ZKH Group Ltd. reported its unaudited financial results for the third quarter ended September 30, 2025. Gross merchandise value (GMV) decreased by 2.3% year-over-year to RMB 2,622.9 million. Product Sales (1P) rose by 3.0% to RMB 2,294.2 million, while Marketplace (3P) GMV declined by 28.2% to RMB 328.7 million. The number of customers increased by 48.0% to 70,800. Net revenues grew by 2.1% to RMB 2,328.4 million. Gross profit was RMB 390.2 million, up 0.5%, representing 16.8% of net revenues. Operating loss narrowed by 69.3% to RMB 32.3 million. Net loss was RMB 24.3 million, a decrease of 70.3% from the previous year. Non-GAAP adjusted net loss reduced by 78.7% to RMB 14.1 million. The company noted margin improvements, expansion of its customer base across large corporations and SMEs, and continued investment in AI and overseas business development.