NYSE : ZKH
ZKH Group Limited — Financial statements
Consumer Discretionary · Internet Retail · China
Last price 1.54 USD (Oct 30, 2026, 9:30 AM EDT) · Market cap 244.74M
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Financial statements
ZKH Group Limited (ZKH) reported revenue of 9.44B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 9.39B | 8.94B | 8.69B | 8.65B | 8.27B | 7.62B |
| Other Revenue | 51.27M | 49.72M | 67.14M | 72.16M | 48.81M | 37.86M |
| Revenue | 9.44B | 8.99B | 8.76B | 8.72B | 8.32B | 7.65B |
| Cost of Revenue | 7.87B | 7.51B | 7.25B | 7.27B | 7.00B | 6.61B |
| Gross Profit | 1.57B | 1.48B | 1.51B | 1.45B | 1.32B | 1.04B |
| Selling, General & Admin | 1.50B | 1.52B | 1.68B | 1.68B | 1.76B | 1.89B |
| Research & Development | 148.94M | 165.52M | 169.50M | 175.91M | 240.53M | 256.42M |
| Operating Expenses | 1.65B | 1.69B | 1.85B | 1.85B | 2.00B | 2.15B |
| Operating Income | -79.06M | -213.34M | -338.77M | -398.72M | -685.71M | -1.11B |
| Interest Expense | -11.31M | -11.35M | -19.00M | -19.34M | -94.18M | -10.59M |
| Interest & Investment Income | 41.29M | 50.09M | 64.25M | 53.70M | 14.56M | 28.28M |
| Currency Exchange Gain (Loss) | 16.41M | 16.41M | -12.21M | -11.06M | 13.73M | -8.21M |
| Other Non Operating Income (Expenses) | 31.73M | 19.14M | 38.71M | 70.72M | 20.00M | 7.48M |
| EBT Excluding Unusual Items | -952.00K | -139.05M | -267.03M | -304.70M | -731.59M | -1.09B |
| Gain (Loss) on Sale of Assets | -432.00K | |||||
| Pretax Income | -952.00K | -139.05M | -267.03M | -304.70M | -731.59M | -1.09B |
| Income Tax Expense | 1.97M | 689.00K | 1.01M | 195.00K | -471.00K | 200.00K |
| Earnings From Continuing Operations | -2.93M | -139.74M | -268.04M | -304.90M | -731.12M | -1.09B |
| Minority Interest in Earnings | 586.00K | -4.56M | -28.37M | |||
| Net Income | -2.93M | -139.74M | -268.04M | -304.31M | -735.68M | -1.12B |
| Preferred Dividends & Other Adjustments | 660.07M | 509.28M | 329.74M | |||
| Net Income to Common | -2.93M | -139.74M | -268.04M | -964.38M | -1.24B | -1.45B |
| Shares Outstanding (Basic) | 161.78M | 162.46M | 163.89M | 43.67M | 37.86M | 34.68M |
| Shares Outstanding (Diluted) | 161.78M | 162.46M | 163.89M | 43.67M | 37.86M | 34.68M |
| EPS (Basic) | -0.02 | -0.86 | -1.64 | -22.08 | -32.88 | -41.87 |
| EPS (Diluted) | -0.02 | -0.86 | -1.75 | -22.08 | -32.88 | -41.87 |
| Free Cash Flow | -44.25M | 149.91M | -618.44M | -541.25M | -1.53B | |
| Free Cash Flow Per Share | -0.27 | 0.92 | -14.16 | -14.30 | -44.06 | |
| Gross Margin | 16.63% | 16.42% | 17.24% | 16.65% | 15.85% | 13.58% |
| Operating Margin | -0.84% | -2.37% | -3.87% | -4.57% | -8.25% | -14.51% |
| Profit Margin | -0.03% | -1.55% | -3.06% | -11.06% | -14.97% | -18.97% |
| Free Cash Flow Margin | -0.49% | 1.71% | -7.09% | -6.51% | -19.96% | |
| EBITDA | -33.91M | -164.98M | -284.00M | -325.26M | -609.63M | -1.06B |
| EBITDA Margin | -0.36% | -1.84% | -3.24% | -3.73% | -7.33% | -13.81% |
| D&A For EBITDA | 45.15M | 48.36M | 54.77M | 73.47M | 76.07M | 53.02M |
| EBIT | -79.06M | -213.34M | -338.77M | -398.72M | -685.71M | -1.11B |
| EBIT Margin | -0.84% | -2.37% | -3.87% | -4.57% | -8.25% | -14.51% |
| Revenue as Reported | 9.44B | 8.99B | 8.76B | 8.72B | 8.32B | 7.65B |
| Advertising Expenses | 28.58M | 32.33M | 34.83M | 18.73M | 50.41M |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 896.49M | 1.03B | 1.42B | 1.09B | 1.95B | 538.00M |
| Short-Term Investments | 738.14M | 825.29M | 543.98M | 874.21M | ||
| Cash & Short-Term Investments | 1.63B | 1.86B | 1.97B | 1.96B | 1.95B | 538.00M |
| Accounts Receivable | 3.60B | 3.37B | 3.32B | 3.99B | 3.38B | 3.16B |
| Other Receivables | 23.78M | 29.55M | 13.31M | |||
| Receivables | 3.60B | 3.39B | 3.35B | 4.01B | 3.38B | 3.16B |
| Inventory | 646.93M | 669.83M | 625.39M | 668.98M | 656.00M | 762.94M |
| Restricted Cash | 39.84M | 61.87M | 92.94M | 159.75M | 51.61M | 588.92M |
| Other Current Assets | 156.41M | 149.83M | 154.81M | 243.63M | 230.08M | |
| Total Current Assets | 6.13B | 6.14B | 6.19B | 6.95B | 6.28B | 5.28B |
| Property, Plant & Equipment | 304.30M | 338.97M | 374.32M | 381.25M | 475.61M | 609.74M |
| Goodwill | 30.81M | 30.81M | 30.81M | 30.81M | 30.81M | 30.81M |
| Other Intangible Assets | 41.35M | 21.87M | 15.93M | 20.10M | 24.05M | 21.31M |
| Total Assets | 6.51B | 6.53B | 6.61B | 7.39B | 6.81B | 5.94B |
| Accounts Payable | 2.80B | 2.72B | 2.55B | 2.88B | 2.57B | 2.45B |
| Accrued Expenses | 345.18M | 216.06M | 221.79M | 235.96M | 275.10M | 288.22M |
| Short-Term Debt | 235.00M | 240.00M | 311.00M | 585.00M | 250.00M | 264.17M |
| Current Portion of Long-Term Debt | 2.31M | 2.31M | 997.00K | |||
| Current Portion of Leases | 44.90M | 50.20M | 81.38M | 91.23M | 95.78M | 130.37M |
| Current Income Taxes Payable | 21.49M | 9.85M | 17.82M | 112.23M | 62.15M | |
| Current Unearned Revenue | 34.60M | 27.15M | 27.43M | 19.91M | 31.13M | 30.11M |
| Other Current Liabilities | 149.65M | 133.69M | 194.45M | 151.86M | 168.78M | |
| Total Current Liabilities | 3.46B | 3.43B | 3.34B | 4.03B | 3.48B | 3.39B |
| Long-Term Debt | 41.50M | 42.65M | 38.89M | |||
| Long-Term Leases | 77.10M | 91.89M | 109.10M | 146.97M | 214.43M | 271.95M |
| Other Long-Term Liabilities | 31.86M | 28.18M | 25.22M | 507.00K | 782.00K | 1.22M |
| Total Liabilities | 3.61B | 3.59B | 3.51B | 4.18B | 3.70B | 3.66B |
| Common Stock | 4.00K | 4.00K | 4.00K | 4.00K | 1.00K | 1.00K |
| Additional Paid-In Capital | 8.40B | 8.37B | 8.31B | 8.14B | ||
| Retained Earnings | -5.29B | -5.31B | -5.17B | -4.90B | -4.02B | -2.77B |
| Treasury Stock | -111.18M | -81.76M | -40.76M | |||
| Comprehensive Income & Other | -96.65M | -37.29M | 4.76M | -25.15M | -51.91M | -930.00K |
| Total Common Equity | 2.90B | 2.94B | 3.10B | 3.21B | -4.07B | -2.77B |
| Minority Interest | 4.24M | 4.91M | ||||
| Shareholders' Equity | 2.90B | 2.94B | 3.10B | 3.21B | 3.12B | 2.28B |
| Total Liabilities & Equity | 6.51B | 6.53B | 6.61B | 7.39B | 6.81B | 5.94B |
| Total Debt | 400.80M | 427.05M | 541.36M | 823.20M | 560.20M | 666.49M |
| Net Cash (Debt) | 1.23B | 1.43B | 1.43B | 1.14B | 1.39B | -128.49M |
| Net Cash Per Share | 7.63 | 8.79 | 8.70 | 26.14 | 36.82 | -3.70 |
| Filing Date Shares Outstanding | 160.74M | 158.92M | 159.81M | 161.07M | 34.82M | 34.82M |
| Total Common Shares Outstanding | 160.74M | 158.96M | 160.05M | 161.07M | 34.82M | 34.82M |
| Working Capital | 2.67B | 2.71B | 2.85B | 2.93B | 2.80B | 1.89B |
| Book Value Per Share | 18.02 | 18.50 | 19.36 | 19.94 | -116.92 | -79.55 |
| Tangible Book Value | 2.82B | 2.89B | 3.05B | 3.16B | -4.13B | -2.82B |
| Tangible Book Value Per Share | 17.57 | 18.17 | 19.07 | 19.62 | -118.49 | -81.05 |
| Machinery | 197.76M | 208.77M | 208.26M | 213.54M | 204.61M | |
| Construction In Progress | 1.02M | 78.95M | 31.01M | 2.78M | 686.00K | |
| Leasehold Improvements | 106.57M | 103.71M | 88.21M | 92.34M | 85.92M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -139.74M | -268.04M | -304.31M | -735.68M | -1.12B | |
| Depreciation & Amortization | 48.36M | 54.77M | 73.47M | 76.07M | 53.02M | |
| Loss (Gain) From Sale of Assets | -629.00K | 659.00K | 3.01M | 175.00K | 432.00K | |
| Stock-Based Compensation | 53.82M | 108.52M | 17.39M | 31.90M | 183.35M | |
| Provision & Write-off of Bad Debts | 32.87M | 48.90M | 12.76M | 28.01M | 31.48M | |
| Other Operating Activities | -5.06M | 12.62M | 44.34M | 84.92M | 44.66M | |
| Change in Accounts Receivable | -199.33M | 502.40M | -585.49M | -333.07M | -1.13B | |
| Change in Inventory | -75.71M | 17.69M | -52.96M | 85.80M | -329.24M | |
| Change in Accounts Payable | 165.54M | -329.97M | 317.23M | 119.81M | 922.88M | |
| Change in Unearned Revenue | -281.00K | 7.53M | -11.22M | 1.02M | 11.33M | |
| Change in Other Net Operating Assets | 128.95M | 74.01M | -82.17M | 136.83M | -50.92M | |
| Operating Cash Flow | 8.79M | 229.07M | -567.95M | -504.20M | -1.38B | |
| Capital Expenditures | -53.04M | -79.16M | -50.50M | -37.05M | -145.20M | |
| Sale of Property, Plant & Equipment | 3.69M | 2.09M | 4.72M | 12.94M | 5.05M | |
| Cash Acquisitions | -10.24M | |||||
| Sale (Purchase) of Intangibles | -665.00K | -3.88M | -5.07M | -13.06M | -12.87M | |
| Investment in Securities | -274.46M | 357.02M | -857.46M | 124.00K | 68.86M | |
| Investing Cash Flow | -324.47M | 276.08M | -908.30M | -37.04M | -94.39M | |
| Short-Term Debt Issued | 589.79M | 897.00M | 1.11B | 764.16M | 404.17M | |
| Long-Term Debt Issued | 5.07M | 39.88M | 1.38B | |||
| Total Debt Issued | 594.86M | 936.88M | 1.11B | 2.15B | 404.17M | |
| Short-Term Debt Repaid | -660.79M | -1.17B | -779.00M | -807.59M | -215.84M | |
| Total Debt Repaid | -660.79M | -1.17B | -779.00M | -807.59M | -215.84M | |
| Net Debt Issued (Repaid) | -65.93M | -234.12M | 335.00M | 1.34B | 188.33M | |
| Issuance of Common Stock | 2.46M | 30.30M | 385.77M | |||
| Repurchase of Common Stock | -41.00M | -40.76M | ||||
| Other Financing Activities | -9.61M | -5.04M | -38.08M | -13.70M | ||
| Financing Cash Flow | -104.47M | -254.19M | 715.72M | 1.30B | 174.63M | |
| Foreign Exchange Rate Adjustments | -4.29M | 15.55M | 5.04M | 117.47M | -8.70M | |
| Net Cash Flow | -424.44M | 266.51M | -755.48M | 878.94M | -1.31B | |
| Free Cash Flow | -44.25M | 149.91M | -618.44M | -541.25M | -1.53B | |
| Free Cash Flow Margin | -0.49% | 1.71% | -7.09% | -6.51% | -19.96% | |
| Free Cash Flow Per Share | -0.27 | 0.92 | -14.16 | -14.30 | -44.06 | |
| Levered Free Cash Flow | 35.07M | 218.69M | -671.59M | 122.70M | -1.22B | |
| Unlevered Free Cash Flow | 42.17M | 230.57M | -659.50M | 181.57M | -1.21B | |
| Cash Interest Paid | 3.81M | 10.16M | 19.34M | 20.96M | 10.29M | |
| Cash Income Tax Paid | 569.00K | 842.00K | 154.00K | 1.22M | 1.22M | |
| Change in Working Capital | 19.18M | 271.64M | -414.60M | 10.40M | -573.21M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 260.63M | 588.11M | 567.06M | 2.62B | ||
| Enterprise Value | 78.99M | 401.89M | 386.60M | 3.57B | ||
| Last Close Price | 1.64 | 3.68 | 3.51 | 16.31 | ||
| Forward PE | 8.58 | 137.13 | 33.23 | |||
| PS Ratio | 0.19 | 0.46 | 0.47 | 2.13 | ||
| PB Ratio | 0.62 | 1.40 | 1.34 | 5.78 | ||
| P/TBV Ratio | 0.63 | 1.42 | 1.36 | 5.88 | ||
| P/FCF Ratio | 27.61 | |||||
| P/OCF Ratio | 468.03 | 18.07 | ||||
| EV/Sales Ratio | 0.06 | 0.31 | 0.32 | 2.90 | ||
| EV/FCF Ratio | 18.82 | |||||
| Debt / Equity Ratio | 0.14 | 0.14 | 0.17 | 0.26 | 0.18 | 0.29 |
| Debt / FCF Ratio | 3.61 | |||||
| Net Debt / Equity Ratio | -0.43 | -0.49 | -0.46 | -0.35 | -0.45 | 0.06 |
| Net Debt / EBITDA Ratio | 36.38 | 8.66 | 5.02 | 3.51 | 2.29 | -0.12 |
| Net Debt / FCF Ratio | 32.29 | -9.52 | 1.85 | 2.58 | -0.08 | |
| Asset Turnover | 1.48 | 1.37 | 1.25 | 1.23 | 1.30 | 1.33 |
| Inventory Turnover | 11.30 | 11.60 | 11.20 | 10.97 | 9.86 | 10.93 |
| Quick Ratio | 1.51 | 1.53 | 1.59 | 1.48 | 1.53 | 1.09 |
| Current Ratio | 1.77 | 1.79 | 1.85 | 1.73 | 1.80 | 1.56 |
| Return on Equity (ROE) | -0.10% | -4.63% | -8.50% | -9.64% | -27.11% | -39.55% |
| Return on Assets (ROA) | -0.77% | -2.03% | -3.02% | -3.51% | -6.72% | -12.06% |
| Return on Capital Employed (ROCE) | -2.60% | -6.90% | -10.40% | -11.90% | -20.60% | -43.50% |
| Earnings Yield | -0.16% | -3.40% | -6.48% | -1.64% | ||
| FCF Yield | -2.55% | -1.08% | 3.62% | -3.33% | ||
| Buyback Yield / Dilution | 0.76% | 0.88% | -275.28% | -15.36% | -9.16% | -7.20% |