Slides
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NYSE: ZKH 2Q2026 Earnings Presentation
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Body Text Background Message Box, Table Highlight Heading Boxes Primary Eight Chart Colours Secondary Six Chart Colours 4.50” / 11.43cm 0.13” / 0.33cm 0.13” / 0.33cm 4.50” / 11.43cm 1.61” / 4.08cm 1.33” / 3.39cm 0.19” / 0.48cm 0.42” / 1.06cm 1.92” / 4.87cm 2.17” / 5.50cm 2 Page Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 72 73 78 255 255 255 243 203 204 191 191 191 191 191 191 227 234 241 192 0 0 133 150 176 72 73 78 237 12 30 235 167 168 62 65 99 255 128 128 239 239 239 218 218 220 255 191 191 249 249 249 Disclaimer The following document has been prepared by ZKH GROUP LIMITED (“ZKH” or the “Company”) solely for informational purposes and should not be construed to be, directly or indirectly, in whole or in part, an offer to buy or sell and/or an invitation and/or a recommendation and/or a solicitation of an offer to buy or sell any security or instrument or to participate in any investment or trading strategy, nor shall any part of it form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities or otherwise. This document does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of the Company. Nothing contained in this document shall be relied upon as a promise or representation as to the past or future performance of the Company. Past performance does not guarantee or predict future performance. You acknowledge that any assessment of the Company that may be made by you will be independent of this document and that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company. This document 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 the announcement, ZKH’s strategic and operational plans and outlook statements, 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 document, and ZKH undertakes no obligation to update any forward-looking statement, except as required under applicable law. This document also contains non-GAAP financial measures, the document of which is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America. In addition, the Company’s calculation of these non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited. The reconciliation of those measures to the most comparable GAAP measures is contained within this document or available at our website https://ir.zkh.com/.
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\\firmwide.corp.gs.com\ibdroot\projects\I BD- HK\carnivores2021\671979_1\Graphics\ 08 ZKH cover and dividers_(Red Blue Design 1)\09 ZKH cover and dividers.ai \\firmwide.corp.gs.com\ibdroot\projects\I BD- HK\carnivores2021\671979_1\Graphics\ 08 ZKH cover and dividers_(Red & Blue Design 1)\09 ZKH cover and dividers.ai 30 June 2021 2Q2026 Highlights 01
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Body Text Background Message Box, Table Highlight Heading Boxes Primary Eight Chart Colours Secondary Six Chart Colours 4.50” / 11.43cm 0.13” / 0.33cm 0.13” / 0.33cm 4.50” / 11.43cm 1.61” / 4.08cm 1.33” / 3.39cm 0.19” / 0.48cm 0.42” / 1.06cm 1.92” / 4.87cm 2.17” / 5.50cm 4 Page Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 72 73 78 255 255 255 243 203 204 191 191 191 191 191 191 227 234 241 192 0 0 133 150 176 72 73 78 237 12 30 235 167 168 62 65 99 255 128 128 239 239 239 218 218 220 255 191 191 249 249 249 2Q2026 Earnings Highlights Accelerated growth momentum • Strongest topline growth in recent quarters: GMV RMB2.9B, +18.9% YoY vs. +12.9% in 1Q26. Revenue RMB2.4B, +12.8% YoY vs. +9.2% in 1Q26. • Robust growth in regional SME customers, with GMV increasing by c.30% YoY. • Industry key accounts & central SOE GMV sustained double -digit YoY growth. Improved gross margin • Gross profit grew even faster than GMV and revenue, leading to higher margin. Gross profit RMB430M, +20.3% YoY . Gross profit as % of GMV 14.9% vs. 14.8% in 2Q25 and 14.4% in 1Q26. Gross profit as % of net revenues 17.6% vs. 16.5% in 2Q25 and 17.2% in 1Q26. • Improved product and customer mix Higher-margin private-label products grew by over 25% YoY and accounted for c.10% of total GMV. Enhanced operating leverage • Operating leverage, cost control, and managerial efficiency. Total operating expenses RMB426M, -0.8% YoY . Expense ratio 17.4% vs. 19.8% in 2Q25, -240bps.
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Body Text Background Message Box, Table Highlight Heading Boxes Primary Eight Chart Colours Secondary Six Chart Colours 4.50” / 11.43cm 0.13” / 0.33cm 0.13” / 0.33cm 4.50” / 11.43cm 1.61” / 4.08cm 1.33” / 3.39cm 0.19” / 0.48cm 0.42” / 1.06cm 1.92” / 4.87cm 2.17” / 5.50cm 5 Page Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 72 73 78 255 255 255 243 203 204 191 191 191 191 191 191 227 234 241 192 0 0 133 150 176 72 73 78 237 12 30 235 167 168 62 65 99 255 128 128 239 239 239 218 218 220 255 191 191 249 249 249 2Q 2026 Earnings Highlights (Continued) Sustained expansion of industrial AI capabilities • Launched “Domino,” an industrial supplies data engine powered by the industry’s first billion-parameter industrial supplies knowledge graph. • Expanded deployments of the Company’s comprehensive AI solutions across manufacturing, chemicals, ports, and automotive sectors. • Continued to scale AI Materials Manager, growing total users by more than 200% YoY to over 8,000 and processing more than 24 million rows of material data to date. Continued international expansion • International GMV grew by tenfold YoY in 1H 2026. U.S. online sales accelerated across multiple channels. Offline operations strengthened collaboration with local manufacturers and enhanced local sourcing and fulfillment capabilities. Significant turnaround in profitability • Achieved operating profitability for the first time. • Delivered significant bottom-line turnaround. Non-GAAP EBITDA RMB41.9M vs. non-GAAP EBITDA loss RMB38.7M in 2Q25. Non-GAAP net profit RMB38.5M vs. net loss RMB36.5M in 2Q25.
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\\firmwide.corp.gs.com\ibdroot\projects\I BD- HK\carnivores2021\671979_1\Graphics\ 08 ZKH cover and dividers_(Red Blue Design 1)\09 ZKH cover and dividers.ai \\firmwide.corp.gs.com\ibdroot\projects\I BD- HK\carnivores2021\671979_1\Graphics\ 08 ZKH cover and dividers_(Red & Blue Design 1)\09 ZKH cover and dividers.ai 30 June 2021 Financial Review02
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Body Text Background Message Box, Table Highlight Heading Boxes Primary Eight Chart Colours Secondary Six Chart Colours 4.50” / 11.43cm 0.13” / 0.33cm 0.13” / 0.33cm 4.50” / 11.43cm 1.61” / 4.08cm 1.33” / 3.39cm 0.19” / 0.48cm 0.42” / 1.06cm 1.92” / 4.87cm 2.17” / 5.50cm 7 Page Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 72 73 78 255 255 255 243 203 204 191 191 191 191 191 191 227 234 241 192 0 0 133 150 176 72 73 78 237 12 30 235 167 168 62 65 99 255 128 128 239 239 239 218 218 220 255 191 191 249 249 249 8,721 8,761 8,988 4,102 4,558 2,167 2,444 2023 2024 2025 1H2025 1H2026 2Q2025 2Q2026 11,083 10,479 10,133 4,592 5,330 2,420 2,878 2023 2024 2025 1H2025 1H2026 2Q2025 2Q2026 12.5%87.5%90.5%9.5% GMV and Revenues Growth (RMB mm) GMV (RMB mm) Net Revenues 1P %2 3P %2 Notes: 1. Denotes the GMV from the ZKH platform as a percentage of total GMV, and the GMV from the GBB platform as a percentage of total GMV, respectively. 2. Denotes the GMV from the product sales model as a percentage of total GMV, and the GMV from the marketplace model as a percentage of total GMV, respectively. 3. Denotes the revenue from net product as a percentage of total revenue, the revenue from net service as a percentage of total revenue, and the revenue from the others as a percentage of total revenue, respectively. 4. Net service revenues under the marketplace model are recognized on a net basis. Therefore, a higher proportion of GMV generated by the marketplace model tends to increase the difference in growth rate between GMV and net revenues. ZKH Platform %1 GBB Platform %1 24.8% 75.2% 91.2% 8.8% Net Product Revenues %3 Net Service Revenues %3,4 Other Revenues %3 3.5% 95.6% 0.8% 18.6% 81.4% 90.4% 9.6% 2.8% 96.4% 0.8% By Platform: By Business Model: 1.9% 97.5% 0.6% 11.8% 88.2% 88.6% 11.4% 15.0% 85.0% 91.6% 8.4% 1.9% 97.6% 0.6% 2.1% 97.3% 0.6% 12.9% 87.1% 89.8% 10.2% 12.1% 87.9% 89.5% 10.5% 14.1% 85.9% 90.4% 9.6% 1.9% 97.5% 0.6% 2.0% 97.4% 0.6% +12.8% +11.1% +18.9% +16.1%
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Body Text Background Message Box, Table Highlight Heading Boxes Primary Eight Chart Colours Secondary Six Chart Colours 4.50” / 11.43cm 0.13” / 0.33cm 0.13” / 0.33cm 4.50” / 11.43cm 1.61” / 4.08cm 1.33” / 3.39cm 0.19” / 0.48cm 0.42” / 1.06cm 1.92” / 4.87cm 2.17” / 5.50cm 8 Page Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 72 73 78 255 255 255 243 203 204 191 191 191 191 191 191 227 234 241 192 0 0 133 150 176 72 73 78 237 12 30 235 167 168 62 65 99 255 128 128 239 239 239 218 218 220 255 191 191 249 249 249 1,452 1,510 1,476 689 784 357 430 2023 2024 2025 1H2025 1H2026 2Q2025 2Q2026 62 55 66 31 35 19 19 2023 2024 2025 1H2025 1H2026 2Q2025 2Q2026 1,046 1,192 1,231 574 651 295 356 2023 2024 2025 1H2025 1H2026 2Q2025 2Q2026 Gross Margin Gross Margin Gross Profit and Gross Margin1 (RMB mm) As % of Total Net Revenues Gross Profit and Gross Margin GBB Platform (RMB mm) ZKH Platform – Product Sales (1P) (RMB mm) ZKH Platform – Marketplace (3P) Take Rate2 Notes: 1. Gross profit = total net revenues – cost of revenues; gross margin is defined as gross profit divided by total net revenues. 2. Take rate of the marketplace model = gross profit from the marketplace model divided by GMV from the marketplace model. 307 245 171 79 92 41 51 2023 2024 2025 1H2025 1H2026 2Q2025 2Q2026 (RMB mm) 14.2% 11.2% 6.4% 16.0% 12.6% 5.5% 15.9% 16.0% 13.1% 12.3% 6.5% 6.6% As % of GMV 16.7% 13.1% 17.2% 14.4% 16.4% 14.6% 16.5% 14.8% 17.6% 14.9% 16.7% 14.2% 11.8% 6.9% 16.8% 15.0% 17.2% 14.7% 16.3% 16.6% 14.1% 7.0% 7.8% +20.3% +13.7%
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Body Text Background Message Box, Table Highlight Heading Boxes Primary Eight Chart Colours Secondary Six Chart Colours 4.50” / 11.43cm 0.13” / 0.33cm 0.13” / 0.33cm 4.50” / 11.43cm 1.61” / 4.08cm 1.33” / 3.39cm 0.19” / 0.48cm 0.42” / 1.06cm 1.92” / 4.87cm 2.17” / 5.50cm 9 Page Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 72 73 78 255 255 255 243 203 204 191 191 191 191 191 191 227 234 241 192 0 0 133 150 176 72 73 78 237 12 30 235 167 168 62 65 99 255 128 128 239 239 239 218 218 220 255 191 191 249 249 249 Operating Leverage Note: pts denotes percentage points. 535 (6.1%) 647 (7.4%) 576 (6.4%) 291 (7.1%) 282 (6.2%) 147 (6.8%) 150 (6.1%) 176 (2.0%) 169 (1.9%) 166 (1.8%) 81 (2.0%) 65 (1.4%) 41 (1.9%) 35 (1.4%) 701 (8.0%) 642 (7.3%) 585 (6.5%) 286 (7.0%) 288 (6.3%) 149 (6.9%) 151 (6.2%) 439 (5.0%) 392 (4.5%) 362 (4.0%) 184 (4.5%) 167 (3.7%) 91 (4.2%) 90 (3.7%) 1,851 (21.2%) 1,849 (21.1%) 1,689 (18.8%) 842 (20.5%) 802 (17.6%) 429 (19.8%) 426 (17.4%) 2023 2024 2025 1H2025 1H2026 2Q2025 2Q2026 Operating Expenses (RMB mm, as % of Total Net Revenues) 2025 vs. 2024 Operating Leverage Improvement -2.3 pts -0.5 pts -0.8 pts -0.1 pts -1.0 pts 2Q2026 vs. 2Q2025 Operating Leverage Improvement -2.4 pts -0.5 pts -0.7 pts -0.5 pts -0.7 pts Sales and MarketingFulfillment General and AdministrativeResearch and Development Total Operating Expenses
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Body Text Background Message Box, Table Highlight Heading Boxes Primary Eight Chart Colours Secondary Six Chart Colours 4.50” / 11.43cm 0.13” / 0.33cm 0.13” / 0.33cm 4.50” / 11.43cm 1.61” / 4.08cm 1.33” / 3.39cm 0.19” / 0.48cm 0.42” / 1.06cm 1.92” / 4.87cm 2.17” / 5.50cm 10 Page Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 72 73 78 255 255 255 243 203 204 191 191 191 191 191 191 227 234 241 192 0 0 133 150 176 72 73 78 237 12 30 235 167 168 62 65 99 255 128 128 239 239 239 218 218 220 255 191 191 249 249 249 Path to Profitability Note: Adjusted net (loss)/profit = net (loss)/profit + share-based compensation expenses Adjusted Net (Loss)/Profit1 (RMB mm) Operating (Loss)/Profit (RMB mm) (399) (339) (213) (153) (18) (72) 4 2023 2024 2025 1H2025 1H2026 2Q2025 2Q2026 (4.6%) (3.6%) (3.3%) (2.6%) As % of Net Revenues As % of GMV (3.9%) (3.2%) As % of Net Revenues As % of GMV (1.8%) (1.5%) (2.4%) (2.1%) (3.3%) (3.0%) (1.0%) (0.8%) 0.2% 0.1% (288) (160) (86) (87) 40 (37) 38 2023 2024 2025 1H2025 1H2026 2Q2025 2Q2026 0.9% 0.8% (2.1%) (1.9%) (0.4%) (0.3%) (3.7%) (3.3%) (1.7%) (1.5%) 1.6% 1.3%
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Body Text Background Message Box, Table Highlight Heading Boxes Primary Eight Chart Colours Secondary Six Chart Colours 4.50” / 11.43cm 0.13” / 0.33cm 0.13” / 0.33cm 4.50” / 11.43cm 1.61” / 4.08cm 1.33” / 3.39cm 0.19” / 0.48cm 0.42” / 1.06cm 1.92” / 4.87cm 2.17” / 5.50cm 11 Page Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 72 73 78 255 255 255 243 203 204 191 191 191 191 191 191 227 234 241 192 0 0 133 150 176 72 73 78 237 12 30 235 167 168 62 65 99 255 128 128 239 239 239 218 218 220 255 191 191 249 249 249 Quarterly Performance 1,939 2,073 2,265 2,444 1,860 2,250 2,281 2,370 1,935 2,167 2,328 2,557 2,114 2,444 (RMB mm) Net Revenues Adjusted Net (Loss)/Profit1 and Margin (87) (129) (99) 28 (43) (35) (66) (15) (50) (37) (14) 15 2 38 17.1% 16.2% 16.3% 17.1% 18.0% 17.0% 17.0% 17.1% 17.2% 16.5% 16.8% 15.5% 16.7% 17.6%Gross Margin Operating Margin (7.6%) (5.9%) (5.4%) (0.3%) (7.0%) (3.2%) (4.6%) (1.4%) (4.2%) (3.3%) (1.4%) (1.1%) (1.1%) 0.2% 1Q2023 4Q20232Q2023 3Q2023 1Q2024 (4.5%) (4.4%)(6.2%) Note: Adjusted net (loss)/profit = net (loss)/profit + share-based compensation expenses 1.1% GMV (2.3%) 2Q2024 (1.5%) 3Q2024 (2.9%) 4Q2024 (0.6%) (2.6%) 1Q2025 2Q2025 (1.7%) 3Q2025 (0.6%) 2,373 2,609 2,894 3,207 2,349 2,755 2,686 2,690 2,172 2,420 2,623 2,918 2,453 2,878 4Q2025 0.6% 1Q2026 0.1% 2Q2026 1.6%
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Body Text Background Message Box, Table Highlight Heading Boxes Primary Eight Chart Colours Secondary Six Chart Colours 4.50” / 11.43cm 0.13” / 0.33cm 0.13” / 0.33cm 4.50” / 11.43cm 1.61” / 4.08cm 1.33” / 3.39cm 0.19” / 0.48cm 0.42” / 1.06cm 1.92” / 4.87cm 2.17” / 5.50cm 12 Page Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 72 73 78 255 255 255 243 203 204 191 191 191 191 191 191 227 234 241 192 0 0 133 150 176 72 73 78 237 12 30 235 167 168 62 65 99 255 128 128 239 239 239 218 218 220 255 191 191 249 249 249 (254) (104) (19) (16) 2024 2025 1Q26 2Q26 276 (324) 93 (44) 2024 2025 1Q26 2Q26 229 14 (34) (122) 2024 2025 1Q26 2Q26 Cashflows Net Cash (Used in)/Provided by Operating Activities Net Cash Provided by/(Used in) Financing Activities Net Cash (Used in)/Provided by Investing Activities (RMB mm) (RMB mm) (RMB mm) Cash and Cash Equivalents, Restricted Cash and Short- Term Investments (RMB mm) 2,061 1,918 1,674 Dec. 2024 Dec. 2025 Jun. 2026
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\\firmwide.corp.gs.com\ibdroot\projects\I BD- HK\carnivores2021\671979_1\Graphics\ 08 ZKH cover and dividers_(Red Blue Design 1)\09 ZKH cover and dividers.ai \\firmwide.corp.gs.com\ibdroot\projects\I BD- HK\carnivores2021\671979_1\Graphics\ 08 ZKH cover and dividers_(Red & Blue Design 1)\09 ZKH cover and dividers.ai 30 June 2021 Appendix03
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Body Text Background Message Box, Table Highlight Heading Boxes Primary Eight Chart Colours Secondary Six Chart Colours 4.50” / 11.43cm 0.13” / 0.33cm 0.13” / 0.33cm 4.50” / 11.43cm 1.61” / 4.08cm 1.33” / 3.39cm 0.19” / 0.48cm 0.42” / 1.06cm 1.92” / 4.87cm 2.17” / 5.50cm 14 Page Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 72 73 78 255 255 255 243 203 204 191 191 191 191 191 191 227 234 241 192 0 0 133 150 176 72 73 78 237 12 30 235 167 168 62 65 99 255 128 128 239 239 239 218 218 220 255 191 191 249 249 249 (All amounts in thousands) Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss) For the three months ended June 30, For the six months ended June 30, 2025 2026 2025 2026 RMB RMB USD RMB RMB USD Net revenues 2,166,774 2,443,750 360,164 4,102,146 4,557,569 671,703 Net product revenues 2,113,970 2,377,498 350,400 3,998,830 4,439,119 654,245 Net service revenues 40,707 50,935 7,507 78,601 92,186 13,587 Other revenues 12,097 15,317 2,257 24,715 26,264 3,871 Cost of revenues (1,809,787) (2,014,176) (296,853) (3,413,041) (3,773,968) (556,214) Operating expenses Fulfillment expenses (90,811) (89,632) (13,210) (184,118) (167,240) (24,648) Sales and marketing expenses (149,330) (150,822) (22,228) (286,165) (288,462) (42,514) Research and development expenses (41,471) (35,164) (5,183) (81,084) (64,506) (9,507) General and administrative expenses (147,332) (149,955) (22,101) (290,508) (281,889) (41,545) (Loss)/profit from operations (71,957) 4,001 589 (152,770) (18,496) (2,725) Net (loss)/profit (53,509) 26,687 3,933 (120,232) 16,584 2,446 Net (loss)/profit attributable to ZKH Group Limited’s ordinary shareholders (53,509) 26,687 3,933 (120,232) 16,584 2,446
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Body Text Background Message Box, Table Highlight Heading Boxes Primary Eight Chart Colours Secondary Six Chart Colours 4.50” / 11.43cm 0.13” / 0.33cm 0.13” / 0.33cm 4.50” / 11.43cm 1.61” / 4.08cm 1.33” / 3.39cm 0.19” / 0.48cm 0.42” / 1.06cm 1.92” / 4.87cm 2.17” / 5.50cm 15 Page Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 72 73 78 255 255 255 243 203 204 191 191 191 191 191 191 227 234 241 192 0 0 133 150 176 72 73 78 237 12 30 235 167 168 62 65 99 255 128 128 239 239 239 218 218 220 255 191 191 249 249 249 Reconciliation of GAAP and Non-GAAP Results (All amounts in thousands) For the three months ended June 30, For the six months ended June 30, 2025 2026 2025 2026 RMB RMB USD RMB RMB USD Net (loss)/profit (53,509) 26,687 3,933 (120,232) 16,584 2,446 Add: Income tax (benefits)/expenses (52) 965 142 195 1,480 218 Interest expenses 3,037 3,087 455 5,387 5,350 788 Depreciation and amortization expenses 11,861 11,118 1,639 24,028 22,680 3,343 Non-GAAP EBITDA (38,663) 41,857 6,169 (90,622) 46,094 6,795 Net (loss)/profit (53,509) 26,687 3,933 (120,232) 16,584 2,446 Add: Share-based compensation expenses 16,976 11,774 1,735 33,523 23,567 3,473 Non-GAAP adjusted Net (loss)/profit (36,533) 38,461 5,668 (86,709) 40,151 5,919
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Body Text Background Message Box, Table Highlight Heading Boxes Primary Eight Chart Colours Secondary Six Chart Colours 4.50” / 11.43cm 0.13” / 0.33cm 0.13” / 0.33cm 4.50” / 11.43cm 1.61” / 4.08cm 1.33” / 3.39cm 0.19” / 0.48cm 0.42” / 1.06cm 1.92” / 4.87cm 2.17” / 5.50cm 16 Page Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 72 73 78 255 255 255 243 203 204 191 191 191 191 191 191 227 234 241 192 0 0 133 150 176 72 73 78 237 12 30 235 167 168 62 65 99 255 128 128 239 239 239 218 218 220 255 191 191 249 249 249 Unaudited Condensed Consolidated Balance Sheet As of Dec 31, 2025 As of June 30, 2026 RMB RMB USD Assets Cash and cash equivalents 1,030,573 896,485 132,126 Restricted cash 61,871 39,844 5,872 Short-term investments 825,289 736,098 108,487 Derivatives Asset - 2,038 300 Accounts receivable (net of allowance for credit losses of RMB159,923 and RMB178,932 as of December 31, 2025 and June 30, 2026, respectively) 3,257,162 3,447,300 508,069 Notes receivable 113,291 149,602 22,049 Inventories 669,825 646,931 95,346 Prepayments and other current assets 180,188 210,373 31,005 Total current assets 6,138,199 6,128,671 903,254 Property and equipment, net 186,185 179,867 26,509 Land use right 10,582 10,470 1,543 Operating lease right-of-use assets, net 142,205 124,433 18,339 Intangible assets, net 21,871 30,876 4,551 Goodwill 30,807 30,807 4,541 Total non-current assets 391,650 376,453 55,483 Total assets 6,529,849 6,505,124 958,737 (All amounts in thousands)
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Body Text Background Message Box, Table Highlight Heading Boxes Primary Eight Chart Colours Secondary Six Chart Colours 4.50” / 11.43cm 0.13” / 0.33cm 0.13” / 0.33cm 4.50” / 11.43cm 1.61” / 4.08cm 1.33” / 3.39cm 0.19” / 0.48cm 0.42” / 1.06cm 1.92” / 4.87cm 2.17” / 5.50cm 17 Page Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 72 73 78 255 255 255 243 203 204 191 191 191 191 191 191 227 234 241 192 0 0 133 150 176 72 73 78 237 12 30 235 167 168 62 65 99 255 128 128 239 239 239 218 218 220 255 191 191 249 249 249 Unaudited Condensed Consolidated Balance Sheet (Continued) As of Dec 31, 2025 As of June 30, 2026 RMB RMB USD Liabilities Short-term borrowings 240,000 235,000 34,635 Current portion of long-term borrowings 2,305 2,305 340 Accounts and notes payable 2,718,941 2,796,496 412,153 Operating lease liabilities 50,202 44,897 6,617 Advance from customers 27,152 34,597 5,099 Accrued expenses and other current liabilities 378,566 345,179 50,872 Derivatives 8,624 - - Total current liabilities 3,425,790 3,458,474 509,716 Long-term borrowings 42,651 41,498 6,116 Non-current operating lease liabilities 91,894 77,103 11,364 Other non-current liabilities 28,181 31,858 4,695 Total non-current liabilities 162,726 150,459 22,175 Total liabilities 3,588,516 3,608,933 531,891 Total shareholders’ equity 2,941,333 2,896,191 426,846 Total liabilities and shareholders’ equity 6,529,849 6,505,124 958,737 (All amounts in thousands)
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Body Text Background Message Box, Table Highlight Heading Boxes Primary Eight Chart Colours Secondary Six Chart Colours 4.50” / 11.43cm 0.13” / 0.33cm 0.13” / 0.33cm 4.50” / 11.43cm 1.61” / 4.08cm 1.33” / 3.39cm 0.19” / 0.48cm 0.42” / 1.06cm 1.92” / 4.87cm 2.17” / 5.50cm 18 Page Setup Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Prints as A4 Page Setup should only be changed if banker requests a specific size. If this is the case, note the banker name and instructions in this box 72 73 78 255 255 255 243 203 204 191 191 191 191 191 191 227 234 241 192 0 0 133 150 176 72 73 78 237 12 30 235 167 168 62 65 99 255 128 128 239 239 239 218 218 220 255 191 191 249 249 249 For investor and media inquiries, please contact: ZKH Group Limited IR Department E-mail: IR@zkh.com Christensen Advisory Email: zkh@christensencomms.com