Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data ZKH Group Ltd files with the SEC in its annual reports.
In CNY millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2023
FY2023
FY2024
FY2025
Revenue
7,655
8,315
8,721
8,761
8,988
Cost of revenue
6,615
6,998
7,269
7,251
7,512
Gross profit
1,040
1,318
1,452
1,510
1,476
Research and development
256
241
176
169
166
Selling and marketing
690
683
701
642
585
General and administrative
760
612
535
647
576
Operating income
-1,110
-686
-399
-339
-213
Interest expense
10.6
94.2
19.3
19
11.4
Other non-operating income
-1.16
33.7
59.7
26.5
35.5
Pre-tax income
-1,094
-732
-305
-267
-139
Income tax
0.2
-0.47
0.2
1.01
0.69
Net income
-1,122
-736
-304
-268
-140
EBITDA
-1,057
-610
-325
-284
-165
EPS, basic
-1.20
-0.94
-0.63
-0.05
-0.02
EPS, diluted
-1.20
-0.94
-0.63
-0.05
-0.02
Shares, basic (weighted)
1,214
1,325
1,529
5,736
5,686
Shares, diluted (weighted)
1,214
1,325
1,529
5,736
5,686
Dividend per share
0.00
0.00
Balance sheet
FY2021
FY2023
FY2023
FY2024
FY2025
Cash and equivalents
1,127
1,954
1,091
1,424
1,031
Short-term investments
874
544
825
Receivables
3,067
3,640
3,090
3,257
Inventory
656
669
625
670
Other current assets
135
36.4
21.9
25.9
Total current assets
6,283
6,954
6,190
6,138
Property, plant and equipment
167
145
184
186
Lease right-of-use assets
309
236
191
153
Goodwill
30.8
30.8
30.8
30.8
Intangible assets
24.1
20.1
15.9
21.9
Total assets
6,814
7,387
6,611
6,530
Accounts payable
2,555
2,875
2,546
2,719
Accrued liabilities
182
163
164
177
Deferred revenue
31.1
19.9
27.4
27.2
Short-term debt
250
585
1
2.31
Total current liabilities
3,482
4,028
3,340
3,426
Long-term debt
38.9
42.7
Lease liabilities
214
147
109
91.9
Other non-current liabilities
0.78
0.51
25.2
28.2
Total liabilities
3,697
4,175
3,513
3,589
Total debt
39.9
45
Paid-in capital
8,139
8,305
8,371
Retained earnings
-4,024
-4,909
-5,177
-5,317
Treasury stock
-40.8
-81.8
Other comprehensive income
-51.9
-25.2
4.76
-37.3
Shareholders' equity
-4,071
3,211
3,098
2,941
Minority interests
4.24
Total equity
-2,766
-4,066
3,211
3,098
2,941
Total liabilities and equity
6,814
7,387
6,611
6,530
Shares outstanding
1,219
5,621
5,602
5,564
Cash flow statement
FY2021
FY2023
FY2023
FY2024
FY2025
Net income
-1,094
-731
-305
-268
-140
Depreciation and amortization
53
76.1
73.5
54.8
48.4
Stock-based compensation
183
31.9
17.4
109
53.8
Change in receivables
-1,127
-333
-585
502
-199
Change in inventory
-329
85.8
-53
17.7
-75.7
Change in payables
923
120
317
-330
166
Cash from operations
-1,383
-504
-568
229
8.79
Capital expenditures
-145
-37
-50.5
-79.2
-53
Purchases of investments
-1,480
-100
-1,288
-105
-488
Cash from investing
-94.4
-37
-908
276
-324
Debt issued
39.9
5.07
Stock issued
0.92
2.46
Share buybacks
-40.8
-41
Cash from financing
175
1,303
716
-254
-104
Net change in cash
-1,311
879
-755
267
-424
Free cash flow
-1,528
-541
-618
150
-44.3
Interest paid
10.3
21
19.3
10.2
3.81
Income taxes paid
1.22
1.22
0.15
0.84
0.57
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.
Profitability
Metric
Value
How it is calculated
Gross margin
16.4%
Gross profit / revenue.
Operating margin
-2.4%
Operating income / revenue.
EBITDA margin
-1.8%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-1.5%
Pre-tax income / revenue.
Net margin
-1.6%
Net income / revenue.
FCF margin
-0.5%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
0.1%
Cash from operations / revenue.
Return on equity (ROE)
-4.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-2.1%
Net income / average total assets.
Return on invested capital (ROIC)
-9.2%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
1.8%
Research and development expense / revenue.
Stock-based pay / revenue
0.6%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.6%
Capital expenditures / revenue.
D&A / revenue
0.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
2.6%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
2.6%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
-2.3%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
3.8%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y
-96.2%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
-129.5%
Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-5.1%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-1.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-1.4%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
-0.9%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
62.5%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.79x
Current assets / current liabilities.
Quick ratio
1.49x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.54x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.02x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
0.7%
Total debt / total assets.
Liabilities / assets
55.0%
Total liabilities / total assets.
Net debt
-CN¥1.81B
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Capex / operating cash flow
603.5%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-CN¥0.02
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-CN¥0.02
Net income per basic share, as reported (split-adjusted).
Revenue per share
CN¥1.58
Revenue / diluted weighted shares.
FCF per share
-CN¥0.01
Free cash flow / diluted weighted shares.
Operating cash flow per share
CN¥0.00
Cash from operations / diluted weighted shares.
Book value per share
CN¥0.53
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Dividend declared per common share (paid, when declared is not tagged).
What was ZKH Group Ltd's revenue in fiscal 2025?
ZKH Group Ltd reported revenue of CN¥8.99B for fiscal 2025, 2.6% higher than the year before.
Was ZKH Group Ltd profitable in fiscal 2025?
No. It reported a net loss of CN¥139.7M.
How much free cash flow did ZKH Group Ltd generate in fiscal 2025?
Cash from operations of CN¥8.8M minus capital expenditures of CN¥53.0M left free cash flow of -CN¥44.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.