ZKH Group Balance Sheet

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	1,095	1,424	1,091	1,954	538	1,961
Short-Term Investments	658.94	543.98	874.21	-	-	70.06
Cash & Short-Term Investments	1,754	1,968	1,965	1,954	538	2,031
Cash Growth	-7.19%	0.16%	0.54%	263.24%	-73.52%	-
Accounts Receivable	3,093	3,325	3,993	3,378	3,158	1,955
Other Receivables	-	29.56	13.31	-	-	-
Receivables	3,093	3,354	4,006	3,378	3,158	1,955
Inventory	746.1	625.39	668.98	656	762.94	448.01
Restricted Cash	97.18	92.94	159.75	51.61	588.92	476.81
Other Current Assets	-	149.83	154.81	243.63	230.08	171.42
Total Current Assets	5,859	6,190	6,954	6,283	5,278	5,082
Property, Plant & Equipment	356.77	374.33	381.25	475.61	609.74	443.64
Goodwill	30.81	30.81	30.81	30.81	30.81	30.81
Other Intangible Assets	13.04	15.93	20.1	24.05	21.31	16.41
Total Assets	6,260	6,611	7,387	6,814	5,940	5,573
Accounts Payable	2,358	2,553	2,883	2,566	2,446	1,523
Accrued Expenses	310.69	221.79	235.96	275.1	288.22	185.17
Short-Term Debt	329.79	311	585	250	264.17	69.8
Current Portion of Long-Term Debt	2.31	1	-	-	-	6.04
Current Portion of Leases	57.19	81.38	91.23	95.78	130.37	96.24
Current Income Taxes Payable	-	9.85	17.82	112.24	62.15	48.93
Current Unearned Revenue	27.48	27.43	19.91	31.13	30.11	18.78
Other Current Liabilities	1.85	133.69	194.45	151.86	168.78	124.23
Total Current Liabilities	3,087	3,340	4,028	3,482	3,390	2,073
Long-Term Debt	43.8	38.89	-	-	-	-
Long-Term Leases	102.3	109.1	146.97	214.43	271.95	240.35
Other Long-Term Liabilities	32.46	25.22	0.51	0.78	1.22	4.18
Total Liabilities	3,266	3,513	4,175	3,697	3,663	2,317
Common Stock	0	0	0	0	0	0
Additional Paid-In Capital	8,347	8,305	8,139	-	-	-
Retained Earnings	-5,291	-5,171	-4,903	-4,019	-2,769	-1,468
Treasury Stock	-58.91	-40.76	-	-	-	-
Comprehensive Income & Other	-2.82	4.76	-25.15	-51.91	-0.93	-0.44
Total Common Equity	2,994	3,098	3,211	-4,071	-2,770	-1,469
Minority Interest	-	-	-	4.24	4.91	12.24
Shareholders' Equity	2,994	3,098	3,211	3,116	2,277	3,256
Total Liabilities & Equity	6,260	6,611	7,387	6,814	5,940	5,573
Total Debt	535.38	541.36	823.2	560.2	666.49	412.43
Net Cash (Debt)	1,219	1,427	1,142	1,394	-128.49	1,619
Net Cash Growth	13.87%	24.96%	-18.11%	-	-	-
Net Cash Per Share	7.48	8.70	26.14	36.82	-3.70	50.04
Filing Date Shares Outstanding	162.25	159.81	161.07	34.82	34.82	31.96
Total Common Shares Outstanding	162.25	160.05	161.07	34.82	34.82	31.96
Working Capital	2,772	2,851	2,927	2,801	1,888	3,010
Book Value Per Share	18.46	19.36	19.94	-116.92	-79.55	-45.95
Tangible Book Value	2,951	3,052	3,161	-4,126	-2,822	-1,516
Tangible Book Value Per Share	18.19	19.07	19.62	-118.49	-81.05	-47.43
Machinery	-	208.77	208.27	213.54	204.61	125.11
Construction In Progress	-	78.95	31.01	2.78	0.69	0.83
Leasehold Improvements	-	103.71	88.21	92.34	85.92	50.55

Updated Aug 22, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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