ZKH Group Ltd (ZKH) SEC Filings & Earnings Calls
EquiReason read 7 ZKH Group Ltd SEC filings in the last 12 months. Latest: 6-K on 2026-08-21 — ZKH Group reports Q2 2026: GMV up 18.9% YoY, net revenue up 12.8%, first-time operating profitability with net profit of RMB26.7M vs loss of RMB53.5M a year ago..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 270.2M
- P/E TTM
- —
- Dividend yield
- —
- 52-week
- —
- Next earnings
- 18 Nov, in 25 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
21 Aug 20266-KZKH Group reports Q2 2026: GMV up 18.9% YoY, net revenue up 12.8%, first-time operating profitability with net profit of RMB26.7M vs loss of RMB53.5M a year ago.earningsopen
Figures in the filing · each found in the filing text
| Number of Customers · Q2-2026 | 73,547 | -2% y/y |
Guidance
Expect growth to accelerate further in the second half of the year
Management expects growth to accelerate in H2 2026, citing momentum and execution
Risks flagged
Customer count declined 1.7% YoY despite GMV growth, indicating potential concentration risk
“Number of Customers decreased to 73,547 from 74,854 year-over-year”
20 Jul 20266-KCFO Chiu Chun Lai resigned for personal reasons; Qian Wang appointed as new CFO effective immediately. No disagreement cited. Routine transition.open
Risks flagged
CFO resignation could cause temporary disruption, but no disagreement cited and successor appointed immediately.
“Mr. Lai’s resignation did not result from any disagreement with the Company on any matter relating to its operations.” · word for word
15 Jun 20266-KZKH Group Limited extends existing share repurchase program for an additional 12 months through June 13, 2027, with up to US$50 million authorization; approximately 2.1 million ADSs repurchased to date.open
Figures in the filing · each found in the filing text
| ADSs repurchased · 2025-2026 | 2,100,000 |
21 May 20266-KZKH Group reports Q1 2026 GMV up 12.9% YoY to RMB2.45B; net revenue up 9.2% YoY; operating loss narrows 72.2%; achieves first non-GAAP adjusted net profit in a seasonally soft Q1; guidance for double-digit GMV growth and full-year profitabiearningsopen
Figures in the filing · each found in the filing text
| GMV · Q1-2026 | $2.45B | +13% y/y |
| Net Revenues · Q1-2026 | $2.11B | +9% y/y |
| Gross Profit · Q1-2026 | $354M | +7% y/y |
| Gross Profit Margin · Q1-2026 | 16.7% | |
| Operating Loss · Q1-2026 | $22M | -72% y/y |
| Non-GAAP Adjusted Net (Loss)/Profit · Q1-2026 | $2M | -103% y/y |
| Number of Customers · Q1-2026 | 66,742 | +11% y/y |
Guidance
Management confident in achieving double-digit GMV growth and full-year profitability in 2026
Management expresses confidence in achieving double-digit GMV growth and full-year profitability in 2026, implying an improved outlook.
Risks flagged
Gross margin declined 41.2 bps YoY, indicating potential pricing or mix pressure.
“Gross Profit % of Net Revenues: 17.2% (2025) vs 16.7% (2026) -41.2 bps”
Still reporting GAAP net loss, though significantly narrowed.
“Net (Loss)/Profit: (66,723) (2025) vs (10,103) (2026) -84.9%”
24 Apr 202620-FZKH Group Ltd filed its annual report (20-F) for FY2025, reporting modest revenue growth, narrowing net losses, but negative operating cash flow.earningsopen
Figures in the filing · each found in the filing text
| Inventory turnover days on a GMV basis · FY2025 | $29.20 | +2% y/y |
| Accounts payable turnover days (inclusive of notes payable) · FY2025 | $128.10 | -7% y/y |
Risks flagged
China Regulatory and Geopolitical Risk
“The PRC government has significant oversight and discretion over the conduct of our business, and it may intervene or influence our operations at any time, which could result in a material adverse change in our operations, and our Class A ordinary shares and ADSs may decline in value or become worthless.” · word for word
Trade Policy Risk
“the ongoing tariff war between the United States and other countries around the world as of the date of this annual report could have a material adverse effect on global economic conditions, which may result in declines in trading volume and fluctuation in price of the MRO products on our platform, and therefore affect our financial condition, results of ope”
Profitability Risk
“We have incurred losses in the past. Our net losses were RMB304.9 million in 2023, RMB268.0 million in 2024, and RMB139.7 million (US$20.0 million) in 2025. We cannot assure you that we will be able to generate net profits in the future.” · word for word
Cash Flow Risk
“Our net cash used in operating activities was RMB13.7 million (US2.0million) in 2025. The decrease was primarily due to changes in certain working capital accounts, principally, an increase of RMB199.3 million in accounts receivable and an increase of RMB75.7 million in inventories.” · word for word
Cybersecurity and Data Privacy Risk
“Failure or perceived failure to comply with existing or future laws and regulations related to cybersecurity and data security could result in claims, changes to our business practices, negative publicity, legal proceedings, increased cost of operations, or declines in user growth or engagement, or otherwise harm our business.” · word for word
19 Mar 20266-KZKH Group Q4 2025: GMV up 8.5% YoY to RMB2.92B, net revenue up 7.9% to RMB2.56B, returned to profitability with net profit RMB4.8M vs loss of RMB29.1M a year ago. Customer count up 59.8% YoY. Non-GAAP EBITDA positive at RMB19.7M. AI adoptioearningsopen
Figures in the filing · each found in the filing text
| GMV · Q4-2025 | $2.92B | +9% y/y |
| Net Revenues · Q4-2025 | $2.56B | +8% y/y |
| Gross Profit · Q4-2025 | $396M | -2% y/y |
| Gross Margin · Q4-2025 | 15.5% | |
| Operating Loss · Q4-2025 | $-28M | |
| Non-GAAP EBITDA · Q4-2025 | $20M | |
| Net (Loss)/Profit · Q4-2025 | $5M | |
| Number of Customers · Q4-2025 | 73,803 | +60% y/y |
Risks flagged
Gross margin contraction of 158.7 bps YoY due to mix shift toward lower-margin product sales.
“Gross Profit % of Net Revenues 15.5%, -158.7 bps”
Marketplace GMV declined 33.1% for full year 2025, indicating structural shift in business model.
“Marketplace (3P) GMV 1,304,465 thousand RMB, -33.1% change for fiscal year”
20 Nov 20256-KZKH Group Q3 2025: net revenues RMB2,328.4M (+2.1% YoY), GMV RMB2,622.9M (-2.3% YoY), operating loss narrowed to RMB32.3M from RMB105.4M YoY; customer count +48% YoY to 70,800.earningsopen
Figures in the filing · each found in the filing text
| Gross margin · Q3-2025 | 16.8% | |
| Number of customers · Q3-2025 | 70,800 | +48% y/y |
Risks flagged
GMV still declining YoY (-2.3%) despite customer growth, indicating lower transaction value per customer or mix shift.
“GMV decreased 2.3% YoY to RMB2,622.9 million, while customer count increased 48%.”
Gross margin slightly declined 27.3 bps YoY due to lower revenue contribution from higher-margin marketplace model.
“Gross margin was 16.8%, down from 17.0% in Q3 2024, mainly due to lower revenue contribution from marketplace.”
ZKH Group Ltd — questions
- What did ZKH Group Ltd file recently?
- 7 SEC filings in the last 12 months. Latest: 6-K on 2026-08-21 — ZKH Group reports Q2 2026: GMV up 18.9% YoY, net revenue up 12.8%, first-time operating profitability with net profit of RMB26.7M vs loss of RMB53.5M a year ago.
Every figure on this page comes from ZKH Group Ltd's own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.