SHANGHAI, March 19, 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 fourth quarter and fiscal year ended December 31, 2025. Fourth Quarter and Fiscal Year 2025 Operational and Financial Highlights Fourth Quarter Fiscal Year 2024 2025 Change 2024 2025 Change (in thousand RMB, except for number of customers, percentage and basis points("bps")) GMV [1] 2,690,311 2,918,297 8.5 % 10,479,461 10,133,428 -3.3 % GMV by Platform ZKH Platform 2,435,037 2,638,242 8.3 % 9,475,550 9,103,399 -3.9 % GBB Platform 255,274 280,055 9.7 % 1,003,911 1,030,029 2.6 % GMV by Business Model Product Sales (1P) 2,324,005 2,499,633 7.6 % 8,530,328 8,828,963 3.5 % Marketplace (3P) [2] 366,306 418,664 14.3 % 1,949,133 1,304,465 -33.1 % Number of Customers [3] 46,192 73,803 59.8 % 83,958 155,829 85.6 % Net Revenues 2,370,223 2,557,238 7.9 % 8,761,318 8,987,738 2.6 % Gross Profit 404,998 396,380 -2.1 % 1,510,471 1,475,662 -2.3 % % of Net Revenues 17.1 % 15.5 % -158.7bps 17.2 % 16.4 % -82.2bps Operating Loss (32,589) (28,229) -13.4 % (338,770) (213,337) -37.0 % % of Net Revenues -1.4 % -1.1 % 27.1bps -3.9 % -2.4 % 149.3bps Non-GAAP EBITDA [4] (13,330) 19,725 - (193,258) (79,347) -58.9 % % of Net Revenues -0.6 % 0.8 % 133.4bps -2.2 % -0.9 % 132.3bps Net (Loss)/Profit (29,102) 4,797 - (268,043) (139,742) -47.9 % % of Net Revenues -1.2 % 0.2 % 141.5bps -3.1 % -1.6 % 150.5bps Non-GAAP Adjusted Net (Loss)/Profit [5] (15,033) 14,860 - (159,527) (85,923) -46.1 % % of Net Revenues -0.6 % 0.6 % 121.5bps -1.8 % -1.0 % 86.5bps Mr.
