Aug 21, 2026 earnings call — GMV growth and operating profitability
Achieved operating profitability for the first time; GMV increased 18.9% to RMB 2.9 billion.
Revenue $0.4B (est $0.3B) · EPS $0.04
Key quotes
"Second quarter GMV grew by 19% year-over-year while GMV on the ZKH platform increased by 23%, accelerating further from the first quarter."
"Supported by greater economies of scale, a more favorable customer and product mix and steady gains in operating efficiency, we achieved quarterly operating profitability for the first time."
"AI Materials Manager has served more than 8,600 customers and has been implemented in more than 15 cases involving state-owned enterprises, including centrally administered SOEs."
Analyst Q&A 3
Why GMV grew and outlook
Q (Jing Yuan · CICC): Analyst asked what drove the GMV acceleration, which industries or customer segments/products saw strength, and the outlook for H2 and the full year.
A: Management said growth came from three areas: industries, customer mix and private labels. They listed industries growing over 30% in Q2, including nonferrous metals over 103%, utilities 57%, fine chemicals and pharmaceuticals 37%, food and agricultural products 37%, and communications and electronics 35%. They said SME customers (defined as revenue of over RMB 1 billion) now account for about 30% of GMV, private labels grew over 25% and reached 10% GMV share, Q3 should be higher than Q2's 18.9%, and they are confident they can achieve 15% to 20% GMV growth for the year.
"And we are confident that we are able to sustain this growth and be able to achieve our overall growth of 15% to 20% growth for GMV this year." — Long Chen
How AI changes buying and AI progress
Q (Zhuoming Cao · Huatai): Analyst asked if AI is changing customer buying behavior, how ZKH will capture the opportunity, progress of AI Materials Manager, and update on the AI subsidiary.
A: They said AI is changing procurement: customers increasingly describe needs in natural language, demand for high-quality structured product data is rising, and SMEs are more open to self-service and smart procurement. AI Materials Manager now serves more than 8,600 customers, a year-over-year growth of 93% in customer count and has begun generating revenue; they plan an October launch with Intel for the Linglong Huiyan industrial vision model and are integrating with chip makers. The AI subsidiary is proceeding according to plan to give the business independent structure while keeping deep synergy with ZKH and to build a smart infrastructure company for industry.
"So indeed, we have observed some incremental changes in customer purchasing behavior as AI applications gradually mature." — Yang Liu
International growth and buybacks
Q (Leo Chiang · Deutsche Bank): Analyst asked for an update on international expansion (GMV, customers, outlook) and on shareholder return plans like buybacks or dividends.
A: They said international revenue grew very strongly, a tenfold increase compared to the same period last year, with first-half GMV of RMB 95 million and they expect the second half to continue strong growth. They described two international approaches: supporting Chinese customers overseas and localized business (notably in the U.S. and Texas), aiming to avoid front-loading costs and try to turn profit in the second half. On shareholder returns, the company authorized a USD 50 million buyback in June 2025 valid through June 2027, had repurchased approximately 2.49 million ADSs (about USD 7.67 million) by end of Q2, plans to step up buybacks and may consider dividends once profits scale.
"In June 2025, the company authorized a USD 50 million worth of share buyback program, which remains valid through June of 2027." — Long Chen