New York-listed ZKH Group released its earnings report for the first quarter of 2026 before the US market opened on May 21.
According to the report, ZKH’s first-quarter gross merchandise value (GMV), rose 12.9% year-on-year (YoY) to RMB 2.45 billion (USD 359.7 million), its fastest growth rate in recent quarters. Eric Chen, ZKH’s chairman and CEO, said during the earnings call that, based on current order and shipment trends, the company expects GMV growth to accelerate further in the second quarter.
The number of transacting customers rose 11% YoY to 66,000 in the first quarter. The increase reflected continued adoption of online procurement among Chinese manufacturers and provided a base for longer-term growth.
ZKH also reported momentum across customer segments. GMV from small and midsize customers on its platform grew by more than 20% YoY. The company said the segment’s fragmented and diverse procurement needs continued to support demand for its platform-based services. GMV from central state-owned enterprise customers returned to double-digit growth, improving significantly from the same period last year.
The company’s deeper engagement with major industry customers also delivered growth across four key areas: electrical equipment manufacturing, communications and electronics, new energy, and steel and nonferrous metals. GMV from all four grew by more than 20% YoY.
