经济观察网 截至2026年2月17日，根据公开信息，震坤行未发布近期具体重大事件公告。但基于2025年 12月的最新动态，以下长期规划值得关注： 业务进展情况 海外业务里程碑：华兴资本2025年12月研报指出，公司海外业务预计在2026年实现盈亏平衡，全球化战 略进入关键阶段。 以上内容基于公开资料整理，不构成投资建议。 AI产品落地：震坤行预计于2026年推出业内首个多模态选型智能体"行家慧眼"，该产品可通过图像识别 实现工业物料现场选型与远程技术支持，旨在提升供需匹配效率。 机构观点 ...

近7天(2026年2月7日至13日)，震坤行股价区间涨跌幅为-0.56%，振幅达3.66%。具体走势显示，2月9日 股价下跌1.97%至3.48美元，单日成交金额32.39万美元；2月10日上涨0.29%至3.49美元；2月11日下跌 0.29%至3.48美元；2月12日微跌0.29%至3.47美元；2月13日收盘报3.53美元，当日上涨1.73%。期间成交 清淡，日均成交额不足10万美元，流动性较低。最新数据显示，截至2026年2月13日，该股总市值约 5.73亿美元，市盈率(TTM)为-23.90。 以上内容基于公开资料整理，不构成投资建议。 股票近期走势 经济观察网德意志银行于2026年2月12日发布报告，将震坤行(ZKH.N)目标价上调至4.50美元，并维 持"买入"评级。该报告预计公司2025年第四季度收入增速恢复至中个位数，且单季度有望实现盈利，同 时强调业务调整影响已基本消化，2026年全年盈利前景改善，海外业务聚焦服务中国企业出海需求。 ...

Core Viewpoint - Deutsche Bank has raised the target price for Zhenkunhang to $4.50 and maintained a "Buy" rating, expecting the company's revenue growth to recover to mid-single digits by Q4 2025, with a potential for quarterly profitability [1] Group 1: Financial Performance and Projections - The report indicates that the impact of Zhenkunhang's business adjustments has been largely absorbed, leading to improved profitability prospects for the full year of 2026 [1] - Deutsche Bank anticipates that Zhenkunhang will disclose its Q4 2025 performance in mid-March, with expectations for continued profit improvement driven by increased self-branding, economies of scale, and operational efficiency [3] Group 2: Stock Performance - Over the past week, Zhenkunhang's stock price fluctuated between a decline of 0.86% and a range of 4.00%, with a notable drop on February 9 and February 11 [2] - The average daily trading volume during this period was less than $100,000, indicating low liquidity in the stock [2] Group 3: Market Position and Valuation - Zhenkunhang is recognized as the second-largest MRO service platform in China, with potential for valuation recovery compared to JD Industrial, as noted in a report by Guozheng International [3]

德意志银行发布对震坤行(NYSE: ZKH)的2025年第四季度业绩前瞻报告，将目标价上调至4.50美元并维 持"买入"评级。德银预计，震坤行4Q25业绩进展顺利，收入同比增速有望恢复至中个位数，同时预计 单季度实现盈利，调整后净利率将继续改善。展望2026年，德银判断公司前期业务调整影响基本消化， 收入端有望在ARPU提升及客户数扩张带动下重回稳健增长轨道；利润端则受益于自有品牌占比提升、 规模效应及运营效率改善，全年有望实现盈利。在海外业务方面，德银表示，震坤行将专注于服务中国 企业出海需求，该策略有助于提升业务确定性，并预计海外业务将在2026年达到盈亏平衡。基于对公司 复苏路径信心增强，德银将目标价上调至4.5美元，维持"买入"评级。 德银预计，公司将于3月中旬发布4Q25及全年业绩。 ...

Core Insights - The report highlights a significant market correction in Hong Kong stocks, with the Hang Seng Index dropping by 1.17% and a net outflow of 4.9 billion HKD from southbound trading [2][3] - The defense and aerospace sector is experiencing a surge due to policy-driven investments, while the technology sector is facing a downturn [4][5] Company Analysis - Zhenkunhang (ZKH.US) is identified as a one-stop MRO service platform, primarily serving manufacturing enterprises to reduce procurement costs and enhance supply chain efficiency [6] - The company's GMV is projected to reach 10.5 billion CNY in 2024, with a CAGR of 20.5% from 2020 to 2024 [6][8] - In Q3 2025, Zhenkunhang reported a total revenue of 2.3 billion CNY, reflecting a 2% year-on-year increase, indicating a recovery in revenue [7] - The adjusted net loss for Zhenkunhang narrowed to 14 million CNY in Q3 2025, compared to losses of 66 million CNY in the same period last year [7] - The company aims to achieve profitability in Q4 2025, with a GMV growth target of 15-20% for 2026 [9] Industry Outlook - The industrial supply chain technology and services market in China is expected to grow to approximately 800 billion CNY by 2025, with a year-on-year increase of 6.6% [8] - The competitive landscape is fragmented, with Zhenkunhang holding a market share of 1.5% compared to JD Industrial's 4.1% [8] - The report anticipates a strong demand for improved procurement efficiency and cost reduction, driving online penetration in the industry [8]

Core Insights - The industrials sector has several oversold stocks that present potential buying opportunities for undervalued companies [1] Group 1: Oversold Stocks - Tecogen Inc (NYSE:TGEN) has an RSI of 26.4, with shares falling 20.4% to close at $4.41. The company reported mixed quarterly results and has a 52-week low of $1.55 [3][6] - ZKH Group Ltd (NYSE:ZKH) has an RSI of 29.2, with shares declining 13.6% to close at $3.18. The company posted a third-quarter loss of 1 cent per share, an improvement from a loss of 6 cents per share a year ago, and has a 52-week low of $2.50 [4][6] - Intercont (Cayman) Ltd (NASDAQ:NCT) has an RSI of 27.5, with shares dropping 6.3% to close at $0.22. The company has faced a significant decline of around 62% over the past month and has a 52-week low of $0.19 [5][6]

Investment Rating - The report suggests to pay attention to the company due to its potential for valuation recovery and the prospect of turning profitable in the fourth quarter of 2025 [1][4]. Core Insights - The company operates as a one-stop digital industrial supplies service platform, primarily serving manufacturing enterprises to reduce procurement and management costs while enhancing supply chain efficiency [2]. - The overall GMV for 2024 is projected to be 10.5 billion yuan, with a CAGR of 20.5% from 2020 to 2024 [2]. - In the first three quarters of 2025, the total revenue was 2.3 billion yuan, reflecting a 2% year-on-year increase, indicating a return to positive revenue growth [2]. - The company aims for a GMV growth rate of 15-20% in 2026, with an adjusted net profit target of 150 million yuan [4]. Company Overview - The company holds a market share of approximately 1.5% in the MRO procurement service market, with its GMV, total revenue, and gross profit being about 31%, 40%, and 36% of JD Industrial's, respectively [3][11]. - The company’s gross margin stands at 16.8%, slightly lower than JD Industrial's 18.6% [3][18]. - The adjusted net loss for the third quarter of 2025 was 14 million yuan, a significant reduction compared to previous quarters [2][9]. Financial Performance - The company reported a total revenue of 2.3 billion yuan in Q3 2025, with a gross profit of 390 million yuan, maintaining a stable gross margin [2][9]. - Operating expenses have decreased, with sales, R&D, and administrative expenses down by 13%, 19%, and 17% year-on-year, respectively [2][9]. - The adjusted EBITDA loss for Q3 2025 was 8 million yuan, showing improvement compared to previous periods [9]. Industry Outlook - The industrial supply chain technology and service market in China is expected to reach approximately 800 billion yuan in 2025, growing at a rate of 6.6% year-on-year [3]. - The industry is projected to grow at a CAGR of 8.3% from 2025 to 2029, driven by strong demand for procurement efficiency and cost reduction among industrial enterprises [3].

Core Viewpoint - The report indicates that despite a slight year-on-year decline in total merchandise transaction volume, the decrease is narrowing, and net losses have significantly reduced, showing continuous improvement in operational conditions. Management expects a return to year-on-year growth and profitability in the fourth quarter [1]. Group 1: Financial Performance - In Q3, the company's total GMV was 2.62 billion RMB, a year-on-year decrease of 2.3%, but the decline has notably narrowed compared to previous quarters [1]. - The total number of customers surpassed 70,000, reaching a historical high, and the average daily order value increased from 37 million RMB in July to 52 million RMB in November, showing significant growth [1]. - Non-GAAP operating loss and net loss for Q3 were 22 million RMB and 14 million RMB, respectively, with improvements in profit margins both quarter-on-quarter and year-on-year [1]. Group 2: Future Outlook - Management revealed that the company achieved breakeven in September and expects to achieve quarterly profitability in Q4 [1]. - The overseas business is projected to reach breakeven by 2026 [1]. Group 3: Supply Chain and AI Integration - The company added 2.3 million SKUs in the quarter, bringing the total to over 19 million, and onboarded over 1,200 new suppliers, primarily OEMs [2]. - The self-owned brand business grew robustly, with GMV increasing by 16.7% year-on-year, accounting for 8.2% of total GMV, with a long-term goal of contributing 30% [2]. - The company launched a large model "Expert Linglong" specifically developed for the MRO industry, and AI applications have shown effectiveness, with customer service handling order volume increasing by 42% year-on-year and procurement efficiency improving by 52% [2]. - AI product recommendations have generated over 100 million RMB in incremental sales revenue since their launch [2]. Group 4: Analyst Predictions - Analysts predict that the company's Q4 GMV and revenue will return to year-on-year growth of 4% and 5%, respectively, and will achieve an adjusted net profit of 8 million RMB [2].

Core Viewpoint - CITIC Securities initiates coverage on Zhenkunhang with an "Accumulate" rating and a target price of $4.3, highlighting its potential for growth as it expands its customer base and accelerates overseas business development [1]. Financial Performance - Zhenkunhang reported revenue of 2.328 billion yuan for Q3 2025, a year-on-year increase of 2.1%. The Non-GAAP adjusted net loss was 14 million yuan, with the loss narrowing by 78.7% year-on-year [1]. - The company's GMV (Gross Merchandise Volume) decline has slowed, with both large and small to medium-sized enterprise customer transaction volumes increasing [1]. Business Strategy - Zhenkunhang is focusing on high-margin proprietary brand products, with proprietary brand GMV increasing by 16.7% year-on-year, accounting for 8.2% of total GMV in Q3 2025 [1][3]. - The number of customers reached 70,800 by Q3 2025, representing a 48.0% year-on-year growth, while over 2.3 million new SKUs were added, bringing the total available SKUs to over 19 million [1][3]. AI Integration - The company is leveraging artificial intelligence across various operational aspects, with its core application "AI Product Recommendation Brain" set to launch in Q4 2024. By Q3 2025, it had recommended over 20 million items, generating over 100 million yuan in incremental revenue [1][3]. International Expansion - Zhenkunhang is expanding its distribution channels in the U.S., having established its own North American platform, Northsky, and entered third-party platforms like Amazon [1][3]. - CITIC Securities is optimistic about the company's proprietary brand and overseas strategy enhancing profit margins, with AI driving quality improvements in its core business [1].

Core Viewpoint - CITIC Securities initiates coverage on Zhenkunhang (ZKH.US) with a "Buy" rating and a target price of $4.3, highlighting its position as a leading MRO e-commerce platform in China, which is expected to return to a growth trajectory due to customer expansion and accelerated overseas business layout [1][2]. Group 1: Financial Performance - Zhenkunhang reported Q3 2025 revenue of 2.328 billion yuan, a year-on-year increase of 2.1%, with a Non-GAAP adjusted net loss of 14 million yuan, narrowing the loss by 78.7% year-on-year [1]. - After adjustments in the first half of the year, the company's business entered a recovery phase in Q3, with a reduced year-on-year decline in GMV and growth in total transaction volume from both large enterprises and SMEs [1]. Group 2: Strategic Initiatives - The company is committed to a private label strategy, with Q3 2025 private label GMV increasing by 16.7%, accounting for 8.2% of total GMV [1]. - The total number of customers reached 70,800 by Q3 2025, representing a 48.0% year-on-year increase, while over 2.3 million new SKUs were added, bringing the total available SKUs to over 19 million [1]. Group 3: AI and International Expansion - The company applies AI technology across various operational aspects, with the "AI Product Recommendation Brain" set to launch in Q4 2024, having already recommended over 20 million items and generating over 100 million yuan in incremental revenue by Q3 2025 [2]. - Zhenkunhang has expanded its distribution channels in the U.S., successfully entering third-party platforms like Amazon in addition to its own North American platform, Northsky [2].