ZKH 6-K 2025 - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Forthe month of March 2025

CommissionFile Number: 001-****41885

ZKH Group Limited

7/F, Tower 4, Libao Plaza, No. 36 ShenbinRoad

Minhang District, Shanghai 201106

People’s Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F	x	Form 40-F	¨

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

ZKH GROUP LIMITED
By :	/s/ Chun Chiu Lai
Name:	Chun Chiu Lai
Title :	Chief Financial Officer

Date: March 18, 2025

Exhibit 99.1

ZKH Group Limited Announces Fourth Quarter andFiscal Year 2024 Unaudited Financial Results

SHANGHAI, March 18, 2025 – 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 fourth quarter and fiscal year ended December 31, 2024.

Fourth Quarter and Fiscal Year 2024 Operationaland Financial Highlights

	Fourth Quarter									Fiscal Year
	2023			2024			Change			2023			2024			Change
	(in thousand RMB, except for number of customers, percentage and basis points(“bps”))
GMV^1^		3,207,139			2,690,311			-16.1	%		11,083,035			10,479,461			-5.4	%
GMV by Platform
ZKH Platform		2,907,077			2,435,037			-16.2	%		10,112,872			9,475,550			-6.3	%
GBB Platform		300,062			255,274			-14.9	%		970,163			1,003,911			3.5	%
GMV by Business Model
Product Sales (1P)		2,321,861			2,324,005			0.1	%		8,336,846			8,530,328			2.3	%
Marketplace (3P)^2^		885,279			366,306			-58.6	%		2,746,189			1,949,133			-29.0	%
Number of Customers^3^		42,220			46,192			9.4	%		66,562			83,958			26.1	%
ZKH Platform		31,174			36,116			15.9	%		48,211			57,679			19.6	%
GBB Platform		11,046			10,076			-8.8	%		18,351			26,279			43.2	%
Net Revenues		2,443,961			2,370,223			-3.0	%		8,721,175			8,761,318			0.5	%
Gross Profit		417,151			404,998			-2.9	%		1,452,434			1,510,471			4.0	%
% of Net Revenues		17.1	%		17.1	%		1.8	bps		16.7	%		17.2	%		58.6	bps
Operating Loss		(6,779	)		(32,589	)		380.7	%		(398,724	)		(338,770	)		-15.0	%
% of Net Revenues		-0.3	%		-1.4	%		-109.8	bps		-4.6	%		-3.9	%		70.5	bps
Non-GAAP EBITDA^4^		43,272			(13,330	)		-130.8	%		(211,896	)		(193,258	)		-8.8	%
% of Net Revenues		1.8	%		-0.6	%		-233.3	bps		-2.4	%		-2.2	%		22.4	bps
Net Profit/(Loss)		20,229			(29,102	)		-243.9	%		(304,900	)		(268,043	)		-12.1	%
% of Net Revenues		0.8	%		-1.2	%		-205.6	bps		-3.5	%		-3.1	%		43.7	bps
Non-GAAP Adjusted Net Profit/(Loss)^5^		27,538			(15,033	)		-154.6	%		(287,507	)		(159,527	)		-44.5	%
% of Net Revenues		1.1	%		-0.6	%		-176.1	bps		-3.3	%		-1.8	%		147.6	bps

“2024 presented a dynamic demand landscape, yet we delivered robust performance, further solidifying our leadership in China’s MRO industry and expanding our global footprint.” stated Mr. Eric Long Chen, Chairman and Chief Executive Officer of ZKH. “During the past year, we continued to enhance our profitability, bolstered by a growing customer base, increased customer loyalty, and advancements in digitalization and artificial intelligence. Notably, in 2024, we reached a significant milestone by broadening our international presence, particularly as our U.S. operations gained momentum. Looking ahead, we remain steadfast in our commitment to enhancing our products and supply chain capabilities and advancing our digitalization and artificial intelligence initiatives. While our strategic business optimization initiatives temporarily affected overall GMV growth, we believe the impact of these adjustments has gradually faded, placing us on a stronger path toward solid and sustainable growth, and we are confident that we will achieve full-year profitability for our domestic operations in 2025.”

^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 proportion of GMV generated by the marketplace model was 27.6% and 24.8% for the fourth quarter of 2023 and for the fiscal year of 2023, and 13.6% for the fourth quarter of 2024 and 18.6% for the fiscal year of 2024, respectively.

^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 profit/(loss) is defined as net profit/(loss) excluding share-based compensation expenses.

Mr. Max Chun Chiu Lai, Chief Financial Officer of ZKH, added, “Despite challenges in the demand environment and the impacts of business optimization, we concluded the year with resilient results, alongside overall enhancements in profitability. This is reflected in the improvement in both gross margin and net margin in 2024, driven by our expanded business scale and continued efforts to optimize our supply chain, sales force, and organizational structure. Our cash position has also strengthened, as we generated net cash of RMB170.7 million from operating activities in the fourth quarter and RMB229.1 million in 2024, marking our third consecutive quarter and our first full year of positive net cash inflow from operating activities. With this solid foundation, we are poised to leverage future growth opportunities and enhance shareholder returns.”

Fourth Quarter 2024 Financial Results

NetRevenues. Net revenues were RMB2,370.2 million (US$324.7 million), representing a decrease of 3.0% from RMB2,444.0 million in the same period of 2023, mainly due to the optimization of certain businesses with low margins and long customer credit terms under the marketplace model.

	Fourth Quarter
	2023		2024		Change
	(in thousand RMB, except for percentage)
Net Revenues		2,443,961		2,370,223		-3.0	%
Net Product Revenues		2,324,986		2,303,451		-0.9	%
From ZKH Platform		2,028,986		2,049,520		1.0	%
From GBB Platform		296,000		253,931		-14.2	%
Net Service Revenues		98,592		51,226		-48.0	%
Other Revenues		20,383		15,546		-23.7	%
·	Net Product Revenues. Net product revenues were RMB2,303.5 million (US$315.6 million), representing<br>a decrease of 0.9% from RMB2,325.0 million in the same period of 2023, primarily due to lower revenues<br>generated on the GBB platform.
---	---
·	Net Service Revenues. Net service revenues were RMB51.2 million (US$7.0 million), a decrease<br>of 48.0% from RMB98.6 million in the same period of 2023, primarily due to the optimization of certain<br>businesses with low margins and long customer credit terms under the marketplace model.
---	---
·	Other Revenues. Other revenues were RMB15.5 million (US$2.1 million), a decrease of 23.7%<br>from RMB20.4 million in the same period of 2023, mainly due to lower revenues from warehousing and logistic services and operating lease<br>services for certain types of machinery and equipment.
---	---

Costof Revenues. Cost of revenues was RMB1,965.2 million (US$269.2 million), representing a decrease of 3.0% from RMB2,026.8 million in the same period of 2023, mainly due to the effectiveness of the Company’s measures to reduce overall product procurement costs.

GrossProfit and Gross Margin. Gross profit was RMB405.0 million (US$55.5 million), representing a decrease of 2.9% from RMB417.2 million in the same period of 2023. Gross margin was 17.1%, remaining flat compared with the same period of 2023, mainly due to lower revenue contribution from the marketplace model, while both the gross margin of the product sales model and the take rate of the marketplace model from the ZKH Platform increased, driven by business optimization, reduced procurement costs, and higher proportion of GMV from higher-margin private label products.

	Fourth Quarter
	2023			2024			Change
	(in thousand RMB, except for percentage and basis points (“bps”))
Gross Profit		417,151			404,998			-2.9	%
% of Net Revenues		17.1	%		17.1	%		1.8	bps
Under Product Sales (1P)
ZKH Platform		291,915			335,894			15.1	%
% of Net Product Revenues from ZKH Platform		14.4	%		16.4	%		200.2	bps
GBB Platform		18,688			13,958			-25.3	%
% of Net Product Revenues from GBB Platform		6.3	%		5.5	%		-81.7	bps
Under Marketplace (3P)		98,592			51,226			-48.0	%
% of Net Service Revenues		100.0	%		100.0	%		-
% of GMV from the Marketplace Model (Take Rate)		11.1	%		14.0	%		284.8	bps
Others		7,956			3,920			-50.7	%
% of Other Revenues		39.0	%		25.2	%		-1,381.7	bps

OperatingExpenses. Operating expenses were RMB437.6 million (US$59.9 million), an increase of 3.2% from RMB423.9 million in the same period of 2023. Operating expenses as a percentage of net revenues were 18.5%, compared with 17.3% in the same period of 2023. Excluding the share-based compensation expenses, operating expenses as a percentage of net revenues were 17.9%, compared with 17.1% in the same period of 2023.

·	Fulfillment Expenses. Fulfillment expenses were RMB95.1 million (US$13.0 million), a decrease<br>of 11.8% from RMB107.8 million in the same period of 2023. The decrease was primarily attributable to lower employee benefit costs, warehouse<br>rental costs, and distribution expenses. Fulfillment expenses as a percentage of net revenues were 4.0%, compared with 4.4% in the same<br>period of 2023.
·	Sales and Marketing Expenses. Sales and marketing expenses were RMB151.6 million (US$20.8<br>million), a decrease of 10.9% from RMB170.0 million in the same period of 2023. The decrease was primarily attributable to lower marketing<br>and promotion expenses and travel expenses. Sales and marketing expenses as a percentage of net revenues were 6.4%, compared with 7.0%<br>in the same period of 2023.
---	---
·	Research and Development Expenses. Research and development expenses were RMB41.4 million<br>(US$5.7 million), an increase of 9.5% from RMB37.8 million in the same period of 2023. The increase was primarily attributable to higher<br>employee benefit costs and expenses related to technology and information services, such as cloud services. Research and development expenses<br>as a percentage of net revenues were 1.7%, compared with 1.5% in the same period of 2023.
---	---

General and Administrative Expenses. General and administrative expenses were RMB149.5 million<br>(US$20.5 million), an increase of 38.1% from RMB108.2million in the same period of 2023. The increase was primarily attributable to higher<br>employee benefit costs and share-based compensation expenses. General and administrative expenses as a percentage of net revenues were<br>6.3%, compared with 4.4% in the same period of 2023.

Lossfrom Operations. Loss from operations was RMB32.6 million (US$4.5 million), compared with RMB6.8 million in the same period of 2023. Operating loss margin was 1.4%, compared with 0.3% in the same period of 2023.

Non-GAAPEBITDA. Non-GAAP EBITDA was negative RMB13.3 million (US$1.8 million), compared with RMB43.3 million in the same period of 2023. Non-GAAP EBITDA margin was negative 0.6%, compared with 1.8% in the same period of 2023.

Net(Loss)/Profit. Net loss was RMB29.1 million (US4.0 million), compared with net profit of RMB20.2 million in the same period of 2023. Net loss margin was 1.2%, compared with net profit margin of 0.8% in the same period of 2023.

Non-GAAPAdjusted Net (Loss)/Profit. Non-GAAP adjusted net loss was RMB15.0 million (US$2.1 million), compared with non-GAAP adjusted net profit of RMB27.5 million in the same period of 2023. Non-GAAP adjusted net loss margin was 0.6%, compared with non-GAAP adjusted net profit margin of 1.1% in the same period of 2023.

Basicand Diluted Net (Loss)/Profit per ADS^6^ and Non-GAAP Adjusted Basic and Diluted Net (Loss)/Profit perADS^7^. Basic and diluted net loss per ADS were RMB0.18 (US$0.02), compared with basic and diluted net profit per ADS of RMB0.98 in the same period of 2023. Non-GAAP adjusted basic and diluted net loss per ADS were RMB0.09(US$0.01), compared with non-GAAP adjusted basic and diluted net profit per ADS of RMB0.45 in the same period of 2023.

Fiscal Year 2024 Financial Results

NetRevenues. Net revenues were RMB8,761.3 million (US$1,200.3 million), representing an increase of 0.5% from RMB8,721.2 million in 2023, primarily driven by higher revenues from the product sales model, partially offset by a decline in revenues from the marketplace model due to the optimization of certain businesses with low margins and long customer credit terms.

	Fiscal Year
	2023		2024		Change
	(in thousand RMB, except for percentage)
Net Revenues		8,721,175		8,761,318		0.5	%
Net Product Revenues		8,341,603		8,449,468		1.3	%
From ZKH Platform		7,381,501		7,450,211		0.9	%
From GBB Platform		960,102		999,257		4.1	%
Net Service Revenues		307,412		244,707		-20.4	%
Other Revenues		72,160		67,143		-7.0	%

6 ADSs are American depositary shares, each of which represents thirty-five (35) Class A ordinary shares of the Company.

7 Non-GAAP adjusted basic and diluted net (loss)/profit per ADS is a non-GAAP financial measure, which is calculated by dividing non-GAAP adjusted net (loss)/profit attributable to the Company’s ordinary shareholders by the weighted average number of ADSs.

·	Net Product Revenues. Net product revenues were RMB8,449.5 million (US$1,157.6 million),<br>representing an increase of 1.3% from RMB8,341.6 million in 2023. The increase was mainly attributable to higher revenues generated from<br>the ZKH platform and the GBB platform, primarily driven by increased customer numbers.
·	Net Service Revenues. Net service revenues were RMB244.7 million (US$33.5 million), a decrease<br>of 20.4% from RMB307.4 million in 2023, primarily due to the optimization of certain businesses<br>with low margins and long customer credit terms under the marketplace model.
---	---
·	Other Revenues. Other revenues were RMB67.1 million (US$9.2 million), a decrease of 7.0%<br>from RMB72.2 million in 2023, mainly attributable to lower revenues generated from the Company’s warehousing and logistic services<br>and operating lease services for certain types of machinery and equipment.
---	---

Costof Revenues. Cost of revenues was RMB7,250.8 million (US$993.4 million), representing a decrease of 0.2% from RMB7,268.7 million in 2023, mainly due to the effectiveness of the Company’s measures to reduce overall product procurement costs.

GrossProfit and Gross Margin. Gross profit was RMB1,510.5 million (US$206.9 million), an increase of 4.0% from RMB1,452.4 million in 2023. Gross margin was 17.2%, compared with 16.7% in 2023, primarily due to improved gross margin of the product sales model from the ZKH Platform, resulting from business optimization, reduced procurement costs, and higher proportion of GMV from higher-margin private label products.

	Fiscal Year
	2023			2024			Change
	(in thousand RMB, except for percentage and basis points(“bps”))
Gross Profit		1,452,434			1,510,471			4.0	%
% of Net Revenues		16.7	%		17.2	%		58.6	bps
Under Product Sales (1P)
ZKH Platform		1,046,209			1,192,189			14.0	%
% of Net Product Revenues from ZKH Platform		14.2	%		16.0	%		182.9	bps
GBB Platform		61,789			55,243			-10.6	%
% of Net Product Revenues from GBB Platform		6.4	%		5.5	%		-90.7	bps
Under Marketplace (3P)		307,412			244,707			-20.4	%
% of Net Service Revenues		100.0	%		100.0	%		-
% of GMV from the Marketplace Model (Take Rate)		11.2	%		12.6	%		136.1	bps
Others		37,024			18,332			-50.5	%
% of Other Revenues		51.3	%		27.3	%		-2,400.5	bps

OperatingExpenses. Total operating expenses were RMB1,849.2 million (US$253.3 million), a decrease of 0.1% from RMB1,851.2 million in 2023. Operating expenses as a percentage of net revenues were 21.1%, compared with 21.2% in 2023. Excluding the share-based compensation expenses, operating expenses as of a percentage of net revenues were 19.9%, compared with 21.0% in 2023.

·	Fulfillment Expenses. Fulfillment expenses were RMB391.7 million (US$53.7 million), a decrease<br>of 10.8% from RMB439.0 million in 2023. The decrease was primarily attributable to lower employee benefit costs, warehouse rental costs,<br>and distribution expenses. Fulfillment expenses as a percentage of net revenues were 4.5%, compared with 5.0% in 2023.
·	Sales and Marketing Expenses. Sales and marketing expenses were RMB641.5 million (US$87.9<br>million), a decrease of 8.5% from RMB700.8 million in 2023. The decrease was primarily attributable to lower employee benefit costs, marketing<br>and promotion expenses and travel expenses. Sales and marketing expenses as a percentage of net revenues were 7.3%, compared with 8.0%<br>in 2023.
---	---
·	Research and Development Expenses. Research and development expenses were RMB169.5 million<br>(US$23.2 million), a decrease of 3.6% from RMB175.9 million in 2023. The decrease was primarily attributable to lower employee benefit<br>costs and traveling expenses, partially offset by higher expenses related to technology and information services, such as cloud services.<br>Research and development expenses as a percentage of net revenues were 1.9%, compared with 2.0% in 2023.
---	---
·	General and Administrative Expenses. General and administrative expenses were RMB646.5 million<br>(US$88.6 million), an increase of 20.7% from RMB535.5 million in 2023. The increase was primarily attributable to higher share-based compensation<br>expenses and allowance for credit losses, partially offset by lower employee benefit costs and travel expenses. General and administrative<br>expenses as a percentage of net revenues were 7.4%, compared with 6.1% in the same period of 2023.
---	---

Lossfrom Operations. Loss from operations was RMB338.8 million (US$46.4 million), compared with RMB398.7 million in 2023. Operating loss margin was 3.9%, compared with 4.6% in 2023.

Non-GAAPEBITDA. Non-GAAP EBITDA was negative RMB193.3 million (US$26.5 million), compared with negative RMB211.9 million in 2023. Non-GAAP EBITDA margin was negative 2.2%, compared with negative 2.4% in 2023.

NetLoss. Net loss was RMB268.0 million (US$36.7 million), compared with RMB304.9 million in 2023. Net loss margin was 3.1%, compared with 3.5% in 2023.

Non-GAAPAdjusted Net Loss. Non-GAAP adjusted net loss was RMB159.5 million (US$21.9 million), compared with RMB287.5 million in 2023. Non-GAAP adjusted net loss margin was 1.8%, compared with 3.3% in 2023.

Basicand Diluted Net Loss per ADS and Non-GAAP Adjusted Basic and Diluted Net Loss per ADS. Basic and diluted net loss per ADS were RMB1.64 (US$0.22), compared with RMB22.08 in 2023. Non-GAAP adjusted basic and diluted net loss per ADS were RMB0.97 (US$0.13), compared with RMB6.58 in 2023.

Balance Sheet and Cash Flow

As of December 31, 2024, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB2.06 billion (US$282.3 million), compared with RMB2.12 billion as of December 31, 2023.

Net cash generated from operating activities was RMB170.7 million (US$23.4 million) in the fourth quarter of 2024, compared with net cash used in operating activities of RMB59.3 million in the same period of 2023. Net cash generated from operating activities was RMB229.1 million (US$31.4 million) in 2024, compared with net cash used in operating activities of RMB567.9 million in 2023.

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 RMB7.2993 to US$1.00, the exchange rate in effect as of December 31, 2024, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.

Conference Call Information

The Company’s management will hold a conference call on Tuesday, March 18, 2025, at 8:00 A.M. U.S. Eastern Time or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the fourth quarter and fiscal year 2024.

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:	2393351

The replay will be accessible through March 25, 2025 by dialing the following numbers:

United States:	+1-877-344-7529
International:	+1-412-317-0088
Replay Access Code:	5969362

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, dedicated to propelling the MRO industry’s digital transformation to drive cost reduction and efficiency improvement industry-wide. Leveraging its outstanding product selection and recommendation capabilities, ZKH provides digitalized, one-stop MRO procurement solutions that enable its customers to transparently and efficiently access a wide selection of quality products at competitive prices. The Company also facilitates timely and reliable product delivery with professional fulfillment services. By catering specifically to the needs of MRO suppliers and customers through its unmatched digital infrastructure, the Company empowers all participants in the value chain to achieve more.

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, non-GAAP adjusted net loss 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 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 per ADS is calculated by dividing adjusted net loss attributable to the Company’s ordinary shareholders by the weighted average number of ordinary shares outstanding 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:

In China:

ZKH Group Limited

IR Department

E-mail: [email protected]

Piacente Financial Communications

Hui Fan

Tel: +86-10-6508-0677

E-mail: [email protected]

In the United States:

Piacente Financial Communications

Brandi Piacente

Tel: +1-212-481-2050

E-mail: [email protected]

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 December 31,
	2023		2024
	RMB		RMB		US
Assets
Current assets:
Cash and cash equivalents		1,090,621		1,423,943
Restricted cash		159,751		92,939
Short-term investments		874,210		543,978
Accounts receivable (net of allowance for credit losses of RMB107,032 and RMB145,789 as of December 31, 2023 and December 31, 2024, respectively)		3,639,794		3,090,323
Notes receivable		352,997		234,213
Inventories		668,984		625,390
Prepayments and other current assets		168,117		179,387
Total current assets		6,954,474		6,190,173
Non-current assets:
Property and equipment, net		145,288		183,572
Land use right		11,033		10,808
Operating lease right-of-use assets, net		224,930		179,945
Intangible assets, net		20,096		15,931
Goodwill		30,807		30,807
Total non-current assets		432,154		421,063
Total assets		7,386,628		6,611,236
Liabilities
Current liabilities:
Short-term borrowings		585,000		311,000
Current portion of long-term borrowings		-		997
Accounts and notes payable		2,883,370		2,553,396
Operating lease liabilities		91,230		81,379
Advance from customers		19,907		27,433
Accrued expenses and other current liabilities		448,225		365,333
Total current liabilities		4,027,732		3,339,538
Non-current liabilities:
Long-term borrowings		-		38,887
Non-current operating lease liabilities		146,970		109,096
Other non-current liabilities		507		25,224
Total non-current liabilities		147,477		173,207
Total liabilities		4,175,209		3,512,745

All values are in US Dollars.

			As of December 31,
			2024
			RMB			US
ZKH Group Limited shareholders’ equity:
Ordinary shares (0.0000001 par value; 500,000,000,000 and 500,000,000,000 shares authorized; 5,621,490,964 and 5,658,952,794 shares issued and outstanding as of December 31, 2023 and December 31, 2024, respectively)	4			4
Additional paid-in capital	8,139,349			8,305,304
Statutory reserves	6,013			6,303
Accumulated other comprehensive (loss)/income	(25,154	)		4,764
Accumulated deficit	(4,908,793	)		(5,177,126	)		)
Treasury stock	-			(40,758	)		)
Total ZKH Group Limited shareholders’ equity	3,211,419			3,098,491
Total liabilities and shareholders’ deficit	7,386,628			6,611,236

All values are in US Dollars.

ZKH GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTSOF LOSS

(All amounts in thousands, except share, ADS, per share and per ADS data)

	For the three months ended								For the year ended
	December 31, 2023			December 31, 2024					December 31, 2023			December 31, 2024
	RMB			RMB			US		RMB			RMB			US
Net revenues
Net product revenues		2,324,986			2,303,451					8,341,603			8,449,468
Net service revenues		98,592			51,226					307,412			244,707
Other revenues		20,383			15,546					72,160			67,143
Total net revenues		2,443,961			2,370,223					8,721,175			8,761,318
Cost of revenues		(2,026,810	)		(1,965,225	)		)		(7,268,741	)		(7,250,847	)		)
Operating expenses
Fulfillment		(107,823	)		(95,066	)		)		(438,959	)		(391,687	)		)
Sales and marketing		(170,026	)		(151,556	)		)		(700,791	)		(641,519	)		)
Research and development		(37,841	)		(41,444	)		)		(175,915	)		(169,496	)		)
General and administrative		(108,240	)		(149,521	)		)		(535,493	)		(646,539	)		)
Loss from operations		(6,779	)		(32,589	)		)		(398,724	)		(338,770	)		)
Interest and investment income		10,418			14,467					53,703			64,246
Interest expense		(6,556	)		(2,819	)		)		(19,343	)		(19,003	)		)
Others, net		23,086			(7,893	)		)		59,659			26,497
Profit/(loss) before income tax		20,169			(28,834	)		)		(304,705	)		(267,030	)		)
Income tax benefits/(expenses)		60			(268	)		)		(195	)		(1,013	)		)
Net profit/(loss)		20,229			(29,102	)		)		(304,900	)		(268,043	)		)
Less: net loss attributable to non-controlling interests		(44	)		-					(393	)		-
Less: net loss attributable to redeemable non-controlling interests		-			-					(193	)		-
Net profit/(loss) attributable to ZKH Group Limited		20,273			(29,102	)		)		(304,314	)		(268,043	)		)
Accretion on preferred shares to redemption value		(79,870	)		-					(660,070	)		-
Net loss attributable to ZKH Group Limited's ordinary shareholders		(59,597	)		(29,102	)		)		(964,384	)		(268,043	)		)

All values are in US Dollars.

	For the three months ended								For the year ended
	December 31, 2023			December31 2024					December 31, 2023			December31, 2024
	RMB			RMB			US		RMB			RMB			US
Net profit/(loss)		20,229			(29,102	)		)		(304,900	)		(268,043	)		)
Other comprehensive income:
Foreign currency translation adjustments		76,369			51,569					26,756			29,918
Total comprehensive income/(loss)		96,598			22,467					(278,144	)		(238,125	)		)
Less: comprehensive loss attributable to non-controlling interests		(44	)		-					(393	)		-
Less: comprehensive loss attributable to redeemable non-controlling interests		-			-					(193	)		-
Comprehensive income/(loss) attributable to ZKH Group Limited		96,642			22,467					(277,558	)		(238,125	)		)
Accretion on Preferred Shares to redemption value		(79,870	)		-					(660,070	)		-
Total comprehensive income/(loss) attributable to ZKH Group Limited's ordinary shareholders		16,772			22,467					(937,628	)		(238,125	)		)
Net loss per ordinary share attributable to ordinary shareholders
Basic and diluted		(0.03	)		(0.01	)		)		(0.63	)		(0.05	)		)
Weighted average number of shares
Basic and diluted		2,138,210,789			5,713,526,267					1,528,540,765			5,736,262,553
Net loss per ADS attributable to ordinary shareholders
Basic and diluted		(0.98	)		(0.18	)		)		(22.08	)		(1.64	)		)
Weighted average number of ADS (35 Class A ordinary shares equal to 1 ADS)
Basic and diluted		61,091,737			163,243,608					43,672,593			163,893,216

All values are in US Dollars.

ZKH GROUP LIMITED

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except share, ADS, per share and per ADS data)

	For the three months ended								For the yar ended
	December 31, 2023			December31, 2024					December 31, 2023			December31, 2024
	RMB			RMB			US		RMB			RMB			US
Net profit/(loss)		20,229			(29,102	)		)		(304,900	)		(268,043	)		)
Income tax (benefits)/expenses		(60	)		268					195			1,013
Interest expenses		6,556			2,819					19,343			19,003
Depreciation and amortization expense		16,547			12,685					73,466			54,769
Non-GAAP EBITDA		43,272			(13,330	)		)		(211,896	)		(193,258	)		)

All values are in US Dollars.

	For the three months ended							For the year ended
	December 31, 2023		December31, 2024					December 31, 2023			December31, 2024
	RMB		RMB			US		RMB			RMB			US
Net profit/(loss)		20,229		(29,102	)		)		(304,900	)		(268,043	)		)
Add:
Share-based compensation expenses		7,309		14,069					17,393			108,516
Non-GAAP adjusted net profit/(loss)		27,538		(15,033	)		)		(287,507	)		(159,527	)		)
Non-GAAP adjusted net profit/(loss) attributable to ordinary shareholders per share
Basic and diluted		0.01		(0.00	)		)		(0.19	)		(0.03	)		)
Weighted average number of ordinary shares
Basic and diluted		2,138,210,789		5,713,526,267					1,528,540,765			5,736,262,553
Non-GAAP adjusted net profit/(loss) attributable to ordinary shareholders per ADS
Basic and diluted		0.45		(0.09	)		)		(6.58	)		(0.97	)		)
Weighted average number of ADS (35 Class A ordinary shares equal to 1 ADS)
Basic and diluted		61,091,737		163,243,608					43,672,593			163,893,216

All values are in US Dollars.