ZKH Group Limited American Depositary Shares, each representing thirty-five (35) Class A Ordinary Shares 2026 Q2 Earnings Call

Eric, please go ahead. 好的。大家好，欢迎各位参加震坤行2026年第二季度业绩发布会。本季度我们延续年初以来良好的发展势头，整体经营表现持续改善。从去年四季度重拾增长以来，我们的GMV和收入已连续第三个季度实现同比增长，且二季度的增速创近几个季度以来的新高。同时，重点行业与核心客户群体表现稳健，业务增长基础进一步夯实。在业务规模持续扩大的同时，我们的增长质量和盈利能力也在同步改善。二季度毛利额的同比增长高于GMV，毛利率同比和环比均有所提升。随着规模效应进一步释放，客户和产品结构持续优化以及运营效率稳步提升，公司首次实现季度经营利润转正，且经营调整净利润也较去年同期实现显著的扭亏为盈。 Hello everyone, thank you for joining ZKH's second quarter 2026 earnings call.

Building on the strong start to the year, our business gained further momentum in the second quarter, extending the growth trajectory that we returned to in the fourth quarter of last year. Both GMV and revenue grew year-over-year for a third consecutive quarter, hosting their fastest growth in recent quarters. Growth was brought by pace with our key industries and core customer segments, further reinforcing our foundation for sustained growth. As our business continued to scale, the quality of growth and profitability improved in tandem. Growth profit grew faster than GMV in the quarter, lifting growth margin both year-over-year and sequentially. 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.

Adjusted net income also delivered a significant turnaround, reversing from a loss in the same period last year.

本季度的良好表现进一步巩固了公司基本面持续向好的态势，也体现了前期战略布局和能力建设正在加快转化为经营成果。基于当前业务的积极趋势，我们预计下半年公司GMV增速有望进一步加快，盈利将得到更大规模的释放。 These results reinforce the steady improvement in our fundamentals and demonstrate that our strategic initiatives and capability building efforts are translating more quickly into operating results.

Based on current business trends, we expect GMV growth to accelerate further in the second half of the year, with profitability improving more meaningfully.

接下来我将重点介绍一下我们在业务层面的主要进展。二季度公司GMV同比增长19%，其中正宽平台GMV同比增长23%，增速较一季度进一步加快。按目前趋势来看，三季度GMV增长有望较二季度实现进一步的加速。从客户维度来看，季度内多个客户群体协同发力，增长格局更加均衡。其中区域中小客延续去年四季度以来的强劲表现，GMV同比增长达30%，体现了公司在中小企业市场覆盖和服务能力的持续提升。中小企业市场空间广阔，客户需求往往更分散，采购场景也更多元，毛利率也相对较高。这一客户群的快速发展，不仅为公司注入了更强的增长动能，也有助于优化客户结构，改善整体毛利率水平。 Next, let me walk you through some of the business highlights in the quarter.

Starting with GMV. Second quarter GMV grew by 19% year-over-year, while GMV on the ZKH platform increased by 23%, accelerating further from the first quarter. Based on current trends, we expect GMV growth to pick up further in the third quarter. Multiple customer segments drove growth in tandem this quarter, creating a more balanced growth profile. Regional SME customers maintained the strong momentum that began in the fourth quarter of last year, with GMV up 30% year-over-year, reflecting continued improvements in our coverage of and service capabilities for the SME market. The SME market offers significant growth potential. Demand is fragmented, procurement needs are diverse, and gross margins are higher. Rapid expansion in this segment not only adds momentum to our overall growth, but also improves our customer mix and overall gross margin.

同时央企和行业大客户保持稳健，GMV实现双位数的同比增长。尤其国央企企业在经过去年的调整后，重新实现了季度GMV同比增长突破20%。从行业维度来看，公司围绕不同工业场景长期沉淀的专业化产品与服务能力正在获得丰收，带动多个重点行业实现较快增长。其中钢铁有色表现尤为亮眼，GMV同比翻番。通信、电子、精细化工及医药、公共事业等行业GMV同比增幅也均超过30%。 Meanwhile, our business with central SOEs and industry key accounts remained solid, delivering double-digit GMV growth year-over-year.

Notably, following adjustments last year, GMV from state-owned enterprises, including centrally administered SOEs, returned to growth of more than 20% year-over-year this quarter. Performance was also strong across key industries. Our specialized product and service capabilities, built over years of serving a wide range of industrial use cases, are increasingly translating into strong results. Steel and ferrous metals led the way, with GMV doubling year-over-year. Communications and electronics, fine chemicals and pharmaceuticals and utilities also delivered strong growth, with GMV in each sector increasing by more than 30% year-over-year.

在持续深耕国内业务的同时，我们海外布局较一季度进一步加速。上半年GMV实现了超过10倍的同比增长。季度内我们继续沿着伴随中国制造业出海和深化海外本土经营两条路径推进。一方面，我们围绕中国制造企业的出海需求，提供覆盖境内外产品供应协同、合规支持及本地履约的一站式解决方案。另一方面，我们不断完善海外本地化能力建设，首先聚焦仓储供应链MRO场景，业务模式已得到验证。此外，Northsky平台自有品牌已在亚马逊为主的线上渠道起量，尤其在搬运叉车、工业风扇等细分产品取得了相当不错的销售进展和客户认可。我们围绕重点品类建立了境内外双源供应体系，进一步增强了海外供应链韧性。随着各项布局逐步落地，我们的海外业务已从前期的市场探索迈入能力积累与业务拓展并进的新阶段，未来的发展路径也更加清晰。 While we continued to deepen our domestic business, our overseas expansion accelerated further from the first quarter, with first half GMV increasing more than tenfold year-over-year.

During the quarter, we continued to advance our international business on two fronts: supporting Chinese manufacturers as they expand globally and deepening localized operations in key overseas markets. On the first front, we provide Chinese manufacturers expanding overseas with one-stop MRO solutions spanning coordinated product sourcing in China and abroad, compliance support and local fulfillment. On the second front, we continued to build out our localized operations, starting with MRO use cases in warehousing and supply chains, where our business model has been validated. Our Northsky private label products also gained traction through online channels, primarily Amazon, with categories such as material handling forklifts and industrial fans delivering encouraging sales and earning strong customer recognition.