ZKH Group Ltd (NYSE:ZKH)

Q1 2026 ZKH Group Ltd Earnings Call Transcript

May 21, 2026 / 11:00 AM GMT

Release Date Price: $2.93 (-0.68%)

Transcript

Key Points

Positve

ZKH Group Ltd (ZKH) reported a strong start to 2026 with accelerated top-line growth and improved operating efficiency.
The company achieved a non-GAAP adjusted profitability for the first time in the first quarter, marking a significant turnaround from the previous year.
Gross Merchandise Volume (GMV) increased by 12.9% year-over-year, driven by an expanding customer base and stronger platform engagement.
ZKH Group Ltd (ZKH) saw a 20% year-over-year GMV growth from SME customers, indicating strong platform service capabilities.
The international business delivered robust growth with revenues increasing more than sixfold year-over-year, reflecting successful expansion efforts.

Negative

Despite improvements, the gross margin declined year-over-year from 17.2% to 16.7%, indicating challenges in maintaining profitability.
The company faces constraints in further improving gross margins due to the varied profitability of different product lines and customer segments.
Operating expenses, although reduced, still represent a significant portion of net revenues at 17.8%, highlighting ongoing cost management challenges.
The overseas business strategy requires careful management to achieve breakeven, with a focus on efficiency and investment returns.
ZKH Group Ltd (ZKH) must continue to navigate the complexities of expanding its product portfolio and enhancing supply chain capabilities to maintain growth momentum.

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

ZKH.N - ZKH Group Ltd
Q1 2026 ZKH Group Ltd Earnings Call
May 21, 2026 / 11:00AM 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 first quarter 2026 earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Desi Xue, 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 ZKX first quarter of 2026 earnings conference call.

With me are Mr. Eric Chen, our founder, Chairman and CEO, and Mr. Matt Lai, our CFO.

Today's discussion may include forward-looking statements. Related factors are described in our today

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