ZKH Group Ltd (NYSE:ZKH)

Q4 2025 ZKH Group Ltd Earnings Call Transcript

Mar 19, 2026 / 12:00 PM GMT

Release Date Price: $2.34 (-28.66%)

Transcript

Key Points

Positve

ZKH Group Ltd (ZKH) returned to profitability in Q4 2025 with an adjusted net profit of RMB14.8 million.
The company achieved positive operating cash flow in both Q4 and the full year 2025, enhancing financial resilience.
GMV grew by 8.5% year over year and 11% sequentially in Q4, with expectations for double-digit growth in Q1 2026.
The number of transacting customers increased by 60% year over year, reaching approximately 74,000.
ZKH Group Ltd (ZKH) expanded its international presence, with GMV from international business growing by 50% sequentially.

Negative

Gross profit margin in Q4 decreased to 15.5% from 17.1% in the same period last year, due to unfavorable changes in product mix.
Full-year GMV declined by 3.3% year over year, primarily due to strategic optimization impacts in the first half of the year.
Operating loss for the full year was RMB213.3 million, despite narrowing by 37% year over year.
The contribution from the marketplace model, which carries a 100% gross profit margin, decreased, impacting overall margins.
The company faces challenges from rising commodity prices, such as copper, affecting product costs and margins.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

ZKH.N - ZKH Group Ltd
Q4 2025 ZKH Group Ltd Earnings Call
Mar 19, 2026 / 12:00PM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, good day and welcome to ZKH Group Limited's 4th quarter and fiscal year 2025 earnings conference call. Today's conference is being recorded.

At this time I would like to turn the conference over to Jin Lee, head of investor relations. Please go ahead, ma'am.

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Unidentified_2 [2]
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Good morning and welcome to VKH's 4th quarter and the fourth-year 2025 En this conference call. With me and Mr. Eric Cheng, our founder, Chairman and CEO and, Mr. Max Lai, our CFO.

Today's discussion may include forward-looking statement.

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