ZKH Group Ltd (ZKH) Financial Statements — Income, Balance Sheet, Cash Flow

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Financial Statements — ZKH

Balance Sheet

(in billions CNY)

Metric	FY 2025	FY 2024	FY 2023
Cash & Equivalents	1.03	1.42	1.09
Short-term Investments	0.83	0.54	0.87
Accounts Receivable	3.26	3.09	3.64
Inventory	0.67	0.63	0.67
Total Current Assets	6.14	6.19	6.95
Property, Plant & Equipment	0.19	0.18	0.15
Goodwill	0.03	0.03	0.03
Intangible Assets	0.02	0.02	0.02
Total Non-current Assets	0.39	0.42	0.43
Total Assets	6.53	6.61	7.39
Accounts Payable	2.72	2.55	2.88
Short-term Debt	0.24	0.31	0.59
Total Current Liabilities	3.43	3.34	4.03
Long-term Debt	0.04	0.04	--
Total Non-current Liabilities	0.16	0.17	0.15
Total Liabilities	3.59	3.51	4.18
Retained Earnings	(5.32)	(5.18)	(4.91)
Total Stockholder Equity	2.94	3.10	3.21

Income Statement

(in billions CNY) (except per-share rows)

Metric	FY 2025	FY 2024	FY 2023
Total Revenue	8.99	8.76	8.72
Cost of Revenue	7.51	7.25	7.27
Gross Profit	1.48	1.51	1.45
Research & Development	0.17	0.17	0.18
Selling, General & Admin	0.58	0.65	0.54
Total Operating Expenses	1.69	1.85	1.85
Operating Income	(0.21)	(0.34)	(0.40)
Interest Expense	--	--	0.02
Pretax Income	(0.14)	(0.27)	(0.30)
Tax Provision	0.00	0.00	0.00
Net Income	(0.14)	(0.27)	(0.30)
Basic EPS	(0.02)	(0.05)	(0.63)
Diluted EPS	(0.02)	(0.05)	(0.63)

Cash Flow Statement

(in millions CNY)

Metric	FY 2025	FY 2024	FY 2023
Operating Cash Flow	8.79	229.07	(567.95)
Capital Expenditures	53.04	79.16	50.50
Free Cash Flow*	(44.25)	149.91	(618.44)
Investing Cash Flow	(324.47)	276.08	(908.30)
Financing Cash Flow	(104.47)	(254.18)	715.72

* Derived from reported values

Dividends Per Share

(USD)

Metric	FY 2025	FY 2024
Dividends Per Share	0.00	0.00