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ZKH Group Ltd

ZKH Clue Score32
Cayman Islands Fiscal year ends December CIK 0001862044
$2.03 -1.46% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $2.03 −31.42% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 15 Dec 2023. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2021Revenue7,654.6Operating income−1,110.4Net income−1,122.5EPS, diluted−1.20Fiscal year 2022Revenue8,315.2 +8.6%Operating income−685.7Net income−735.7EPS, diluted−0.94Fiscal year 2023Revenue8,721.2 +4.9%Operating income−398.7Net income−304.3EPS, diluted−0.63Fiscal year 2024Revenue8,761.3 +0.5%Operating income−338.8Net income−268.0EPS, diluted−0.05Fiscal year 2025Revenue8,987.7 +2.6%Operating income−213.3Net income−139.7EPS, diluted−0.02
FY2021FY2022FY2023FY2024FY2025
Revenue 7,654.6 8,315.2 8,721.2 8,761.3 8,987.7
Growth +8.6% +4.9% +0.5% +2.6%
Operating income −1,110.4 −685.7 −398.7 −338.8 −213.3
Net income −1,122.5 −735.7 −304.3 −268.0 −139.7
Growth
EPS, diluted −1.20 −0.94 −0.63 −0.05 −0.02

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2021Operating margin−14.5%Net margin−14.7%Free cash flow margin−20.0%Fiscal year 2022Operating margin−8.2%Net margin−8.8%Free cash flow margin−6.5%Fiscal year 2023Operating margin−4.6%Net margin−3.5%Free cash flow margin−7.1%Fiscal year 2024Operating margin−3.9%Net margin−3.1%Free cash flow margin1.7%Fiscal year 2025Operating margin−2.4%Net margin−1.6%Free cash flow margin−0.5%
FY2021FY2022FY2023FY2024FY2025
Operating margin −14.5% −8.2% −4.6% −3.9% −2.4%
Net margin −14.7% −8.8% −3.5% −3.1% −1.6%
Free cash flow margin −20.0% −6.5% −7.1% 1.7% −0.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2021Operating cash flow−1,382.8Capital expenditure−145.2Free cash flow−1,528.0Fiscal year 2022Operating cash flow−504.2Capital expenditure−37.0Free cash flow−541.3Fiscal year 2023Operating cash flow−567.9Capital expenditure−50.5Free cash flow−618.4Fiscal year 2024Operating cash flow229.1Capital expenditure−79.2Free cash flow149.9Buybacks−40.8Fiscal year 2025Operating cash flow8.8Capital expenditure−53.0Free cash flow−44.3 −129.5%Buybacks−41.0
FY2021FY2022FY2023FY2024FY2025
Operating cash flow −1,382.8 −504.2 −567.9 229.1 8.8
Capital expenditure −145.2 −37.0 −50.5 −79.2 −53.0
Free cash flow −1,528.0 −541.3 −618.4 149.9 −44.3
Growth −129.5%
Buybacks n/a n/a n/a −40.8 −41.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2021Cash1,126.9Shareholders’ equity−2,766.0Fiscal year 2022Cash1,954.2Shareholders’ equity−4,070.7Fiscal year 2023Cash1,090.6Shareholders’ equity3,211.4Fiscal year 2024Cash1,423.9Total debt39.9Net cash (debt)1,384.1Shareholders’ equity3,098.5Debt to equity0.01Fiscal year 2025Cash1,030.6Total debt45.0Net cash (debt)985.6Shareholders’ equity2,941.3Debt to equity0.02
FY2021FY2022FY2023FY2024FY2025
Cash 1,126.9 1,954.2 1,090.6 1,423.9 1,030.6
Total debt n/a n/a n/a 39.9 45.0
Net cash (debt) n/a n/a n/a 1,384.1 985.6
Shareholders’ equity −2,766.0 −4,070.7 3,211.4 3,098.5 2,941.3
Debt to equity n/a n/a n/a 0.01 0.02

In millions of CNY, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of CNY, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024† 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
7,654.6 8,315.2 8,721.2 8,761.3 8,987.7
Growth +8.6% +4.9% +0.5% +2.6%
6,614.8 6,997.6 7,268.7 7,250.8 7,512.1
256.4 240.5 175.9 169.5 165.5
759.6 612.3 535.5 646.5 576.3
−1,110.4 −685.7 −398.7 −338.8 −213.3
Growth
−1,093.9 −731.6 −304.7 −267.0 −139.1
0.2 −0.5 0.2 1.0 0.7
−1,122.5 −735.7 −304.3 −268.0 −139.7
Growth
Per share
−1.20 −0.94 −0.63 −0.05 −0.02
−1.20 −0.94 −0.63 −0.05 −0.02
Growth
1,214 1,325 1,529 5,736 5,686
1,214 1,325 1,529 5,736 5,686
Growth +9.2% +15.4% +275.3% −0.9%

† The diluted share count jumps at 2024, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Shown in CNY as filed; the screener converts to dollars.

Five years in brief

Worked out from the figures above, not from a press release
  • A net loss in 5 of 5 years on file.