ZKH Group Limited

Ladies and gentlemen, good day and welcome to ZKH Group Limited's Fourth Quarter and Fiscal Year 2025 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Jin Lee, Head of Investor Relations. Please go ahead, ma'am.

Good morning and welcome to ZKH's Fourth Quarter and Four Years 2025 earnings conference call. With me are Mr. Eric Chen, our founder, chairman, and CEO, and Mr. Max Lai, our CFO. Today's discussion may include forward-looking statements, related factors as described in our today's press release, and we will also discuss certain non-GAAP financial measures for comparison purpose only. Please refer to the earnings release for definitions of these measures and a reconciliation of gap to non-gap results. With that, I will turn the call over to Eric. Eric, please go ahead.

Hello, everyone. Welcome to the 4th quarter of 2025 and the full-year monthly release. In 2025, we will actively promote the optimization of the business structure At the same time, we insist on core ability construction, continuous deepening of products and investment in technology. The overall performance of the company in the second half of the year has seen an obvious steady recovery trend. GMV and revenue in Q3 have basically recovered to the same level as last year, and have achieved rapid growth in the fourth quarter. At the same time, the profit quality continues to improve, and in the fourth quarter, the loss is reduced to profit, 14,800,000 yuan. This is the first time to achieve a half-year annual balance. In terms of cash flow, the four seasons and the whole year of 2025, the cash flow of the Junruder business activities has been further strengthened. The stability and flexibility of finance have been further strengthened. The company marked by this series of results has entered a healthier and more resilient stage of development with the influence of business adjustment.