Zhenkunxing 2025 Financial Report: Deepening Hardcore MRO, Achieving Dual Turning Points in Scale and Profitability, Entering a New Stage of High-Quality Growth

格隆汇 March 19｜East Eight District March 19, China's leading MRO procurement service platform Zhenkunxing (ZKH.US) released its Q4 and full-year results for fiscal year 2025 before the US stock market opened. In Q4 2025, the company's GMV increased by 8.5% year-on-year to 2.92 billions RMB, revenue grew by 7.9% year-on-year to 2.56 billions RMB, the number of transaction customers reached nearly 74,000, up about 60% year-on-year, setting a new quarterly growth record; adjusted net profit reached 14.86 millions RMB, turning profitable at the quarterly level and achieving break-even for the half-year. The company expects GMV to achieve double-digit growth in Q1 2026. In terms of operational highlights, customer expansion, supply deepening, and AI efficiency improvement have become the core focus. Both large and SME customers maintained growth, with GMV of key industry customers generally increasing by more than 20% year-on-year, SME customer GMV also grew by more than 20% year-on-year, overseas business GMV increased by about 50% quarter-on-quarter, and the fulfillment and delivery network has expanded to 17 countries. By the end of 2025, platform SKU increased by 33% year-on-year to 23 millions, self-owned brand GMV grew by 21% year-on-year for the full year, with its proportion of total GMV rising to 8.3%; Q4 warehouse fee rate dropped by about 13% year-on-year, achieving double-digit declines for eight consecutive quarters. Zhenkunxing Chairman and CEO Chen Long stated that as the impact of business structure adjustments is gradually digested, the company has emerged from a period of phased adjustment. In the future, Zhenkunxing will continue to build long-term competitive barriers around product strength, delivery capability, and AI capability, driving the company into a more stable stage of high-quality growth, and striving to achieve full-year profitability in 2026.