ZKH (ZKH) financial statements
ZKH reported revenue of 9.0B CNY in fiscal 2025, up 4.1% a year over 4 years.
Net income was -140M CNY and the operating margin -2.4%, against -14.5% in 2021.
Free cash flow was -44M CNY, and the company returned 41M CNY in net buybacks.
The diluted share count rose 368% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions (CNY).
Income statement
Fiscal years, in CNY, from ZKH's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 7.7B CNY | 8.3B CNY | 8.7B CNY | 8.8B CNY | 9.0B CNY |
| Cost of revenue | 6.6B CNY | 7.0B CNY | 7.3B CNY | 7.3B CNY | 7.5B CNY |
| Gross profit | 1.0B CNY | 1.3B CNY | 1.5B CNY | 1.5B CNY | 1.5B CNY |
| Research and development | 256M CNY | 241M CNY | 176M CNY | 169M CNY | 166M CNY |
| Selling, general and admin | 1.4B CNY | 1.3B CNY | 1.2B CNY | 1.3B CNY | 1.2B CNY |
| Operating income | -1.1B CNY | -686M CNY | -399M CNY | -339M CNY | -213M CNY |
| Interest expense | 11M CNY | 94M CNY | 19M CNY | 19M CNY | 11M CNY |
| Pre-tax income | -1.1B CNY | -732M CNY | -305M CNY | -267M CNY | -139M CNY |
| Income tax | 200,000 CNY | -471,000 CNY | 195,000 CNY | 1M CNY | 689,000 CNY |
| Net income | -1.1B CNY | -736M CNY | -304M CNY | -268M CNY | -140M CNY |
| EPS (diluted) | -1.20 CNY | -0.94 CNY | -0.63 CNY | -0.05 CNY | -0.02 CNY |
| Diluted shares | 1.21B | 1.33B | 1.53B | 5.74B | 5.69B |
| Gross margin | 13.6% | 15.8% | 16.7% | 17.2% | 16.4% |
| Operating margin | -14.5% | -8.2% | -4.6% | -3.9% | -2.4% |
| Net margin | -14.7% | -8.8% | -3.5% | -3.1% | -1.6% |
Balance sheet
Fiscal years, in CNY, from ZKH's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash and short-term investments | 1.1B CNY | 2.0B CNY | 2.0B CNY | 2.0B CNY | 1.9B CNY |
| Receivables | — | 3.1B CNY | 3.6B CNY | 3.1B CNY | 3.3B CNY |
| Inventory | — | 656M CNY | 669M CNY | 625M CNY | 670M CNY |
| Total current assets | — | 6.3B CNY | 7.0B CNY | 6.2B CNY | 6.1B CNY |
| Property, plant and equipment | — | 167M CNY | 145M CNY | 184M CNY | 186M CNY |
| Goodwill | — | 31M CNY | 31M CNY | 31M CNY | 31M CNY |
| Total assets | — | 6.8B CNY | 7.4B CNY | 6.6B CNY | 6.5B CNY |
| Total current liabilities | — | 3.5B CNY | 4.0B CNY | 3.3B CNY | 3.4B CNY |
| Long-term debt | — | — | — | 39M CNY | 43M CNY |
| Total liabilities | — | 3.7B CNY | 4.2B CNY | 3.5B CNY | 3.6B CNY |
| Shareholders' equity | -2.8B CNY | -4.1B CNY | 3.2B CNY | 3.1B CNY | 2.9B CNY |
| Net debt | -1.1B CNY | -2.0B CNY | -1.1B CNY | -1.4B CNY | -986M CNY |
Cash flow
Fiscal years, in CNY, from ZKH's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating cash flow | -1.4B CNY | -504M CNY | -568M CNY | 229M CNY | 9M CNY |
| Capital spending | 145M CNY | 37M CNY | 50M CNY | 79M CNY | 53M CNY |
| Free cash flow | -1.5B CNY | -541M CNY | -618M CNY | 150M CNY | -44M CNY |
| Stock-based compensation | 183M CNY | 32M CNY | 17M CNY | 109M CNY | 54M CNY |
| Share buybacks (net) | — | — | — | -41M CNY | -41M CNY |
| Net borrowing | — | — | — | 40M CNY | 5M CNY |
| Free cash flow margin | -20.0% | -6.5% | -7.1% | 1.7% | -0.5% |
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Open ZKH in InvestinglyQuestions
What was ZKH's revenue in 2025?
9.0B CNY in fiscal 2025, from its 10-K filing.
How much free cash flow does ZKH generate?
-44M CNY in fiscal 2025 (operating cash flow minus capital spending).
From ZKH's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.