ZKH Group Delivers 8.5% Q4 GMV Rise and Returns to Profitability
ZKH Group posted 8.5% year-over-year GMV growth to RMB2.92 billion in Q4 2025 and swung to a RMB4.8 million net profit, driven by a 59.8% increase in customers and AI-enabled efficiencies. Full-year GMV fell 3.3% to RMB10.13 billion while non-GAAP EBITDA loss narrowed by 58.9%.
1. Strong Q4 Financial Turnaround
In the fourth quarter of 2025, ZKH achieved GMV of RMB2.918 billion, up 8.5% year-over-year, and net revenues grew 7.9% to RMB2.557 billion. The company returned to profitability with a RMB4.8 million net profit and non-GAAP EBITDA of RMB19.7 million, reflecting disciplined cost management and efficiency gains.
2. Full-Year Performance Trends
For the full year, GMV declined 3.3% to RMB10.133 billion and net revenues rose 2.6% to RMB8.988 billion. Gross profit margins contracted by 82 basis points and full-year non-GAAP EBITDA loss narrowed by 58.9% to RMB79.3 million, highlighting a significant improvement in the earnings profile.
3. Customer and Platform Expansion
ZKH expanded its active customer base by 85.6% year-over-year to 155,829 for the full year, with Q4 customers up 59.8% to 73,803. Growth was broad-based across the ZKH and GBB platforms, driven by SME penetration and the return of strategic accounts.
4. Product and Fulfillment Enhancements
The company added 5.7 million sellable SKUs in 2025, reaching a total of 23 million, and raised private-label GMV share to 8.3% from 6.7%. Investments in AI delivered measurable productivity gains, and a new Chengdu chemical warehouse bolstered the multi-tier fulfillment network.