ZKH Group Limited Reports Strong Q2 2026 Earnings: Accelerated Growth and Improved Profitability
On August 21, 2026, ZKH Group Limited announced its second quarter earnings conference call, highlighting a strong performance in the period. The company's business gained further momentum in the second quarter, extending its growth trajectory that began in the fourth quarter of last year.
The key highlights from the quarter include accelerated growth in GMV (Gross Merchandise Value) and revenue, with both metrics growing year-over-year for a third consecutive quarter. This growth was driven by pace with the company's key industries and core customer segments, further reinforcing its foundation for sustained growth. As the business continued to scale, the quality of growth and profitability improved in tandem.
Eric Chen, the founder, Chairman and CEO of ZKH Group Limited, emphasized during the conference call that the company's strategic initiatives and capability building efforts are translating more quickly into operating results. He noted that based on current business trends, ZKH expects GMV growth to accelerate further in the second half of the year, with profitability improving more meaningfully.
One of the key drivers of growth was the regional SME (Small and Medium-sized Enterprises) customers, which maintained a strong momentum started in the fourth quarter of last year. The SME market offers significant growth potential, with demand being fragmented, procurement needs diverse, and gross margins higher. ZKH's expansion into this segment not only adds momentum to its overall growth but also improves its customer mix and overall gross margin.
Additionally, business with central SOEs (State-owned Enterprises) and industry key accounts remained solid, delivering double-digit GMV growth year-over-year. Notably, following adjustments last year, GMV from state-owned enterprises returned to growth of more than 20% year-over-year this quarter. Performance was also strong across key industries such as steel and ferrous metals, communications and electronics, fine chemicals and pharmaceuticals, and utilities.
ZKH's overseas expansion accelerated further in the second quarter, with first half GMV increasing more than tenfold year-over-year. The company continued to advance its international business on two fronts: supporting Chinese manufacturers as they expand globally and deepening localized operations in key overseas markets. On the first front, ZKH provides one-stop MRO (Maintenance, Repair, and Operations) solutions spanning coordinated product sourcing in China and abroad, compliance support, and local fulfillment.
The company's results reinforce its steady improvement in fundamentals and demonstrate that its strategic initiatives and capability building efforts are translating more quickly into operating results. Adjusted net income delivered a significant turnaround, reversing from a loss in the same period last year. With improved profitability and accelerated growth, ZKH Group Limited is well-positioned for sustained success in the second half of the year.
