ZKH Group Limited filed its 2025 annual report on Form 20‑F with the U.S. Securities and Exchange Commission on April 24, 2026. The audited consolidated financial statements for the year ended December 31, 2025 are now available in electronic format on the company’s investor‑relations website and on the SEC’s EDGAR database.
The report shows total revenue of RMB 9 billion, up 2.6 % year‑over‑year, and a gross margin of 15.5 %, down from 17.1 % in the same period a year earlier. Net loss for the year narrowed to RMB 139.7 million, a significant improvement from the prior year’s loss, and the company returned to quarterly profitability in the fourth quarter, reporting a net profit of RMB 4.8 million.
CEO Long Chen said, "Throughout 2025, we advanced our strategic optimization efforts while strengthening core capabilities across product offerings and technological innovation. As these initiatives took hold, we began to see clear signs of stabilization and recovery in the second half of the year." The comments underscore the company’s focus on AI‑driven platform scaling and operational efficiency.
Investors reacted negatively to the Q4 earnings release, citing margin pressure and the continued net loss, despite revenue growth. The market’s response highlights the sensitivity to profitability metrics and the importance of margin stability for the company’s valuation.
ZKH’s progress in narrowing losses and moving toward profitability signals that its strategic optimization and AI initiatives are beginning to pay off. The company’s focus on core capabilities and platform monetization positions it to capture growth in the MRO procurement market, while ongoing margin compression remains a headwind that management will need to address in the coming year.
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