震坤行2025财报：深耕硬核MRO 规模与盈利双拐点迈入高质量增长新阶段

中金财经

Mar 19

　　北京时间3月19日，中国领先的MRO采购服务平台震坤行(ZKH.US)于美股盘前发布2025财年第四季度及全年业绩。2025年第四季度，公司GMV同比增长8.5%至29.2亿元，收入同比增长7.9%至25.6亿元，成交客户数接近7.4万家，同比增长约60%，创季度同比增速新高；经调整净利润达1,486万元，季度层面实现扭亏为盈，并实现半年度盈亏平衡。公司预计，2026年第一季度GMV将实现双位数增长。　　从经营亮点看，客户扩张、供给深化与AI提效成为核心看点。大客户与中小企业客户均保持增长，重点行业客户GMV同比增幅普遍超过20%，中小企业客户GMV同比增长亦超过20%，海外业务GMV环比增长约50%，履约交付网络已拓展至17个国家。截至2025年底，平台SKU同比增长33%至2,300万个，自有品牌GMV全年同比增长21%，占整体GMV比例提升至8.3%；四季度过仓费率同比下降约13%，并已连续8个季度实现两位数降幅。　　震坤行董事长兼CEO陈龙表示，随着业务结构调整影响逐步消化，公司已走出阶段性调整期。未来，震坤行将继续围绕产品力、交付力与AI能力构建长期竞争壁垒，推动公司迈入更加稳健的高质量增长阶段，并力争于2026年实现全年盈利目标。　　

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