Core Viewpoint - ZKH Group Limited has announced a new share repurchase program, allowing the company to buy back up to US$50 million worth of its shares over the next 12 months, reflecting confidence in its intrinsic value and long-term growth prospects [1][3]. Company Overview - ZKH Group Limited is a leading maintenance, repair, and operations (MRO) procurement service platform in China, leveraging robust supply chain capabilities and innovative technology to serve a global customer base [4]. - The company operates through multiple online platforms, including the ZKH platform, GBB platform, and Northsky platform, providing tailored MRO procurement solutions aimed at reducing costs and improving management efficiency [4]. Financial Strategy - The share repurchase program will be funded from the company's existing cash balance, indicating a strong financial position [2]. - The program is expected to be executed through various means, including open market purchases and privately negotiated transactions, depending on market conditions [2]. Management Commentary - The Chairman and CEO of ZKH expressed strong confidence in the company's business model and its ability to drive sustainable growth, supported by a healthy balance sheet and effective strategic execution [3].

Core Insights - ZKH Group Limited has officially commissioned a new smart manufacturing base in Taicang, enhancing its strategic integration of R&D and production for industrial products [1][4] - The new facility spans 30,000 square meters and aims to significantly improve ZKH's product R&D capabilities, contributing to a 40% year-over-year growth in private label products, which accounted for over 8% of total GMV in Q1 2025 [2][3] Company Developments - The Taicang manufacturing hub features a CNAS-accredited industrial product testing laboratory, ensuring high-quality standards and rapid transition from research to market [3] - The facility is designed to optimize product design, testing, and small-batch production, allowing ZKH to quickly adapt to customer needs and technological advancements [3][4] - ZKH's Chairman and CEO emphasized that the new base will enhance product development and supply chain management, driving industrial digital transformation and regional economic vitality [4] Industry Context - ZKH Group Limited operates as a leading MRO procurement service platform in China, focusing on robust supply chain capabilities and innovative technology to provide tailored procurement solutions [5] - The company aims to transform the MRO procurement process by reducing costs and improving management efficiency, thereby empowering stakeholders across the value chain [5]