ZKH on NYSE

ZKH Group Ltd

ZKH Group Ltd is a retail-building materials company based in George Town, Cayman Islands.2

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Last updated Oct 20, 2026.

Overview

9.0BRevenue, fiscal 20253
-139.7MNet income, fiscal 20253

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  • TickerZKH on NYSE2
  • IndustryRetail-Building Materials, Hardware, Garden Supply2
  • HeadquartersGeorge Town, Cayman Islands2
  • Incorporated inCayman Islands4
  • Business address7/F, Tower 4, Libao Plaza, No. 36 Shenbin Road, Minhang District, Shanghai4
  • Filer categoryAccelerated filer4
  • Legal formcompany limited by shares2
  • LEI254900QALOZNXP1RWF322
  • StatusActive2
  • LEI statusIssued and current2
  • Registered address4th Floor, Harbour Place, KY1-1002 George Town, Cayman Islands2
  • Registered withGeneral Registry, OC-3751212

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In 2014, we commenced our operations through ZKH Industrial Supply (Shanghai) Co., Ltd. (formerly known as Shanghai ZKH Trading Co., Ltd.), or ZKH Industrial Supply. ZKH Industrial Supply established a number of subsidiaries to engage in MRO procurement services.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from. Figures are in CNY, the currency the company reports in.

Key numbers, fiscal 2025

-2.4%Operating margin3
-1.6%Net margin3
2.6%Revenue growth, 20253
-4.8%Return on equity3
0.01×Debt to equity3
-44.3M CNYFree cash flow3

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 98% of the revenue ZKH Group Ltd broke down this way in fiscal 2025.

  1. Product8.8B CNY398%up 4% from 2024
  2. Service171.3M CNY32%down 30% from 2024
  3. Product and Service, Other49.7M CNY31%down 26% from 2024
Products and services by year
Products and services202320242025
Product8.3B CNY8.4B CNY8.8B CNY
Service307.4M CNY244.7M CNY171.3M CNY
Product and Service, Other72.2M CNY67.1M CNY49.7M CNY

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue84¢7.5B CNY
  • Research and development2¢165.5M CNY
  • Other costs15¢1.3B CNY
  • Income tax0¢689.0K CNY

Out of 9.0B CNY in revenue.3 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending56¢53.0M CNY
  • Share buybacks44¢41.0M CNY

Out of 8.8M CNY of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.3

Financial statements

Revenue6739.0B CNY in 2025+17% since 2021
02.5B CNY5.0B CNY7.5B CNY10.0B CNY2021: 7.7B CNY7.7B CNY20212022: 8.3B CNY8.3B CNY2022+9%2023: 8.7B CNY8.7B CNY2023+5%2024: 8.8B CNY8.8B CNY2024+0%2025: 9.0B CNY9.0B CNY2025+3%
Operating income673-213.3M CNY in 2025−81% since 2021
-1.5B CNY-1.0B CNY-500.0M CNY02021: -1.1B CNY-1.1B CNY20212022: -685.7M CNY-685.7M CNY2022−38%2023: -398.7M CNY-398.7M CNY2023−42%2024: -338.8M CNY-338.8M CNY2024−15%2025: -213.3M CNY-213.3M CNY2025−37%
Net income673-139.7M CNY in 2025−88% since 2021
-1.5B CNY-1.0B CNY-500.0M CNY02021: -1.1B CNY-1.1B CNY20212022: -735.7M CNY-735.7M CNY2022−34%2023: -304.3M CNY-304.3M CNY2023−59%2024: -268.0M CNY-268.0M CNY2024−12%2025: -139.7M CNY-139.7M CNY2025−48%

Every line of the income statement as filed: the last 3 fiscal years, latest first.3

Period ending2025-12-312024-12-312023-12-31
Total net revenues9.0B CNY8.8B CNY8.7B CNY
Cost of revenues-7.5B CNY-7.3B CNY-7.3B CNY
Fulfillment-362.2M CNY-391.7M CNY-439.0M CNY
Sales and marketing-585.0M CNY-641.5M CNY-700.8M CNY
Research and development-165.5M CNY-169.5M CNY-175.9M CNY
General and administrative-576.3M CNY-646.5M CNY-535.5M CNY
Loss from operations-213.3M CNY-338.8M CNY-398.7M CNY
Interest and investment income50.1M CNY64.2M CNY53.7M CNY
Interest expense-11.3M CNY-19.0M CNY-19.3M CNY
Others, net35.5M CNY26.5M CNY59.7M CNY
Loss before income tax-139.1M CNY-267.0M CNY-304.7M CNY
Income tax expenses-689.0K CNY-1.0M CNY-195.0K CNY
Less: net loss attributable to non-controlling interests-393.0K CNY
Less: net loss attributable to redeemable non-controlling interests-193.0K CNY
Net loss attributable to ZKH Group Limited-139.7M CNY-268.0M CNY-304.3M CNY
Accretion on preferred shares to redemption value-660.1M CNY
Net loss attributable to ZKH Group Limited's ordinary shareholders-139.7M CNY-268.0M CNY-964.4M CNY
Net loss-139.7M CNY-268.0M CNY-304.9M CNY
Foreign currency translation adjustments-42.1M CNY29.9M CNY26.8M CNY
Total comprehensive loss-181.8M CNY-238.1M CNY-278.1M CNY
Less: comprehensive loss attributable to non-controlling interests-393.0K CNY
Less: comprehensive loss attributable to redeemable non-controlling interests-193.0K CNY
Comprehensive loss attributable to ZKH Group Limited-181.8M CNY-238.1M CNY-277.6M CNY
Total comprehensive loss attributable to ZKH Group Limited's ordinary shareholders-181.8M CNY-238.1M CNY-937.6M CNY
Basic-0.02 CNY-0.05 CNY-0.63 CNY
Diluted-0.02 CNY-0.05 CNY-0.63 CNY
Basic5.7B shares5.7B shares1.5B shares
Diluted5.7B shares5.7B shares1.5B shares

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Corporate structure

ZKH Group Ltd sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of ZKH Group Ltd

  • RAYS Capital Partners Ltd Filed SCHEDULE 13G/A on ZKH Group Ltd, latest Feb 13, 2026 (2 filings since Aug 28, 2025)
  • FIL Ltd Filed SCHEDULE 13G on ZKH Group Ltd, latest Feb 5, 2026
  • TIGER GLOBAL MANAGEMENT LLC Filed SCHEDULE 13G/A on ZKH Group Ltd, latest Nov 14, 2025 (2 filings since Feb 14, 2024)
  • CANADA PENSION PLAN INVESTMENT BOARD Filed SC 13G on ZKH Group Ltd, latest Feb 14, 2024
  • Shanghai Xiuying Enterprise Management Consulting Partnership (Limited Partnership) Filed SC 13G on ZKH Group Ltd, latest Feb 5, 2024
  • Tencent Holdings Ltd Filed SC 13G on ZKH Group Ltd, latest Feb 1, 2024
  • Eric Long Chen Filed SC 13G on ZKH Group Ltd, latest Jan 30, 2024
  • Genesis Capital I LP Filed SC 13G on ZKH Group Ltd, latest Jan 25, 2024
  • ZKH Group Ltd George Town, Cayman Islands

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What ZKH Group Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation410.3M CNY3 Dec 31, 2025391.4M CNY3 Dec 31, 2024+4.8%
Accumulated depreciation224.1M CNY3 Dec 31, 2025207.9M CNY3 Dec 31, 2024+7.8%
Property and equipment, net186.2M CNY3 Dec 31, 2025183.6M CNY3 Dec 31, 2024+1.4%
Operating-lease assets (leased space)152.8M CNY3 Dec 31, 2025190.8M CNY3 Dec 31, 2024−19.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents1.0B CNY3 Dec 31, 20251.4B CNY3 Dec 31, 2024−27.6%
Marketable securities, current825.3M CNY3 Dec 31, 2025544.0M CNY3 Dec 31, 2024+51.7%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill30.8M CNY3 Dec 31, 202530.8M CNY3 Dec 31, 20240%
Finite-lived intangibles, gross65.8M CNY3 Dec 31, 202553.5M CNY3 Dec 31, 2024+23.0%
Accumulated amortization44.0M CNY3 Dec 31, 202537.6M CNY3 Dec 31, 2024+17.0%
Finite-lived intangibles, net21.9M CNY3 Dec 31, 202515.9M CNY3 Dec 31, 2024+37.3%

Inventory

ItemLatestA year beforeChange
Inventory, total669.8M CNY3 Dec 31, 2025625.4M CNY3 Dec 31, 2024+7.1%

Leadership

Who has led ZKH Group Ltd, and when. Pick a name to see everywhere that person has worked.

Chief financial officer

  1. Chun Chiu Lai2026–now
Board members and other officers (3)

Timeline

  1. Apr 26, 2021Founded ZKH Group Ltd is founded2

Calendar

Coming up

  1. Nov 19, 2026Reports results for the quarter ending Sep/202612

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

82 filings to the SEC since October 2021: 3 annual reports, 11 insider forms, 10 large holders, 58 other. The latest 20:

  1. Sep 15, 20264 OWNERSHIP DOCUMENT EDGAR
  2. Sep 11, 20264 OWNERSHIP DOCUMENT EDGAR
  3. Sep 2, 20264 EDGAR
  4. Sep 1, 2026144 EDGAR
  5. Aug 21, 20266-K EDGAR
  6. Jul 20, 20266-K EDGAR
  7. Jun 15, 20266-K EDGAR
  8. May 21, 20266-K EDGAR
  9. Apr 24, 202620-F EDGAR
  10. Mar 27, 20263 EDGAR
  11. Mar 27, 20263 EDGAR
  12. Mar 27, 20263 EDGAR
  13. Mar 27, 20263 EDGAR
  14. Mar 27, 20263 EDGAR
  15. Mar 27, 20263 EDGAR
  16. Mar 27, 20263 EDGAR
  17. Mar 26, 20263 OWNERSHIP DOCUMENT EDGAR
  18. Mar 19, 20266-K EDGAR
  19. Feb 13, 2026SCHEDULE 13G/A EDGAR
  20. Feb 5, 2026SCHEDULE 13G EDGAR

The 82 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

2 open-market trades by officers, directors and large owners since October 2021: 0 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 11, 2026Han YunjieDirectorSale9,289,000$0.08$743.1KForm 4
Sep 9, 2026Han YunjieDirectorSale672,910$0.08$53.8KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Canada Pension Plan Investment Board10,618,516$24.0M0.0%No change
FIL Ltd8,563,528$19.4M0.0%+456,584
Boundless Plain Holdings Ltd2,397,979$5.4M1.3%No change
Marshall Wace, Llp326,472$737.8K0.0%New
Renaissance Technologies LLC133,400$301.5K0.0%+43,500
Arrowstreet Capital, Limited Partnership99,679$225.3K0.0%New
Invesco Ltd.68,948$155.8K0.0%−7,922
Citadel Advisors LLC65,999$149.2K0.0%−334
Oasis Management Co Ltd.50,000$113.0K0.0%No change
Millennium Management LLC41,431$93.6K0.0%New
Goldman Sachs Group Inc33,135$74.9K0.0%+8,239
Centiva Capital, LP19,255$43.5K0.0%+4,899
XTX Topco Ltd18,511$41.8K0.0%+3,316
Jpmorgan Chase & Co13,804$30.5K0.0%−397,518
State Street Corp10,792$24.4K0.0%−428
Fmr LLC1,762$4.0K0.0%No change
UBS Group AG1,012$2.3K0.0%New
Royal Bank Of Canada789$2.0K0.0%+286
Quarry LP621$1.4K0.0%New
Rhumbline Advisers292$6590.0%−140
Morgan Stanley82$1850.0%New
Acadian Asset Management LLC62,153$1350.0%+42,457
Hrt Financial LP17,289$390.0%New
Caitong International Asset Management Co., Ltd3$70.0%−7

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How ZKH Group Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARZKH Group Ltd1
  • CIK0001862044
  • Filer statusAccelerated filer not an emerging growth company; not a shell company5
  • Incorporated inCayman Islands5
  • Fiscal year endsDecember 311
  • Industry code (SIC)5200 Retail-Building Materials, Hardware, Garden Supply1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business address7/F, Tower 4, Libao Plaza, No. 36 Shenbin Road, Minhang District, Shanghai, China1
  • Phone86 21 508096961
  • Shares outstanding5,563,528,444 Common Stock shares; 1,035,394,860 Common Class B shares; 4,528,133,584 Common Class A shares as of Dec 31, 20255
  • AuditorPricewaterhouseCoopers Zhong Tian LLP, Shenzhen, the People’s Republic of China PCAOB ID 1424; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceMar 30, 20221
  • Filings83 in all: 6-K (20), 3 (8), UPLOAD (7), CORRESP (6), DRS/A (6), DRSLTR (6), SC 13G (6), F-1/A (4)1
    All 21 form types

    20-F (3), 4 (3), EFFECT (2), SCHEDULE 13G (2), SCHEDULE 13G/A (2), 144 (1), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), F-1 (1), F-6 (1), S-8 (1)

  • Latest filingsAnnual report (20-F) Apr 24, 2026

Securities registered for trading

ClassSymbolExchange
American depositary shares (each representingthirty-five (35) Class A ordinary shares,par value US$0.0000001 per share)ZKHNew York Stock Exchange
Class A ordinary shares, par value US$0.0000001 per share*New York Stock Exchange

From the cover page of the 20-F filed Apr 24, 2026 (Section 12(b) of the Exchange Act).5

Sources

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