ZKH Group Ltd balance sheet

At the end of fiscal 2025, ZKH Group Ltd had total assets of $934m, total liabilities of $513m and shareholders' equity of $421m. It held $147m in cash against $40.7m of debt: net cash of $107m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

ZKH Group Ltd: balance sheet, annual
Fiscal year	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash and equivalents	177	283	154	195	147
Receivables	—	445	513	423	466
Inventory	—	95	94	86	96
Total current assets	—	911	980	848	878
Goodwill	—	4	4	4	4
Total assets	—	988	1,040	906	934
Accounts payable	—	370	405	349	389
Deferred revenue (current)	—	5	3	4	4
Total current liabilities	—	505	567	458	490
Short-term debt	—	36	82	0	0
Long-term debt	—	—	—	5	6
Total debt	0	36	82	48	41
Total liabilities	—	536	588	481	513
Shareholders' equity	−434	−590	452	424	421
Non-controlling interests and other (assets − liabilities − equity)	—	1,042	—	—	—
Net debt (negative = net cash)	−177	−247	−71	−147	−107
Shares outstanding	—	35m	—	160m	159m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from ZKH Group Ltd's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to ZKH Group Ltd.