177,126)
Treasury stock	(81,759)	(40,758)
Total ZKH Group Limited shareholders' equity	2,941,333	3,098,491
Total liabilities and shareholders' equity	¥ 6,529,849	¥ 6,611,236