ZKH Group Limited (ZKH)

ZKH Group Cash Flow 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
Net Income	-139.74	-268.04	-304.9	-731.12	-1,094
Depreciation & Amortization	48.36	54.77	73.47	76.07	53.03
Stock-Based Compensation	53.82	108.52	17.39	31.9	183.35
Other Adjustments	27.18	62.18	71.76	108.54	48.19
Change in Receivables	-78.4	621.18	-627.78	-247.31	-1,231
Changes in Inventories	-75.71	17.69	-52.96	85.8	-329.24
Changes in Accounts Payable	165.55	-329.97	317.23	119.81	922.88
Changes in Accrued Expenses	26.62	-30.93	-92.54	29.34	116.74
Changes in Unearned Revenue	-0.28	7.53	-11.22	1.02	11.33
Changes in Other Operating Activities	-18.59	-13.85	52.66	21.74	-64.37
Operating Cash Flow	8.79	229.07	-567.95	-504.2	-1,383
Operating Cash Flow Growth	-96.16%	-	-	-	-
Capital Expenditures	-53.04	-79.16	-50.5	-37.05	-145.2
Sale of Property, Plant & Equipment	3.7	2.09	4.72	12.94	5.05
Purchases of Intangible Assets	-0.67	-3.88	-5.07	-13.06	-12.87
Purchases of Investments	-488.29	-104.87	-1,288	-100	-1,480
Proceeds from Sale of Investments	213.83	461.89	430.62	100.12	1,549
Payments for Business Acquisitions	-	-	-	-	-10.24
Investing Cash Flow	-324.47	276.08	-908.3	-37.04	-94.4
Short-Term Debt Issued	589.79	897	1,114	764.16	404.17
Short-Term Debt Repaid	-660.79	-1,171	-779	-807.59	-215.84
Net Short-Term Debt Issued (Repaid)	-71	-274	335	-43.43	188.33
Long-Term Debt Issued	5.07	39.88	-	1,384	-
Net Long-Term Debt Issued (Repaid)	5.07	39.88	-	1,384	-
Issuance of Common Stock	2.46	30.3	385.77	-	-
Repurchase of Common Stock	-41	-40.76	-	-	-
Net Common Stock Issued (Repurchased)	-38.54	-10.46	385.77	-	-
Other Financing Activities	-	-9.61	-5.04	-38.08	-13.7
Financing Cash Flow	-104.47	-254.19	715.72	1,303	174.63
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-4.29	15.55	5.04	117.47	-8.7
Net Cash Flow	-424.44	266.51	-755.48	878.94	-1,311
Free Cash Flow	-44.25	149.91	-618.44	-541.25	-1,528
FCF Margin	-0.49%	1.71%	-7.09%	-6.51%	-19.96%
Free Cash Flow Per Share	-0.27	0.91	-14.16	-14.30	-44.06
Levered Free Cash Flow	-112.78	-876.09	-393.24	392.57	-698.73
Unlevered Free Cash Flow	14,977	13,843	14,384	13,606	12,687

Updated Mar 19, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

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