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 ...

Core Viewpoint - The Chinese manufacturing industry is entering a phase of efficiency reshaping driven by AI, with increasing willingness for digital transformation in procurement processes, highlighting the urgency for companies to adopt smart solutions [1] Group 1: Industry Overview - The Chinese MRO market is still in the early stages of online penetration, but there is a clear trend towards digitalization in manufacturing, driven by policy support and industry upgrades [2] - The MRO procurement service market in China is projected to exceed $500 billion by 2024, surpassing the combined size of the US and European markets, indicating significant growth potential [3] Group 2: Company Positioning - Zhenkunhang (震坤行) is a leading digital MRO procurement platform in China, leveraging iterative digital technologies and a comprehensive product matrix to provide one-stop procurement and management services [1][2] - The company aims to expand its private label system, targeting a long-term goal of achieving a 30% sales contribution from private brands, which is expected to enhance overall profit margins [2][3] Group 3: Financial Performance - Since 2022, Zhenkunhang has maintained double-digit growth in GMV, with improvements in operational efficiency and a declining overall expense ratio, indicating a path towards profitability [3] - The company’s adjusted losses have been narrowing annually, with management projecting a transition to a high-quality growth phase with profitability expected next year [3] Group 4: Competitive Advantages - Zhenkunhang has established significant advantages in product strength, delivery network, and digital capabilities, positioning itself as a leader in the MRO industry [4][5] - The company has developed a comprehensive industrial product matrix with over 20 million SKUs and a robust delivery network, addressing the "last mile" delivery challenges effectively [4] Group 5: Technological Innovations - The company has built an extensive industrial product data dictionary and launched several AI-driven products, including the "Xingjia Linglong" AI model, which has received regulatory approval and enhances its technical authority in the MRO sector [5][6] - Zhenkunhang's AI tools have significantly improved material management efficiency and procurement processes, contributing over $20 million in sales within a year [5][6] Group 6: Global Strategy - The company is pursuing a two-step global strategy, focusing on serving Chinese private enterprises going abroad and gradually obtaining international certifications for its self-owned products to enter mature markets [8] - Zhenkunhang's status as a US-listed company provides it with stable funding channels for its global expansion efforts, reinforcing its long-term growth logic [8]