ZKH Group Limited Sponsored ADR (ZKH)
NYSE:ZKH
Want to see ZKH full AI Analyst Report?
Earnings Data
Report Date
May 26, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
―Last Year’s EPS
-0.06Same Quarter Last Year
Based on 0 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized a clear operational inflection in H2 2025 with a strong Q4 recovery: sequential and year-over-year top-line acceleration in the quarter, return to profitability in Q4, positive operating cash flow, substantial customer and SKU expansion, and measurable efficiency gains from AI and fulfillment optimization. These positives are tempered by full-year GMV decline, YoY gross margin compression driven by product mix and commodity-price headwinds, and a full-year adjusted net loss that, while significantly narrowed, remains negative. Management provided a forward-looking plan to drive private-label growth, deepen SME and international expansion, and achieve full-year profitability in 2026.Company Guidance
Return to Profitability in Q4 2025
Adjusted net profit of approximately RMB 14.8–14.9 million in Q4 2025, a turnaround from a non-GAAP adjusted net loss of RMB 15 million year-over-year. Non-GAAP EBITDA turned positive at RMB 19.7 million in Q4. The company also achieved half-year breakeven for the first time and narrowed operating loss (Q4 operating loss narrowed 13.4% YoY).
Accelerated Q4 Top-Line Growth
GMV in Q4 grew 8.5% year-over-year and 11.3% sequentially to RMB 2.92 billion. Total revenues in Q4 rose 7.9% year-over-year and 9.8% sequentially to RMB 2.56 billion, signaling strengthening momentum and demand recovery in the second half of 2025.
Customer Base Expansion and Strengthening Mix
Number of transacting customers approached ~74,000, up ~60% year-over-year (the fastest quarterly growth in recent years). Coverage now includes over 680 of China’s top 1,000 manufacturers. SME and key account GMV both grew year-over-year in Q4, with SME GMV up >20% YoY in the quarter.
Product Assortment and Private Label Growth
Platform SKUs expanded to 23 million, up 33% year-over-year. Private label GMV rose 21% year-over-year and increased its share of total GMV to 8.3% (from 6.7% in 2024); 349 new private-label SKUs launched in Q4. Management targets continued private-label growth and higher share over time.
Supply-Side Scale and Fulfillment Network Expansion
Supplier partnerships nearly 20,000 by year-end. Fulfillment footprint includes 30 distribution centers, 100+ transit warehouses and a self-operated fleet of >200 delivery vehicles. International footprint now covers 17 countries, with international GMV growing ~50% sequentially and international customers up ~20% sequentially.
Operational Efficiency and Cost Improvement
Through-warehouse fulfillment cost declined ~13% year-over-year in Q4 (the eighth consecutive quarter of double-digit reductions). Warehouse labor productivity and space utilization rose ~20% YoY. Total operating expenses decreased 3% YoY in Q4 and fell to 16.6% of net revenues (from 18.5% a year ago). Full-year operating expenses declined 8.7% YoY.
AI and Digital Transformation Delivering Tangible Value
Data assets expanded to petabyte-level; monthly token consumption doubled YoY to >80 billion tokens. RPA digital employees exceeded 5,000, saving nearly 1 million man hours. AI agents produced measurable results: AI ProductRecom served >30,000 customers and generated >RMB 200 million in sales in 2025; AI Material Management Agent helped ~10,000 customers organize >15 million lines of material data and reduced processing time dramatically. Productivity gains: customer service +~45% YoY, procurement +~50% YoY.
Improved Cash Position and Operating Cash Flow
Cash, restricted cash and short-term investments totaled RMB 1.92 billion as of Dec 31, 2025. Net cash generated from operating activities in Q4 was RMB 116.1 million; company reported positive operating cash flow in both Q4 and full year 2025, enhancing liquidity and flexibility.
ZKH Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
ZKH Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 19, 2026 | $3.28 | $2.34 | -28.66% |
Nov 20, 2025 | $3.03 | $3.08 | +1.65% |
Aug 22, 2025 | $2.97 | $2.99 | +0.67% |
May 20, 2025 | $3.08 | $2.98 | -3.25% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does ZKH Group Limited Sponsored ADR (ZKH) report earnings?
ZKH Group Limited Sponsored ADR (ZKH) is schdueled to report earning on May 26, 2026, Before Open (Confirmed).
What is ZKH Group Limited Sponsored ADR (ZKH) earnings time?
ZKH Group Limited Sponsored ADR (ZKH) earnings time is at May 26, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is ZKH EPS forecast?
Currently, no data Available