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Leidi News, March 19
The MRO procurement service platform Zhenkunhang (NYSE: ZKH) released its performance report for the fourth quarter and the full year of 2025 before the US stock market opened. The financial report shows that Zhenkunhang's total revenue for 2025 is approximately 9 billion yuan, achieving a year-on-year growth; the adjusted net loss is 85.92 million yuan, a year-on-year reduction of 46.1%.
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Zhenkunhang's GMV for the full year of 2025 exceeded 10 billion yuan.
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Zhenkunhang's revenue for the fourth quarter of 2025 is 2.56 billion yuan. The financial report indicates that Zhenkunhang continues to strengthen its efforts in &#34;structural optimization,&#34; &#34;core construction,&#34; &#34;product deepening,&#34; and &#34;technology-driven&#34; aspects, with operational performance significantly stabilizing and rebounding since the second half of 2025: GMV and revenue achieved positive growth in the fourth quarter; profitability continues to improve, with the company achieving an adjusted net profit of 14.8 million yuan in the fourth quarter, turning profitable on a quarterly basis and achieving breakeven on a semi-annual basis.
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Zhenkunhang's net cash inflow from operating activities in the fourth quarter of 2025 is 116 million yuan, maintaining a net inflow from operating activities for the full year of 2025.
Q4 GMV 2.92 billion, up 8.5% year-on-year
Zhenkunhang's GMV for the fourth quarter of 2025 is 2.92 billion yuan, a year-on-year increase of 8.5% and a quarter-on-quarter increase of approximately 11%. The company stated that as the trend of orders and shipments continues to improve, it expects the year-on-year growth rate of GMV in the first quarter of 2026 to further increase to double digits.
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In terms of customer scale, rapid expansion has become an important driving force for growth recovery.
In the fourth quarter, the number of customers transacted by the company approached 74,000, a year-on-year increase of approximately 60%, with the total number of customers exceeding 15,500 for the year, a year-on-year increase of 85.6%.
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From the perspective of customer structure, both large customers and small and medium-sized enterprises (SMEs) have maintained a growth trend.
For large customers, Zhenkunhang has covered over 680 domestic top 1,000 manufacturing groups. Key industry customers in electrical equipment manufacturing, chemicals, steel and non-ferrous metals, and transportation have all seen GMV growth rates exceeding 20% year-on-year. Meanwhile, some central enterprise customers that were previously affected by business optimization adjustments have also shown significant recovery this quarter, with related customer GMV returning to the growth range year-on-year and achieving over 20% quarter-on-quarter growth.
For Zhenkunhang's SME customers, GMV in the fourth quarter increased by over 20% year-on-year. The company stated that this is mainly due to the continuous deepening of the regional service network, the ongoing strengthening of online digital marketing capabilities, and the effective empowerment of AI tools in customer identification, demand matching, and conversion efficiency.
In terms of overseas business, Zhenkunhang continues to promote services for Chinese manufacturing enterprises going abroad. In the fourth quarter, related business GMV increased by approximately 50% quarter-on-quarter, with the number of customers growing by about 20%, and the fulfillment and delivery network has expanded to 17 countries.
Continuous deepening of product and supply chain capabilities
In terms of supply-side capability construction, Zhenkunhang continues to strengthen its core category layout and supply chain capabilities.
By the end of 2025, the platform's SKU count is expected to reach 23 million, a year-on-year increase of 33%, with new products mainly concentrated in the fields of factory automation, chemical reagents, and instruments and meters. In the fourth quarter, GMV growth rates for several professional categories such as transmission equipment, instruments and meters, and chemical reagents all exceeded 20%, further solidifying the &#34;moat&#34; of professional supply capabilities.
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The self-owned brand business has also maintained steady growth. In the fourth quarter, the company launched 349 new self-owned brand products, with self-owned brand GMV for the entire year of 2025 increasing by 21% year-on-year, and the proportion of overall GMV rising from 6.7% in 2024 to 8.3%.
In terms of the supply chain ecosystem, by the end of 2025, Zhenkunhang has established cooperative relationships with nearly 20,000 suppliers and has engaged in deeper cooperation with several leading brands and industry chain partners
In terms of performance network, the company has formed a multi-level warehousing system consisting of 30 main warehouses and over 100 transit warehouses, and operates more than 200 self-operated delivery vehicles. The warehousing fee rate in the fourth quarter decreased by approximately 13% year-on-year, achieving double-digit declines for eight consecutive quarters.
AI scaling has become a key engine for efficiency improvement.
In terms of digitalization and AI capabilities, Zhenkunhang continues to promote technology applications and aims to achieve multiple breakthroughs by 2025.
At the data foundation level, the construction of the &#34;Zhenkunhang Data Dictionary&#34; has made significant progress, with the company's total data asset scale continuously increasing, currently reaching the PB level. With the comprehensive promotion of AI applications within the company and the popularization of AI Coding in the R&amp;D team, the token call volume is expected to double by 2025, currently reaching a monthly scale of over 80 billion. The depth of AI reasoning, application, and automation has significantly enhanced. The company expects the token call volume to achieve at least a tenfold increase in the next 2-3 years, while the average cost per million tokens is also decreasing year by year.
At the industry large model level, the company launched the first vertical large model in the MRO industry, &#34;Xingjia Linglong,&#34; and completed the filing with the National Internet Information Office, currently entering the stage of large-scale application.
At the application level, AI is accelerating its integration into the company's core business processes, continuously strengthening platform business capabilities and service efficiency. In external services, for example, in the material management process, the &#34;AI Material Butler&#34; has helped nearly 10,000 customers complete over 15 million lines of material sorting. In the past, sorting every thousand lines of materials required about 15 person-days, but now AI can complete it in about 3 minutes. In the selection recommendation scenario, the &#34;AI Product Recommendation Brain&#34; has served over 30,000 customers cumulatively by 2025, generating sales of over 200 million yuan.
In internal operations, the company continues to promote the large-scale deployment of AI intelligent workstations and RPA digital employees, building a more intelligent and automated operational system. By the end of 2025, the company has deployed over 5,000 RPA digital employees, saving nearly one million hours of labor throughout the year; the AI intelligent workstation has autonomously completed system operations over 520,000 times in a year, driving a year-on-year improvement of 45% in customer service efficiency and a 50% improvement in procurement efficiency.
Zhenkunhang stated that as the optimization phase of the business structure gradually completes, it is entering a healthier development stage. The company will continue to invest in product strength, delivery capability, and AI capabilities, further enhancing operational efficiency and profitability by strengthening core business, optimizing customer structure, and cost structure.
The company's management stated that Zhenkunhang will continue to build a reliable quality and efficient operation industrial goods service platform, gradually developing into a trusted important infrastructure in the MRO procurement field of China's manufacturing industry, and striving to achieve the annual profit target by 2026.
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Zhenkunhang (NYSE: ZKH) released its performance report for the fourth quarter and the full year of 2025, with fourth-quarter revenue of 2.56 billion yuan, achieving an adjusted net profit of 14.8 million yuan, turning a profit. The annual revenue was approximately 9 billion yuan, showing year-on-year growth, with GMV exceeding 10 billion yuan. The fourth-quarter GMV was 2.92 billion yuan, a year-on-year increase of 8.5%. The number of customers approached 74,000, a year-on-year increase of approximately 60%. The company expects GMV in the first quarter of 2026 to further increase to double digits

In the fourth quarter, Zhenkunhang's revenue was 2.56 billion; adjusted profit was 14.8 million, achieving a turnaround to profitability