ZKH Group Limited (ZKH)

ZKH Group Income Statement

Financials in millions CNY. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Revenue	8,938	8,694	8,649	8,266	7,617
Other Revenue	49.72	67.14	72.16	48.81	37.86
Revenue	8,988	8,761	8,721	8,315	7,655
Revenue Growth (YoY)	2.58%	0.46%	4.88%	8.63%	63.34%
Cost of Revenue	7,512	7,251	7,269	6,998	6,615
Gross Profit	1,476	1,510	1,452	1,318	1,040
Selling, General & Admin	1,523	1,680	1,675	1,763	1,894
Research & Development	165.52	169.5	175.92	240.53	256.42
Operating Expenses	1,689	1,849	1,851	2,003	2,150
Operating Income	-213.34	-338.77	-398.72	-685.71	-1,110
Interest Expense	-11.35	-19	-19.34	-94.18	-10.59
Interest & Investment Income	50.09	64.25	53.7	14.56	28.28
Currency Exchange Gain (Loss)	-	-12.21	-11.06	13.73	-8.21
Other Non Operating Income (Expenses)	35.55	38.71	70.72	20	7.48
EBT Excluding Unusual Items	-139.05	-267.03	-304.71	-731.59	-1,093
Gain (Loss) on Sale of Assets	-	-	-	-	-0.43
Pretax Income	-139.05	-267.03	-304.71	-731.59	-1,094
Income Tax Expense	0.69	1.01	0.2	-0.47	0.2
Earnings From Continuing Operations	-139.74	-268.04	-304.9	-731.12	-1,094
Minority Interest in Earnings	-	-	0.59	-4.56	-28.37
Net Income	-139.74	-268.04	-304.31	-735.68	-1,122
Preferred Dividends & Other Adjustments	-	-	660.07	509.28	329.74
Net Income to Common	-139.74	-268.04	-964.38	-1,245	-1,452
Shares Outstanding (Basic)	162	164	44	38	35
Shares Outstanding (Diluted)	162	164	44	38	35
Shares Change (YoY)	-0.88%	275.28%	15.36%	9.16%	7.20%
EPS (Basic)	-0.86	-1.64	-22.08	-32.88	-41.87
EPS (Diluted)	-0.86	-1.64	-22.08	-32.88	-41.87
Free Cash Flow	-	149.91	-618.44	-541.25	-1,528
Free Cash Flow Per Share	-	0.92	-14.16	-14.30	-44.06
Gross Margin	16.42%	17.24%	16.65%	15.85%	13.58%
Operating Margin	-2.37%	-3.87%	-4.57%	-8.25%	-14.51%
Profit Margin	-1.55%	-3.06%	-11.06%	-14.97%	-18.97%
Free Cash Flow Margin	-	1.71%	-7.09%	-6.51%	-19.96%
EBITDA	-158.57	-284	-325.26	-609.63	-1,057
EBITDA Margin	-1.76%	-3.24%	-3.73%	-7.33%	-13.81%
D&A For EBITDA	54.77	54.77	73.47	76.07	53.03
EBIT	-213.34	-338.77	-398.72	-685.71	-1,110
EBIT Margin	-2.37%	-3.87%	-4.57%	-8.25%	-14.51%
Revenue as Reported	8,988	8,761	8,721	8,315	7,655
Advertising Expenses	-	32.33	34.83	18.73	50.41

Updated Mar 19, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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