Core Insights - Zhenkunhang (NYSE: ZKH) reported a significant reduction in adjusted net loss for Q3 2025, narrowing to approximately 14 million RMB, a 78% decrease from about 66 million RMB in the same period last year, exceeding market expectations of 30 to 40 million RMB loss [1] - The company achieved a monthly breakeven point in September and is confident in achieving quarterly profitability in Q4 2025, marking a transition into a "profitability growth phase" [1][7] Business Performance - The average daily order volume increased from approximately 37 million RMB in July to about 52 million RMB in November, representing a growth of over 40% [2] - The number of customers surpassed 70,000, setting a new quarterly record, which lays a solid foundation for future growth [2] - Total expenses decreased by 14.4% year-on-year to approximately 420 million RMB, showcasing effective cost control and operational optimization [2] Product and AI Development - Zhenkunhang expanded its product matrix by adding over 2.3 million SKUs in Q3, bringing the total to over 19 million SKUs, with a goal to increase the share of its proprietary brand business from 8% to 30% [3] - The company launched its self-developed "Xingjialinglong" AI model, which automates 45 process scenarios, leading to a 42% increase in customer service efficiency and a 52% increase in procurement efficiency [4] - The AI-driven "AI Recommendation Brain" has generated over 100 million RMB in incremental sales since its launch, demonstrating the effectiveness of AI in enhancing sales performance [4] Future Outlook - Management plans to focus on strengthening its competitive edge in core industrial products, including spare parts and chemicals, to solidify its leadership position in the "hardcore" industrial goods sector [6] - Strategic partnerships with leading equipment manufacturers and core component suppliers are being established to enhance product offerings and customer service [7] - The company has successfully completed a phase of adjustment, indicating a stable recovery in overall operations and a transition to a new stage of high-quality growth [7]
产品深耕、AI驱动——震坤行将进入盈利性成长期