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ZKH Group Swings to Q4 Profit as SME Demand and AI Efficiency Offset Full-Year GMV Dip

Story Highlights
  • ZKH reported March 19, 2026 that fourth-quarter 2025 revenues and GMV grew while it returned to profitability, even as full-year GMV declined slightly and losses narrowed substantially.
  • Management cited rapid SME customer growth, expanding private-label mix and AI-driven cost efficiencies as key drivers of improved margins and a more resilient, sustainable growth profile for the MRO platform.
  • Looking for the best stocks to buy? Follow the recommendations of top-performing analysts.
ZKH Group Swings to Q4 Profit as SME Demand and AI Efficiency Offset Full-Year GMV Dip

Meet Samuel – Your Personal Investing Prophet

ZKH Group Limited Sponsored ADR ( (ZKH) ) just unveiled an announcement.

On March 19, 2026, ZKH Group Limited reported unaudited results for the fourth quarter and fiscal year ended December 31, 2025, showing fourth-quarter GMV up 8.5% year-on-year to RMB 2.92 billion and net revenues up 7.9% to RMB 2.56 billion. The company returned to quarterly profitability with net profit of RMB 4.8 million and positive non-GAAP EBITDA, even as full-year GMV dipped 3.3% and net loss narrowed by 47.9% to RMB 139.7 million.

Management highlighted strong expansion of the customer base, with active customers nearly doubling year-on-year in 2025 and SME demand driving momentum alongside growing private-label contributions. Executives emphasized that AI-driven productivity gains and tighter cost control reduced operating losses and operating expenses as a share of revenue, positioning ZKH for a more resilient, efficiency-led growth phase and a stronger margin foundation going forward.

The most recent analyst rating on (ZKH) stock is a Buy with a $4.00 price target. To see the full list of analyst forecasts on ZKH Group Limited Sponsored ADR stock, see the ZKH Stock Forecast page.

Spark’s Take on ZKH Stock

According to Spark, TipRanks’ AI Analyst, ZKH is a Neutral.

Overall score reflects meaningful operational and profitability trajectory improvements highlighted on the earnings call, alongside improving cash flow and low leverage. These positives are tempered by still-negative profitability in the financial statements, a weaker technical setup, and limited valuation support due to a negative P/E and no dividend yield data.

To see Spark’s full report on ZKH stock, click here.

More about ZKH Group Limited Sponsored ADR

ZKH Group Limited is a leading maintenance, repair and operations (MRO) procurement service platform in China, operating primarily through its ZKH and GBB platforms. The company serves mainly enterprise customers, including a rapidly growing base of small and medium-sized enterprises, offering a broad and increasingly diversified product portfolio supported by an expanding supplier network and enhanced fulfillment capabilities.

Average Trading Volume: 70,166

Technical Sentiment Signal: Buy

Current Market Cap: $532.3M

Learn more about ZKH stock on TipRanks’ Stock Analysis page.

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