Financial Performance - Revenue returned to approximately prior-year levels following nearly four quarters of business optimization[15] - Operating loss narrowed by 69.3% YoY to RMB32.3 million, with margin improving to -1.4% from -4.6%[15] - Adjusted net loss narrowed by 78.7% YoY to RMB14.1 million, with margin improving to -0.6% from -2.9%[15] - Gross margin for ZKH Platform (1P) increased to 16.2% (+11.2 bps YoY), and for GBB Platform to 7.7% (+223.8 bps YoY)[15] Customer and Product Growth - Customer base expanded to over 70,800, a 48% increase YoY in 3Q25[15] - Total sellable SKUs exceeded 19 million, with 2.3 million+ added in 3Q25[15] - Private-label product GMV increased by 16.7% YoY with 600+ new SKUs[15] Operational Efficiency and Innovation - Consolidated the Wuxi (无锡) and Shanghai (上海) central warehouses, expecting annualized savings in rent, inventory, and freight[15] - ProductRecom Agent (AI推品大脑) has recommended 20M+ material line items since launch, driving RMB 100m+ in incremental revenue[15] Revenue Breakdown (9 Months Ended September 30, 2025) - Net product revenues accounted for 97.5% of total revenue[20] - Net service revenues accounted for 1.9% of total revenue[20] - Other revenues accounted for 0.6% of total revenue[20]
ZKH(ZKH) - 2025 Q3 - Earnings Call Presentation