ZKH Group Ltd (NYSE: ZKH)

ZKH Group Limited is a China based e commerce platform that provides one stop maintenance repair and operations procurement solutions. The company operates two major online platforms in China, the ZKH platform and the GBB platform, which together offer a broad selection of MRO products and value added services. It serves a diverse customer base ranging from large multinational corporations to small and medium sized enterprises, state owned enterprises and retailers.

Revenue is generated primarily through a product sales model and a marketplace model. Under the product sales model, ZKH Group Limited purchases products from suppliers and sells them to customers on a principal basis. Under the marketplace model, suppliers list products on the platform and pay the company a commission on each sale, while the company continues to provide fulfillment and after sales support.

The company operates through the following segments: ZKH platform and GBB platform.

• ZKH platform: This segment serves large to small and mid sized businesses, offering a wide range of MRO products, value added procurement and management services, and generated GMV of RMB9.1 billion in 2025, which accounted for 89.8% of the company's total GMV.

• GBB platform: This segment serves retailers and micro businesses, providing curated MRO products with transparent pricing and reliable fulfillment, and generated GMV of RMB1.0 billion in 2025, representing 10.2% of total GMV.

ZKH Group Limited holds a leading position in the China MRO procurement market, distinguished by its AI driven product recommendations, automated procurement workflows and extensive nationwide fulfillment network. The company competes with other online MRO platforms, traditional wholesalers and distributors, but differentiates itself through its dual platform strategy, proprietary AI tools and strong supplier relationships.

The company serves a diversified customer base that exceeded 155,000 active customers in 2025, comprising large multinational corporations, small and medium sized enterprises, state owned enterprises, retailers and micro businesses in China, as well as overseas customers supported through its NorthSky supply platform in the United States and other markets.