ZKH Group Achieves First-Ever Profit: Q2 Net Income RMB26.7M vs Prior-Year Loss
ZKH sits 61% above its 52-week low of $1.92.
Summary
ZKH Group posted its first-ever operating profit in Q2 2026, with net profit of RMB26.7M versus a loss a year ago, driven by 18.9% GMV growth and margin expansion.
Key Events · Earnings and Guidance · ZKH
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First-Ever Operating Profit
Operating income of RMB4.0M in Q2 2026 reversed a RMB72.0M operating loss in Q2 2025. Net profit was RMB26.7M versus a RMB53.5M net loss a year ago.
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GMV Growth Accelerates to 18.9%
Total GMV reached RMB2.88B, up 18.9% YoY—the fastest growth in several quarters. ZKH Platform GMV grew 22.9%, while marketplace GMV surged 50.7%.
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Gross Margin Expands 110 bps
Gross margin improved to 17.6% from 16.5% a year ago, driven by higher-margin private-label products (up 25%+ YoY, ~10% of GMV) and marketplace growth.
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Non-GAAP EBITDA Turns Positive
Non-GAAP EBITDA was RMB41.9M versus negative RMB38.7M a year ago. Non-GAAP adjusted net profit was RMB38.5M versus a RMB36.5M loss.
Analysis · ZKH · Trade & Services
A pivotal shift in profitability emerged in Q2 2026, as the company swung from a RMB72.0M operating loss a year ago to RMB4.0M operating income—its first-ever operating profit. Net profit reached RMB26.7M versus a RMB53.5M loss, while GMV growth accelerated to 18.9% year-over-year, the fastest in several quarters. Gross margin expanded 110 basis points to 17.6%, and non-GAAP EBITDA turned positive at RMB41.9M. International GMV increased tenfold in H1 2026. This inflection validates the company's scale expansion and AI-driven efficiency gains, marking a fundamental shift in its earnings trajectory.
At the time of this filing, ZKH was trading at $3.10 on NYSE in the Trade & Services sector, with a market capitalization of approximately $460.3M. The 52-week trading range was $1.92 to $3.90. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.