Financial Performance - ZKH's Q2 2025 net loss narrowed by 193% year-over-year to RMB 535 million, with margin improvement of 477bps[13,37] - The company's product sales (1P) gross margin increased by 452bps year-over-year to 160% on the ZKH platform and by 1376bps to 70% on the GBB platform[13] - Marketplace (3P) take rate increased by 2067bps year-over-year to 142%[13] - Private-label product GMV increased by 25% year-over-year, representing approximately 87% of total GMV[13] Revenue and GMV - In the first half of 2025, net revenues reached RMB 4592 million[18] - In the second quarter of 2025, net revenues reached RMB 2167 million[18] - In 2024, the company's GMV reached RMB 105 billion[7] - Private label GMV reached approximately RMB 700 million in 2024[7] Customer and Infrastructure - The company's customer base exceeded 74000 in Q2 2025, a 535% year-over-year increase[13] - ZKH launched the Taicang Smart Manufacturing Base in June, enhancing capabilities in product R&D, testing, and production[13] International Expansion - In the US, ZKH has approximately 6000 registered clients and approximately 600 SKUs, with revenue increasing by 260% quarter-over-quarter[13]

Financial Performance - ZKH's Q1 2025 product sales gross margin increased by 580 basis points year-over-year to 166% on the ZKH platform and by 675 basis points to 62% on the GBB platform[13] - The marketplace (3P) take rate increased by 2359 basis points year-over-year to 140%[13] - Private label product revenue increased by 40% year-over-year and is on track to achieve a 50% growth target for FY2025[13] - Operating loss narrowed by 377% year-over-year to RMB 808 million, with a margin improvement of 2791 basis points from -70% to -42%[13] - Net loss narrowed by 266% year-over-year to RMB 667 million, with a margin improvement of 1439 basis points from -49% to -34%[13] Customer and Platform Growth - The customer base exceeded 60000 in Q1 2025, representing a 303% year-over-year increase[13] - GMV in 2024 reached RMB 105 billion, with a 2020-2024 CAGR of 205%[7] - The company has over 83900 customers and 32+ million orders[7] International Expansion and AI - US revenue and customer base nearly doubled each month since January 2025[13] - AI Product Recom Agent helped drive RMB 34 million in revenue growth since launch and is scaling to 14000 customers in FY2025 with target sales growth in the hundreds of millions of RMB[13] - AI Smart Workbench boosted per-customer-service staff order processing volume by 604% quarter-over-quarter in Q1[13]