ZKH Q2 2026 Earnings Call: First Operating Profit and Faster GMV Growth
Source Tradingkey
Key Takeaways
- ZKH Group Limited reported Q2 2026 GMV of RMB 2.9 billion, up 18.9% year over year, while net revenues increased 12.8% to RMB 2.4 billion.
- Gross profit rose 20.3% to RMB 430 million. Gross profit as a percentage of GMV reached 14.9%, versus 14.8% a year earlier and 14.4% in Q1 2026.
- The company achieved positive operating profit for the first time. Non-GAAP EBITDA improved to RMB 42 million from negative RMB 39 million, while non-GAAP adjusted net profit reached RMB 39 million from negative RMB 37 million.
- Regional SME customer GMV increased 30%, and GMV from state-owned enterprises, including centrally administered SOEs, returned to growth of more than 20%.
- Management expects Q3 GMV growth to exceed Q2’s 18.9% rate and continues to target 15%–20% GMV growth for full-year 2026.
- International GMV exceeded RMB 95 million in the first half, representing growth of more than tenfold. Management expects the international business to turn profitable in the second half.
Key Financial Data
| Metric | Q2 2026 | Change / Comparison |
|---|---|---|
| GMV | RMB 2.9 billion | Up 18.9% year over year |
| Net revenues | RMB 2.4 billion | Up 12.8% year over year |
| Gross profit | RMB 430 million | Up 20.3% from RMB 357 million |
| Gross profit / GMV | 14.9% | 14.8% in Q2 2025; 14.4% in Q1 2026 |
| Total operating expenses | RMB 425 million | Down 0.8% year over year |
| Operating expenses / revenue | 17.4% | Down from 19.8% |
| Fulfillment expenses | RMB 90 million | 3.7% of revenue, down from 4.2% |
| Sales and marketing expenses | RMB 151 million | 6.2% of revenue, down from 6.9% |
| R&D expenses | RMB 35 million | 1.4% of revenue, down from 1.9% |
| General and administrative expenses | RMB 150 million | 6.1% of revenue, down from 6.8% |
| Non-GAAP EBITDA | RMB 42 million | Improved from negative RMB 39 million |
| Non-GAAP adjusted net profit | RMB 39 million | Improved from negative RMB 37 million |
| Cash, restricted cash and short-term investments | RMB 1.7 billion | As of June 30, 2026 |
| First-half operating cash flow | Negative RMB 156 million | Improved from negative RMB 208 million a year earlier |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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