EX-99.1 2 tm2531736d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

ZKH Group Limited Announces Third Quarter 2025 Unaudited Financial Results

 

SHANGHAI, November 20, 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 third quarter ended September 30, 2025.

 

Third Quarter 2025 Operational and Financial Highlights

 

   Third Quarter 
   2024   2025   Change 
             
   (in thousand RMB, except for number of customers, percentage and basis points (“bps”)) 
GMV1   2,685,996    2,622,901    -2.3%
GMV by Platform               
ZKH Platform   2,422,649    2,354,585    -2.8%
GBB Platform   263,347    268,316    1.9%
GMV by Business Model               
Product Sales (1P)   2,228,234    2,294,239    3.0%
Marketplace (3P)2   457,762    328,662    -28.2%
Number of Customers3   47,800    70,800    48.0%
Net Revenues   2,280,690    2,328,354    2.1%
Gross Profit   388,406    390,177    0.5%
% of Net Revenues   17.0%   16.8%   -27.3bps
Operating Loss   (105,355)   (32,338)   -69.3%
% of Net Revenues   -4.6%   -1.4%   323.1bps
Non-GAAP EBITDA4   (62,812)   (8,450)   -86.5%
% of Net Revenues   -2.8%   -0.4%   239.1bps
Net Loss   (81,751)   (24,307)   -70.3%
% of Net Revenues   -3.6%   -1.0%   254.1bps
Non-GAAP Adjusted Net Loss5   (66,178)   (14,074)   -78.7%
% of Net Revenues   -2.9%   -0.6%   229.7bps

 

Mr. Eric Long Chen, Chairman and Chief Executive Officer of ZKH, stated, “In the third quarter, we drove strengthening momentum in our business. Our GMV and revenues returned to approximately prior-year levels, while higher-margin private-label GMV grew in the mid-teens year over year, further enhancing our profit mix. We expanded our customer base across both large corporations and SME customers, reflecting deeper customer penetration and share gains. This broader and diversified customer base, underpinned by strengthened partnerships with leading suppliers that enhance our SKU assortment, supply reliability, and pricing competitiveness, provides a solid foundation for future growth. We also further embedded AI and data capabilities across various aspects of operations to lift efficiency and control costs, enhancing operating margins. Looking ahead, we will remain committed to advancing our AI development and application, further scale our overseas business, and stay focused on growth to compound long-term value for our shareholders.”

 

 

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 17.0% and 12.5% for the third quarter of 2024 and 2025, respectively.

3 Customers are customers that transacted with the Company during the reporting period, mainly comprised of enterprise customers in various industries. The total number of customers is rounded to the nearest hundred.

4 Non-GAAP EBITDA is defined as net loss before interest expenses, income tax expenses/(benefits) and depreciation and amortization expenses.

5 Non-GAAP adjusted net loss is defined as net loss excluding share-based compensation expenses.

 

1

 

 

Mr. Max Chun Chiu Lai, Chief Financial Officer of ZKH, added, “We delivered a resilient financial performance in the third quarter, bringing revenue back to a growth trajectory and maintaining efficiency gains that underpin our path to profitability. Disciplined execution drove meaningful margin improvement, with operating loss margin and net loss margin narrowing by 323.1 bps and 254.1 bps, respectively. Supported by a robust RMB105.5 million of operating cash inflow this quarter, we are well-positioned to fund our strategic priorities while optimizing our revenue mix and operating efficiency to deliver quality growth in the quarters ahead.”

 

Third Quarter 2025 Business Highlights

 

·Business Momentum. The Company’s business entered a clear recovery trajectory in the third quarter, following nearly four quarters of strategic optimization. GMV increased across both large corporations and SME customers. Although GMV from central SOE customers still declined modestly year over year, it recorded two consecutive quarters of double-digit sequential growth.

 

·Product Capabilities. The Company added more than 2.3 million sellable SKUs during the quarter, bringing the total to over 19 million. This expansion was complemented by an advancement in profitability mix, driven by approximately 16.7% year-over-year growth in higher-margin private-label product GMV, which now accounts for approximately 8.2% of total GMV. The Company newly launched more than 600 private-label products during the quarter.

 

·Fulfillment Network. As part of ongoing efforts to optimize warehousing network and enhance operating efficiency, the Company completed the consolidation of the Wuxi (无锡) and Shanghai (上海) central warehouses, which is expected to generate annualized savings in rent, inventory, and freight. In the third quarter, the through-warehouse fulfillment fee declined by about 13% year over year, marking the seventh consecutive quarter of year-over-year improvement.

 

·AI Capabilities. The Company leveraged AI capabilities across various aspects of operations, including material standardization and management, product recommendations, sales conversion, data governance, and process automation. One of the key outcomes of this strategy was the ProductRecom Agent (AI推品大脑), which has generated over RMB100 million in incremental revenue from launch in the fourth quarter of 2024 through the end of September 2025 by recommending more than 20 million material line items.

 

·International Expansion. The Company broadened its U.S. distribution channels beyond the independent Northsky site to include platforms such as Amazon.

 

Third Quarter 2025 Financial Results

 

Net Revenues. Net revenues were RMB2,328.4 million (US$327.1 million), representing an increase of 2.1% from RMB2,280.7 million in the same period of 2024.

 

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   Third Quarter 
   2024   2025   Change 
             
   (in thousand RMB, except for percentage) 
Net Revenues   2,280,690    2,328,354    2.1%
Net Product Revenues   2,207,277    2,274,027    3.0%
From ZKH Platform   1,943,742    2,012,358    3.5%
From GBB Platform   263,535    261,669    -0.7%
Net Service Revenues   57,666    42,963    -25.5%
Other Revenues   15,747    11,364    -27.8%

 

Cost of Revenues. Cost of revenues was RMB1,938.2 million (US$272.3 million), representing an increase of 2.4% from RMB1,892.3 million in the same period of 2024. The increase was outpaced by the growth in product revenues, mainly due to the effectiveness of the Company’s initiatives to reduce overall product procurement costs.

 

Gross Profit and Gross Margin. Gross profit was RMB390.2 million (US$54.8 million), representing an increase of 0.5% from RMB388.4 million in the same period of 2024. Gross margin was 16.8%, compared with 17.0% in the same period of 2024. The decrease was mainly due to lower revenue contribution from the marketplace model, which yields a 100% gross margin under the net revenue recognition basis. Nevertheless, gross profit as a percentage of GMV was 14.9%, compared with 14.5% in the same period of 2024. Both the gross margin of the product sales model and the take rate of the marketplace model increased, driven by optimized procurement costs and a higher proportion of GMV from higher-margin private label products.

 

   Third Quarter 
   2024   2025   Change 
             
   (in thousand RMB, except for percentage and
basis points (“bps”))		 
Gross Profit   388,406    390,177    0.5%
% of Net Revenues   17.0%   16.8%   -27.3bps
% of GMV   14.5%   14.9%   41.5bps
Under Product Sales (1P)               
ZKH Platform   311,947    325,209    4.3%
% of Net Product Revenues from ZKH Platform   16.0%   16.2%   11.2bps
GBB Platform   14,522    20,276    39.6%
% of Net Product Revenues from GBB Platform   5.5%   7.7%   223.8bps
Under Marketplace (3P)   57,666    42,963    -25.5%
% of Net Service Revenues   100.0%   100.0%   - 
% of GMV from the Marketplace Model (Take Rate6)   12.6%   13.1%   47.5bps
Others   4,271    1,729    -59.5%
% of Other Revenues   27.1%   15.2%   -1,190.8bps

 

 

6 Take rate of the marketplace model represents gross profit from the marketplace model divided by GMV from the marketplace model.

 

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Operating Expenses. Operating expenses were RMB422.5 million (US$59.4 million), a decrease of 14.4% from RMB493.8 million in the same period of 2024. Operating expenses as a percentage of net revenues were 18.1%, compared with 21.6% in the same period of 2024.

 

·Fulfillment Expenses. Fulfillment expenses were RMB90.4 million (US$12.7 million), a decrease of 9.8% from RMB100.2 million in the same period of 2024. The decrease was primarily attributable to lower employee benefit expenses and warehouse rental costs. Fulfillment expenses as a percentage of net revenues were 3.9%, compared with 4.4% in the same period of 2024.

 

·Sales and Marketing Expenses. Sales and marketing expenses were RMB145.9 million (US$20.5 million), a decrease of 13.2% from RMB168.2 million in the same period of 2024. The decrease was primarily attributable to lower employee benefit expenses and travel expenses. Sales and marketing expenses as a percentage of net revenues were 6.3%, compared with 7.4% in the same period of 2024.

 

·Research and Development Expenses. Research and development expenses were RMB40.3 million (US$5.7 million), a decrease of 19.0% from RMB49.8 million in the same period of 2024. The decrease was primarily attributable to lower employee benefit expenses. Research and development expenses as a percentage of net revenues were 1.7%, compared with 2.2% in the same period of 2024.

 

·General and Administrative Expenses. General and administrative expenses were RMB145.8 million (US$20.5 million), a decrease of 17.0% from RMB175.6 million in the same period of 2024. The decrease was primarily attributable to lower employee benefit expenses, share-based compensation expenses and credit loss allowances. General and administrative expenses as a percentage of net revenues were 6.3%, compared with 7.7% in the same period of 2024.

 

Loss from Operations. Loss from operations was RMB32.3 million (US$4.5 million), compared with RMB105.4 million in the same period of 2024. Operating loss margin was 1.4%, compared with 4.6% in the same period of 2024.

 

Non-GAAP EBITDA. Non-GAAP EBITDA was negative RMB8.5 million (US$1.2 million), compared with negative RMB62.8 million in the same period of 2024. Non-GAAP EBITDA margin was negative 0.4%, compared with negative 2.8% in the same period of 2024.

 

Net Loss. Net loss was RMB24.3 million (US$3.4 million), compared with RMB81.8 million in the same period of 2024. Net loss margin was 1.0%, compared with 3.6% in the same period of 2024.

 

Non-GAAP Adjusted Net Loss. Non-GAAP adjusted net loss was RMB14.1 million (US$2.0 million), compared with RMB66.2 million in the same period of 2024. Non-GAAP adjusted net loss margin was 0.6%, compared with 2.9% in the same period of 2024.

 

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Basic and Diluted Net Loss per ADS7 and Non-GAAP Adjusted Basic and Diluted Net Loss per ADS8. Basic and diluted net loss per ADS were RMB0.15 (US$0.02), compared with RMB0.50 in the same period of 2024. Non-GAAP adjusted basic and diluted net loss per ADS were RMB0.09 (US$0.01), compared with RMB0.40 in the same period of 2024.

 

Balance Sheet and Cash Flow

 

As of September 30, 2025, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.90 billion (US$267.2 million), compared with RMB2.06 billion as of December 31, 2024.

 

Net cash generated from operating activities was RMB105.5 million (US$14.8 million) in the third quarter of 2025, compared with net cash generated from operating activities of RMB160.5 million in the same period of 2024.

 

Share Repurchase Update

 

Pursuant to the Company’s share repurchase program of up to US$50 million adopted on June 13, 2025 and effective through June 13, 2026, the Company had repurchased an aggregate of approximately 0.63 million ADSs for approximately US$1.92million from the open market as of October 31, 2025.

 

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 RMB7.1190 to US$1.00, the exchange rate in effect as of September 30, 2025, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ 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 Thursday, November 20, 2025, at 7:00 A.M. U.S. Eastern Time or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the third quarter of 2025.

 

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: 1976591

 

 

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 loss per ADS is a non-GAAP financial measure, which is calculated by dividing non-GAAP adjusted net loss attributable to the Company’s ordinary shareholders by the weighted average number of ADSs.

 

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The replay will be accessible through November 27, 2025 by dialing the following numbers:

 

United States: +1-855-669-9658
International: +1-412-317-0088
Replay Access Code: 9206894

 

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.

 

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.

 

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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: IR@zkh.com

 

Piacente Financial Communications

Jenny Cai

Tel: +86-10-6508-0677

E-mail: zkh@thepiacentegroup.com

 

In the United States:

 

Piacente Financial Communications

Brandi Piacente

Tel: +1-212-481-2050

E-mail: zkh@thepiacentegroup.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 September 30 
   2024   2025 
   RMB   RMB   US$ 
Assets            
Current assets:               
Cash and cash equivalents   1,423,943    905,814    127,239 
Restricted cash   92,939    79,362    11,148 
Short-term investments   543,978    917,002    128,811 
Accounts receivable (net of allowance for credit losses of RMB145,789 and RMB162,420 as of December 31, 2024 and September 30, 2025, respectively)   3,090,323    2,993,104    420,439 
Notes receivable   234,213    188,424    26,468 
Inventories   625,390    738,363    103,717 
Prepayments and other current assets   179,387    174,762    24,549 
Total current assets   6,190,173    5,996,831    842,371 
                
Non-current assets:               
Property and equipment, net   183,572    187,929    26,398 
Land use right   10,808    10,639    1,494 
Operating lease right-of-use assets, net   179,945    143,230    20,119 
Intangible assets, net   15,931    17,246    2,423 
Goodwill   30,807    30,807    4,327 
Total non-current assets   421,063    389,851    54,761 
Total assets   6,611,236    6,386,682    897,132 
                
Liabilities               
Current liabilities:               
Short-term borrowings   311,000    300,000    42,141 
Current portion of long-term borrowings   997    2,305    324 
Accounts and notes payable   2,553,396    2,514,533    353,214 
Operating lease liabilities   81,379    42,338    5,947 
Advance from customers   27,433    31,223    4,386 
Accrued expenses and other current liabilities   365,333    350,623    49,252 
Derivatives   -    5,565    782 
Total current liabilities   3,339,538    3,246,587    456,046 
                
Non-current liabilities:               
Long-term borrowings   38,887    43,803    6,153 
Non-current operating lease liabilities   109,096    108,623    15,258 
Other non-current liabilities   25,224    30,342    4,262 
Total non-current liabilities   173,207    182,768    25,673 
Total liabilities   3,512,745    3,429,355    481,719 

 

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   As of December 31,   As of September 30 
   2024   2025 
   RMB   RMB   US$ 
ZKH Group Limited shareholders’ equity:               
Ordinary shares (USD0.0000001 par value; 500,000,000,000 and 500,000,000,000 shares authorized; 5,658,952,794 and 5,679,694,214 shares issued and outstanding as of December 31, 2024 and September 30, 2025, respectively)   4    4    1 
Additional paid-in capital   8,305,304    8,359,497    1,174,252 
Statutory reserves   6,303    6,303    885 
Accumulated other comprehensive income/(loss)   4,764    (17,012)   (2,390)
Accumulated deficit   (5,177,126)   (5,321,665)   (747,530)
Treasury stock   (40,758)   (69,800)   (9,805)
Total ZKH Group Limited shareholders’ equity   3,098,491    2,957,327    415,413 
Total liabilities and shareholders’ deficit   6,611,236    6,386,682    897,132 

 

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ZKH GROUP LIMITED

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS

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

 

   For the three months ended   For the nine months ended 
   September 30,
2024		   September 30, 2025   September 30,
2024		   September 30, 2025 
   RMB   RMB   US$   RMB   RMB   US$ 
Net revenues                              
Net product revenues   2,207,277    2,274,027    319,431    6,146,017    6,272,857    881,143 
Net service revenues   57,666    42,963    6,035    193,481    121,564    17,076 
Other revenues   15,747    11,364    1,596    51,597    36,079    5,068 
Total net revenues   2,280,690    2,328,354    327,062    6,391,095    6,430,500    903,287 
Cost of revenues   (1,892,284)   (1,938,177)   (272,254)   (5,285,622)   (5,351,218)   (751,681)
Operating expenses                              
Fulfillment   (100,176)   (90,408)   (12,700)   (296,621)   (274,526)   (38,562)
Sales and marketing   (168,161)   (145,923)   (20,498)   (489,963)   (432,088)   (60,695)
Research and development   (49,785)   (40,339)   (5,666)   (128,052)   (121,423)   (17,056)
General and administrative   (175,639)   (145,845)   (20,487)   (497,019)   (436,353)   (61,294)
Loss from operations   (105,355)   (32,338)   (4,543)   (306,182)   (185,108)   (26,001)
Interest and investment income   17,279    12,822    1,801    49,779    38,688    5,434 
Interest expense   (4,967)   (3,346)   (470)   (16,184)   (8,733)   (1,227)
Others, net   11,883    (1,438)   (202)   34,391    10,816    1,519 
Loss before income tax   (81,160)   (24,300)   (3,414)   (238,196)   (144,337)   (20,275)
Income tax expenses   (591)   (7)   (1)   (745)   (202)   (28)
Net loss   (81,751)   (24,307)   (3,415)   (238,941)   (144,539)   (20,303)
Less: net income attributable to non-controlling interests   -    -    -    -    -    - 
Less: net loss attributable to redeemable non-controlling interests   -    -    -    -    -    - 
Net loss attributable to ZKH Group Limited   (81,751)   (24,307)   (3,415)   (238,941)   (144,539)   (20,303)
Accretion on preferred shares to redemption value   -    -    -    -    -    - 
Net loss attributable to ZKH Group Limited's ordinary shareholders   (81,751)   (24,307)   (3,415)   (238,941)   (144,539)   (20,303)

 

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   For the three months ended   For the nine months ended 
   September 30,
2024		   September 30, 2025   September 30,
2024		   September 30, 2025 
   RMB   RMB   US$   RMB   RMB   US$ 
Net loss   (81,751)   (24,307)   (3,415)   (238,941)   (144,539)   (20,303)
Other comprehensive loss:                              
Foreign currency translation adjustments   34,122    (14,192)   (1,994)   21,651    (21,776)   (3,059)
Total comprehensive loss   (47,629)   (38,499)   (5,409)   (217,290)   (166,315)   (23,362)
Less: comprehensive income attributable to non-controlling interests   -    -    -    -    -    - 
Less: comprehensive loss attributable to redeemable non-controlling interests   -    -    -    -    -    - 
Comprehensive loss attributable to ZKH Group Limited   (47,629)   (38,499)   (5,409)   (217,290)   (166,315)   (23,362)
Accretion on Preferred Shares to redemption value   -    -    -    -    -    - 
Total comprehensive loss attributable to ZKH Group Limited's ordinary shareholders   (47,629)   (38,499)   (5,409)   (217,290)   (166,315)   (23,362)
                               
Net loss per ordinary share attributable to ordinary shareholders                              
Basic and diluted   (0.01)   (0.00)   (0.00)   (0.04)   (0.03)   (0.00)
Weighted average number of shares                              
Basic and diluted   5,743,094,981    5,667,874,386    5,667,874,386    5,744,351,364    5,680,656,034    5,680,656,034 
                               
Net loss per ADS attributable to ordinary shareholders                              
Basic and diluted   (0.50)   (0.15)   (0.02)   (1.46)   (0.89)   (0.13)
Weighted average number of ADS (35 Class A ordinary shares equal to 1 ADS)                              
Basic and diluted   164,088,428    161,939,268    161,939,268    164,124,325    162,304,458    162,304,458 

 

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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 nine months ended 
   September 30,
2024		   September 30, 2025   September 30,
2024		   September 30, 2025 
   RMB   RMB   US$   RMB   RMB   US$ 
Net loss   (81,751)   (24,307)   (3,415)   (238,941)   (144,539)   (20,303)
Income tax expenses   591    7    1    745    202    28 
Interest expenses   4,967    3,346    470    16,184    8,733    1,227 
Depreciation and amortization expense   13,381    12,504    1,756    42,084    36,532    5,132 
Non-GAAP EBITDA   (62,812)   (8,450)   (1,188)   (179,928)   (99,072)   (13,916)

 

   For the three months ended   For the nine months ended 
   September 30,
2024		   September 30, 2025   September 30,
2024		   September 30, 2025 
   RMB   RMB   US$   RMB   RMB   US$ 
Net loss   (81,751)   (24,307)   (3,415)   (238,941)   (144,539)   (20,303)
Add:                              
Share-based compensation expenses   15,573    10,233    1,437    94,447    43,756    6,146 
Non-GAAP adjusted net loss   (66,178)   (14,074)   (1,977)   (144,494)   (100,783)   (14,157)
                               
Non-GAAP adjusted net loss attributable to ordinary shareholders per share                              
Basic and diluted   (0.01)   (0.00)   (0.00)   (0.03)   (0.02)   (0.00)
Weighted average number of ordinary shares                              
Basic and diluted   5,743,094,981    5,667,874,386    5,667,874,386    5,744,351,364    5,680,656,034    5,680,656,034 
                               
Non-GAAP adjusted net loss attributable to ordinary shareholders per ADS   (0.40)   (0.09)   (0.01)   (0.88)   (0.62)   (0.09)
Basic and diluted                              
Weighted average number of ADS (35 Class A ordinary shares equal to 1 ADS)   164,088,428    161,939,268    161,939,268    164,124,325    162,304,458    162,304,458 
Basic and diluted                              

 

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