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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 12/15/23 ZKH Group Ltd. 424B4 1:8.4M Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: 424B4 Prospectus - Info Previously Omitted & New Facts HTML 4.88M or Events
tm228516-40_424b4 - none - 37.8228255s |
| | |
Per ADS
|
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Total
|
|
Initial public offering price
|
| |
US$15.50
|
| |
US$62,000,000
|
|
Underwriting discounts and commissions(1)
|
| |
US$1.085
|
| |
US$4,340,000
|
|
Proceeds, before expenses, to ZKH Group Limited
|
| |
US$14.415
|
| |
US$57,660,000
|
|
| | | | | 1 | | | |
| | | | | 24 | | | |
| | | | | 85 | | | |
| | | | | 87 | | | |
| | | | | 88 | | | |
| | | | | 89 | | | |
| | | | | 93 | | | |
| | | | | 95 | | | |
| | | | | 97 | | | |
| | | | | 100 | | | |
| | | | | 128 | | | |
| | | | | 133 | | | |
| | | | | 162 | | | |
| | | | | 184 | | | |
| | | | | 191 | | | |
| | | | | 195 | | | |
| | | | | 196 | | | |
| | | | | 208 | | | |
| | | | | 220 | | | |
| | | | | 222 | | | |
| | | | | 228 | | | |
| | | | | 240 | | | |
| | | | | 241 | | | |
| | | | | 242 | | | |
| | | | | 243 | | |
| | |
Tax calculation(1)
|
| |||
Hypothetical pre-tax earnings
|
| | | | 100% | | |
Tax on earnings at statutory rate of 25%(2)
|
| | | | (25)% | | |
Net earnings available for distribution
|
| | | | 75% | | |
Withholding tax at standard rate of 10%(3)
|
| | | | (7.5)% | | |
Net distribution to Parent/Shareholders
|
| | | | 67.5% | | |
| | |
For the Year Ended December 31,
|
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For the Nine Months Ended September 30,
|
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2021
|
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2022
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2022
|
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2023
|
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RMB
|
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RMB
|
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RMB
|
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US$
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RMB
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RMB
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US$
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(in thousands, except for share and per share data)
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Summary Consolidated Statements of Comprehensive Loss:
|
| | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Net revenues | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Net product revenues
|
| | | | 4,619,937 | | | | | | 7,500,036 | | | | | | 8,086,920 | | | | | | 1,108,404 | | | | | | 5,897,963 | | | | | | 6,016,617 | | | | | | 824,646 | | |
Net service revenues
|
| | | | 40,812 | | | | | | 116,692 | | | | | | 179,508 | | | | | | 24,604 | | | | | | 122,566 | | | | | | 208,820 | | | | | | 28,621 | | |
Other revenues
|
| | | | 25,619 | | | | | | 37,863 | | | | | | 48,808 | | | | | | 6,690 | | | | | | 34,957 | | | | | | 51,777 | | | | | | 7,097 | | |
Total net revenues
|
| | | | 4,686,368 | | | | | | 7,654,591 | | | | | | 8,315,236 | | | | | | 1,139,698 | | | | | | 6,055,486 | | | | | | 6,277,214 | | | | | | 860,364 | | |
Cost of revenues
|
| | | | (4,006,098) | | | | | | (6,614,836) | | | | | | (6,997,566) | | | | | | (959,096) | | | | | | (5,114,081) | | | | | | (5,241,931) | | | | | | (718,467) | | |
Operating expenses | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Fulfillment(1)
|
| | | | (236,882) | | | | | | (444,510) | | | | | | (467,384) | | | | | | (64,060) | | | | | | (369,153) | | | | | | (331,136) | | | | | | (45,386) | | |
Sales and marketing(1)
|
| | | | (344,767) | | | | | | (689,637) | | | | | | (683,206) | | | | | | (93,641) | | | | | | (518,457) | | | | | | (530,765) | | | | | | (72,747) | | |
Research and development(1)
|
| | | | (149,593) | | | | | | (256,421) | | | | | | (240,534) | | | | | | (32,968) | | | | | | (181,017) | | | | | | (138,074) | | | | | | (18,925) | | |
General and administrative(1)
|
| | | | (348,839) | | | | | | (759,627) | | | | | | (612,252) | | | | | | (83,916) | | | | | | (469,406) | | | | | | (427,253) | | | | | | (58,560) | | |
Loss from operations
|
| | | | (399,811) | | | | | | (1,110,440) | | | | | | (685,706) | | | | | | (93,983) | | | | | | (596,628) | | | | | | (391,945) | | | | | | (53,721) | | |
Interest and investment income
|
| | | | 6,137 | | | | | | 28,277 | | | | | | 14,559 | | | | | | 1,995 | | | | | | 6,624 | | | | | | 43,285 | | | | | | 5,933 | | |
Interest expense
|
| | | | (4,057) | | | | | | (10,593) | | | | | | (94,182) | | | | | | (12,909) | | | | | | (86,592) | | | | | | (12,787) | | | | | | (1,753) | | |
Others, net
|
| | | | 2,497 | | | | | | (1,156) | | | | | | 33,737 | | | | | | 4,624 | | | | | | 28,371 | | | | | | 36,573 | | | | | | 5,013 | | |
Loss before tax
|
| | | | (395,234) | | | | | | (1,093,912) | | | | | | (731,592) | | | | | | (100,273) | | | | | | (648,225) | | | | | | (324,874) | | | | | | (44,528) | | |
Income tax (expenses)/benefits
|
| | | | (1,914) | | | | | | (200) | | | | | | 471 | | | | | | 65 | | | | | | 635 | | | | | | (255) | | | | | | (35) | | |
Net loss
|
| | | | (397,148) | | | | | | (1,094,112) | | | | | | (731,121) | | | | | | (100,208) | | | | | | (647,590) | | | | | | (325,129) | | | | | | (44,563) | | |
Less: net income attributable to non-controlling interests
|
| | | | 245 | | | | | | 112 | | | | | | 333 | | | | | | 46 | | | | | | 298 | | | | | | (349) | | | | | | (48) | | |
Less: net income attributable to redeemable non-controlling interests
|
| | | | 4,338 | | | | | | 28,260 | | | | | | 4,227 | | | | | | 579 | | | | | | 1,126 | | | | | | (193) | | | | | | (26) | | |
Net loss attributable to ZKH Group Limited
|
| | | | (401,731) | | | | | | (1,122,484) | | | | | | (735,681) | | | | | | (100,833) | | | | | | (649,014) | | | | | | (324,587) | | | | | | (44,489) | | |
Accretion on preferred shares to redemption value
|
| | | | (184,460) | | | | | | (329,737) | | | | | | (509,281) | | | | | | (69,803) | | | | | | (436,000) | | | | | | (580,200) | | | | | | (79,523) | | |
Net loss attributable to ZKH Group Limited’s ordinary shareholders
|
| | | | (586,191) | | | | | | (1,452,221) | | | | | | (1,244,962) | | | | | | (170,636) | | | | | | (1,085,014) | | | | | | (904,787) | | | | | | (124,012) | | |
Net loss per ordinary share attributable to ordinary shareholders
|
| | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Basic and diluted
|
| | | | (0.52) | | | | | | (1.20) | | | | | | (0.94) | | | | | | (0.13) | | | | | | (0.82) | | | | | | (0.68) | | | | | | (0.09) | | |
Weighted average number of shares
|
| | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Basic and diluted
|
| | | | 1,132,337,753 | | | | | | 1,213,878,050 | | | | | | 1,325,036,140 | | | | | | 1,325,036,140 | | | | | | 1,329,666,624 | | | | | | 1,322,404,244 | | | | | | 1,322,404,244 | | |
| | |
For the Year Ended
December 31, |
| |
For the Nine Months Ended
September 30, |
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| | | | |
2021
|
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2022
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2022
|
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2023
|
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RMB
|
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RMB
|
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RMB
|
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US$
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RMB
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RMB
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US$
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(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Fulfillment
|
| | | | 5,442 | | | | | | 2,154 | | | | | | 585 | | | | | | 80 | | | | | | 234 | | | | | | 59 | | | | | | 8 | | |
Sales and marketing
|
| | | | 20,685 | | | | | | 8,204 | | | | | | 5,935 | | | | | | 813 | | | | | | 1,985 | | | | | | 2,733 | | | | | | 375 | | |
Research and development
|
| | | | 19,709 | | | | | | 10,134 | | | | | | 3,883 | | | | | | 532 | | | | | | 2,335 | | | | | | 1,873 | | | | | | 257 | | |
General and administrative
|
| | | | 46,151 | | | | | | 162,857 | | | | | | 21,496 | | | | | | 2,947 | | | | | | 28,454 | | | | | | 5,419 | | | | | | 743 | | |
Total | | | | | 91,987 | | | | | | 183,349 | | | | | | 31,899 | | | | | | 4,372 | | | | | | 33,008 | | | | | | 10,084 | | | | | | 1,383 | | |
| | |
As of December 31,
|
| |
As of September 30,
|
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| | | | |
2022
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2023
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RMB
|
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RMB
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US$
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RMB
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US$
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(in thousands)
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Summary Consolidated Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 537,998 | | | | | | 1,954,246 | | | | | | 267,852 | | | | | | 889,187 | | | | | | 121,873 | | |
Restricted cash
|
| | | | 588,922 | | | | | | 51,610 | | | | | | 7,074 | | | | | | 157,840 | | | | | | 21,634 | | |
Short-term investments
|
| | | | — | | | | | | — | | | | | | — | | | | | | 621,392 | | | | | | 85,169 | | |
Accounts receivable, net
|
| | | | 2,762,003 | | | | | | 3,067,064 | | | | | | 420,376 | | | | | | 3,478,279 | | | | | | 476,738 | | |
Inventories
|
| | | | 762,938 | | | | | | 655,997 | | | | | | 89,912 | | | | | | 696,826 | | | | | | 95,508 | | |
Total current assets
|
| | | | 5,278,401 | | | | | | 6,283,255 | | | | | | 861,192 | | | | | | 6,389,578 | | | | | | 875,765 | | |
Total assets
|
| | | | 5,940,257 | | | | | | 6,813,720 | | | | | | 933,898 | | | | | | 6,822,289 | | | | | | 935,072 | | |
Accounts and notes payable
|
| | | | 2,446,322 | | | | | | 2,566,136 | | | | | | 351,718 | | | | | | 2,795,704 | | | | | | 383,183 | | |
Accrued expenses and other current liabilities
|
| | | | 519,152 | | | | | | 539,191 | | | | | | 73,902 | | | | | | 474,490 | | | | | | 65,034 | | |
Total liabilities
|
| | | | 3,663,296 | | | | | | 3,697,442 | | | | | | 506,776 | | | | | | 3,980,774 | | | | | | 545,610 | | |
Total mezzanine equity
|
| | | | 5,042,933 | | | | | | 7,182,773 | | | | | | 984,482 | | | | | | 7,762,973 | | | | | | 1,064,005 | | |
Total shareholders’ deficit
|
| | | | (2,765,972) | | | | | | (4,066,495) | | | | | | (557,360) | | | | | | (4,921,458) | | | | | | (674,543) | | |
Total liabilities, mezzanine equity and shareholders’ deficit
|
| | | | 5,940,257 | | | | | | 6,813,720 | | | | | | 933,898 | | | | | | 6,822,289 | | | | | | 935,072 | | |
| | |
For the Year Ended
December 31, |
| |
For the Nine Months Ended
September 30, |
| ||||||||||||||||||||||||||||||||||||
| | | | |
2021
|
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2022
|
| |
2022
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2023
|
| ||||||||||||||||||||||||||||
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RMB
|
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RMB
|
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RMB
|
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US$
|
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RMB
|
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RMB
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US$
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(in thousands)
|
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Summary Consolidated Cash Flow Data:
|
| | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Net cash provided by/(used in) operating activities
|
| | | | 31,801 | | | | | | (1,382,752) | | | | | | (504,203) | | | | | | (69,105) | | | | | | (536,038) | | | | | | (508,694) | | | | | | (69,724) | | |
Net cash used in investing activities
|
| | | | (57,905) | | | | | | (94,395) | | | | | | (37,040) | | | | | | (5,077) | | | | | | (33,472) | | | | | | (637,870) | | | | | | (87,427) | | |
Net cash provided by financing activities
|
| | | | 1,826,445 | | | | | | 174,631 | | | | | | 1,302,710 | | | | | | 178,551 | | | | | | 1,537,099 | | | | | | 161,172 | | | | | | 22,091 | | |
Effect of exchange rate changes
on cash, cash equivalents, and restricted cash |
| | | | (7,412) | | | | | | (8,695) | | | | | | 117,469 | | | | | | 16,100 | | | | | | 155,088 | | | | | | 26,563 | | | | | | 3,641 | | |
Increase/(Decrease) in cash,
cash equivalents, and restricted cash |
| | | | 1,792,929 | | | | | | (1,311,211) | | | | | | 878,936 | | | | | | 120,469 | | | | | | 1,122,677 | | | | | | (958,829) | | | | | | (131,419) | | |
Cash, cash equivalents, and restricted cash at beginning of year/period
|
| | | | 645,202 | | | | | | 2,438,131 | | | | | | 1,126,920 | | | | | | 154,457 | | | | | | 1,126,920 | | | | | | 2,005,856 | | | | | | 274,926 | | |
Cash, cash equivalents, and restricted cash at end of
year/period |
| | | | 2,438,131 | | | | | | 1,126,920 | | | | | | 2,005,856 | | | | | | 274,926 | | | | | | 2,249,597 | | | | | | 1,047,027 | | | | | | 143,507 | | |
| | |
For the Year Ended December 31,
|
| |
For the Nine Months Ended
September 30, |
| ||||||||||||||||||||||||||||||||||||
| | | | |
2021
|
| |
2022
|
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2022
|
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2023
|
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RMB
|
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RMB
|
| |
RMB
|
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US$
|
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RMB
|
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RMB
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US$
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(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Net loss
|
| | | | (397,148) | | | | | | (1,094,112) | | | | | | (731,121) | | | | | | (100,208) | | | | | | (647,590) | | | | | | (325,129) | | | | | | (44,563) | | |
Add: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Share-based compensation expenses
|
| | | | 91,987 | | | | | | 183,349 | | | | | | 31,899 | | | | | | 4,372 | | | | | | 33,008 | | | | | | 10,084 | | | | | | 1,383 | | |
Interest expense due to the issuance of Series F Convertible Notes
|
| | | | — | | | | | | — | | | | | | 73,081 | | | | | | 10,017 | | | | | | 70,665 | | | | | | — | | | | | | — | | |
Adjusted net loss
|
| | | | (305,161) | | | | | | (910,763) | | | | | | (626,141) | | | | | | (85,819) | | | | | | (543,917) | | | | | | (315,045) | | | | | | (43,180) | | |
| | |
As of September 30, 2023
|
| |||||||||||||||||||||||||||||||||
| | |
Actual
|
| |
Pro Forma
|
| |
Pro Forma As Adjusted(1)
|
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(in thousands)
|
| |||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
Mezzanine equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Series A convertible redeemable
preferred shares (“Series A Preferred Shares”) (US$0.0000001 par value; 58,480,000 shares authorized, issued and outstanding on an actual basis as of September 30, 2023; nil issued and outstanding on a pro forma or pro forma as adjusted basis) |
| | | | 27,108 | | | | | | 3,715 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Series A+ convertible redeemable preferred shares (“Series A+ Preferred Shares”) (US$0.0000001 par value; 84,480,000 shares authorized, issued and outstanding on an actual basis as of September 30, 2023; nil issued and outstanding on a pro forma or pro forma as adjusted basis)
|
| | | | 41,148 | | | | | | 5,640 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
As of September 30, 2023
|
| |||||||||||||||||||||||||||||||||
| | |
Actual
|
| |
Pro Forma
|
| |
Pro Forma As Adjusted(1)
|
| |||||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
Series B convertible redeemable
preferred shares (“Series B Preferred Shares”) (US$0.0000001 par value; 734,209,000 shares authorized, issued and outstanding on an actual basis as of September 30, 2023; nil issued and outstanding on a pro forma or pro forma as adjusted basis) |
| | | | 396,551 | | | | | | 54,352 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Series B+ convertible redeemable preferred shares (“Series B+ Preferred Shares”) (US$0.0000001 par value; 277,730,000 shares authorized, issued and outstanding on an actual basis as of September 30, 2023; nil issued and outstanding on a pro forma or pro forma as adjusted basis)
|
| | | | 249,047 | | | | | | 34,135 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Series C1 convertible redeemable preferred shares (“Series C1 Preferred Shares”) (US$0.0000001 par value; 604,820,600 shares authorized, issued and outstanding on an actual basis as of September 30, 2023; nil issued and outstanding on a pro forma or pro forma as adjusted basis)
|
| | | | 825,058 | | | | | | 113,084 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Series C2 convertible redeemable preferred shares (“Series C2 Preferred Shares”) (US$0.0000001 par value; 372,859,000 shares authorized, issued and outstanding on an actual basis as of September 30, 2023; nil issued and outstanding on a pro forma or pro forma as adjusted basis)
|
| | | | 481,416 | | | | | | 65,984 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Series D1 convertible redeemable preferred shares (“Series D1 Preferred Shares”) (US$0.0000001 par value; 705,523,600 shares authorized, issued and outstanding on an actual basis as of September 30, 2023; nil issued and outstanding on a pro forma or pro forma as adjusted basis)
|
| | | | 1,333,424 | | | | | | 182,761 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Series D2 convertible redeemable preferred shares (“Series D2 Preferred Shares”) (US$0.0000001 par value; 105,302,000 shares authorized, issued and outstanding on an actual basis as of September 30, 2023; nil issued and outstanding on a pro forma or pro forma as adjusted basis)
|
| | | | 195,935 | | | | | | 26,855 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
As of September 30, 2023
|
| |||||||||||||||||||||||||||||||||
| | |
Actual
|
| |
Pro Forma
|
| |
Pro Forma As Adjusted(1)
|
| |||||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
Series E convertible redeemable
preferred shares (“Series E Preferred Shares”) (US$0.0000001 par value; 803,222,500 shares authorized, issued and outstanding on an actual basis as of September 30, 2023; nil issued and outstanding on a pro forma or pro forma as adjusted basis) |
| | | | 2,424,578 | | | | | | 332,316 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Series F convertible redeemable
preferred shares (“Series F Preferred Shares”) (US$0.0000001 par value; 392,013,413 shares authorized, issued and outstanding on an actual basis as of September 30, 2023; nil issued and outstanding on a pro forma or pro forma as adjusted basis) |
| | | | 1,788,708 | | | | | | 245,163 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Redeemable non-controlling interest
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total mezzanine equity
|
| | | | 7,762,973 | | | | | | 1,064,005 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | |||||||||||||||||||||||||||||||
Shareholders’ Equity/(Deficit): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary shares (US$0.0000001 par
value; 496,253,373,300 shares authorized; 1,218,621,800 shares issued and outstanding on an actual basis as of September 30, 2023; nil issued and outstanding on a pro forma or pro forma as adjusted basis) |
| | | | 1 | | | | | | 0.14 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Class A ordinary shares (US$0.0000001 par value; 480,000,000,000 shares authorized; 4,320,410,964 shares issued and outstanding on a pro forma basis; 4,460,410,964 shares issued and outstanding on a pro forma as adjusted basis)
|
| | | | — | | | | | | — | | | | | | 3 | | | | | | 0.42 | | | | | | 3 | | | | | | 0.43 | | |
Class B ordinary shares (US$0.0000001 par value; 1,500,000,000 shares authorized; 1,161,080,000 shares issued and outstanding on a pro forma basis or pro forma as adjusted basis)
|
| | | | — | | | | | | — | | | | | | 1 | | | | | | 0.14 | | | | | | 1 | | | | | | 0.14 | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | | | | | 7,762,970 | | | | | | 1,064,004 | | | | | | 8,117,903 | | | | | | 1,112,652 | | |
Statutory reserves
|
| | | | 5,278 | | | | | | 723 | | | | | | 5,278 | | | | | | 723 | | | | | | 5,278 | | | | | | 723 | | |
Accumulated other comprehensive
loss |
| | | | (2,297) | | | | | | (315) | | | | | | (2,297) | | | | | | (315) | | | | | | (2,297) | | | | | | (315) | | |
Accumulated deficits
|
| | | | (4,928,329) | | | | | | (675,484) | | | | | | (4,928,329) | | | | | | (675,484) | | | | | | (4,928,329) | | | | | | (675,484) | | |
| | |
As of September 30, 2023
|
| |||||||||||||||||||||||||||||||||
| | |
Actual
|
| |
Pro Forma
|
| |
Pro Forma As Adjusted(1)
|
| |||||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
Total ZKH Group Limited shareholders’ equity/(deficit)
|
| | | | (4,925,347) | | | | | | (675,076) | | | | | | 2,837,626 | | | | | | 388,929 | | | | | | 3,192,559 | | | | | | 437,577 | | |
Non-controlling interests
|
| | | | 3,889 | | | | | | 533 | | | | | | 3,889 | | | | | | 533 | | | | | | 3,889 | | | | | | 533 | | |
Total shareholders’ equity/
(deficit)(2) |
| | |
|
(4,921,458)
|
| | | |
|
(674,543)
|
| | | |
|
2,841,515
|
| | | |
|
389,462
|
| | | |
|
3,196,448
|
| | | |
|
438,110
|
| |
Total capitalization(2)
|
| | | | 2,841,515 | | | | | | 389,462 | | | | | | 2,841,515 | | | | | | 389,462 | | | | | | 3,196,448 | | | | | | 438,110 | | |
| | |
Per Ordinary
Share |
| |
Per ADS
|
|
Initial public offering price
|
| |
US$0.44
|
| |
US$15.50
|
|
Net tangible book value as of September 30, 2023
|
| |
US$(0.56)
|
| |
US$(19.59)
|
|
Pro forma net tangible book value after giving effect to the conversion of our preferred shares on a one-for-one basis (except for 1-to-1.3169 for Series F preferred shares)
|
| |
US$0.07
|
| |
US$2.44
|
|
Pro forma as adjusted net tangible book value after giving effect to the conversion of our preferred shares on a one-for-one basis (except for 1-to-1.3169 for Series F preferred shares) and this offering
|
| |
US$0.08
|
| |
US$2.68
|
|
Amount of dilution in net tangible book value to new investors in this offering
|
| |
US$0.36
|
| |
US$12.82
|
|
| | |
Ordinary Shares
Purchased |
| |
Total Consideration
|
| |
Average Price
Per Ordinary Share |
| |
Average Price
Per ADS |
| |||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| |||||||||||||||
Existing shareholders
|
| | | | 5,481,490,964 | | | | | | 97.5% | | | |
US$833,647,645
|
| | | | 93.1% | | | |
US$0.15
|
| |
US$5.32
|
|
New investors
|
| | | | 140,000,000 | | | | | | 2.5% | | | |
US$62,000,000
|
| | | | 6.9% | | | |
US$0.44
|
| |
US$15.50
|
|
Total
|
| | | | 5,621,490,964 | | | | | | 100.0% | | | |
US$895,647,645
|
| | | | 100.0% | | | | | | | | |
| | |
For the Year Ended December 31,
|
| |
For the Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | |
2021
|
| |
2022
|
| |
2022
|
| |
2023
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Net product revenues
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||
From ZKH platform
|
| | | | 4,067,878 | | | | | | 86.8 | | | | | | 6,549,947 | | | | | | 85.6 | | | | | | 7,277,260 | | | | | | 997,431 | | | | | | 87.5 | | | | | | 5,298,430 | | | | | | 87.5 | | | | | | 5,352,515 | | | | | | 733,623 | | | | | | 85.3 | | |
From GBB platform
|
| | | | 552,059 | | | | | | 11.8 | | | | | | 950,089 | | | | | | 12.4 | | | | | | 809,660 | | | | | | 110,973 | | | | | | 9.7 | | | | | | 599,533 | | | | | | 9.9 | | | | | | 664,102 | | | | | | 91,023 | | | | | | 10.6 | | |
Net service revenues
|
| | | | 40,812 | | | | | | 0.9 | | | | | | 116,692 | | | | | | 1.5 | | | | | | 179,508 | | | | | | 24,604 | | | | | | 2.2 | | | | | | 122,566 | | | | | | 2.0 | | | | | | 208,820 | | | | | | 28,621 | | | | | | 3.3 | | |
Other revenues
|
| | | | 25,619 | | | | | | 0.5 | | | | | | 37,863 | | | | | | 0.5 | | | | | | 48,808 | | | | | | 6,690 | | | | | | 0.6 | | | | | | 34,957 | | | | | | 0.6 | | | | | | 51,777 | | | | | | 7,097 | | | | | | 0.8 | | |
Total | | | | | 4,686,368 | | | | | | 100.0 | | | | | | 7,654,591 | | | | | | 100.0 | | | | | | 8,315,236 | | | | | | 1,139,698 | | | | | | 100.0 | | | | | | 6,055,486 | | | | | | 100.0 | | | | | | 6,277,214 | | | | | | 860,364 | | | | | | 100.0 | | |
| | |
For the Year Ended December 31,
|
| |
For the Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | |
2021
|
| |
2022
|
| |
2022
|
| |
2023
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Under product sales: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
ZKH platform
|
| | | | 3,486,463 | | | | | | 87.0 | | | | | | 5,719,745 | | | | | | 86.5 | | | | | | 6,232,235 | | | | | | 854,199 | | | | | | 89.0 | | | | | | 4,550,723 | | | | | | 89.0 | | | | | | 4,598,221 | | | | | | 630,238 | | | | | | 87.7 | | |
GBB platform
|
| | | | 514,590 | | | | | | 12.8 | | | | | | 889,933 | | | | | | 13.4 | | | | | | 753,904 | | | | | | 103,331 | | | | | | 10.8 | | | | | | 558,529 | | | | | | 10.9 | | | | | | 621,001 | | | | | | 85,116 | | | | | | 11.8 | | |
Under marketplace(1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Others
|
| | | | 5,045 | | | | | | 0.1 | | | | | | 5,158 | | | | | | 0.1 | | | | | | 11,427 | | | | | | 1,566 | | | | | | 0.2 | | | | | | 4,829 | | | | | | 0.1 | | | | | | 22,709 | | | | | | 3,113 | | | | | | 0.4 | | |
Total | | | | | 4,006,098 | | | | | | 100.0 | | | | | | 6,614,836 | | | | | | 100.0 | | | | | | 6,997,566 | | | | | | 959,096 | | | | | | 100.0 | | | | | | 5,114,081 | | | | | | 100.0 | | | | | | 5,241,931 | | | | | | 718,467 | | | | | | 100.0 | | |
| | |
For the Year Ended December 31,
|
| |
For the Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | |
2021
|
| |
2022
|
| |
2022
|
| |
2023
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%(2)
|
| |
RMB
|
| |
%(2)
|
| |
RMB
|
| |
US$
|
| |
%(2)
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit(1): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Under product sales: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
ZKH platform
|
| | | | 581,415 | | | | | | 14.3 | | | | | | 830,202 | | | | | | 12.7 | | | | | | 1,045,025 | | | | | | 143,233 | | | | | | 14.4 | | | | | | 747,707 | | | | | | 14.1 | | | | | | 754,294 | | | | | | 103,385 | | | | | | 14.1 | | |
GBB platform
|
| | | | 37,469 | | | | | | 6.8 | | | | | | 60,156 | | | | | | 6.3 | | | | | | 55,756 | | | | | | 7,642 | | | | | | 6.9 | | | | | | 41,004 | | | | | | 6.8 | | | | | | 43,101 | | | | | | 5,907 | | | | | | 6.5 | | |
Under marketplace
|
| | | | 40,812 | | | | | | 100.0 | | | | | | 116,692 | | | | | | 100.0 | | | | | | 179,508 | | | | | | 24,604 | | | | | | 100.0 | | | | | | 122,566 | | | | | | 100.0 | | | | | | 208,820 | | | | | | 28,621 | | | | | | 100.0 | | |
Others
|
| | | | 20,574 | | | | | | 80.3 | | | | | | 32,705 | | | | | | 86.4 | | | | | | 37,381 | | | | | | 5,123 | | | | | | 76.6 | | | | | | 30,128 | | | | | | 86.2 | | | | | | 29,068 | | | | | | 3,984 | | | | | | 56.1 | | |
Total | | | | | 680,270 | | | | | | 14.5 | | | | | | 1,039,755 | | | | | | 13.6 | | | | | | 1,317,670 | | | | | | 180,602 | | | | | | 15.8 | | | | | | 941,405 | | | | | | 15.5 | | | | | | 1,035,283 | | | | | | 141,897 | | | | | | 16.5 | | |
| | |
For the Year Ended December 31,
|
| |
For the Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | |
2021
|
| |
2022
|
| |
2022
|
| |
2023
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fulfillment
|
| | | | 236,882 | | | | | | 5.1 | | | | | | 444,510 | | | | | | 5.8 | | | | | | 467,384 | | | | | | 64,060 | | | | | | 5.6 | | | | | | 369,153 | | | | | | 6.1 | | | | | | 331,136 | | | | | | 45,386 | | | | | | 5.3 | | |
Sales and marketing
|
| | | | 344,767 | | | | | | 7.4 | | | | | | 689,637 | | | | | | 9.0 | | | | | | 683,206 | | | | | | 93,641 | | | | | | 8.2 | | | | | | 518,457 | | | | | | 8.6 | | | | | | 530,765 | | | | | | 72,747 | | | | | | 8.5 | | |
Research and development
|
| | | | 149,593 | | | | | | 3.2 | | | | | | 256,421 | | | | | | 3.3 | | | | | | 240,534 | | | | | | 32,968 | | | | | | 2.9 | | | | | | 181,017 | | | | | | 3.0 | | | | | | 138,074 | | | | | | 18,925 | | | | | | 2.2 | | |
General and administrative
|
| | | | 348,839 | | | | | | 7.4 | | | | | | 759,627 | | | | | | 9.9 | | | | | | 612,252 | | | | | | 83,916 | | | | | | 7.4 | | | | | | 469,406 | | | | | | 7.8 | | | | | | 427,253 | | | | | | 58,560 | | | | | | 6.8 | | |
Total | | | | | 1,080,081 | | | | | | 23.0 | | | | | | 2,150,195 | | | | | | 28.1 | | | | | | 2,003,376 | | | | | | 274,585 | | | | | | 24.1 | | | | | | 1,538,033 | | | | | | 25.4 | | | | | | 1,427,228 | | | | | | 195,618 | | | | | | 22.7 | | |
| | |
For the Year Ended December 31,
|
| |
For the Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | |
2021
|
| |
2022
|
| |
2022
|
| |
2023
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||
Net product revenues
|
| | | | 4,619,937 | | | | | | 98.6 | | | | | | 7,500,036 | | | | | | 98.0 | | | | | | 8,086,920 | | | | | | 1,108,404 | | | | | | 97.2 | | | | | | 5,897,963 | | | | | | 97.4 | | | | | | 6,016,617 | | | | | | 824,646 | | | | | | 95.8 | | |
Net service revenues
|
| | | | 40,812 | | | | | | 0.9 | | | | | | 116,692 | | | | | | 1.5 | | | | | | 179,508 | | | | | | 24,604 | | | | | | 2.2 | | | | | | 122,566 | | | | | | 2.0 | | | | | | 208,820 | | | | | | 28,621 | | | | | | 3.3 | | |
Other revenues
|
| | | | 25,619 | | | | | | 0.5 | | | | | | 37,863 | | | | | | 0.5 | | | | | | 48,808 | | | | | | 6,690 | | | | | | 0.6 | | | | | | 34,957 | | | | | | 0.6 | | | | | | 51,777 | | | | | | 7,097 | | | | | | 0.8 | | |
Total net revenues
|
| | | | 4,686,368 | | | | | | 100.0 | | | | | | 7,654,591 | | | | | | 100.0 | | | | | | 8,315,236 | | | | | | 1,139,698 | | | | | | 100.0 | | | | | | 6,055,486 | | | | | | 100.0 | | | | | | 6,277,214 | | | | | | 860,364 | | | | | | 100.0 | | |
Cost of revenues
|
| | | | (4,006,098) | | | | | | (85.5) | | | | | | (6,614,836) | | | | | | (86.4) | | | | | | (6,997,566) | | | | | | (959,096) | | | | | | (84.2) | | | | | | (5,114,081) | | | | | | (84.5) | | | | | | (5,241,931) | | | | | | (718,467) | | | | | | (83.5) | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||
Fulfillment(1)
|
| | | | (236,882) | | | | | | (5.1) | | | | | | (444,510) | | | | | | (5.8) | | | | | | (467,384) | | | | | | (64,060) | | | | | | (5.6) | | | | | | (369,153) | | | | | | (6.1) | | | | | | (331,136) | | | | | | (45,386) | | | | | | (5.3) | | |
Sales and marketing(1)
|
| | | | (344,767) | | | | | | (7.4) | | | | | | (689,637) | | | | | | (9.0) | | | | | | (683,206) | | | | | | (93,641) | | | | | | (8.2) | | | | | | (518,457) | | | | | | (8.6) | | | | | | (530,765) | | | | | | (72,747) | | | | | | (8.5) | | |
Research and development(1)
|
| | | | (149,593) | | | | | | (3.2) | | | | | | (256,421) | | | | | | (3.3) | | | | | | (240,534) | | | | | | (32,968) | | | | | | (2.9) | | | | | | (181,017) | | | | | | (3.0) | | | | | | (138,074) | | | | | | (18,925) | | | | | | (2.2) | | |
General and administrative(1)
|
| | | | (348,839) | | | | | | (7.4) | | | | | | (759,627) | | | | | | (9.9) | | | | | | (612,252) | | | | | | (83,916) | | | | | | (7.4) | | | | | | (469,406) | | | | | | (7.8) | | | | | | (427,253) | | | | | | (58,560) | | | | | | (6.8) | | |
Loss from operations
|
| | | | (399,811) | | | | | | (8.5) | | | | | | (1,110,440) | | | | | | (14.5) | | | | | | (685,706) | | | | | | (93,983) | | | | | | (8.2) | | | | | | (596,628) | | | | | | (9.9) | | | | | | (391,945) | | | | | | (53,721) | | | | | | (6.2) | | |
Interest and investment income
|
| | | | 6,137 | | | | | | 0.1 | | | | | | 28,277 | | | | | | 0.4 | | | | | | 14,559 | | | | | | 1,995 | | | | | | 0.2 | | | | | | 6,624 | | | | | | 0.1 | | | | | | 43,285 | | | | | | 5,933 | | | | | | 0.7 | | |
Interest expense
|
| | | | (4,057) | | | | | | (0.1) | | | | | | (10,593) | | | | | | (0.1) | | | | | | (94,182) | | | | | | (12,909) | | | | | | (1.1) | | | | | | (86,592) | | | | | | (1.4) | | | | | | (12,787) | | | | | | (1,753) | | | | | | (0.2) | | |
Others, net
|
| | | | 2,497 | | | | | | 0.1 | | | | | | (1,156) | | | | | | (0.0) | | | | | | 33,737 | | | | | | 4,624 | | | | | | 0.4 | | | | | | 28,371 | | | | | | 0.5 | | | | | | 36,573 | | | | | | 5,013 | | | | | | 0.6 | | |
Loss before tax
|
| | | | (395,234) | | | | | | (8.4) | | | | | | (1,093,912) | | | | | | (14.3) | | | | | | (731,592) | | | | | | (100,273) | | | | | | (8.8) | | | | | | (648,225) | | | | | | (10.7) | | | | | | (324,874) | | | | | | (44,528) | | | | | | (5.2) | | |
Income tax (expenses)/benefits
|
| | | | (1,914) | | | | | | (0.0) | | | | | | (200) | | | | | | (0.0) | | | | | | 471 | | | | | | 65 | | | | | | 0.0 | | | | | | 635 | | | | | | 0.0 | | | | | | (255) | | | | | | (35) | | | | | | (0.0) | | |
Net loss
|
| | | | (397,148) | | | | | | (8.5) | | | | | | (1,094,112) | | | | | | (14.3) | | | | | | (731,121) | | | | | | (100,208) | | | | | | (8.8) | | | | | | (647,590) | | | | | | (10.7) | | | | | | (325,129) | | | | | | (44,563) | | | | | | (5.2) | | |
Net loss attributable to ZKH
Group Limited |
| | | | (401,731) | | | | | | (8.6) | | | | | | (1,122,484) | | | | | | (14.7) | | | | | | (735,681) | | | | | | (100,833) | | | | | | (8.8) | | | | | | (649,014) | | | | | | (10.7) | | | | | | (324,587) | | | | | | (44,489) | | | | | | (5.2) | | |
Net loss attributable to ZKH
Group Limited’s ordinary shareholders |
| | | | (586,191) | | | | | | (12.5) | | | | | | (1,452,221) | | | | | | (19.0) | | | | | | (1,244,962) | | | | | | (170,636) | | | | | | (15.0) | | | | | | (1,085,014) | | | | | | (17.9) | | | | | | (904,787) | | | | | | (124,012) | | | | | | (14.4) | | |
| | |
For the Year Ended December 31,
|
| |
For the Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | | | |
2021
|
| |
2022
|
| |
2022
|
| |
2023
|
| ||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |
%
|
| |||||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Fulfillment
|
| | | | 5,442 | | | | | | 2,154 | | | | | | 585 | | | | | | 80 | | | | | | 1.8 | | | | | | 234 | | | | | | 59 | | | | | | 8 | | | | | | 0.6 | | |
Sales and marketing
|
| | | | 20,685 | | | | | | 8,204 | | | | | | 5,935 | | | | | | 813 | | | | | | 18.6 | | | | | | 1,985 | | | | | | 2,733 | | | | | | 375 | | | | | | 27.1 | | |
Research and development
|
| | | | 19,709 | | | | | | 10,134 | | | | | | 3,883 | | | | | | 532 | | | | | | 12.2 | | | | | | 2,335 | | | | | | 1,873 | | | | | | 257 | | | | | | 18.6 | | |
General and administrative
|
| | | | 46,151 | | | | | | 162,857 | | | | | | 21,496 | | | | | | 2,947 | | | | | | 67.4 | | | | | | 28,454 | | | | | | 5,419 | | | | | | 743 | | | | | | 53.7 | | |
Total | | | | | 91,987 | | | | | | 183,349 | | | | | | 31,899 | | | | | | 4,372 | | | | | | 100.0 | | | | | | 33,008 | | | | | | 10,084 | | | | | | 1,383 | | | | | | 100.0 | | |
| | |
For the Three Months Ended
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net product revenues
|
| | | | 1,348,253 | | | | | | 1,795,459 | | | | | | 2,141,247 | | | | | | 2,215,077 | | | | | | 1,690,778 | | | | | | 1,937,506 | | | | | | 2,269,679 | | | | | | 2,188,957 | | | | | | 1,866,659 | | | | | | 1,986,555 | | | | | | 2,163,403 | | |
Net service revenues
|
| | | | 19,247 | | | | | | 28,883 | | | | | | 35,219 | | | | | | 33,343 | | | | | | 32,518 | | | | | | 39,675 | | | | | | 50,373 | | | | | | 56,942 | | | | | | 59,068 | | | | | | 69,865 | | | | | | 79,887 | | |
Other revenues
|
| | | | 9,972 | | | | | | 10,504 | | | | | | 11,656 | | | | | | 5,731 | | | | | | 10,647 | | | | | | 11,078 | | | | | | 13,232 | | | | | | 13,851 | | | | | | 13,033 | | | | | | 17,033 | | | | | | 21,711 | | |
Total net revenues
|
| | | | 1,377,472 | | | | | | 1,834,846 | | | | | | 2,188,122 | | | | | | 2,254,151 | | | | | | 1,733,943 | | | | | | 1,988,259 | | | | | | 2,333,284 | | | | | | 2,259,750 | | | | | | 1,938,760 | | | | | | 2,073,453 | | | | | | 2,265,001 | | |
Cost of revenues
|
| | | | (1,177,141) | | | | | | (1,586,359) | | | | | | (1,899,842) | | | | | | (1,951,494) | | | | | | (1,471,278) | | | | | | (1,670,073) | | | | | | (1,972,730) | | | | | | (1,883,485) | | | | | | (1,607,962) | | | | | | (1,738,382) | | | | | | (1,895,587) | | |
Fulfillment
|
| | | | (78,375) | | | | | | (100,417) | | | | | | (130,045) | | | | | | (135,673) | | | | | | (120,439) | | | | | | (117,973) | | | | | | (130,741) | | | | | | (98,231) | | | | | | (110,908) | | | | | | (106,674) | | | | | | (113,554) | | |
Sales and
marketing |
| | | | (111,154) | | | | | | (169,066) | | | | | | (211,530) | | | | | | (197,887) | | | | | | (181,976) | | | | | | (161,359) | | | | | | (175,122) | | | | | | (164,749) | | | | | | (179,876) | | | | | | (168,620) | | | | | | (182,269) | | |
Research and development
|
| | | | (51,674) | | | | | | (60,185) | | | | | | (71,947) | | | | | | (72,615) | | | | | | (64,298) | | | | | | (60,829) | | | | | | (55,890) | | | | | | (59,517) | | | | | | (47,741) | | | | | | (45,977) | | | | | | (44,356) | | |
| | |
For the Three Months Ended
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative
|
| | | | (109,660) | | | | | | (159,646) | | | | | | (167,802) | | | | | | (322,519) | | | | | | (147,899) | | | | | | (145,829) | | | | | | (175,678) | | | | | | (142,846) | | | | | | (139,691) | | | | | | (136,893) | | | | | | (150,669) | | |
Loss from operations
|
| | | | (150,532) | | | | | | (240,827) | | | | | | (293,044) | | | | | | (426,037) | | | | | | (251,947) | | | | | | (167,804) | | | | | | (176,877) | | | | | | (89,078) | | | | | | (147,418) | | | | | | (123,093) | | | | | | (121,434) | | |
Interest and investment (loss)/income
|
| | | | (1,184) | | | | | | 19,734 | | | | | | 4,846 | | | | | | 4,881 | | | | | | 2,808 | | | | | | 1,484 | | | | | | 2,332 | | | | | | 7,935 | | | | | | 11,811 | | | | | | 17,606 | | | | | | 13,868 | | |
Interest expense
|
| | | | (554) | | | | | | (307) | | | | | | (7,124) | | | | | | (2,608) | | | | | | (14,599) | | | | | | (35,261) | | | | | | (36,732) | | | | | | (7,590) | | | | | | (3,093) | | | | | | (4,507) | | | | | | (5,187) | | |
Others, net
|
| | | | 6,147 | | | | | | (5,129) | | | | | | 4,366 | | | | | | (6,540) | | | | | | 12,664 | | | | | | 8,688 | | | | | | 7,019 | | | | | | 5,366 | | | | | | 40,969 | | | | | | (19,537) | | | | | | 15,141 | | |
Loss before income
tax |
| | | | (146,123) | | | | | | (226,529) | | | | | | (290,956) | | | | | | (430,304) | | | | | | (251,074) | | | | | | (192,893) | | | | | | (204,258) | | | | | | (83,367) | | | | | | (97,731) | | | | | | (129,531) | | | | | | (97,612) | | |
Income tax (expenses)/benefits
|
| | | | (1,392) | | | | | | (321) | | | | | | 1,615 | | | | | | (102) | | | | | | — | | | | | | 665 | | | | | | (30) | | | | | | (164) | | | | | | (132) | | | | | | (49) | | | | | | (74) | | |
Net loss
|
| | | | (147,515) | | | | | | (226,850) | | | | | | (289,341) | | | | | | (430,406) | | | | | | (251,074) | | | | | | (192,228) | | | | | | (204,288) | | | | | | (83,531) | | | | | | (97,863) | | | | | | (129,580) | | | | | | (97,686) | | |
Less: net income/
(loss) attributable to non-controlling interests |
| | | | 159 | | | | | | 3 | | | | | | (47) | | | | | | (3) | | | | | | 44 | | | | | | 311 | | | | | | (57) | | | | | | 35 | | | | | | 271 | | | | | | (33) | | | | | | (587) | | |
Less: net income/
(loss) attributable to redeemable non-controlling interests |
| | | | 16,702 | | | | | | 147 | | | | | | (519) | | | | | | 11,930 | | | | | | (116) | | | | | | 76 | | | | | | 1,166 | | | | | | 3,101 | | | | | | (186) | | | | | | (7) | | | | | | — | | |
Net loss attributable
to ZKH Group Limited |
| | | | (164,376) | | | | | | (227,000) | | | | | | (288,775) | | | | | | (442,333) | | | | | | (251,002) | | | | | | (192,615) | | | | | | (205,397) | | | | | | (86,667) | | | | | | (97,948) | | | | | | (129,540) | | | | | | (97,099) | | |
Accretion on
preferred shares to redemption value |
| | | | (79,125) | | | | | | (81,437) | | | | | | (83,824) | | | | | | (85,351) | | | | | | (85,001) | | | | | | (87,490) | | | | | | (263,509) | | | | | | (73,281) | | | | | | (56,378) | | | | | | (419,425) | | | | | | (104,397) | | |
Net loss attributable
to ZKH Group Limited’s ordinary shareholders |
| | | | (243,501) | | | | | | (308,437) | | | | | | (372,599) | | | | | | (527,684) | | | | | | (336,003) | | | | | | (280,105) | | | | | | (468,906) | | | | | | (159,948) | | | | | | (154,326) | | | | | | (548,965) | | | | | | (201,496) | | |
|
| | |
For the Three Months Ended
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss
|
| | | | (147,515) | | | | | | (226,850) | | | | | | (289,341) | | | | | | (430,406) | | | | | | (251,074) | | | | | | (192,228) | | | | | | (204,288) | | | | | | (83,531) | | | | | | (97,863) | | | | | | (129,580) | | | | | | (97,686) | | |
Add: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share-based compensation expenses
|
| | | | 19,197 | | | | | | 13,312 | | | | | | 9,824 | | | | | | 141,016 | | | | | | (1,505) | | | | | | 1,164 | | | | | | 33,349 | | | | | | (1,109) | | | | | | 10,990 | | | | | | 82 | | | | | | (988) | | |
Interest expense due to the issuance of Series F Convertible Notes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,388 | | | | | | 29,777 | | | | | | 31,500 | | | | | | 2,416 | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted net loss
|
| | | | (128,318) | | | | | | (213,538) | | | | | | (279,517) | | | | | | (289,390) | | | | | | (243,191) | | | | | | (161,287) | | | | | | (139,439) | | | | | | (82,224) | | | | | | (86,873) | | | | | | (129,498) | | | | | | (98,674) | | |
| | |
For the Year Ended December 31,
|
| |
For the Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||||||||
| | | | |
2021
|
| |
2022
|
| |
2022
|
| |
2023
|
| ||||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Net loss
|
| | | | (397,148) | | | | | | (1,094,112) | | | | | | (731,121) | | | | | | (100,208) | | | | | | (647,590) | | | | | | (325,129) | | | | | | (44,563) | | |
Add: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share-based compensation
expenses |
| | | | 91,987 | | | | | | 183,349 | | | | | | 31,899 | | | | | | 4,372 | | | | | | 33,008 | | | | | | 10,084 | | | | | | 1,383 | | |
Interest expense due to the issuance of
Series F Convertible Notes |
| | | | — | | | | | | — | | | | | | 73,081 | | | | | | 10,017 | | | | | | 70,665 | | | | | | — | | | | | | — | | |
Adjusted net loss
|
| | | | (305,161) | | | | | | (910,763) | | | | | | (626,141) | | | | | | (85,819) | | | | | | (543,917) | | | | | | (315,045) | | | | | | (43,180) | | |
| | |
For the Year Ended December 31,
|
| |
For the Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||||||||
| | | | |
2021
|
| |
2022
|
| |
2022
|
| |
2023
|
| ||||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Net cash provided
by/(used in) operating activities |
| | | | 31,801 | | | | | | (1,382,752) | | | | | | (504,203) | | | | | | (69,105) | | | | | | (536,038) | | | | | | (508,694) | | | | | | (69,724) | | |
Net cash used in investing activities
|
| | | | (57,905) | | | | | | (94,395) | | | | | | (37,040) | | | | | | (5,077) | | | | | | (33,472) | | | | | | (637,870) | | | | | | (87,427) | | |
Net cash provided by financing activities
|
| | | | 1,826,445 | | | | | | 174,631 | | | | | | 1,302,710 | | | | | | 178,551 | | | | | | 1,537,099 | | | | | | 161,172 | | | | | | 22,091 | | |
Effect of exchange rate
changes on cash, cash equivalents, and restricted cash |
| | | | (7,412) | | | | | | (8,695) | | | | | | 117,469 | | | | | | 16,100 | | | | | | 155,088 | | | | | | 26,563 | | | | | | 3,641 | | |
Increase/(Decrease) in cash, cash equivalents, and restricted cash
|
| | | | 1,792,929 | | | | | | (1,311,211) | | | | | | 878,936 | | | | | | 120,469 | | | | | | 1,122,677 | | | | | | (958,829) | | | | | | (131,419) | | |
Cash, cash equivalents,
and restricted cash at beginning of year/ period |
| | | | 645,202 | | | | | | 2,438,131 | | | | | | 1,126,920 | | | | | | 154,457 | | | | | | 1,126,920 | | | | | | 2,005,856 | | | | | | 274,926 | | |
Cash, cash equivalents,
and restricted cash at end of year/period |
| | | | 2,438,131 | | | | | | 1,126,920 | | | | | | 2,005,856 | | | | | | 274,926 | | | | | | 2,249,597 | | | | | | 1,047,027 | | | | | | 143,507 | | |
| | |
For the Year ended
December 31, 2020 |
| |
For the Year Ended
December 31, 2021 |
| |
For the Year Ended
December 31, 2022 |
| |
For the Nine Months Ended
September 30, 2023 |
|
Exercise price
|
| |
RMB0.00 – 0.51 (US$0.00 – 0.08)
|
| |
RMB0.70 (US$0.11)
|
| |
RMB0.00 – 1.80 (US$0.00 – 0.26)
|
| |
RMB0.00 – 1.80 (US$0.00 – 0.27)
|
|
Fair value of the ordinary shares on the date of option grant
|
| |
RMB0.89 – 1.09 (US$0.13 – 0.17)
|
| |
RMB1.31 (US$0.20)
|
| |
RMB1.35 – 1.40 (US$0.19 – 0.21)
|
| |
RMB2.04 – 2.33 (US$0.30 – 0.32)
|
|
Risk-free interest rate
|
| |
2.68% – 3.27%
|
| |
3.09%
|
| |
2.70% – 2.88%
|
| |
2.64% – 3.84%
|
|
Expected term (in years)
|
| |
10.00
|
| |
10.00
|
| |
10.00
|
| |
10.00
|
|
Expected forfeiture rate (post-vesting)
|
| |
16%
|
| |
16%
|
| |
16%
|
| |
16%
|
|
Exercise multiples
|
| |
2.8
|
| |
2.8
|
| |
2.8
|
| |
2.8
|
|
Expected dividend yield
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
|
Expected volatility
|
| |
26.00% – 32.00%
|
| |
32.00%
|
| |
29.77% – 30.16%
|
| |
30.09% – 30.41%
|
|
Date
|
| |
Fair Value per Ordinary
share |
| |
Valuation Approach-Guideline transaction
method |
| |
DLOM
|
| |
Discount
Rate |
| ||||||
| |
RMB0.42 (US$0.07)
|
| |
Market Approach-Guideline transaction method
|
| | | | N/A | | | | | | N/A | | | |
| |
RMB0.50 (US$0.08)
|
| |
Market Approach-Guideline transaction method
|
| | | | N/A | | | | | | N/A | | | |
| |
RMB0.51 (US$0.08)
|
| |
Market Approach-Guideline transaction method
|
| | | | N/A | | | | | | N/A | | | |
| |
RMB0.89 (US$0.14)
|
| |
Market Approach-Guideline transaction method
|
| | | | N/A | | | | | | N/A | | | |
| |
RMB1.09 (US$0.17)
|
| |
Market Approach-Guideline transaction method
|
| | | | N/A | | | | | | N/A | | | |
| |
RMB1.31 (US$0.20)
|
| | Income Approach — DCF | | | | | 19% | | | | | | 14.5% | | | |
| |
RMB1.35 (US$0.21)
|
| | Income Approach — DCF | | | | | 21% | | | | | | 14.5% | | | |
| |
RMB1.40 (US$0.21)
|
| | Income Approach — DCF | | | | | 12% | | | | | | 16.4% | | | |
| |
RMB2.04 (US$0.30)
|
| | Income Approach — DCF | | | | | 8% | | | | | | 17.5% | | | |
| |
RMB2.33 (US$0.32)
|
| | Income Approach — DCF | | | | | 7% | | | | | | 16.1% | | |
| | Case study: EVM smart vending machines | | |
| |
One of our customers operates in the electrical appliance manufacturing industry, who regularly purchases and stores a large quantity of fasteners and electronic components of massive SKUs. Before they used our service, their procurement records were complicated, inventory level and material loss were high, and the internal procurement approval procedure was long.
|
| |
| |
We offered our EVM smart vending machines as an inventory solution. We placed EVM smart vending machines to hold fasteners and electronic components in this customer’s factories, which are equipped with a smart sensor to measure the exact quantity on hand in real time and a smart terminal to report inventory level. We placed helix and locker types of EVM smart vending machines to hold office supplies.
|
| |
| |
With our solution, our customer has been able to obtain and monitor an accurate record of MRO consumption and inventory level, which has helped it to significantly lower its inventory level. In addition, this customer now enjoys speedy and convenient MRO procurement and fulfillment experience.
|
| |
| |
|
| |
Function
|
| |
As of
December 31, 2022 |
| |
As of
September 30, 2023 |
| ||||||
Warehousing and logistics
|
| | | | 837 | | | | | | 708 | | |
Research and development
|
| | | | 290 | | | | | | 220 | | |
Sales
|
| | | | 1,260 | | | | | | 1,254 | | |
Customer services
|
| | | | 343 | | | | | | 326 | | |
Product
|
| | | | 868 | | | | | | 735 | | |
General and administrative
|
| | | | 358 | | | | | | 310 | | |
TOTAL | | | | | 3,956 | | | | | | 3,553 | | |
Directors and Executive
Officers |
| |
Age
|
| |
Position/Title
|
|
Long Chen | | |
55
|
| | Chairman of the Board of Directors and Chief Executive Officer | |
Junyu Li | | |
43
|
| | Director and Vice President | |
Shuangyi Chen | | |
48
|
| | Director and Vice President | |
Changxiang Yang | | |
39
|
| | Director and Vice President | |
Xiaoyi Wu | | |
32
|
| | Director | |
Cindy Xiaofan Wang | | |
48
|
| | Independent Director | |
He Xu | | |
46
|
| | Independent Director | |
Fengyi Bie | | |
45
|
| | Vice President | |
Chun Chiu Lai | | |
36
|
| | Chief Financial Officer | |
Yang Liu | | |
42
|
| | Chief Technology Officer | |
Name
|
| |
Ordinary Shares
Underlying Outstanding Options Granted |
| |
Exercise Price
(US$/Share) |
| |
Date of Grant
|
| |
Date of
Expiration |
|
Long Chen
|
| |
*
|
| |
par value
|
| | | | | ||
Junyu Li
|
| |
*
|
| |
par value
|
| | | | | ||
| | |
*
|
| |
par value
|
| | | | | ||
Shuangyi Chen
|
| |
*
|
| |
par value
|
| | | | | ||
| | |
*
|
| |
par value
|
| | | | | ||
Changxiang Yang
|
| |
*
|
| |
par value
|
| | | | | ||
| | |
*
|
| |
par value
|
| | | | | ||
| | |
*
|
| |
0.2609
|
| | | | | ||
Fengyi Bie
|
| |
*
|
| |
par value
|
| | | | | ||
| | |
*
|
| |
par value
|
| | | | | ||
| | |
*
|
| |
0.2609
|
| | | | | ||
Chun Chiu Lai
|
| |
*
|
| |
0.1015
|
| | | | | ||
| | |
*
|
| |
0.1015
|
| | | | | ||
Yang Liu
|
| |
*
|
| |
0.2609
|
| | | | | ||
| | |
*
|
| |
0.2609
|
| | | | | ||
Total | | |
88,594,718
|
| | | | | | | | | |
| | |
Ordinary Shares
Beneficially Owned Prior to This Offering |
| |
Ordinary Shares Beneficially Owned After This Offering
|
| |||||||||||||||
| | |
Number
|
| |
%
|
| |
Class A
Ordinary Shares |
| |
Class B
Ordinary Shares |
| |
Total Ordinary
Shares on an As-Converted Basis |
| |
% of Beneficial
Ownership† |
| |
% of Aggregate
Voting Power†† |
|
Directors and Executive Officers**:
|
| | | | | | | | | | | | | | | | | | | | | |
Long Chen(1)
|
| |
890,677,378
|
| |
16.2
|
| |
—
|
| |
890,677,378
|
| |
890,677,378
|
| |
15.8
|
| |
66.5
|
|
Junyu Li(2)
|
| |
50,000,000
|
| |
0.9
|
| |
—
|
| |
50,000,000
|
| |
50,000,000
|
| |
0.9
|
| |
3.7
|
|
Shuangyi Chen
|
| |
*
|
| |
*
|
| |
—
|
| |
*
|
| |
*
|
| |
*
|
| |
1.5
|
|
Changxiang Yang
|
| |
*
|
| |
*
|
| |
—
|
| |
*
|
| |
*
|
| |
*
|
| |
*
|
|
Xiaoyi Wu(3)
|
| |
57,541,800
|
| |
1.0
|
| |
57,541,800
|
| |
—
|
| |
57,541,800
|
| |
1.0
|
| |
0.2
|
|
Cindy Xiaofan Wang
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
|
He Xu
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
|
Fengyi Bie
|
| |
*
|
| |
*
|
| |
—
|
| |
*
|
| |
*
|
| |
*
|
| |
*
|
|
Chun Chiu Lai
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
|
Yang Liu
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
|
All Directors and Executive Officers as a Group
|
| |
1,026,536,258
|
| |
18.7
|
| |
57,541,800
|
| |
968,994,458
|
| |
1,026,536,258
|
| |
18.3
|
| |
72.5
|
|
Principal Shareholders: | | | | | | | | | | | | | | | | | | | | | | |
Phoenix ZKH Limited(1)
|
| |
890,677,378
|
| |
16.2
|
| |
—
|
| |
890,677,378
|
| |
890,677,378
|
| |
15.8
|
| |
66.5
|
|
Eastern Bell related entities and an affiliate(4)
|
| |
818,170,300
|
| |
14.9
|
| |
818,170,300
|
| |
—
|
| |
818,170,300
|
| |
14.6
|
| |
2.4
|
|
Genesis Capital related entities(5)
|
| |
561,240,600
|
| |
10.2
|
| |
561,240,600
|
| |
—
|
| |
561,240,600
|
| |
10.0
|
| |
1.7
|
|
Tencent Mobility Limited(6)
|
| |
515,575,143
|
| |
9.4
|
| |
526,845,143
|
| |
—
|
| |
526,845,143
|
| |
9.4
|
| |
1.6
|
|
Canada Pension Plan Investment Board(7)
|
| |
349,073,061
|
| |
6.4
|
| |
371,648,061
|
| |
—
|
| |
371,648,061
|
| |
6.6
|
| |
1.1
|
|
Internet Fund IV PTE.
LTD.(8) |
| |
290,178,469
|
| |
5.3
|
| |
290,178,469
|
| |
—
|
| |
290,178,469
|
| |
5.2
|
| |
0.9
|
|
|
Service
|
| |
Fees
|
|
|
•
Issuance of ADSs (e.g., an issuance of ADS upon a deposit of Class A ordinary shares, upon a change in the ADS(s)-to-Class A ordinary share ratio, or for any other reason), excluding ADS issuances as a result of distributions of Class A ordinary shares)
|
| | Up to U.S. 5¢ per ADS issued | |
|
•
Cancellation of ADSs (e.g., a cancellation of ADSs for delivery of deposited property, upon a change in the ADS(s)-to-Class A ordinary share ratio, or for any other reason)
|
| | Up to U.S. 5¢ per ADS cancelled | |
|
•
Distribution of cash dividends or other cash distributions (e.g., upon a sale of rights and other entitlements)
|
| | Up to U.S. 5¢ per ADS held | |
|
•
Distribution of ADSs pursuant to (i) stock dividends or other free stock distributions, or (ii) exercise of rights to purchase additional ADSs
|
| | Up to U.S. 5¢ per ADS held | |
|
•
Distribution of securities other than ADSs or rights to purchase additional ADSs (e.g., upon a spin-off)
|
| | Up to U.S. 5¢ per ADS held | |
|
•
ADS Services
|
| | Up to U.S. 5¢ per ADS held on the applicable record date(s) established by the depositary bank | |
|
•
Registration of ADS transfers (e.g., upon a registration of the transfer of registered ownership of ADSs, upon a transfer of ADSs into DTC and vice versa, or for any other reason)
|
| | Up to U.S. 5¢ per ADS (or fraction thereof) transferred | |
|
•
Conversion of ADSs of one series for ADSs of another series (e.g., upon conversion of Partial Entitlement ADSs for Full Entitlement ADSs, or upon conversion of Restricted ADSs (each as defined in the Deposit Agreement) into freely transferable ADSs, and vice versa).
|
| | Up to U.S. 5¢ per ADS (or fraction thereof) converted | |
Underwriter
|
| |
Number of ADSs
|
| |||
Deutsche Bank AG, Hong Kong Branch
|
| | | | 2,304,000 | | |
China Renaissance Securities (Hong Kong) Limited
|
| | | | 768,000 | | |
China International Capital Corporation Hong Kong Securities Limited
|
| | | | 768,000 | | |
I-Bankers Securities, Inc.
|
| | | | 160,000 | | |
Total | | | | | 4,000,000 | | |
| | | | | |
Total
|
| |||
| | |
Per
ADSs |
| |
No
Exercise |
| |
Full
Exercise |
|
Public offering price
|
| |
US$15.50
|
| |
US$62,000,000
|
| |
US$71,300,000
|
|
Underwriting discounts and commissions to be paid by us:
|
| |
US$1.085
|
| |
US$4,340,000
|
| |
US$4,991,000
|
|
Proceeds, before expenses, to us
|
| |
US$14.415
|
| |
US$57,660,000
|
| |
US$66,309,000
|
|
|
SEC Registration Fee
|
| | US$10,524 | |
|
FINRA Filing Fee
|
| | US$11,195 | |
|
Stock Exchange Market Entry and Listing Fee
|
| | US$295,000 | |
|
Printing and Engraving Expenses
|
| | US$308,388 | |
|
Legal Fees and Expenses
|
| | US$6,238,530 | |
|
Accounting Fees and Expenses
|
| | US$1,452,343 | |
|
Miscellaneous
|
| | US$696,363 | |
| Total | | | US$9,012,343 | |
| | |
Page
|
| |||
Consolidated Financial Statements | | | | | | | |
| | | | F-2 - F-2 | | | |
| | | | F-3 - F-5 | | | |
| | | | F-6 - F-7 | | | |
| | | | F-8 | | | |
| | | | F-9 - F-10 | | | |
| | | | F-11 - F-50 | | |
| | |
Page
|
| |||
Unaudited Interim Condensed Consolidated Financial Statements | | | | | | | |
| | | | F-51 - F-53 | | | |
| | | | F-54 - F-55 | | | |
| | | | F-56 | | | |
| | | | F-57 - F-58 | | | |
| | | | F-59 - F-73 | | |
| | |
As of December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 537,998 | | | | | | 1,954,246 | | |
Restricted cash
|
| | | | 588,922 | | | | | | 51,610 | | |
Accounts receivable, net
|
| | | | 2,762,003 | | | | | | 3,067,064 | | |
Notes receivable
|
| | | | 396,461 | | | | | | 310,708 | | |
Inventories
|
| | | | 762,938 | | | | | | 655,997 | | |
Prepayments and other current assets
|
| | | | 230,079 | | | | | | 243,630 | | |
Total current assets
|
| | | | 5,278,401 | | | | | | 6,283,255 | | |
Non-current assets: | | | | | | | | | | | | | |
Property and equipment, net
|
| | | | 208,568 | | | | | | 166,740 | | |
Land use rights, net
|
| | | | — | | | | | | 10,930 | | |
Operating lease right-of-use assets, net
|
| | | | 401,175 | | | | | | 297,937 | | |
Intangible assets, net
|
| | | | 21,306 | | | | | | 24,051 | | |
Goodwill
|
| | | | 30,807 | | | | | | 30,807 | | |
Total non-current assets
|
| | | | 661,856 | | | | | | 530,465 | | |
Total assets
|
| | | | 5,940,257 | | | | | | 6,813,720 | | |
Liabilities | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Short-term borrowings
|
| | | | 264,170 | | | | | | 250,000 | | |
Accounts and notes payable
|
| | | | 2,446,322 | | | | | | 2,566,136 | | |
Operating lease liabilities
|
| | | | 130,370 | | | | | | 95,775 | | |
Advance from customers
|
| | | | 30,112 | | | | | | 31,131 | | |
Accrued expenses and other current liabilities
|
| | | | 519,152 | | | | | | 539,191 | | |
Total current liabilities
|
| | | | 3,390,126 | | | | | | 3,482,233 | | |
Non-current liabilities: | | | | | | | | | | | | | |
Non-current operating lease liabilities
|
| | | | 271,952 | | | | | | 214,427 | | |
Other non-current liabilities
|
| | | | 1,218 | | | | | | 782 | | |
Total non-current liabilities
|
| | | | 273,170 | | | | | | 215,209 | | |
Total liabilities
|
| | | | 3,663,296 | | | | | | 3,697,442 | | |
Commitments and contingencies (Note 22) | | | | | | | | | | | | | |
| | |
As of December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Mezzanine equity: | | | | | | | | | | | | | |
Series A convertible redeemable preferred shares (“Series A Preferred Shares”) (US$0.0000001 par value; 58,480,000 shares authorized, issued and outstanding as of December 31, 2021 and 2022, respectively)
|
| | | | 26,703 | | | | | | 26,934 | | |
Series A+ convertible redeemable preferred shares (“Series A+ Preferred Shares”) (US$0.0000001 par value; 84,480,000 shares authorized, issued and outstanding as of December 31, 2021 and 2022, respectively)
|
| | | | 39,901 | | | | | | 40,608 | | |
Series B convertible redeemable preferred shares (“Series B Preferred Shares”) (US$0.0000001 par value; 734,209,000 shares authorized, issued and outstanding as of December 31, 2021 and 2022, respectively)
|
| | | | 381,310 | | | | | | 389,960 | | |
Series B+ convertible redeemable preferred shares (“Series B+ Preferred Shares”) (US$0.0000001 par value; 277,730,000 shares authorized, issued and outstanding as of December 31, 2021 and 2022, respectively)
|
| | | | 228,493 | | | | | | 240,033 | | |
Series C1 convertible redeemable preferred shares (“Series C1 Preferred Shares”) (US$0.0000001 par value; 604,820,600 shares authorized, issued and outstanding as of December 31, 2021 and 2022, respectively)
|
| | | | 702,521 | | | | | | 769,548 | | |
Series C2 convertible redeemable preferred shares (“Series C2 Preferred Shares”) (US$0.0000001 par value; 372,859,000 shares authorized, issued and outstanding as of December 31, 2021 and 2022, respectively)
|
| | | | 430,041 | | | | | | 458,503 | | |
Series D1 convertible redeemable preferred shares (“Series D1 Preferred Shares”) (US$0.0000001 par value; 705,523,600 shares authorized, issued and outstanding as of December 31, 2021 and 2022, respectively)
|
| | | | 1,105,823 | | | | | | 1,219,370 | | |
Series D2 convertible redeemable preferred shares (“Series D2 Preferred Shares”) (US$0.0000001 par value; 105,302,000 shares authorized, issued and outstanding as of December 31, 2021 and 2022, respectively)
|
| | | | 168,717 | | | | | | 179,429 | | |
Series E convertible redeemable preferred shares (“Series E Preferred Shares”) (US$0.0000001 par value; 803,222,500 shares authorized, issued and outstanding as of December 31, 2021 and 2022, respectively)
|
| | | | 1,958,419 | | | | | | 2,226,911 | | |
Series F convertible redeemable preferred shares (“Series F Preferred Shares”) (US$0.0000001 par value; nil and 392,013,413 shares authorized, issued and outstanding as of December 31, 2021 and 2022, respectively)
|
| | | | — | | | | | | 1,631,477 | | |
Redeemable non-controlling interest
|
| | | | 1,005 | | | | | | — | | |
Total mezzanine equity
|
| | | | 5,042,933 | | | | | | 7,182,773 | | |
|
| | |
As of December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
RMB
|
| |
RMB
|
| ||||||
ZKH Group Limited shareholders’ deficit: | | | | | | | | | | | | | |
Ordinary shares (US$0.0000001 par value; 496,253,373,300 shares authorized; 1,218,621,800 shares issued and outstanding as of December 31, 2021 and 2022, respectively)
|
| | | | 1 | | | | | | 1 | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | |
Statutory reserves
|
| | | | 5,278 | | | | | | 5,278 | | |
Accumulated other comprehensive loss
|
| | | | (930) | | | | | | (51,910) | | |
Accumulated deficit
|
| | | | (2,774,226) | | | | | | (4,024,102) | | |
Total ZKH Group Limited shareholders’ deficit
|
| | | | (2,769,877) | | | | | | (4,070,733) | | |
Non-controlling interests
|
| | | | 3,905 | | | | | | 4,238 | | |
Total shareholders’ deficit
|
| | | | (2,765,972) | | | | | | (4,066,495) | | |
Total liabilities, mezzanine equity and shareholders’ deficit
|
| | | | 5,940,257 | | | | | | 6,813,720 | | |
|
| | |
Year ended December 31,
|
| |||||||||||||||
| | | | |
2021
|
| |
2022
|
| ||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Net revenues | | | | | | | | | | | | | | | | | | | |
Net product revenues
|
| | | | 4,619,937 | | | | | | 7,500,036 | | | | | | 8,086,920 | | |
Net service revenues
|
| | | | 40,812 | | | | | | 116,692 | | | | | | 179,508 | | |
Other revenues
|
| | | | 25,619 | | | | | | 37,863 | | | | | | 48,808 | | |
Total net revenues
|
| | | | 4,686,368 | | | | | | 7,654,591 | | | | | | 8,315,236 | | |
Cost of revenues
|
| | | | (4,006,098) | | | | | | (6,614,836) | | | | | | (6,997,566) | | |
Operating expenses | | | | | | | | | | | | | | | | | | | |
Fulfillment
|
| | | | (236,882) | | | | | | (444,510) | | | | | | (467,384) | | |
Sales and marketing
|
| | | | (344,767) | | | | | | (689,637) | | | | | | (683,206) | | |
Research and development
|
| | | | (149,593) | | | | | | (256,421) | | | | | | (240,534) | | |
General and administrative
|
| | | | (348,839) | | | | | | (759,627) | | | | | | (612,252) | | |
Loss from operations
|
| | | | (399,811) | | | | | | (1,110,440) | | | | | | (685,706) | | |
Interest and investment income
|
| | | | 6,137 | | | | | | 28,277 | | | | | | 14,559 | | |
Interest expense
|
| | | | (4,057) | | | | | | (10,593) | | | | | | (94,182) | | |
Others, net
|
| | | | 2,497 | | | | | | (1,156) | | | | | | 33,737 | | |
Loss before income tax
|
| | | | (395,234) | | | | | | (1,093,912) | | | | | | (731,592) | | |
Income tax (expenses)/benefits
|
| | | | (1,914) | | | | | | (200) | | | | | | 471 | | |
Net loss
|
| | | | (397,148) | | | | | | (1,094,112) | | | | | | (731,121) | | |
Less: net income attributable to non-controlling interests
|
| | | | 245 | | | | | | 112 | | | | | | 333 | | |
Less: net income attributable to redeemable non-controlling
interests |
| | | | 4,338 | | | | | | 28,260 | | | | | | 4,227 | | |
Net loss attributable to ZKH Group Limited
|
| | | | (401,731) | | | | | | (1,122,484) | | | | | | (735,681) | | |
Accretion on preferred shares to redemption value
|
| | | | (184,460) | | | | | | (329,737) | | | | | | (509,281) | | |
Net loss attributable to ZKH Group Limited’s ordinary shareholders
|
| | | | (586,191) | | | | | | (1,452,221) | | | | | | (1,244,962) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | | | |
2021
|
| |
2022
|
| ||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Net loss
|
| | | | (397,148) | | | | | | (1,094,112) | | | | | | (731,121) | | |
Other comprehensive loss: | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments
|
| | | | (382) | | | | | | (490) | | | | | | (50,980) | | |
Total comprehensive loss
|
| | | | (397,530) | | | | | | (1,094,602) | | | | | | (782,101) | | |
Less: comprehensive income attributable to non-controlling interests
|
| | | | 245 | | | | | | 112 | | | | | | 333 | | |
Less: comprehensive income attributable to redeemable non-controlling interests
|
| | | | 4,338 | | | | | | 28,260 | | | | | | 4,227 | | |
Comprehensive loss attributable to ZKH Group
Limited |
| | | | (402,113) | | | | | | (1,122,974) | | | | | | (786,661) | | |
Accretion on Preferred Shares to redemption value
|
| | | | (184,460) | | | | | | (329,737) | | | | | | (509,281) | | |
Comprehensive loss attributable to ZKH Group
Limited’s ordinary shareholders |
| | | | (586,573) | | | | | | (1,452,711) | | | | | | (1,295,942) | | |
Net loss per ordinary share attributable to ordinary shareholders
|
| | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | | (0.52) | | | | | | (1.20) | | | | | | (0.94) | | |
Weighted average number of shares | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | | 1,132,337,753 | | | | | | 1,213,878,050 | | | | | | 1,325,036,140 | | |
| | |
Ordinary Shares
|
| |
Additional
Paid-in Capital |
| |
Statutory
Reserves |
| |
Accumulated
Other Comprehensive Loss |
| |
Accumulated
Deficit |
| |
Non-
controlling Interests |
| |
Total
Shareholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||||||||
Balance as of January 1, 2020
|
| | | | 1,118,621,800 | | | | | | 1 | | | | | | — | | | | | | 5,278 | | | | | | (58) | | | | | | (940,171) | | | | | | 1,548 | | | | | | (933,402) | | |
Net (loss)/income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (397,393) | | | | | | 245 | | | | | | (397,148) | | |
Foreign currency translation adjustments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (382) | | | | | | — | | | | | | — | | | | | | (382) | | |
Share-based compensation and vesting of share-based awards
|
| | | | — | | | | | | — | | | | | | 52,938 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 52,938 | | |
Capital injection from non-controlling interest
shareholders |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,000 | | | | | | 2,000 | | |
Accretion on convertible redeemable preferred shares to redemption value
|
| | | | — | | | | | | — | | | | | | (52,938) | | | | | | — | | | | | | — | | | | | | (131,522) | | | | | | — | | | | | | (184,460) | | |
Accretion of redeemable non-controlling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,338) | | | | | | — | | | | | | (4,338) | | |
Balance as of December 31, 2020
|
| | | | 1,118,621,800 | | | | | | 1 | | | | | | — | | | | | | 5,278 | | | | | | (440) | | | | | | (1,473,424) | | | | | | 3,793 | | | | | | (1,464,792) | | |
Net (loss)/income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,094,224) | | | | | | 112 | | | | | | (1,094,112) | | |
Foreign currency translation adjustments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (490) | | | | | | — | | | | | | — | | | | | | (490) | | |
Share-based compensation and vesting of share-based awards
|
| | | | 100,000,000 | | | | | | — | | | | | | 151,419 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 151,419 | | |
Accretion on convertible redeemable preferred shares to redemption value
|
| | | | — | | | | | | — | | | | | | (151,419) | | | | | | — | | | | | | — | | | | | | (178,318) | | | | | | — | | | | | | (329,737) | | |
Accretion of redeemable non-controlling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (28,260) | | | | | | — | | | | | | (28,260) | | |
Balance as of December 31, 2021
|
| | | | 1,218,621,800 | | | | | | 1 | | | | | | — | | | | | | 5,278 | | | | | | (930) | | | | | | (2,774,226) | | | | | | 3,905 | | | | | | (2,765,972) | | |
Net (loss)/income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (731,454) | | | | | | 333 | | | | | | (731,121) | | |
Foreign currency translation adjustments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (50,980) | | | | | | — | | | | | | — | | | | | | (50,980) | | |
Share-based compensation and vesting of share-based awards
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,914) | | | | | | — | | | | | | (4,914) | | |
Accretion on convertible redeemable preferred shares to redemption value
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (509,281) | | | | | | — | | | | | | (509,281) | | |
Accretion of redeemable non-controlling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,227) | | | | | | — | | | | | | (4,227) | | |
Balance as of December 31, 2022
|
| | | | 1,218,621,800 | | | | | | 1 | | | | | | — | | | | | | 5,278 | | | | | | (51,910) | | | | | | (4,024,102) | | | | | | 4,238 | | | | | | (4,066,495) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | | | |
2021
|
| |
2022
|
| ||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | | (397,148) | | | | | | (1,094,112) | | | | | | (731,121) | | |
Adjustments to reconcile net loss to net cash provided by operating activities:
|
| | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 37,234 | | | | | | 53,025 | | | | | | 76,073 | | |
Share-based compensation expense
|
| | | | 91,987 | | | | | | 183,349 | | | | | | 31,899 | | |
Loss on disposals of property and equipment
|
| | | | 639 | | | | | | 432 | | | | | | 175 | | |
Allowance for credit losses
|
| | | | 10,657 | | | | | | 31,476 | | | | | | 28,006 | | |
Write-down of inventories
|
| | | | 11,683 | | | | | | 14,310 | | | | | | 21,139 | | |
Investment income
|
| | | | (2,080) | | | | | | (6,232) | | | | | | (124) | | |
Interest expenses of convertible notes
|
| | | | — | | | | | | — | | | | | | 73,081 | | |
Foreign exchange losses/(gains)
|
| | | | 7,030 | | | | | | 8,205 | | | | | | (13,733) | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | | | | | | | |
Accounts receivable
|
| | | | (565,564) | | | | | | (1,127,262) | | | | | | (333,067) | | |
Notes receivable
|
| | | | (204,266) | | | | | | (103,280) | | | | | | 85,753 | | |
Inventories
|
| | | | (66,463) | | | | | | (329,237) | | | | | | 85,802 | | |
Prepayments and other current assets
|
| | | | (6,818) | | | | | | (58,662) | | | | | | 21,551 | | |
Accounts and notes payable
|
| | | | 1,011,613 | | | | | | 922,880 | | | | | | 119,814 | | |
Advance from customers
|
| | | | 4,436 | | | | | | 11,330 | | | | | | 1,019 | | |
Operating lease right-of-use assets
|
| | | | (79,287) | | | | | | (71,440) | | | | | | 81,378 | | |
Land use rights
|
| | | | — | | | | | | — | | | | | | 10,930 | | |
Accrued expenses and other liabilities
|
| | | | 92,004 | | | | | | 116,736 | | | | | | 29,342 | | |
Operating lease liabilities
|
| | | | 86,144 | | | | | | 65,730 | | | | | | (92,120) | | |
Net cash provided by/(used in) operating activities
|
| | | | 31,801 | | | | | | (1,382,752) | | | | | | (504,203) | | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | |
Purchase of short-term investments
|
| | | | (265,000) | | | | | | (1,480,018) | | | | | | (100,000) | | |
Maturity of short-term investments
|
| | | | 304,684 | | | | | | 1,548,882 | | | | | | 100,124 | | |
Purchase of property and equipment
|
| | | | (56,837) | | | | | | (145,200) | | | | | | (37,047) | | |
Purchase of intangible assets
|
| | | | (6,018) | | | | | | (12,867) | | | | | | (13,057) | | |
Proceeds from sale of property and equipment and intangible assets
|
| | | | 4,924 | | | | | | 5,047 | | | | | | 12,940 | | |
Cash paid for a business combination in previous years, net
of cash acquired |
| | | | (39,658) | | | | | | (10,239) | | | | | | — | | |
Net cash used in investing activities
|
| | | | (57,905) | | | | | | (94,395) | | | | | | (37,040) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | | | |
2021
|
| |
2022
|
| ||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | |
Proceeds from issuance of convertible redeemable preferred shares
|
| | | | 1,802,326 | | | | | | — | | | | | | — | | |
Proceeds from issuance of convertible note
|
| | | | — | | | | | | — | | | | | | 1,384,218 | | |
Capital injection from non-controlling interest shareholders
|
| | | | 2,000 | | | | | | — | | | | | | — | | |
Proceeds from short-term borrowings
|
| | | | 128,690 | | | | | | 404,170 | | | | | | 764,160 | | |
Repayment of short-term borrowings
|
| | | | (106,571) | | | | | | (215,842) | | | | | | (807,592) | | |
Acquisition of the redeemable non-controlling interest
|
| | | | — | | | | | | (13,697) | | | | | | (22,396) | | |
Other financing activities
|
| | | | — | | | | | | — | | | | | | (15,680) | | |
Net cash provided by financing activities
|
| | | | 1,826,445 | | | | | | 174,631 | | | | | | 1,302,710 | | |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
|
| | | | (7,412) | | | | | | (8,695) | | | | | | 117,469 | | |
Increase/(Decreased) in cash, cash equivalents, and restricted cash
|
| | | | 1,792,929 | | | | | | (1,311,211) | | | | | | 878,936 | | |
Cash, cash equivalents, and restricted cash at the beginning of
year |
| | | | 645,202 | | | | | | 2,438,131 | | | | | | 1,126,920 | | |
Cash, cash equivalents, and restricted cash at the end of year
|
| | | | 2,438,131 | | | | | | 1,126,920 | | | | | | 2,005,856 | | |
Supplemental cash flow information: | | | | | | | | | | | | | | | | | | | |
Cash payments for interest
|
| | | | (3,293) | | | | | | (10,291) | | | | | | (20,957) | | |
Cash payments for income taxes
|
| | | | (10) | | | | | | (1,224) | | | | | | (1,220) | | |
Supplemental information for non-cash financing activities:
|
| | | | | | | | | | | | | | | | | | |
Accretion of convertible redeemable preferred shares
|
| | | | (184,460) | | | | | | (329,737) | | | | | | (509,281) | | |
Issuance of Series F preferred shares from conversion of the convertible notes
|
| | | | — | | | | | | — | | | | | | (1,631,564) | | |
Name
|
| |
Place of
incorporation |
| |
Date of
incorporation |
| |
Percentage of
equity interest |
| |
Principal activities
|
|
Wholly owned subsidiaries | | | | | | | | | | | | | |
ZKH Industrial Supply
|
| |
Shanghai, China
|
| | | |
100%
|
| |
Sale of MRO products
|
| |
Shanghai Gongbangbang Industrial Tech Co., Ltd. | | |
Shanghai, China
|
| | | |
100%
|
| |
Sale of MRO products
|
| |
Shanghai Kunhe Supply Chain Management Co., Ltd. | | |
Shanghai, China
|
| | | |
100%
|
| |
Logistics and Warehousing
|
| |
Shenzhen Kuntong Smart Warehousing Technology Co., Ltd.(Kuntong) | | |
Shenzhen, China
|
| | | |
100%
|
| |
Production and sale
of intelligent warehousing equipments |
| |
ZKH Holdings Limited
|
| |
British Virgin Islands
|
| | | |
100%
|
| |
Investment holding
|
| |
ZKH Hong Kong Limited
|
| |
Hong Kong
|
| | | |
100%
|
| |
Investment holding
|
|
|
Furniture and office equipment
|
| |
3 – 5 years
|
|
| Machinery | | |
5 – 10 years
|
|
| Vehicles | | |
3 – 5 years
|
|
|
Computer equipment
|
| |
3 – 5 years
|
|
|
Leasehold improvement
|
| |
shorter of remaining lease period and
estimated useful life |
|
| Trademarks | | |
10 years
|
|
|
Patent right
|
| |
10 years
|
|
| Software | | |
3 – 5 years
|
|
|
Customer relationship
|
| |
10 years
|
|
| | |
As of
December 31, |
| |||||||||
| | | | |
2022
|
| |||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Accounts receivable
|
| | | | 2,847,118 | | | | | | 3,164,023 | | |
Allowance for credit losses
|
| | | | (85,115) | | | | | | (96,959) | | |
Accounts receivable, net
|
| | | | 2,762,003 | | | | | | 3,067,064 | | |
| | |
Year ended
December 31, |
| |||||||||
| | | | |
2022
|
| |||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Balance at the beginning of the year
|
| | | | 58,499 | | | | | | 85,115 | | |
Additions
|
| | | | 31,476 | | | | | | 28,006 | | |
Write-off
|
| | | | (4,860) | | | | | | (16,162) | | |
Balance at the end of the year
|
| | | | 85,115 | | | | | | 96,959 | | |
| | |
As of
December 31, |
| |||||||||
| | | | |
2022
|
| |||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Prepayment
|
| | | | 149,328 | | | | | | 109,027 | | |
Other current assets
|
| | | | 80,751 | | | | | | 134,603 | | |
Total
|
| | | | 230,079 | | | | | | 243,630 | | |
| | |
As of
December 31, |
| |||||||||
| | | | |
2022
|
| |||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Machinery
|
| | | | 121,799 | | | | | | 130,866 | | |
Leasehold improvement
|
| | | | 85,920 | | | | | | 92,340 | | |
Computer equipment
|
| | | | 42,562 | | | | | | 41,422 | | |
Furniture and office equipment
|
| | | | 26,996 | | | | | | 28,123 | | |
Vehicles
|
| | | | 13,254 | | | | | | 13,128 | | |
Construction in process
|
| | | | 686 | | | | | | 2,777 | | |
Total
|
| | | | 291,217 | | | | | | 308,656 | | |
Accumulated depreciation
|
| | | | (82,649) | | | | | | (141,916) | | |
Net book value
|
| | | | 208,568 | | | | | | 166,740 | | |
| | |
As of December 31, 2021
|
| |||||||||||||||||||||
| | |
Weighted
average amortization period |
| |
Gross
carrying amount |
| |
Accumulated
amortization |
| |
Net
carrying amount |
| ||||||||||||
| | |
Year
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| ||||||||||||
Software
|
| | | | 4.8 | | | | | | 28,012 | | | | | | (12,708) | | | | | | 15,304 | | |
Customer relationship
|
| | | | 10.0 | | | | | | 7,770 | | | | | | (1,825) | | | | | | 5,945 | | |
Trademarks
|
| | | | 9.3 | | | | | | 380 | | | | | | (323) | | | | | | 57 | | |
Patent right
|
| | | | 3.0 | | | | | | 26 | | | | | | (26) | | | | | | — | | |
Total
|
| | | | 5.9 | | | | | | 36,188 | | | | | | (14,882) | | | | | | 21,306 | | |
| | |
As of December 31, 2022
|
| |||||||||||||||||||||
| | |
Weighted
average amortization period |
| |
Gross
carrying amount |
| |
Accumulated
amortization |
| |
Net
carrying amount |
| ||||||||||||
| | |
Year
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| ||||||||||||
Software
|
| | | | 4.9 | | | | | | 37,055 | | | | | | (18,378) | | | | | | 18,677 | | |
Customer relationship
|
| | | | 10.0 | | | | | | 7,736 | | | | | | (2,600) | | | | | | 5,136 | | |
Trademarks
|
| | | | 10.0 | | | | | | 462 | | | | | | (337) | | | | | | 125 | | |
Patent right
|
| | | | 10.0 | | | | | | 142 | | | | | | (29) | | | | | | 113 | | |
Total
|
| | | | 5.7 | | | | | | 45,395 | | | | | | (21,344) | | | | | | 24,051 | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | | | |
2024
|
| |
2025
|
| |
2026
|
| |
2027 and thereafter
|
| |
Total
|
| |||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| ||||||||||||||||||
Amortization expenses
|
| | | | 9,407 | | | | | | 5,638 | | | | | | 4,616 | | | | | | 1,944 | | | | | | 2,446 | | | | | | 24,051 | | |
| | |
Year ended
December 31, |
| |||||||||||||||
| | | | |
2021
|
| |
2022
|
| ||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Operating lease expenses
|
| | | | 101,556 | | | | | | 148,234 | | | | | | 135,663 | | |
Short-term lease expenses
|
| | | | 375 | | | | | | 1,615 | | | | | | 24,359 | | |
Total
|
| | | | 101,931 | | | | | | 149,849 | | | | | | 160,022 | | |
| | |
Year ended
December 31, |
| |||||||||||||||
| | | | |
2021
|
| |
2022
|
| ||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Cash paid for amounts included in the measurement of lease liabilities:
|
| | | | | | | | | | | | | | | | | | |
Operating cash flows payment from operating lease
|
| | | | 85,422 | | | | | | 135,161 | | | | | | 146,733 | | |
RoU assets obtained in exchanges for lease liabilities | | | | | | | | | | | | | | | |||||
RoU assets obtained in exchanges for new operating lease liabilities
|
| | | | 159,431 | | | | | | 214,305 | | | | | | 66,494 | | |
| | |
As of
December 31, |
| |||||||||
| | | | |
2022
|
| |||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Land use rights, net(i)
|
| | | | — | | | | | | 10,930 | | |
Operating lease right-of-use assets, net (excluding land use rights)
|
| | | | 401,175 | | | | | | 297,937 | | |
Operating lease RoU assets, net
|
| | | | 401,175 | | | | | | 308,867 | | |
| | | | | | | | | | | | | |
Operating lease liabilities – current
|
| | | | 130,370 | | | | | | 95,775 | | |
Operating lease liabilities – non-current
|
| | | | 271,952 | | | | | | 214,427 | | |
Total operating lease liabilities
|
| | | | 402,322 | | | | | | 310,202 | | |
| | |
As of
December 31, |
| |||
| | | | |
2022
|
| |
Weighted average remaining lease term | | | | | | | |
Land use rights
|
| |
—
|
| |
50 years
|
|
Operating leases
|
| |
3.11 years
|
| |
2.90 years
|
|
Weighted average discount rate
|
| | | | | | |
Land use rights
|
| |
—
|
| |
—
|
|
Operating leases
|
| |
4.36%
|
| |
4.36%
|
|
| | |
As of
December 31, |
| |||
| | | | ||||
| | |
RMB
|
| |||
2023
|
| | | | 108,144 | | |
2024
|
| | | | 85,903 | | |
2025
|
| | | | 55,881 | | |
2026
|
| | | | 21,156 | | |
2027
|
| | | | 10,176 | | |
Thereafter
|
| | | | 76,951 | | |
Total undiscounted lease payments
|
| | | | 358,211 | | |
Less: interest
|
| | | | (48,009) | | |
Present value of lease liabilities
|
| | | | 310,202 | | |
| | |
As of
December 31, |
| |||||||||
| | | | |
2022
|
| |||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Short-term bank borrowings
|
| | | | 264,170 | | | | | | 250,000 | | |
| | |
As of
December 31, |
| |||||||||
| | | | |
2022
|
| |||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Accounts payable
|
| | | | 1,959,032 | | | | | | 2,555,381 | | |
Notes payable(a)
|
| | | | 487,290 | | | | | | 10,755 | | |
Total accounts and notes payable
|
| | | | 2,446,322 | | | | | | 2,566,136 | | |
| | |
As of
December 31, |
| |||||||||
| | | | |
2022
|
| |||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Employee benefit obligation
|
| | | | 217,244 | | | | | | 182,468 | | |
Share-based compensation liability
|
| | | | 70,980 | | | | | | 92,628 | | |
Other taxes payables
|
| | | | 62,149 | | | | | | 112,235 | | |
Deposits from suppliers(a)
|
| | | | 46,060 | | | | | | 54,879 | | |
Other payables due to non-controlling interest shareholders
|
| | | | 29,262 | | | | | | — | | |
Other current liabilities
|
| | | | 93,457 | | | | | | 96,981 | | |
Total
|
| | | | 519,152 | | | | | | 539,191 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | | | |
2021
|
| |
2022
|
| ||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Net product revenues | | | | | | | | | | | | | | | | | | | |
From ZKH platform
|
| | | | 4,067,878 | | | | | | 6,549,947 | | | | | | 7,277,260 | | |
From GBB platform
|
| | | | 552,059 | | | | | | 950,089 | | | | | | 809,660 | | |
| | | | | 4,619,937 | | | | | | 7,500,036 | | | | | | 8,086,920 | | |
Net service revenues | | | | | | | | | | | | | | | | | | | |
From ZKH platform
|
| | | | 40,812 | | | | | | 116,692 | | | | | | 179,508 | | |
Other revenues
|
| | | | 25,619 | | | | | | 37,863 | | | | | | 48,808 | | |
Total
|
| | | | 4,686,368 | | | | | | 7,654,591 | | | | | | 8,315,236 | | |
| | |
Year ended
December 31, |
| |||||||||||||||
| | | | |
2021
|
| |
2022
|
| ||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Government grants
|
| | | | 10,387 | | | | | | 17,832 | | | | | | 24,330 | | |
Foreign exchange (losses)/gains, net
|
| | | | (7,030) | | | | | | (8,205) | | | | | | 13,733 | | |
Others
|
| | | | (860) | | | | | | (10,783) | | | | | | (4,326) | | |
Total
|
| | | | 2,497 | | | | | | (1,156) | | | | | | 33,737 | | |
| | |
Year ended
December 31, |
| |||||||||||||||
| | | | |
2021
|
| |
2022
|
| ||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Current income tax expense
|
| | | | 1,914 | | | | | | 200 | | | | | | (471) | | |
Deferred tax expense
|
| | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 1,914 | | | | | | 200 | | | | | | (471) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | | | |
2021
|
| |
2022
|
| ||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Loss from Mainland China operations
|
| | | | (399,923) | | | | | | (1,095,499) | | | | | | (717,979) | | |
Income/(loss) from overseas operations
|
| | | | 4,689 | | | | | | 1,587 | | | | | | (13,613) | | |
Total loss before income tax
|
| | | | (395,234) | | | | | | (1,093,912) | | | | | | (731,592) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | | | |
2021
|
| |
2022
|
| ||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Loss before income tax
|
| | | | (395,234) | | | | | | (1,093,912) | | | | | | (731,592) | | |
PRC Statutory income tax rate 25%
|
| | | | (98,809) | | | | | | (273,478) | | | | | | (182,898) | | |
Effect of different tax rate of different jurisdictions
|
| | | | (399) | | | | | | (135) | | | | | | 1,428 | | |
Effect of preferential tax rates
|
| | | | 34,579 | | | | | | 4,460 | | | | | | 3,983 | | |
Effect of Super Deduction for research and development expenses
|
| | | | (9,587) | | | | | | (2,622) | | | | | | (2,010) | | |
Non-deductible expenses and non-taxable income
|
| | | | 17,940 | | | | | | 54,862 | | | | | | 29,314 | | |
Change in valuation allowance
|
| | | | 58,190 | | | | | | 217,113 | | | | | | 149,712 | | |
Total income tax expense/ (benefits)
|
| | | | 1,914 | | | | | | 200 | | | | | | (471) | | |
| | |
As of
December 31, |
| |||||||||||||||
| | | | |
2021
|
| |
2022
|
| ||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Deferred tax assets: | | | | | | | | | | | | | | | |||||
Net operating losses carried forward
|
| | | | 125,349 | | | | | | 308,981 | | | | | | 442,384 | | |
Accruals and others
|
| | | | 34,471 | | | | | | 67,952 | | | | | | 84,261 | | |
Less: valuation allowance
|
| | | | (159,820) | | | | | | (376,933) | | | | | | (526,645) | | |
Net deferred tax assets
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | | | |
2021
|
| |
2022
|
| ||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Balance at the beginning of the year
|
| | | | 101,630 | | | | | | 159,820 | | | | | | 376,933 | | |
Additions
|
| | | | 58,190 | | | | | | 217,113 | | | | | | 149,712 | | |
Loss utilized
|
| | | | — | | | | | | — | | | | | | — | | |
Balance at the end of the year
|
| | | | 159,820 | | | | | | 376,933 | | | | | | 526,645 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | | | |
2021
|
| |
2022
|
| ||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Numerator: | | | | | | | | | | | | | | | | | | | |
Net loss attributable to ordinary shareholders –
basic and diluted |
| | | | (586,191) | | | | | | (1,452,221) | | | | | | (1,244,962) | | |
Denominator: | | | | | | | | | | | | | | | | | | | |
Weighted-average ordinary shares outstanding – basic and diluted
|
| | | | 1,132,337,753 | | | | | | 1,213,878,050 | | | | | | 1,325,036,140 | | |
Net loss per share attributable to ordinary shareholders:
|
| | | | | | | | | | | | | | | | | | |
– Basic and diluted
|
| | | | (0.52) | | | | | | (1.20) | | | | | | (0.94) | | |
Name
|
| |
Issuance date
|
| |
Issue price
per share |
| |
Number
of shares |
| |||
Series A Preferred Shares
|
| |
April 2016
|
| |
RMB0.3078
|
| | | | 58,480,000 | | |
Series A+ Preferred Shares
|
| |
May 2017
|
| |
RMB0.3420
|
| | | | 84,480,000 | | |
Series B Preferred Shares
|
| |
August 2017
|
| |
RMB0.3848
|
| | | | 649,760,000 | | |
Series B+ Preferred Shares
|
| |
December 2017
|
| |
RMB0.6733
|
| | | | 277,730,000 | | |
Series C1 Preferred Shares
|
| |
July 2018
|
| |
RMB0.9334/US$0.1404
|
| | | | 604,820,600 | | |
Series C2 Preferred Shares
|
| |
August 2018
|
| |
RMB0.9334
|
| | | | 289,379,800 | | |
Series D1 Preferred Shares
|
| |
June 2019
|
| |
US$0.1899
|
| | | | 705,523,600 | | |
Series D2 Preferred Shares
|
| |
August 2019
|
| |
US$0.1899
|
| | | | 105,302,000 | | |
Series E Preferred Shares
|
| |
October 2020
|
| |
RMB2.3119/US$0.3425
|
| | | | 803,222,500 | | |
Series F Preferred Shares
|
| |
October 2022
|
| |
US$0.5659
|
| | | | 392,013,413 | | |
| | |
SeriesA
|
| |
SeriesA+
|
| |
SeriesB
|
| |
SeriesB+
|
| |
SeriesC1
|
| |
SeriesC2
|
| |
SeriesD1
|
| |
SeriesD2
|
| |
SeriesE
|
| |
SeriesF
|
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Number
of shares |
| |
Amount
|
| |
Number
of shares |
| |
Amount
|
| |
Number
of shares |
| |
Amount
|
| |
Number
of shares |
| |
Amount
|
| |
Number
of shares |
| |
Number
of shares |
| |
Number
of shares |
| |
Amount
|
| |
Number
of shares |
| |
Amount
|
| |
Number
of shares |
| |
Amount
|
| |
Number
of shares |
| |
Amount
|
| |
Number
of shares |
| |
Amount
|
| |
Number
of shares |
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| | | | | | | | | | | | | | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| ||||||||||||||||||||||||||||||
Balance as of
January 1, 2020 |
| | | | 58,480,000 | | | | | | 26,433 | | | | | | 84,480,000 | | | | | | 38,762 | | | | | | 734,209,000 | | | | | | 366,427 | | | | | | 277,730,000 | | | | | | 206,702 | | | | | | 604,820,600 | | | | | | 617,140 | | | | | | 372,859,000 | | | | | | 377,460 | | | | | | 705,523,600 | | | | | | 947,865 | | | | | | 105,302,000 | | | | | | 144,617 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,943,404,200 | | | | | | 2,725,406 | | |
Issuance of Series E
Preferred Shares, net of cost |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 803,222,500 | | | | | | 1,802,326 | | | | | | — | | | | | | — | | | | | | 803,222,500 | | | | | | 1,802,326 | | |
Accretion on Preferred
Shares to redemption value |
| | | | — | | | | | | 41 | | | | | | — | | | | | | 441 | | | | | | — | | | | | | 6,414 | | | | | | — | | | | | | 10,807 | | | | | | — | | | | | | 42,144 | | | | | | — | | | | | | 25,940 | | | | | | — | | | | | | 76,045 | | | | | | — | | | | | | 11,604 | | | | | | — | | | | | | 11,024 | | | | | | — | | | | | | — | | | | | | — | | | | | | 184,460 | | |
| | | | 58,480,000 | | | | | | 26,474 | | | | | | 84,480,000 | | | | | | 39,203 | | | | | | 734,209,000 | | | | | | 372,841 | | | | | | 277,730,000 | | | | | | 217,509 | | | | | | 604,820,600 | | | | | | 659,284 | | | | | | 372,859,000 | | | | | | 403,400 | | | | | | 705,523,600 | | | | | | 1,023,910 | | | | | | 105,302,000 | | | | | | 156,221 | | | | | | 803,222,500 | | | | | | 1,813,350 | | | | | | — | | | | | | — | | | | | | 3,746,626,700 | | | | | | 4,712,192 | | | |
Accretion on Preferred
Shares to redemption value |
| | | | — | | | | | | 229 | | | | | | — | | | | | | 698 | | | | | | — | | | | | | 8,469 | | | | | | — | | | | | | 10,984 | | | | | | — | | | | | | 43,237 | | | | | | — | | | | | | 26,641 | | | | | | — | | | | | | 81,913 | | | | | | — | | | | | | 12,496 | | | | | | — | | | | | | 145,069 | | | | | | — | | | | | | — | | | | | | — | | | | | | 329,736 | | |
| | | | 58,480,000 | | | | | | 26,703 | | | | | | 84,480,000 | | | | | | 39,901 | | | | | | 734,209,000 | | | | | | 381,310 | | | | | | 277,730,000 | | | | | | 228,493 | | | | | | 604,820,600 | | | | | | 702,521 | | | | | | 372,859,000 | | | | | | 430,041 | | | | | | 705,523,600 | | | | | | 1,105,823 | | | | | | 105,302,000 | | | | | | 168,717 | | | | | | 803,222,500 | | | | | | 1,958,419 | | | | | | — | | | | | | — | | | | | | 3,746,626,700 | | | | | | 5,041,928 | | | |
Conversion of Series F
convertible notes, net of cost |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 392,013,413 | | | | | | 1,631,564 | | | | | | 392,013,413 | | | | | | 1,631,564 | | |
Accretion on Preferred
Shares to redemption value |
| | | | — | | | | | | 231 | | | | | | — | | | | | | 707 | | | | | | — | | | | | | 8,650 | | | | | | — | | | | | | 11,540 | | | | | | — | | | | | | 67,027 | | | | | | — | | | | | | 28,462 | | | | | | — | | | | | | 113,547 | | | | | | — | | | | | | 10,712 | | | | | | — | | | | | | 268,492 | | | | | | — | | | | | | (87) | | | | | | — | | | | | | 509,281 | | |
| | | | 58,480,000 | | | | | | 26,934 | | | | | | 84,480,000 | | | | | | 40,608 | | | | | | 734,209,000 | | | | | | 389,960 | | | | | | 277,730,000 | | | | | | 240,033 | | | | | | 604,820,600 | | | | | | 769,548 | | | | | | 372,859,000 | | | | | | 458,503 | | | | | | 705,523,600 | | | | | | 1,219,370 | | | | | | 105,302,000 | | | | | | 179,429 | | | | | | 803,222,500 | | | | | | 2,226,911 | | | | | | 392,013,413 | | | | | | 1,631,477 | | | | | | 4,138,640,113 | | | | | | 7,182,773 | | |
| | |
Year ended
December 31, |
| |||||||||||||||
| | | | |
2021
|
| |
2022
|
| ||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Fulfillment
|
| | | | 5,442 | | | | | | 2,154 | | | | | | 585 | | |
Sales and marketing
|
| | | | 20,685 | | | | | | 8,204 | | | | | | 5,935 | | |
Research and development
|
| | | | 19,709 | | | | | | 10,134 | | | | | | 3,883 | | |
General and administrative
|
| | | | 46,151 | | | | | | 162,857 | | | | | | 21,496 | | |
Total share-based compensation expenses
|
| | | | 91,987 | | | | | | 183,349 | | | | | | 31,899 | | |
| | |
Options granted
Share Number |
| |
Weighted-average
exercise price (US$) |
| |
Weighted-average
grant date fair value (US$) |
| |||||||||
Outstanding as of January 1, 2020
|
| | | | 17,650,000 | | | | | | 0.0636 | | | | | | 0.0254 | | |
Granted
|
| | | | 172,277,968 | | | | | | 0.0156 | | | | | | 0.1226 | | |
Outstanding as of December 31, 2020
|
| | | | 189,927,968 | | | | | | 0.0205 | | | | | | 0.1136 | | |
Granted
|
| | | | 18,200,000 | | | | | | 0.1079 | | | | | | 0.1177 | | |
Cancelled/Forfeited
|
| | | | (9,163,845) | | | | | | 0.0993 | | | | | | 0.1201 | | |
Outstanding as of December 31, 2021
|
| | | | 198,964,123 | | | | | | 0.0227 | | | | | | 0.1137 | | |
Granted
|
| | | | 56,222,658 | | | | | | 0.0861 | | | | | | 0.1417 | | |
Cancelled/Forfeited
|
| | | | (72,438,216) | | | | | | 0.0520 | | | | | | 0.1080 | | |
Outstanding as of December 31, 2022
|
| | | | 182,748,565 | | | | | | 0.0306 | | | | | | 0.1245 | | |
| | |
As of December 31, 2021
|
| |||||||||||||||||||||
| | |
Options
number |
| |
Weighted-average
exercise price per option |
| |
Weighted-average
remaining exercise contractual life (years) |
| |
Aggregate
intrinsic value |
| ||||||||||||
| | | | | | | | |
US$
|
| | | | | | | |
US$ in thousands
|
| ||||||
Options outstanding
|
| | | | 198,964,123 | | | | | | 0.02 | | | | | | 8.26 | | | | | | 22,860 | | |
Exercisable
|
| | | | 145,945,626 | | | | | | 0.00 | | | | | | 8.34 | | | | | | 19,394 | | |
Expected to vest
|
| | | | 53,018,497 | | | | | | 0.05 | | | | | | 8.07 | | | | | | 4,676 | | |
| | |
As of December 31, 2022
|
| |||||||||||||||||||||
| | |
Options
number |
| |
Weighted-average
exercise price per option |
| |
Weighted-average
remaining exercise contractual life (years) |
| |
Aggregate
intrinsic value |
| ||||||||||||
| | | | | | | | |
US$
|
| | | | | | | |
US$ in thousands
|
| ||||||
Options outstanding
|
| | | | 182,748,565 | | | | | | 0.03 | | | | | | 7.91 | | | | | | 47,615 | | |
Exercisable
|
| | | | 120,164,340 | | | | | | 0.01 | | | | | | 7.32 | | | | | | 34,611 | | |
Expected to vest
|
| | | | 62,584,225 | | | | | | 0.08 | | | | | | 9.04 | | | | | | 13,398 | | |
| | |
Year ended December 31
|
| ||||||
| | |
2020
|
| |
2021
|
| |
2022
|
|
| | |
RMB
|
| |
RMB
|
| |
RMB
|
|
Exercise price
|
| |
RMB0.00 – 0.51
(US$0.00 – 0.08) |
| |
RMB0.70
(US$0.11) |
| |
RMB0.00 – 1.80
(US$0.00 – 0.26) |
|
Fair value of the ordinary shares on the date of option grant
|
| |
RMB0.89 – 1.09
(US$0.13 – 0.17) |
| |
RMB1.31
(US$0.20) |
| |
RMB1.35 – 1.40
(US$0.19 – 0.21) |
|
Risk-free interest rate
|
| |
2.68% – 3.27%
|
| |
3.09%
|
| |
2.70% – 2.88%
|
|
Contractual life
|
| |
10 years
|
| |
10 years
|
| |
10 years
|
|
Expected forfeiture rate (post-vesting)
|
| |
16%
|
| |
16%
|
| |
16%
|
|
Exercise multiples
|
| |
2.8
|
| |
2.8
|
| |
2.8
|
|
Expected dividend yield
|
| |
—
|
| |
—
|
| |
—
|
|
Expected volatility
|
| |
26.00% – 32.00%
|
| |
32.00%
|
| |
29.77% – 30.16%
|
|
| | |
As of December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Contracted but not provided for: | | | | | | | | | | | | | |
Assets under construction
|
| | | | 2,499 | | | | | | 1,725 | | |
Software development
|
| | | | 420 | | | | | | — | | |
A planned factory construction project(i)
|
| | | | — | | | | | | 273,083 | | |
Total
|
| | | | 2,919 | | | | | | 274,808 | | |
| | | | ||||
| | |
RMB
|
| |||
Assets | | | | | | | |
Cash and cash equivalents
|
| | | | 616 | | |
Prepayments and other current assets
|
| | | | 23,406 | | |
Total current assets
|
| | | | 24,022 | | |
Investment in subsidiaries
|
| | | | 3,094,130 | | |
Total non-current assets
|
| | | | 3,094,130 | | |
Total assets
|
| | | | 3,118,152 | | |
Liabilities | | | | | | | |
Accrued expenses and other current liabilities
|
| | | | 6,112 | | |
Total current liabilities
|
| | | | 6,112 | | |
Total non-current liabilities
|
| | | | — | | |
Total liabilities
|
| | | | 6,112 | | |
Mezzanine equity
|
| | | | 7,182,773 | | |
ZKH Group Limited shareholders’ deficit: | | | | | | | |
Ordinary shares
|
| | | | 1 | | |
Additional paid-in capital
|
| | | | — | | |
Statutory reserves
|
| | | | 5,278 | | |
Accumulated other comprehensive loss
|
| | | | (51,910) | | |
Accumulated deficit
|
| | | | (4,024,102) | | |
Total ZKH Group Limited shareholders’ deficit
|
| | | | (4,070,733) | | |
Total liabilities, mezzanine equity and shareholders’ deficit
|
| | | | 3,118,152 | | |
| | | | ||||
| | |
RMB
|
| |||
General and administrative
|
| | | | (6,038) | | |
Interest and investment income
|
| | | | 1 | | |
Interest expense
|
| | | | (73,081) | | |
Share of loss from subsidiaries
|
| | | | (643,683) | | |
Others, net
|
| | | | (12,880) | | |
Net loss attributable to ZKH Group Limited
|
| | | | (735,681) | | |
Accretion on preferred shares to redemption value
|
| | | | (509,281) | | |
Net loss attributable to ZKH Group Limited’s ordinary shareholders
|
| | | | (1,244,962) | | |
Net loss attributable to ZKH Group Limited
|
| | | | (735,681) | | |
Other comprehensive loss:
|
| | | | | | |
Foreign currency translation adjustments
|
| | | | (50,980) | | |
Comprehensive loss attributable to ZKH Group Limited
|
| | | | (786,661) | | |
Accretion on Preferred Shares to redemption value
|
| | | | (509,281) | | |
Comprehensive loss attributable to ZKH Group Limited’s ordinary
shareholders |
| | |
|
(1,295,942)
|
| |
| | | | ||||
| | |
RMB
|
| |||
Net cash used in operating activities
|
| | | | (277) | | |
Net cash used in investing activities
|
| | | | (5,559,727) | | |
Net cash provided by financing activities
|
| | | | 5,560,594 | | |
Effect of exchange rate changes on cash, cash equivalents, and restricted
cash |
| | |
|
26
|
| |
Increase in cash, cash equivalents, and restricted cash
|
| | | | 616 | | |
Cash, cash equivalents, and restricted cash at beginning of year
|
| | | | — | | |
Cash, cash equivalents, and restricted cash at end of year
|
| | | | 616 | | |
| | | | | | ||||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 1,954,246 | | | | | | 889,187 | | |
Restricted cash
|
| | | | 51,610 | | | | | | 157,840 | | |
Short-term investments
|
| | | | — | | | | | | 621,392 | | |
Accounts receivable (net of allowance for credit losses of
RMB96,959 and RMB122,058 as of December 31, 2022 and September 30, 2023, respectively): |
| | | | 3,067,064 | | | | | | 3,478,279 | | |
Notes receivable
|
| | | | 310,708 | | | | | | 332,645 | | |
Inventories
|
| | | | 655,997 | | | | | | 696,826 | | |
Prepayments and other current assets
|
| | | | 243,630 | | | | | | 213,409 | | |
Total current assets
|
| | | | 6,283,255 | | | | | | 6,389,578 | | |
Non-current assets: | | | | | | | | | | | | | |
Property and equipment, net
|
| | | | 166,740 | | | | | | 138,771 | | |
Land use right
|
| | | | 10,930 | | | | | | 11,089 | | |
Operating lease right-of-use assets, net
|
| | | | 297,937 | | | | | | 230,586 | | |
Intangible assets, net
|
| | | | 24,051 | | | | | | 21,458 | | |
Goodwill
|
| | | | 30,807 | | | | | | 30,807 | | |
Total non-current assets
|
| | | | 530,465 | | | | | | 432,711 | | |
Total assets
|
| | | | 6,813,720 | | | | | | 6,822,289 | | |
Liabilities | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Short-term borrowings
|
| | | | 250,000 | | | | | | 434,000 | | |
Accounts and notes payable
|
| | | | 2,566,136 | | | | | | 2,795,704 | | |
Operating lease liabilities
|
| | | | 95,775 | | | | | | 89,289 | | |
Advance from customers
|
| | | | 31,131 | | | | | | 32,025 | | |
Accrued expenses and other current liabilities
|
| | | | 539,191 | | | | | | 474,490 | | |
Total current liabilities
|
| | | | 3,482,233 | | | | | | 3,825,508 | | |
Non-current liabilities: | | | | | | | | | | | | | |
Non-current operating lease liabilities
|
| | | | 214,427 | | | | | | 154,683 | | |
Other non-current liabilities
|
| | | | 782 | | | | | | 583 | | |
Total non-current liabilities
|
| | | | 215,209 | | | | | | 155,266 | | |
Total liabilities
|
| | | | 3,697,442 | | | | | | 3,980,774 | | |
Commitments and contingencies (Note 11) | | | | | | | | | | | | | |
| | | | | | ||||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Mezzanine equity: | | | | | | | | | | | | | |
Series A convertible redeemable preferred shares (“Series A Preferred Shares”) (US$0.0000001 par value; 58,480,000 shares authorized, issued and outstanding as of December 31, 2022 and September 30, 2023)
|
| | | | 26,934 | | | | | | 27,108 | | |
Series A+ convertible redeemable preferred shares (“Series A+ Preferred Shares”) (US$0.0000001 par value; 84,480,000 shares authorized, issued and outstanding as of December 31, 2022 and September 30, 2023)
|
| | | | 40,608 | | | | | | 41,148 | | |
Series B convertible redeemable preferred shares (“Series B Preferred Shares”) (US$0.0000001 par value; 734,209,000 shares authorized, issued and outstanding as of December 31, 2022 and September 30, 2023)
|
| | | | 389,960 | | | | | | 396,551 | | |
Series B+ convertible redeemable preferred shares (“Series B+ Preferred Shares”) (US$0.0000001 par value; 277,730,000 shares authorized, issued and outstanding as of December 31, 2022 and September 30, 2023)
|
| | | | 240,033 | | | | | | 249,047 | | |
Series C1 convertible redeemable preferred shares (“Series C1 Preferred Shares”) (US$0.0000001 par value; 604,820,600 shares authorized, issued and outstanding as of December 31, 2022 and September 30, 2023)
|
| | | | 769,548 | | | | | | 825,058 | | |
Series C2 convertible redeemable preferred shares (“Series C2 Preferred Shares”) (US$0.0000001 par value; 372,859,000 shares authorized, issued and outstanding as of December 31, 2022 and September 30, 2023)
|
| | | | 458,503 | | | | | | 481,416 | | |
Series D1 convertible redeemable preferred shares (“Series D1 Preferred Shares”) (US$0.0000001 par value; 705,523,600 shares authorized issued and outstanding as of December 31, 2022 and September 30, 2023)
|
| | | | 1,219,370 | | | | | | 1,333,424 | | |
Series D2 convertible redeemable preferred shares (“Series D2 Preferred Shares”) (US$0.0000001 par value; 105,302,000 shares authorized, issued and outstanding as of December 31, 2022 and September 30, 2023)
|
| | | | 179,429 | | | | | | 195,935 | | |
Series E convertible redeemable preferred shares (“Series E Preferred Shares”) (US$0.0000001 par value; 803,222,500 shares authorized, issued and outstanding as of December 31, 2022 and September 30, 2023)
|
| | | | 2,226,911 | | | | | | 2,424,578 | | |
Series F convertible redeemable preferred shares (“Series F Preferred Shares”) (US$0.0000001 par value; 392,013,413 shares authorized, issued and outstanding as of December 31, 2022 and September 30, 2023)
|
| | | | 1,631,477 | | | | | | 1,788,708 | | |
Total mezzanine equity
|
| | | | 7,182,773 | | | | | | 7,762,973 | | |
|
| | | | | | ||||||||
| | |
RMB
|
| |
RMB
|
| ||||||
ZKH Group Limited shareholders’ deficit: | | | | | | | | | | | | | |
Ordinary shares (USD0.0000001 par value; 496,253,373,300
shares authorized; 1,218,621,800 shares issued and outstanding as of December 31, 2022 and September 30, 2023, respectively) |
| | | | 1 | | | | | | 1 | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | |
Statutory reserves
|
| | | | 5,278 | | | | | | 5,278 | | |
Accumulated other comprehensive loss
|
| | | | (51,910) | | | | | | (2,297) | | |
Accumulated deficit
|
| | | | (4,024,102) | | | | | | (4,928,329) | | |
Total ZKH Group Limited shareholders’ deficit
|
| | | | (4,070,733) | | | | | | (4,925,347) | | |
Non-controlling interests
|
| | | | 4,238 | | | | | | 3,889 | | |
Total shareholders’ deficit
|
| | | | (4,066,495) | | | | | | (4,921,458) | | |
Total liabilities, mezzanine equity and shareholders’ deficit
|
| | | | 6,813,720 | | | | | | 6,822,289 | | |
|
| | |
Nine months ended September 30,
|
| |||||||||
| | | | |
2023
|
| |||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Net revenues | | | | | | | | | | | | | |
Net product revenues
|
| | | | 5,897,963 | | | | | | 6,016,617 | | |
Net service revenues
|
| | | | 122,566 | | | | | | 208,820 | | |
Other revenues
|
| | | | 34,957 | | | | | | 51,777 | | |
Total net revenues
|
| | | | 6,055,486 | | | | | | 6,277,214 | | |
Cost of revenues
|
| | | | (5,114,081) | | | | | | (5,241,931) | | |
Operating expenses | | | | | | | | | | | | | |
Fulfillment
|
| | | | (369,153) | | | | | | (331,136) | | |
Sales and marketing
|
| | | | (518,457) | | | | | | (530,765) | | |
Research and development
|
| | | | (181,017) | | | | | | (138,074) | | |
General and administrative
|
| | | | (469,406) | | | | | | (427,253) | | |
Loss from operations
|
| | | | (596,628) | | | | | | (391,945) | | |
Interest and investment income
|
| | | | 6,624 | | | | | | 43,285 | | |
Interest expense
|
| | | | (86,592) | | | | | | (12,787) | | |
Others, net
|
| | | | 28,371 | | | | | | 36,573 | | |
Loss before income tax
|
| | | | (648,225) | | | | | | (324,874) | | |
Income tax benefits/(expenses)
|
| | | | 635 | | | | | | (255) | | |
Net loss
|
| | | | (647,590) | | | | | | (325,129) | | |
Less: net income/(loss) attributable to non-controlling
interests |
| | | | 298 | | | | | | (349) | | |
Less: net income/(loss) attributable to redeemable non-controlling interests
|
| | | | 1,126 | | | | | | (193) | | |
Net loss attributable to ZKH Group Limited
|
| | | | (649,014) | | | | | | (324,587) | | |
Accretion on preferred shares to redemption value
|
| | | | (436,000) | | | | | | (580,200) | | |
Net loss attributable to ZKH Group Limited’s ordinary shareholders
|
| | | | (1,085,014) | | | | | | (904,787) | | |
| | |
Nine months ended September 30,
|
| |||||||||
| | | | |
2023
|
| |||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Net loss
|
| | | | (647,590) | | | | | | (325,129) | | |
Other comprehensive loss: | | | | | | | | | | | | | |
Foreign currency translation adjustments
|
| | | | (27,928) | | | | | | (49,613) | | |
Total comprehensive loss
|
| | | | (675,518) | | | | | | (374,742) | | |
Less: comprehensive income/(loss) attributable to non-controlling interests
|
| | | | 298 | | | | | | (349) | | |
Less: comprehensive income/(loss) attributable to redeemable
non-controlling interests |
| | | | 1,126 | | | | | | (193) | | |
Total comprehensive loss attributable to ZKH Group Limited
|
| | | | (676,942) | | | | | | (374,200) | | |
Accretion on Preferred Shares to redemption value
|
| | | | (436,000) | | | | | | (580,200) | | |
Total comprehensive loss attributable to ZKH Group Limited’s ordinary shareholders
|
| | | | (1,112,942) | | | | | | (954,400) | | |
Net loss per ordinary share attributable to ordinary shareholders
|
| | | | | | | | | | | | |
Basic and diluted
|
| | | | (0.82) | | | | | | (0.68) | | |
Weighted average number of shares | | | | | | | | | | | | | |
Basic and diluted
|
| | | | 1,329,666,624 | | | | | | 1,322,404,244 | | |
| | |
Ordinary Shares
|
| |
Additional
paid-in capital |
| |
Statutory
reserves |
| |
Accumulated other
comprehensive income/(loss) |
| |
Retained
earnings/ (accumulated deficit) |
| |
Non-controlling
interest |
| |
Total
Shareholder’s equity/ (deficit) |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||||||||
Balance as of January 1, 2022
|
| | | | 1,218,621,800 | | | | | | 1 | | | | | | — | | | | | | 5,278 | | | | | | (930) | | | | | | (2,774,226) | | | | | | 3,905 | | | | | | (2,765,972) | | |
Net (loss)/income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (647,888) | | | | | | 298 | | | | | | (647,590) | | |
Foreign currency translation adjustments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (27,928) | | | | | | — | | | | | | — | | | | | | (27,928) | | |
Share-based compensation and vesting of share-based
awards |
| | | | — | | | | | | — | | | | | | 3,683 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,683 | | |
Accretion on convertible
redeemable preferred shares to redemption value |
| | | | — | | | | | | — | | | | | | (3,683) | | | | | | — | | | | | | — | | | | | | (432,317) | | | | | | — | | | | | | (436,000) | | |
Accretion of redeemable non-controlling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,126) | | | | | | — | | | | | | (1,126) | | |
| | | | 1,218,621,800 | | | | | | 1 | | | | | | — | | | | | | 5,278 | | | | | | (28,858) | | | | | | (3,855,557) | | | | | | 4,203 | | | | | | (3,874,933) | | | |
Balance as of January 1, 2023
|
| | | | 1,218,621,800 | | | | | | 1 | | | | | | — | | | | | | 5,278 | | | | | | (51,910) | | | | | | (4,024,102) | | | | | | 4,238 | | | | | | (4,066,495) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (324,780) | | | | | | (349) | | | | | | (325,129) | | |
Foreign currency translation adjustments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 49,613 | | | | | | — | | | | | | — | | | | | | 49,613 | | |
Share-based compensation and vesting of share-based
awards |
| | | | — | | | | | | — | | | | | | 560 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 560 | | |
Accretion on convertible
redeemable preferred shares to redemption value |
| | | | — | | | | | | — | | | | | | (560) | | | | | | — | | | | | | — | | | | | | (579,640) | | | | | | — | | | | | | (580,200) | | |
Change on repurchase premium
with redeemable non-controlling shareholders |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 193 | | | | | | — | | | | | | 193 | | |
| | | | 1,218,621,800 | | | | | | 1 | | | | | | — | | | | | | 5,278 | | | | | | (2,297) | | | | | | (4,928,329) | | | | | | 3,889 | | | | | | (4,921,458) | | |
| | |
Nine months ended
September 30, |
| |||||||||
| | | | |
2023
|
| |||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | | (647,590) | | | | | | (325,129) | | |
Adjustments to reconcile net loss to net cash used by operating activities:
|
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 57,037 | | | | | | 56,919 | | |
Share-based compensation expense
|
| | | | 33,008 | | | | | | 10,084 | | |
Loss on disposals of property and equipment
|
| | | | 206 | | | | | | 2,919 | | |
Allowance for credit losses
|
| | | | 23,142 | | | | | | 26,989 | | |
Write-down of inventories
|
| | | | 15,165 | | | | | | 28,893 | | |
Investment income
|
| | | | (124) | | | | | | (11,109) | | |
Interest expenses of convertible notes
|
| | | | 70,665 | | | | | | — | | |
Foreign exchange (gains)/losses
|
| | | | (9,544) | | | | | | 14,689 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable
|
| | | | (357,695) | | | | | | (438,204) | | |
Notes receivable
|
| | | | 5,867 | | | | | | (21,937) | | |
Inventories
|
| | | | 98,341 | | | | | | (69,722) | | |
Prepayments and other current assets
|
| | | | 18 | | | | | | 54,583 | | |
Accounts and notes payable
|
| | | | 146,641 | | | | | | 229,567 | | |
Advance from customers
|
| | | | (532) | | | | | | 894 | | |
Operating lease right-of-use assets
|
| | | | 94,171 | | | | | | 67,352 | | |
Land use right
|
| | | | — | | | | | | (159) | | |
Accrued expenses and other liabilities
|
| | | | 17,334 | | | | | | (69,093) | | |
Operating lease liabilities
|
| | | | (82,148) | | | | | | (66,230) | | |
Net cash used in operating activities
|
| | | | (536,038) | | | | | | (508,694) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Purchase of short-term investments
|
| | | | (100,000) | | | | | | (610,283) | | |
Maturity of short-term investments
|
| | | | 100,124 | | | | | | 1,690 | | |
Purchase of property and equipment
|
| | | | (24,213) | | | | | | (27,330) | | |
Purchase of intangible assets
|
| | | | (10,810) | | | | | | (4,182) | | |
Proceeds from sale of property and equipment and intangible assets
|
| | | | 1,427 | | | | | | 2,235 | | |
Net cash used in investing activities
|
| | | | (33,472) | | | | | | (637,870) | | |
| | |
Nine months ended
September 30, |
| |||||||||
| | | | |
2023
|
| |||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Cash flows from financing activities: | | | | | | | | | | | | | |
Proceeds from issuance of convertible note
|
| | | | 1,403,767 | | | | | | — | | |
Proceeds from short-term borrowings
|
| | | | 729,160 | | | | | | 694,000 | | |
Repayment of short-term borrowings
|
| | | | (573,432) | | | | | | (510,000) | | |
Acquisition of the redeemable non-controlling interest
|
| | | | (22,396) | | | | | | (5,044) | | |
Other financing activities
|
| | | | — | | | | | | (17,784) | | |
Net cash provided by financing activities
|
| | | | 1,537,099 | | | | | | 161,172 | | |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
|
| | | | 155,088 | | | | | | 26,563 | | |
Increase/(Decrease) in cash, cash equivalents, and restricted cash
|
| | | | 1,122,677 | | | | | | (958,829) | | |
Cash, cash equivalents, and restricted cash at beginning of year
|
| | | | 1,126,920 | | | | | | 2,005,856 | | |
Cash, cash equivalents, and restricted cash at end of year
|
| | | | 2,249,597 | | | | | | 1,047,027 | | |
Supplemental cash flow information: | | | | | | | | | | | | | |
Cash payments for interest
|
| | | | (14,858) | | | | | | (12,787) | | |
Cash payments for income taxes
|
| | | | (1,220) | | | | | | (125) | | |
Supplemental information for non-cash financing activities: | | | | | | | | | | | | | |
Accretion of convertible redeemable preferred shares
|
| | | | (436,000) | | | | | | (580,200) | | |
Name
|
| |
Place of
incorporation |
| |
Date of
incorporation |
| |
Percentage of
equity interest |
| |
Principal activities
|
|
Wholly owned subsidiaries
|
| | | | | | | | | | | | |
ZKH Industrial Supply
|
| |
Shanghai, China
|
| | | |
100%
|
| |
Sale of MRO products
|
| |
Shanghai Gongbangbang Industrial Tech Co., Ltd.
|
| |
Shanghai, China
|
| | | |
100%
|
| |
Sale of MRO products
|
| |
Shanghai Kunhe Supply Chain Management Co., Ltd.
|
| |
Shanghai, China
|
| | | |
100%
|
| |
Logistics and Warehousing
|
| |
Shenzhen Kuntong Smart Warehousing Technology Co., Ltd.
|
| |
Shenzhen, China
|
| | | |
100%
|
| |
Production and sale of intelligent warehousing equipments
|
| |
ZKH Holdings Limited
|
| |
British Virgin Islands
|
| | | |
100%
|
| |
Investment holding
|
| |
ZKH Hong Kong Limited
|
| |
Hong Kong
|
| | | |
100%
|
| |
Investment holding
|
|
| | | | | | ||||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Accounts receivable
|
| | | | 3,164,023 | | | | | | 3,600,337 | | |
Allowance for credit losses
|
| | | | (96,959) | | | | | | (122,058) | | |
Accounts receivable, net
|
| | | | 3,067,064 | | | | | | 3,478,279 | | |
| | |
Nine months ended
September 30, |
| |||||||||
| | | | |
2023
|
| |||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Balance at beginning of the period
|
| | | | 85,115 | | | | | | 96,959 | | |
Additions
|
| | | | 23,142 | | | | | | 26,989 | | |
Write-off
|
| | | | (15,788) | | | | | | (1,890) | | |
Balance at end of the period
|
| | | | 92,469 | | | | | | 122,058 | | |
| | | | | | ||||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Short-term bank borrowings
|
| | | | 250,000 | | | | | | 434,000 | | |
| | |
Nine months ended
September 30, |
| |||||||||
| | | | |
2023
|
| |||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Net product revenues | | | | | | | | | | | | | |
From ZKH platform
|
| | | | 5,298,430 | | | | | | 5,352,515 | | |
From GBB platform
|
| | | | 599,533 | | | | | | 664,102 | | |
| | | | | 5,897,963 | | | | | | 6,016,617 | | |
Net service revenues | | | | | | | | | | | | | |
From ZKH platform
|
| | | | 122,566 | | | | | | 208,820 | | |
Other revenues
|
| | | | 34,957 | | | | | | 51,777 | | |
Total
|
| | | | 6,055,486 | | | | | | 6,277,214 | | |
| | |
Nine months ended
September 30, |
| |||||||||
| | | | |
2023
|
| |||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Government grants
|
| | | | 22,011 | | | | | | 58,831 | | |
Foreign exchange (losses)/gains, net
|
| | | | 9,544 | | | | | | (14,689) | | |
Others
|
| | | | (3,184) | | | | | | (7,569) | | |
Total
|
| | | | 28,371 | | | | | | 36,573 | | |
| | |
Nine months ended
September 30, |
| |||||||||
| | | | |
2023
|
| |||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Numerator: | | | | | | | | | | | | | |
Net loss attributable to ordinary shareholders – basic and
diluted |
| | | | (1,085,014) | | | | | | (904,787) | | |
Denominator: | | | | | | | | | | | | | |
Weighted-average ordinary shares outstanding – basic and
diluted |
| | | | 1,329,666,624 | | | | | | 1,322,404,244 | | |
Net loss per share attributable to ordinary shareholders: | | | | | | | | | | | | | |
– Basic and diluted
|
| | | | (0.82) | | | | | | (0.68) | | |
| | |
Nine months ended
September 30, |
| |||||||||
| | | | |
2023
|
| |||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Fulfillment
|
| | | | 234 | | | | | | 59 | | |
Sales and marketing
|
| | | | 1,985 | | | | | | 2,733 | | |
Research and development expenses
|
| | | | 2,335 | | | | | | 1,873 | | |
General and administrative expenses
|
| | | | 28,454 | | | | | | 5,419 | | |
Total share-based compensation expenses
|
| | | | 33,008 | | | | | | 10,084 | | |
| | |
Options granted
share number |
| |
Weighted-average
exercise price (US$) |
| ||||||
Outstanding as of January 1, 2022
|
| | | | 198,964,123 | | | | | | 0.0227 | | |
Granted
|
| | | | 55,730,726 | | | | | | 0.0869 | | |
Cancelled/Forfeited
|
| | | | (66,849,767) | | | | | | 0.0520 | | |
Outstanding as of September 30, 2022
|
| | | | 187,845,082 | | | | | | 0.0313 | | |
Outstanding as of January 1, 2023
|
| | | | 182,748,565 | | | | | | 0.0306 | | |
Granted
|
| | | | 14,515,443 | | | | | | 0.1727 | | |
Cancelled/Forfeited
|
| | | | (12,806,813) | | | | | | 0.0369 | | |
Outstanding as of September 30, 2023
|
| | | | 184,457,195 | | | | | | 0.0414 | | |
| | |
As of December 31, 2022
|
| |||||||||||||||||||||
| | |
Options
number |
| |
Weighted-average
exercise price per option |
| |
Weighted-average
remaining exercise contractual life (years) |
| |
Aggregate
intrinsic value |
| ||||||||||||
| | | | | | | | |
US$
|
| | | | | | | |
US$ in thousands
|
| ||||||
Options outstanding
|
| | | | 182,748,565 | | | | | | 0.03 | | | | | | 7.91 | | | | | | 47,615 | | |
Exercisable
|
| | | | 120,164,340 | | | | | | 0.01 | | | | | | 7.32 | | | | | | 34,611 | | |
Expected to vest
|
| | | | 62,584,225 | | | | | | 0.08 | | | | | | 9.04 | | | | | | 13,398 | | |
| | |
As of September 30, 2023
|
| |||||||||||||||||||||
| | |
Options
number |
| |
Weighted-average
exercise price per option |
| |
Weighted-average
remaining exercise contractual life (years) |
| |
Aggregate
intrinsic value |
| ||||||||||||
| | | | | | | | |
US$
|
| | | | | | | |
US$ in thousands
|
| ||||||
Options outstanding
|
| | | | 184,457,195 | | | | | | 0.04 | | | | | | 7.29 | | | | | | 51,337 | | |
Exercisable
|
| | | | 120,957,444 | | | | | | 0.01 | | | | | | 6.58 | | | | | | 37,665 | | |
Expected to vest
|
| | | | 63,499,751 | | | | | | 0.11 | | | | | | 8.65 | | | | | | 13,672 | | |
| | | | |
Exercise price
|
| |
RMB0 – 1.8
(USD0 – 0.27) |
|
Fair value of the ordinary shares on the date of option grant
|
| |
RMB2.04 – 2.33
(USD0.30 – 0.32) |
|
Risk-free interest rate
|
| |
2.64% – 3.84%
|
|
Contractual life
|
| |
10 years
|
|
Expected forfeiture rate (post-vesting)
|
| |
16.00%
|
|
Exercise multiples
|
| |
2.80
|
|
Expected dividend yield
|
| |
—
|
|
Expected volatility
|
| |
30.09% – 30.41%
|
|
| | | | | | ||||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Contracted but not provided for: | | | | | | | | | | | | | |
A planned factory construction project
|
| | | | 273,083 | | | | | | 200,693 | | |
Assets under construction
|
| | | | 1,725 | | | | | | 63,589 | | |
Total
|
| | | | 274,808 | | | | | | 264,282 | | |
This ‘424B4’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/1/33 | ||||
7/1/33 | ||||
1/18/33 | ||||
7/1/32 | ||||
2/1/32 | ||||
5/31/30 | ||||
3/31/26 | ||||
12/31/24 | ||||
1/8/24 | ||||
12/31/23 | ||||
12/19/23 | ||||
Filed on: | 12/15/23 | EFFECT | ||
12/14/23 | CERT, EFFECT | |||
12/8/23 | 8-A12B, F-1/A | |||
12/1/23 | ||||
11/27/23 | F-1/A | |||
11/17/23 | ||||
11/3/23 | ||||
10/31/23 | ||||
9/30/23 | ||||
9/29/23 | ||||
7/31/23 | ||||
7/1/23 | ||||
6/30/23 | ||||
5/1/23 | ||||
3/31/23 | ||||
3/7/23 | DRS, DRS/A, F-1 | |||
3/3/23 | ||||
2/17/23 | ||||
1/18/23 | ||||
1/9/23 | ||||
1/1/23 | ||||
12/31/22 | ||||
12/29/22 | ||||
12/15/22 | ||||
10/7/22 | ||||
9/30/22 | DRS/A | |||
8/1/22 | ||||
7/1/22 | ||||
6/30/22 | ||||
6/29/22 | ||||
6/14/22 | ||||
5/1/22 | ||||
3/31/22 | ||||
3/1/22 | ||||
2/15/22 | ||||
2/1/22 | ||||
1/23/22 | ||||
1/1/22 | ||||
12/31/21 | ||||
12/30/21 | ||||
12/28/21 | ||||
12/24/21 | ||||
12/16/21 | ||||
11/14/21 | ||||
11/1/21 | ||||
9/30/21 | ||||
9/1/21 | ||||
8/20/21 | ||||
8/17/21 | ||||
7/12/21 | ||||
7/6/21 | ||||
7/1/21 | ||||
6/30/21 | ||||
6/10/21 | ||||
6/1/21 | ||||
5/20/21 | ||||
5/6/21 | ||||
5/1/21 | ||||
4/30/21 | ||||
4/29/21 | ||||
4/26/21 | ||||
3/31/21 | ||||
3/15/21 | ||||
3/12/21 | ||||
2/7/21 | ||||
1/18/21 | ||||
1/1/21 | ||||
12/31/20 | ||||
12/19/20 | ||||
10/27/20 | ||||
10/23/20 | ||||
9/30/20 | ||||
5/31/20 | ||||
4/21/20 | ||||
1/1/20 | ||||
12/31/19 | ||||
12/30/19 | ||||
12/26/19 | ||||
11/28/19 | ||||
11/1/19 | ||||
10/31/19 | ||||
10/25/19 | ||||
10/23/19 | ||||
8/12/19 | ||||
6/12/19 | ||||
6/6/19 | ||||
6/5/19 | ||||
4/23/19 | ||||
4/1/19 | ||||
3/24/19 | ||||
1/23/19 | ||||
1/1/19 | ||||
12/29/18 | ||||
10/26/18 | ||||
9/18/18 | ||||
8/31/18 | ||||
8/6/18 | ||||
7/20/18 | ||||
7/3/18 | ||||
5/1/18 | ||||
4/1/18 | ||||
3/6/18 | ||||
3/1/18 | ||||
2/3/18 | ||||
12/29/17 | ||||
12/27/17 | ||||
12/26/17 | ||||
12/1/17 | ||||
11/19/17 | ||||
11/1/17 | ||||
10/17/17 | ||||
9/1/17 | ||||
8/14/17 | ||||
6/1/17 | ||||
5/18/17 | ||||
3/15/17 | ||||
8/1/16 | ||||
6/9/16 | ||||
5/1/16 | ||||
4/8/16 | ||||
2/6/16 | ||||
12/22/15 | ||||
7/1/15 | ||||
6/19/15 | ||||
6/1/15 | ||||
3/30/15 | ||||
2/13/15 | ||||
2/3/15 | ||||
10/6/14 | ||||
10/1/14 | ||||
9/6/14 | ||||
7/4/14 | ||||
3/15/14 | ||||
3/1/14 | ||||
12/7/13 | ||||
9/1/13 | ||||
7/1/13 | ||||
4/23/13 | ||||
3/1/13 | ||||
1/30/13 | ||||
12/28/12 | ||||
12/17/12 | ||||
2/15/12 | ||||
11/16/11 | ||||
7/1/11 | ||||
1/8/11 | ||||
1/1/11 | ||||
2/1/10 | ||||
8/27/09 | ||||
8/1/09 | ||||
7/13/09 | ||||
6/22/09 | ||||
4/10/09 | ||||
2/20/09 | ||||
8/5/08 | ||||
8/1/08 | ||||
1/1/08 | ||||
1/18/07 | ||||
9/8/06 | ||||
7/13/06 | ||||
7/1/06 | ||||
4/15/06 | ||||
3/1/06 | ||||
11/1/05 | ||||
1/1/04 | ||||
4/1/03 | ||||
11/15/02 | ||||
3/15/02 | ||||
2/20/02 | ||||
12/11/01 | ||||
6/15/01 | ||||
12/28/00 | ||||
9/25/00 | ||||
4/1/00 | ||||
1/22/99 | ||||
1/1/99 | ||||
12/14/98 | ||||
9/1/98 | ||||
7/16/97 | ||||
5/27/96 | ||||
4/1/96 | ||||
1/1/95 | ||||
10/27/94 | ||||
1/1/94 | ||||
12/29/93 | ||||
9/1/93 | ||||
4/6/92 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/02/24 ZKH Group Ltd. S-8 4/02/24 7:1M Toppan Merrill/FA |