ZKH Group Limited announced its unaudited financial results for the first quarter ended March 31, 2025, reporting net revenues of RMB1,935.4 million (US$266.7 million), an increase of 4.0% from RMB1,860.4 million in the same period of 2024. This growth was primarily driven by an increase in revenues from the product sales model.
The company's net loss for the quarter narrowed by 26.6% to RMB66.7 million (US$9.2 million) compared to RMB90.9 million in Q1 2024. Operating loss also significantly narrowed by 37.7% to RMB80.8 million (US$11.1 million). However, Gross Merchandise Value (GMV) decreased by 7.5% to RMB2,171,997, mainly due to a 52.7% decline in Marketplace (3P) GMV.
ZKH reported a substantial increase in its total number of customers, growing by 30.3% year-over-year to 60,102. Management highlighted significant momentum in international expansion, particularly in the U.S., where both revenue and customer base nearly doubled each month since January 2025. The company's focus on high-quality revenue streams and operational efficiencies continued to yield positive results, contributing to the narrowed loss margins.
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