ZKH

Third-Quarter Financial Performance: ZKH Group Limited reported a third-quarter net loss of RMB24.3 million (US$3.4 million), a decrease from RMB81.8 million in the same period of 2024, with a net loss margin of 1.0%.

Adjusted Loss Figures: The adjusted net loss was RMB14.1 million (US$2.0 million), down from RMB66.2 million in the same period of 2024, resulting in an adjusted net loss margin of 0.6%.

Earnings Per ADS: The net loss per American Depositary Share (ADS) was RMB0.15 (US$0.02), compared to RMB0.50 in the same period of 2024, while the adjusted loss per ADS was RMB0.09 (US$0.01), down from RMB0.40.

Revenue Growth: Net revenues increased by 2.1% to RMB2,328.4 million (US$327.1 million) from RMB2,280.7 million in the same period of 2024.

Financial Performance: ZKH Group Limited reported a 2.1% increase in net revenues for Q3 2025, reaching RMB 2.33 billion, while net loss decreased significantly to RMB 24.3 million from RMB 81.8 million in the same period last year.

Operational Highlights: The company experienced a recovery in business momentum, with a 48% increase in the number of customers and a notable growth in higher-margin private-label product sales, which now represent 8.2% of total GMV.

Cost Management: ZKH successfully reduced operating expenses by 14.4% year-over-year, contributing to improved operating margins and a significant reduction in both operating loss and net loss margins.

Strategic Initiatives: The company is focusing on enhancing AI capabilities across operations, expanding its international distribution channels, and optimizing its fulfillment network to drive future growth and efficiency.