Earnings release
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ZKH Group Limited InvestorRoom ZKH Group Limited Announces Second Quarter 2026 Unaudited Financial Results SHANGHAI , Aug. 21, 2026 / PRNewswire / -- 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 second quarter ended June 30, 2026. Second Quarter 2026 Operational and Financial Highlights Second Quarter 2025 2026 Change (in thousand RMB, except for number of customers, percentage and basis points("bps")) GMV [1] 2,420,233 2,877,545 18.9 % GMV by Platform ZKH Platform 2,144,362 2,635,045 22.9 % GBB Platform 275,871 242,500 -12.1 % GMV by Business Model Product Sales (1P) 2,133,895 2,446,015 14.6 % Marketplace (3P) [2] 286,338 431,529 50.7 % Number of Customers [3] 74,854 73,547 -1.7 % Net Revenues 2,166,774 2,443,750 12.8 % Gross Profit 356,987 429,574 20.3 % % of Net Revenues 16.5 % 17.6 % 110.3bps Operating (Loss)/Profit (71,957) 4,001 - % of Net Revenues -3.3 % 0.2 % 348.5bps Non-GAAP EBITDA [4] (38,663) 41,857 - % of Net Revenues -1.8 % 1.7 % 349.7bps Net (Loss)/Profit (53,509) 26,687 - % of Net Revenues -2.5 % 1.1 % 356.2bps Non-GAAP Adjusted Net (Loss)/Profit [5] (36,533) 38,461 - % of Net Revenues -1.7 % 1.6 % 326.0bps Mr. Eric Long Chen, Chairman and Chief Executive Officer of ZKH, stated, "Building on a strong start to the year, our business gained further momentum in the second quarter, with GMV and revenue posting their fastest year-over-year growth in the past several quarters. This performance was broad-based across the industries we serve. Core verticals such as communications and electronics, fine chemicals and pharmaceuticals, and utilities continued to outpace overall GMV growth. At the customer level, GMV from SMEs on the ZKH platform increased by approximately 30% year-over-year, while industry key accounts (KAs) and central state-owned enterprises (SOEs) sustained healthy double-digit growth. Meanwhile, AI is becoming increasingly embedded in how we serve customers and operate our business, helping us deepen customer engagement, unlock additional revenue opportunities, and drive greater efficiency. Together, these results reinforce our confidence in our strategy and underscore the strength of our execution. Looking ahead, we expect growth to accelerate further in the second half of the year. As we build on this momentum, we will continue to execute with focus and discipline to deliver sustainable, high-quality growth." Mr. Jerry Qian Wang, Chief Financial Officer of ZKH, added, "The second quarter marked an important milestone in our earnings trajectory, as we achieved operating profitability for the first time. This achievement was underpinned by our continued scale expansion and stronger operating leverage. GMV increased by 18.9% year-over-year, reflecting ongoing share gains in China's fragmented MRO market. Gross profit grew even faster, increasing by 20.3% year-over-year, while gross margin on a GMV basis improved by approximately 50 basis points sequentially. At the same time, we maintained disciplined cost management and further expanded AI adoption across our operations, supporting continued efficiency gains. As a result, we delivered a significant bottom-line turnaround: both GAAP net profit and non-GAAP adjusted net profit reversed year-ago losses and showed considerable sequential improvement. Looking ahead, we enter the second half of 2026 in a stronger financial position, and remain confident in our ability to deliver sustainable and profitable growth over the long term."
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[1] 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. [2] The marketplace model accounted for 15.0% of GMV in the second quarter of 2026, compared with 11.8% in the corresponding periods of 2025. [3] Customers are customers that transacted with the Company during the reporting period, mainly comprised of enterprise customers in various industries. [4] Non-GAAP EBITDA is defined as net profit/(loss) before interest expenses, income tax expenses/(benefits) and depreciation and amortization expenses. [5] Non-GAAP adjusted net (loss)/profit is defined as net (loss)/profit excluding share-based compensation expenses. Second Quarter 2026 Business Highlights Business Momentum. The Company accelerated its growth momentum in the second quarter, with total GMV increasing 18.9% year-over-year. This performance was driven by deeper penetration across both SME and key account segments. GMV from SME customers increased approximately 30% year-over-year, while GMV from industry KA and central SOE customers maintained double-digit growth. The sustained strength of the SME business reflected the Company's improving product and service capabilities, and contributed to a higher-quality, more resilient earnings profile. Product Capabilities. The Company continued to advance its capabilities in professional MRO categories, including chemical reagents, industrial spare parts, and machining-related products. It also scaled its higher-margin private-label products, adding more than 700 SKUs during the quarter. Private-label GMV increased by more than 25% year-over-year and accounted for approximately 10% of total GMV. The growing contribution from private-label offerings supported both overall GMV growth and gross margin improvement. Fulfillment Network. The Company further enhanced its hazardous materials supply capabilities with the completion of a dedicated warehouse in Cangzhou, Hebei Province. As of quarter-end, its network comprised more than 30 distribution centers and 109 warehouses, supported by over 200 self-operated delivery vehicles and more than 6,000 EVM smart vending machines at customer production sites. Fulfillment efficiency also improved, with fulfillment expenses as a percentage of revenue declining by 50 basis points year-over-year. AI Capabilities. Drove greater customer value through AI innovation and broader adoption. Launched "Domino," an industrial supplies data engine powered by the industry's first billion-parameter industrial supplies knowledge graph. Featuring automated data labeling, self-learning, and end-to-end traceability, Domino delivers high-quality data to support customers' data governance, model training, and AI applications. Expanded deployments of the Company's comprehensive AI solutions across manufacturing, chemicals, ports, and automotive. This helps customers reduce inventory costs, accelerate product selection and materials processing, and improve operational efficiency. In particular, our AI Materials Manager grew its total users by more than 200% year- over-year to over 8,000 and had processed more than 24 million rows of material data to date. Generated measurable efficiency gains through Company-wide deployment. Established a multi-layered AI application framework spanning robotic process automation (RPA), AI agents, and advanced AI tools, with AI supporting more than 70% of the Company's research and development coding activities. Generated productivity gains equivalent to an estimated 12,759 hours through Company-wide AI adoption during the quarter. International Expansion. International GMV increased tenfold year-over-year in the first half of 2026, supported by the Company's continued efforts to help Chinese manufacturers expand overseas and further localize its U.S. operations. During the quarter, U.S. online sales accelerated across multiple channels, while offline operations strengthened collaboration with local manufacturers and enhanced local sourcing and fulfillment capabilities. Second Quarter 2026 Financial Results Net Revenues. Net revenues were RMB2,443.8 million (US$360.2 million), representing an increase of 12.8% from RMB2,166.8 million in the same period of 2025. Second Quarter 2025 2026 Change (in thousand RMB, except for percentage) Net Revenues 2,166,774 2,443,750 12.8 % Net Product Revenues 2,113,970 2,377,498 12.5 % From ZKH Platform 1,846,490 2,129,626 15.3 % From GBB Platform 267,480 247,872 -7.3 %
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Net Service Revenues 40,707 50,935 25.1 % Other Revenues 12,097 15,317 26.6 % Cost of Revenues. Cost of revenues was RMB2,014.2 million (US$296.9 million), representing an increase of 11.3% from RMB1,809.8 million in the same period of 2025. Gross Profit and Gross Margin. Gross profit was RMB429.6 million (US$63.3 million), representing an increase of 20.3% from RMB357.0 million in the same period of 2025. Gross margin was 17.6%, compared with 16.5% in the same period of 2025. Second Quarter 2025 2026 Change (in thousand RMB, except for percentage and basis points ("bps")) Gross Profit 356,987 429,574 20.3 % % of Net Revenues 16.5 % 17.6 % 110.3bps % of GMV 14.8 % 14.9 % 17.8bps Under Product Sales (1P) ZKH Platform 295,075 355,844 20.6 % % of Net Product Revenues from ZKH Platform 16.0 % 16.7 % 72.9bps GBB Platform 18,658 19,452 4.3 % % of Net Product Revenues from GBB Platform 7.0 % 7.8 % 87.2bps Under Marketplace (3P) 40,707 50,935 25.1 % % of Net Service Revenues 100.0 % 100.0 % - % of GMV from the Marketplace Model (Take Rate [6] ) 14.2 % 11.8 % -241.3bps Others 2,547 3,343 31.3 % % of Other Revenues 21.1 % 21.8 % 77.1bps Operating Expenses. Operating expenses were RMB425.6 million (US$62.7 million), down 0.8% from RMB428.9 million in the same period of 2025. Operating expenses were 17.4% of net revenues, compared with 19.8% in the same period of 2025. Fulfillment Expenses. Fulfillment expenses were RMB89.6 million (US$13.2 million), down 1.3% from RMB90.8 million in the same period of 2025, primarily due to lower rental and property management fees, partially offset by higher distribution expenses. Fulfillment expenses were 3.7% of net revenues, compared with 4.2% in the same period of 2025. Sales and Marketing Expenses. Sales and marketing expenses were RMB150.8 million (US$22.2 million), up 1.0% from RMB149.3 million in the same period of 2025, primarily due to higher marketing and promotion expenses and service fees, partially offset by lower other and traveling expenses. Sales and marketing expenses were 6.2% of net revenues, compared with 6.9% in the same period of 2025. Research and Development Expenses. Research and development expenses were RMB35.2 million (US$5.2 million), down 15.2% from RMB41.5 million in the same period of 2025, primarily due to lower employee benefits expenses, partially offset by higher service fees. Research and development expenses were 1.4% of net revenues, compared with 1.9% in the same period of 2025. General and Administrative Expenses. General and administrative expenses were RMB150.0 million (US$22.1 million), up 1.8% from RMB147.3 million in the same period of 2025, primarily due to higher service fees and credit losses, partially offset by lower employee benefits expenses and share-based payments. General and administrative expenses were 6.1% of net revenues, compared with 6.8% in the same period of 2025. Income /(Loss) from Operations. Income from operations was RMB4.0 million (US$0.6 million), compared with loss from operations of RMB72.0 million in the same period of 2025. Operating income margin was 0.2%, compared with operating loss margin of 3.3% in the same period of 2025. Non-GAAP EBITDA. Non-GAAP EBITDA was RMB41.9 million (US$6.2 million), compared with negative RMB38.7 million in the same period of 2025. Non-GAAP EBITDA margin was 1.7%, compared with negative 1.8% in the same period of 2025. Net Profit /(Loss) . Net profit was RMB26.7 million (US$3.9 million), compared with net loss of RMB53.5 million in the same period of 2025. Net profit margin was 1.1%, compared with net loss margin of 2.5% in the same period of 2025. Non-GAAP Adjusted Net Profit/(Loss). Non-GAAP adjusted net profit was RMB38.5 million (US$5.7 million), compared with non-
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GAAP adjusted net loss of RMB36.5 million in the same period of 2025. Non-GAAP adjusted net profit margin was 1.6%, compared with non-GAAP adjusted net loss margin of 1.7% in the same period of 2025. Basic and Diluted Net Profit/(Loss) per ADS [7] and Non-GAAP Adjusted Basic and Diluted Net Profit/(Loss) per ADS [8] . Basic and diluted net profit per ADS was RMB0.17 (US$0.02), compared with basic and diluted net loss per ADS of RMB0.33 in the same period of 2025. Non-GAAP adjusted basic and diluted net profit per ADS were RMB0.24 (US$0.04), compared with basic and diluted net loss per ADS of RMB0.23 in the same period of 2025. Balance Sheet and Cash Flow As of June 30, 2026, the Company had cash and cash equivalents, restricted cash, and short-term investments of RMB1.67 billion (US$246.5 million), compared with RMB1.92 billion as of December 31, 2025. Net cash used in operating activities was RMB122.4 million (US$18.0 million) in the second quarter of 2026, compared with net cash used in operating activities of RMB110.7 million in the same period of 2025. Share Repurchase Update Pursuant to the Company's share repurchase program of up to US$50 million, adopted on June 13, 2025 and subsequently extended for another 12 months through June 13, 2027, the Company repurchased an aggregate of approximately 2.49 million ADSs for approximately US$7.67 million from the open market as of June 30, 2026. Exchange Rate This announcement contains translations of certain Renminbi ("RMB") amounts into U.S. dollars ("US$") 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 RMB6.7851 to US$1.00, the exchange rate in effect as of June 30, 2026, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all. [6] Take rate of the marketplace model represents gross profit from the marketplace model divided by GMV from the marketplace model. [7] ADSs are American depositary shares, each of which represents thirty-five (35) Class A ordinary shares of the Company. [8] Non-GAAP adjusted basic and diluted net profit/(loss) per ADS is a non-GAAP financial measure, which is calculated by dividing non-GAAP adjusted net profit/(loss) attributable to the Company's ordinary shareholders by the weighted average number of ADSs. Conference Call Information The Company's management will hold a conference call on Friday, August 21, 2026, at 7:00 A.M. U.S. Eastern Time or 7:00 P.M. Beijing Time to discuss its financial results and operating performance for the second quarter of 2026. 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: 4251895 The replay will be accessible through August 28, 2026 by dialing the following numbers: United States: +1-855-669-9658 International: +1-412-317-0088 Replay Access Code: 1176528 A live and archived webcast of the conference call will also be available on the Company's investor relations website at https://ir.zkh.com . 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.
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For more information, please visit: https://ir.zkh.com . Use of Non-GAAP Financial Measures This press release contains the following non-GAAP financial measures: non-GAAP adjusted net (loss)/profit, non-GAAP adjusted net (loss)/profit 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)/profit 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)/profit per ADS is calculated by dividing adjusted net (loss)/profit attributable to the Company's ordinary shareholders by the weighted average number of ordinary shares 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: ZKH Group Limited IR Department E-mail: IR@zkh.com Christensen Advisory Email: zkh@christensencomms.com
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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 June 30, 2025 2026 RMB RMB US$ Assets Current assets: Cash and cash equivalents 1,030,573 896,485 132,126 Restricted cash 61,871 39,844 5,872 Short-term investments 825,289 738,136 108,788 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 Non-current assets: 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 Liabilities Current 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 Non-current liabilities: 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 As of December 31, As of June 30, 2025 2026 RMB RMB US$ ZKH Group Limited shareholders' equity:
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Ordinary shares (USD0.0000001 par value; 500,000,000,000 and 500,000,000,000 shares authorized; 5,682,357,714 and 5,689,169,974 shares issued and 5,563,528,436 and 5,521,954,758 shares outstanding as of December 31, 2025 and June 30, 2026, respectively) 4 4 1 Additional paid-in capital 8,370,941 8,397,997 1,237,711 Statutory reserves 6,566 6,566 968 Accumulated other comprehensive loss (37,288) (96,648) (14,244) Accumulated deficit (5,317,131) (5,300,547) (781,204) Treasury stock (81,759) (111,181) (16,386) Total ZKH Group Limited shareholders' equity 2,941,333 2,896,191 426,846 Total liabilities and shareholders' equity 6,529,849 6,505,124 958,737 ZKH GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF (LOSS )/PROFIT (All amounts in thousands, except share, ADS, per share and per ADS data) For the three months ended For the six months ended June 30, 2025 June 30, 2026 June 30, 2025 June 30, 2026 RMB RMB US$ RMB RMB US$ Net revenues 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 Total net revenues 2,166,774 2,443,750 360,164 4,102,146 4,557,569 671,703 Cost of revenues (1,809,787) (2,014,176) (296,853) (3,413,041) (3,773,968) (556,214) Operating expenses Fulfillment (90,811) (89,632) (13,210) (184,118) (167,240) (24,648) Sales and marketing (149,330) (150,822) (22,228) (286,165) (288,462) (42,514) Research and development (41,471) (35,164) (5,183) (81,084) (64,506) (9,507) General and administrative (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) Interest and investment income 12,587 8,664 1,277 25,866 17,071 2,516 Interest expense (3,037) (3,087) (455) (5,387) (5,350) (788) Others, net 8,846 18,074 2,664 12,254 24,839 3,661 (Loss)/profit before income tax (53,561) 27,652 4,075 (120,037) 18,064 2,664 Income tax benefits/(expenses) 52 (965) (142) (195) (1,480) (218) Net (loss)/profit (53,509) 26,687 3,933 (120,232) 16,584 2,446 Less: net income attributable to non- controlling interests - - - - - - Less: net loss attributable to redeemable non- controlling interests - - - - - - Net (loss)/profit attributable to ZKH Group Limited (53,509) 26,687 3,933 (120,232) 16,584 2,446 Accretion on preferred shares to redemption value - - - - - - 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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For the three months ended For the six months ended June 30, 2025 June 30, 2026 June 30, 2025 June 30, 2026 RMB RMB US$ RMB RMB US$ Net (loss)/profit (53,509) 26,687 3,933 (120,232) 16,584 2,446 Other comprehensive income/(loss): Foreign currency translation adjustments (4,576) (29,222) (4,307) (7,584) (59,360) (8,749) Total comprehensive loss (58,085) (2,535) (374) (127,816) (42,776) (6,303) Less: comprehensive income attributable to non-controlling interests - - - - - - Less: comprehensive loss attributable to redeemable non- controlling interests - - - - - - Comprehensive loss attributable to ZKH Group Limited (58,085) (2,535) (374) (127,816) (42,776) (6,303) Accretion on Preferred Shares to redemption value - - - - - - Total comprehensive loss attributable to ZKH Group Limited's ordinary shareholders (58,085) (2,535) (374) (127,816) (42,776) (6,303) Net (loss)/profit per ordinary share attributable to ordinary shareholders Basic (0.01) 0.00 0.00 (0.02) 0.00 0.00 Diluted (0.01) 0.00 0.00 (0.02) 0.00 0.00 Weighted average number of shares Basic 5,678,582,721 5,625,935,232 5,625,935,232 5,683,922,789 5,636,198,015 5,636,198,015 Diluted 5,678,582,721 5,627,918,674 5,627,918,674 5,683,922,789 5,638,181,457 5,638,181,457 Net (loss)/profit per ADS attributable to ordinary shareholders Basic (0.33) 0.17 0.02 (0.74) 0.10 0.02 Diluted (0.33) 0.17 0.02 (0.74) 0.10 0.02 Weighted average number of ADS (35 Class A ordinary shares equal to 1 ADS) Basic 162,245,221 160,741,007 160,741,007 162,397,794 161,034,229 161,034,229 Diluted 162,245,221 160,797,676 160,797,676 162,397,794 161,090,899 161,090,899 ZKH GROUP LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except share, ADS, per share and per ADS data)
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For the three months ended For the six months ended June 30, 2025 June 30, 2026 June 30, 2025 June 30, 2026 RMB RMB US$ RMB RMB US$ Net (loss)/profit (53,509) 26,687 3,933 (120,232) 16,584 2,446 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 expense 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 For the three months ended For the six months ended June 30, 2025 June 30, 2026 June 30, 2025 June 30, 2026 RMB RMB US$ RMB RMB US$ 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 Non-GAAP adjusted net (loss)/profit attributable to ordinary shareholders per share Basic (0.01) 0.01 0.00 (0.02) 0.01 0.00 Diluted (0.01) 0.01 0.00 (0.02) 0.01 0.00 Weighted average number of ordinary shares Basic 5,678,582,721 5,625,935,232 5,625,935,232 5,683,922,789 5,636,198,015 5,636,198,015 Diluted 5,678,582,721 5,627,918,674 5,627,918,674 5,683,922,789 5,638,181,457 5,638,181,457 Non-GAAP adjusted net ( loss ) /profit attributable to ordinary shareholders per ADS Basic (0.23) 0.24 0.04 (0.53) 0.25 0.04 Diluted (0.23) 0.24 0.04 (0.53) 0.25 0.04 Weighted average number of ADS (35 Class A ordinary shares equal to 1 ADS) Basic 162,245,221 160,741,007 160,741,007 162,397,794 161,034,229 161,034,229 Diluted 162,245,221 160,797,676 160,797,676 162,397,794 161,090,899 161,090,899 SOURCE ZKH Group Limited https://ir.zkh.com/2026-08-21-ZKH-Group-Limited-Announces-Second-Quarter-2026-Unaudited-Financial-Results