ZKHNYSERetail-Building Materials, Hardware, Garden SupplyUS GAAP · USD

ZKH Group Ltd

ZKH Group Ltd operates an MRO procurement service platform focused on industrial and maintenance, repair and operations purchasing in China. Through its online platforms and fulfillment network, it connects enterprise buyers with a broad catalog of maintenance and operating supplies and related procurement services.

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Revenue8,988m USD
+2.6 %y/y
Operating profit (EBIT)-213m USD
+37.0 %y/y
EBIT margin-2.4%
+1.5 ppy/y
Net income-140m USD
+47.9 %y/y
Free cash flow-44.3m USD
−129.5 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-2,50002,5005,0007,50010,000m USD2021: 7,655 m USD2021: EBIT -1,110 m USD20212022: 8,315 m USD2022: EBIT -686 m USD20222023: 8,721 m USD2023: EBIT -399 m USD20232024: 8,761 m USD2024: EBIT -339 m USD20242025: 8,988 m USD2025: EBIT -213 m USD20258,988-213
RevenueOperating profit (EBIT)
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Business

Share of revenue
MRO procurement platform45 %

Digital procurement and sourcing services for maintenance, repair and operations goods.

Industrial supplies marketplace35 %

Catalog-based sale of industrial and maintenance products sourced from multiple suppliers.

Fulfillment and logistics services15 %

Warehousing, packing, and delivery services that support order execution.

Procurement technology services5 %

Software and workflow tools that help customers standardize and manage purchases.

Customers

ZKH serves enterprise customers that need a more organized way to buy recurring MRO and industrial supplies. Its buyers are typically organizations with large, fragmented maintenance spending that value assortment, sourcing support, and reliable delivery. The platform model is aimed at customers seeking lower procurement friction and more transparent purchasing across many categories.

Manufacturing enterprises

Buy MRO and maintenance supplies for plant operations and continuous production needs.

Industrial and infrastructure operators

Buy tools, consumables, and operating supplies to keep facilities running.

Procurement and sourcing teams

Use the platform to consolidate suppliers, manage catalogs, and reduce purchasing friction.

Facilities and maintenance departments

Purchase recurring upkeep items and replacement parts for day-to-day operations.

SME industrial buyers

Smaller business customers that need convenient access to industrial products and delivery.

Strategy

ZKH’s strategy is built around using a broad MRO catalog, supply-chain capability, and fulfillment services to make procurement more efficient for enterprise buyers. The company also highlights product-led and AI-driven sourcing as a way to improve product matching, customer experience, and ordering efficiency. These priorities support repeat purchasing by making the platform more useful for routine industrial spend.

Expand platform-based MRO sourcingMedium term

A broader catalog increases customer reliance on the platform for recurring purchases.

Improve fulfillment reliabilityShort term

Delivery performance is critical for industrial buyers with operational downtime risk.

Use AI in procurement workflowsMedium term

Technology can improve matching, personalization, and efficiency in product selection.

Geography

ZKH is described in its filings as a China-based MRO procurement platform, with its main operating focus in mainland China. The company also says it serves customers globally, so cross-border demand and international access are part of its commercial footprint. Its listed reporting and investor relations activities are tied to the United States, while the operating business and supply chain are centered in China.

Risks

ZKH is exposed to competitive pressure in a fragmented procurement and industrial supplies market, where pricing, product breadth, and service quality can all affect customer retention. Its business also depends on China-specific economic conditions, regulatory policies, and supply-chain execution, which can influence demand, sourcing, and delivery performance.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Competition in MRO procurement platforms1China macroeconomic slowdown2Supply-chain and fulfillment execution risk3Government policy and regulatory changes4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Competition in MRO procurement platformsImpact: HighLikelihood: High

    The model depends on winning enterprise buyers with better service, pricing, and assortment than rivals.

    Exposure: Customer acquisition and retention

  2. China macroeconomic slowdownImpact: HighLikelihood: Medium

    Enterprise maintenance and industrial purchasing can weaken when factory and capex activity slows.

    Exposure: Demand for MRO goods

  3. Supply-chain and fulfillment execution riskImpact: HighLikelihood: Medium

    The service proposition depends on timely sourcing and delivery across many SKUs.

    Exposure: Delivery performance and customer satisfaction

  4. Government policy and regulatory changesImpact: MediumLikelihood: Medium

    The company discloses exposure to policies and regulations affecting its industry and operations.

    Exposure: Platform operations and compliance

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Accounting

Judgemental items
Non-GAAP adjusted net profit

Excludes share-based compensation and can make profitability appear stronger than GAAP results.

Impact: Presentation of underlying earnings

Adjusted EBITDA

Adds back interest, tax, depreciation and amortization, affecting operating comparison across periods.

Impact: Cash generation and margin analysis

Revenue recognition mix

Platform transactions may include product sales and procurement-related services that can differ in timing.

Impact: Top-line comparability and gross margin interpretation

Foreign currency translation

The company reports in RMB with U.S. dollar equivalents in filings, which can affect trend comparisons.

Impact: Reported earnings and balance sheet translation

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Last updated: 28/09/2026