ZKH Group Limited (ZKH)

NYSE: ZKH · Retail-Building Materials, Hardware, Garden Supply · Shanghai, CN · filing with the SEC since 2022

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Grade5.2

◀ Past 5.2● Present 4.6▶ Future 6.0

2 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of ZKH Group Limited

Nine metrics read from its own filings, by tense

Headline grade

5.2/10

◀ Past5.225% of the headline

● Present4.645% of the headline

▶ Future6.030% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

5.2/1025% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

7.7/10

Has it survived what it has been through?

No warning events in its filings since 2022.

weight 45% of this tense · 77th percentile among 11 sector filers · read for itself

From the record

ZKH Group Limited's filings since 2022 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

4.8/10

What has it actually done, year after year?

+4.1% a year over 5 filed years; profitable in 0 of 5.

weight 33% of this tense · 48th percentile among 11 sector filers · read for its customers

From the record

ZKH Group Limited's 5 filed years say what it did: revenue went from CNY 7.7 billion in fiscal 2021 to CNY 9.0 billion in fiscal 2025, up 4.1% a year; it rose in 4 of 4 years; it never fell from a peak; net income was positive in 0 of 5 of those years (its annual reports).

What it rests on

revenue growth over the filed span4.1%bottom 32% of its family
the share of years revenue rosetop 23% of its family
the share of filed years with a profitbottom 5% of its family
the deepest fall from a revenue peak0.0%top 23% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

0.5/10

How has it treated the people who own it?

SI estimate 0.5/10, confidence 35 of 100 (one part).

weight 22% of this tense · 5th percentile among 11 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 5% of 11 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 11 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: ZKH Group Limited's shareholder treatment is put at 0.5 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 5% of 11 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

4.6/1045% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

4.2/10

Is it financially healthy right now?

ROE -5%: lost 5¢ per shareholder dollar. Leverage 55%: owes 55¢ per asset dollar.

weight 45% of this tense · 42nd percentile among 11 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, ZKH Group Limited lost about 5 cents for every dollar of shareholders' money, and gross profitability: its products earned about 23 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 55 cents per dollar of assets, and net share issuance: its share count shrank 0.9% over the year (the filed statements).

What it rests on

what it owes per dollar of assetstop 41% of its family
return on equitybottom 35% of its family
gross profit against assetsbottom 14% of its family
the share count against the year beforetop 41% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

5.0/10

How strong is its position in its industry?

top 50% of 11 in its family; net margin -1.6%.

weight 33% of this tense · 50th percentile among 11 sector filers · read for its customers

From the record

ZKH Group Limited's standing among 11 graded names in its industry family: revenue of CNY 9.0 billion in fiscal 2025 is not ranked by size, since the family reports in another currency; a net margin of -1.6% ranks in the bottom 32%; revenue growth of 2.6% a year over the last 3 filed years ranks in the top 32% (its annual reports).

What it rests on

net margin-1.6%bottom 32% of its family
three-year revenue growth2.6%top 32% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

4.8/10

What are the people in charge doing?

SI estimate 4.8/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 9 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-26 (a listing, a merger or a first filing under the rules) and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 9 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-26 (a listing, a merger or a first filing under the rules) and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned: family median, 9 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: ZKH Group Limited's leadership is put at 4.8 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-26 (a listing, a merger or a first filing under the rules) and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 9 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

6.0/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed

4.5/10

How much room does it have to grow?

bottom 45% of 11 in its family for room to expand.

weight 22% of this tense · 45th percentile among 11 sector filers · read for itself

From the record

ZKH Group Limited's room to grow, from the newest filed statements (fiscal 2025): cash of CNY 1.1 billion against debt of CNY 285 million leaves 12.4% of its assets as net cash, top 14% of its family; cash from operations less capital spending is -0.5% of revenue (bottom 32%); a gross margin of 16.4% (bottom 14%); research spending of 1.8% of revenue (top 50%) (its annual report).

What it rests on

cash less debt against assets12.4%top 14% of its family
cash from operations less capital spending against revenue-0.5%bottom 32% of its family
gross margin16.4%bottom 14% of its family
research spending against revenue1.8%top 50% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

6.6/10

What could actually drive growth from here?

top 34% of 11 in its family for growth drivers.

weight 45% of this tense · 66th percentile among 11 sector filers · read for its customers

From the record

ZKH Group Limited's growth drivers, from the filed years to fiscal 2025: revenue grew 2.6% a year over the last three filed years against 4.1% over all 5, slowing (top 5% of its family); the newest year grew 2.6% (top 50%); research spending grew -11.7% a year (bottom 25%); capital spending grew 12.7% a year (top 5%) (its annual reports). ZKH Group Limited reported 3 product lines in fiscal 2025: Product at CNY 8.8 billion (98%), Service at CNY 171 million (2%), Product and Service Other at CNY 50 million (1%); 1 of 3 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span-1.5 points a yeartop 5% of its family
the newest year's revenue growth2.6%top 50% of its family
three-year growth of research spending-11.7%bottom 25% of its family
three-year growth of capital spending12.7%top 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

6.2/10

Did its newest year beat what its own record pointed to?

top 38% of 11 in its family for expectations against reality.

weight 33% of this tense · 62nd percentile among 11 sector filers · read for its shareholders

From the record

ZKH Group Limited's newest year against its own record: revenue of CNY 9.0 billion in fiscal 2025 came in 0.1% below the CNY 9.0 billion its prior three years' pace pointed to (bottom 14% of its family); net income of CNY 140 million against a prior three-year average of CNY 436 million (top 14%); a net margin of -1.6% against -5.1% before (top 14%) (its annual reports).

What it rests on

revenue against the prior three years' pace-0.1%bottom 14% of its family
net income against the prior three years' average+68%top 14% of its family
net margin against its prior average+3.6 pointstop 14% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton ZKH · research, not advice