【12月16日中信证券首覆盖震坤行，给予"增持"评级】12月16日，中信证券发布报告，首次覆盖震坤 行，给出"增持"评级，目标价4.3美元。震坤行是国内MRO电商领先平台，随客户拓展与海外业务布局 加快，有望重回增长轨道。 震坤行2025年三季度业绩公告显示，营收23.28亿元，同比增2.1%；Non - GAAP调整后净亏损0.14亿元，亏幅同比收窄78.7%。三季度业务步入复苏，GMV同比降幅收窄，大、 中小企业客户商品交易总额均增长。中信证券看好其GMV重回增长，盈利质量改善。 自有品牌战略 上，震坤行坚定布局高毛利自有品牌产品。25Q3自有品牌GMV同比增16.7%，占总GMV比重升至 8.2%。客户数与SKU供给量高增，截至25Q3客户数7.08万家，同比增48.0%；25Q3新增超230万个 SKU，总可售SKU超1900万。 人工智能赋能业务方面，震坤行在多运营环节应用人工智能。核心应 用"AI推品大脑"自2024Q4上线，截至2025Q3累计推荐超2000万条物料，创造超1亿元增量营收。 海外 市场中，震坤行美国分销渠道拓展，除自有北美平台Northsky，已入驻亚马逊等第三方平台。中信证券 ...

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].

在"十五五"规划将产业数智化升级列为重点方向、"人工智能+"行动加速落地的背景下，中国制造业正 迈入由 AI 驱动的效率重塑阶段。企业对全链路数字化的投入意愿不断提升，尤其是在直接影响管理成 本与产能效率的采购环节，数智化转型需求愈发迫切。 作为国内领先的数智化 MRO 采购平台，震坤行（NYSE: ZKH）通过持续迭代的数智化技术、完善的产 品矩阵以及覆盖全国的履约网络，为客户提供一站式工业用品采购与管理服务，持续赋能企业在采购环 节的降本增效。 近日，震坤行在上海总部举行 2025 投资者日交流活动。管理层围绕产品力、数智化能力与全球化战略 进行了系统阐述，进一步强化了投资者对公司增长前景的积极预期。 中国MRO市场潜力巨大，震坤行进入高质量增长期 从行业视角看，中国MRO采购仍处于线上化渗透的早期阶段，但趋势已十分明确：在政策推动与产业 升级的共同作用下，制造业数字化需求持续抬升，企业采购行为正加速向标准化、透明化的线上平台模 式迁移。全球经验亦表明，当行业进入平台化阶段，市场份额会迅速向具备成熟的、一站式供给能力的 头部玩家集中。 这一规律在德国MRO采购龙头伍尔特（Würth Group）的发展路径 ...

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]

Company Overview - Zhongkunhang (ZKH.US) is the first listed online procurement platform for industrial non-production materials (MRO) in China, leading the industry in product lines and SKU numbers [1] - The company has established a competitive moat through its logistics infrastructure, customized product services, and digital operating system, while actively expanding into overseas markets and developing AI applications to attract customers [1] - Long-term, the company is expected to maintain steady revenue growth and gradually achieve profitability due to its strong operational capabilities [1] Industry Insights - The industrial goods e-commerce sector is experiencing significant growth, driven by structural changes in the industry and the demand for digital transformation [2] - According to Zhaoshang Consulting, the digital MRO procurement market in China is projected to reach approximately 400 billion yuan in 2024, with an expected CAGR of 10.6% until it surpasses 600 billion yuan by 2029 [2] - The current penetration rate of digital MRO procurement services in China is about 9.5%, which is relatively low compared to over 15% in the US during the same period [2] - The report indicates that there is potential for multiple leading platforms in China's digital MRO market to achieve annual revenues exceeding 10 billion yuan [2] Competitive Advantages - Zhongkunhang possesses three core advantages: 1) A comprehensive warehousing and distribution system that significantly enhances procurement efficiency, addressing customer inventory management challenges through front warehouses [2] 2) Customized services that meet the needs of large clients [2] 3) Digital capabilities that allow the company to extend its business from e-commerce to a comprehensive service platform, linking upstream and downstream production, procurement, and inventory systems for agile demand allocation [2] - The company has developed over ten AI applications, including AI recommendation engines and price comparison assistants, covering the entire MRO e-commerce process from inquiry to after-sales maintenance [2] - Currently, Zhongkunhang is using AI applications as a customer acquisition tool, with expectations for increased R&D investment in the future [2]

Core Viewpoint - Deutsche Bank maintains an optimistic outlook for Zhenkunhang (ZKH.US) in the second half of the year, keeping a "Buy" rating with a target price of $4.5, citing the company's long-term growth potential driven by the digital transformation of China's MRO procurement services [1][2] Group 1: Financial Performance - The company's Q1 2025 performance met expectations, with GMV growth expected to accelerate quarter by quarter [1] - Revenue from the U.S. business doubled month-on-month in Q1, with further acceleration anticipated in the second half [2] Group 2: AI and Technology Integration - AI technology has significantly enhanced customer service efficiency, with a 60.4% increase in the average order handling capacity per customer service team member in Q1 [1] - The AI product recommendation engine has provided purchasing demand analysis and product pool management services to over 200 clients since its launch in September 2024, generating additional revenue exceeding RMB 34 million [1] - The company plans to expand the coverage of the AI product recommendation engine to 14,000 clients by 2025 to further unlock its value [1] Group 3: Product and Market Expansion - As of the end of March, Zhenkunhang's U.S. independent site has launched over 500 SKUs across various categories, including PPE, hand tools, power tools, packaging materials, and HVAC systems [1] - The company aims to launch a mobile application in the second half of the year and increase the SKU count to 1,500 to enhance product coverage and user experience [1] - Zhenkunhang is strengthening its global supply chain by expanding its quality supplier network in Southeast Asia to address potential geopolitical uncertainties [1] Group 4: Private Label Strategy - In Q1 2025, the transaction volume of private label products grew approximately 40% year-on-year, accounting for 8.7% of the company's total GMV [2] - Deutsche Bank views the development of private label products as a core strategy for the company this year, with significant growth potential as the current share is still far from the long-term target of 30% [2]

Core Insights - The company, Zhenkunhang, reported a strong performance in Q1 2025, with revenue reaching 1.94 billion RMB, a year-on-year increase of 4% [1] - The gross merchandise volume (GMV) for its proprietary brand exceeded 190 million RMB, growing approximately 40% [1] - The total number of active customers surpassed 60,000, marking a 30.3% year-on-year increase [1] - The company achieved significant improvements in profitability, with gross margin at 17.2% and substantial reductions in operating and net losses [1] - Operating cash flow improved by over 50%, decreasing from 220 million RMB to 97 million RMB year-on-year [1] Financial Performance - Revenue for Q1 2025 was 1.94 billion RMB, reflecting a 4% increase compared to the previous year [1] - The gross margin stood at 17.2%, with operating losses reduced by 37.7% and net losses reduced by 26.6% year-on-year [1] - The company achieved monthly profitability in March across operating profit, net profit, and adjusted net profit [1] Domestic Business Growth - The company serves both large and small enterprises, with significant growth in sales and customer numbers in the MRO procurement sector [3] - Sales in sectors such as new energy vehicles, electronics, and pharmaceuticals grew over 20% year-on-year [3] - The GBB platform experienced explosive growth after a strategic partnership with Tmall, with sales increasing by over 260% quarter-on-quarter [3] International Expansion - The company has made significant progress in the U.S. market, with sales and customer numbers doubling month-on-month since January 2025 [2][4] - The U.S. independent site has launched over 500 SKUs, with plans to expand to over 1,500 SKUs by the end of the year [4] - The company is actively recruiting quality suppliers in Southeast Asia to enhance its overseas supply chain capabilities [4] AI and Technology Development - The company has developed over 10 AI applications aimed at enhancing operational efficiency and customer service [6][7] - The "AI Material Manager" and "AI Product Recommendation Brain" tools have shown significant value in improving order processing and customer insights [7] - The "AI Smart Workbench" has increased order processing efficiency by 60.4% in Q1 2025 [7] Future Outlook - The company aims to continue enhancing its product offerings, supply chain capabilities, and AI technology to drive sustainable growth [2][8] - Management expresses confidence in restoring growth in the second half of the year following structural adjustments in its business [3][8]