ZKH GROUP LTD SEC Filings

ZKH Group Ltd director Liu Yang David filed an initial ownership report showing existing equity interests in the company. He holds options over 4,000,000 and 700,000 ordinary shares at an exercise price of $0.2609 per share, plus 1,207,500 ordinary shares directly.

He also holds restricted share units tied to ordinary shares, including 682,500 RSUs vesting over four years from January 18, 2025 and 525,000 RSUs vesting over four years from January 18, 2026, along with additional RSUs that vest over multi-year and performance-based schedules. This Form 3 records holdings but does not show new market transactions.

ZKH Group Ltd director Xu He has filed an initial ownership report showing holdings of share options over the company’s ordinary shares. The filing lists two option awards that together cover a substantial number of underlying shares.

One option relates to 441,774 ordinary shares, expiring on January 17, 2034. Another covers 1,458,345 ordinary shares, expiring on January 17, 2036. Footnotes state the exercise price is $0.0000001 per share and that each grant vests in two equal installments on December 15, 2024 and December 15, 2025, and on December 15, 2026 and December 15, 2027, respectively.

ZKH Group Ltd vice president Liu Shuang Ariel filed an initial ownership report showing direct holdings of 2,000,250 Ordinary Shares and restricted share units (RSUs) covering 1,200,150 and 800,100 underlying Ordinary Shares.

The RSUs have multi‑year vesting schedules beginning on January 18, 2025. One grant vests over four years with 50% after two years and the remainder in annual installments, while other grants vest after three years, subject to performance results and continued service.

ZKH Group Ltd director Eric Long Chen reported his existing equity interests in the company. He holds share options over 35,000,000 ordinary shares at a nominal exercise price of $0.0000001 per share, vesting over multiple years and expiring on November 30, 2033.

Chen also holds restricted share units, each representing one ordinary share, that vest over a multi‑year schedule starting on January 18, 2026, subject to continued service and performance conditions. He directly owns 1,121,050 ordinary shares, and a large block of 890,677,378 Class B ordinary shares is held of record by Phoenix ZKH Limited, an entity associated with him, for which he may be deemed a beneficial owner but disclaims ownership beyond his economic interest.

ZKH Group Ltd reported the initial holdings of its Chief Financial Officer, Lai Chun Chiu. The filing shows two share option positions, each giving the right to buy ordinary shares at an exercise price of 0.1015 per share.

One option covers 34,160,697 underlying ordinary shares and expires on January 31, 2032, vesting over four years starting February 1, 2022 with 25% vesting each year. The second option covers 1,056,516 underlying ordinary shares, expires on January 17, 2033, and also vests over four years starting July 17, 2023 with 25% vesting annually.

ZKH Group Ltd director Han Yunjie has reported his equity holdings in a Form 3 filing. He directly owns 1,500,100 ordinary shares. He also holds restricted share units (RSUs) linked to 900,200 underlying ordinary shares that vest over four years starting on January 18, 2025, with 50% vesting after two years and the remainder annually. Additional RSUs are tied to 1,312,500 underlying ordinary shares that vest after three years from the January 18, 2025 grant date, subject to performance results. All RSUs are a contingent right to receive ordinary shares upon settlement, conditional on continued service and, for some awards, on performance.

ZKH Group Ltd director Wang Xiaofan has filed a Form 3 insider report with the SEC. The filing identifies Wang as a director of the company and shows no reportable stock or derivative transactions, serving as an initial baseline disclosure of insider status.

ZKH Group Limited reported improving results for Q4 and full-year 2025, highlighted by a return to quarterly profitability and narrower annual losses. In the fourth quarter, net revenues rose 7.9% to RMB2,557.2 million, while gross profit slipped 2.1% and gross margin declined to 15.5%. The company nonetheless swung to a net profit of RMB4.8 million and non-GAAP adjusted net profit of RMB14.9 million, compared with losses a year earlier, supported by lower operating expenses as a share of revenue and positive non-GAAP EBITDA.

For 2025, net revenues grew 2.6% to RMB8,987.7 million, but gross margin eased to 16.4%. Net loss narrowed to RMB139.7 million from RMB268.0 million, and non-GAAP adjusted net loss improved to RMB85.9 million from RMB159.5 million, reflecting disciplined cost control and operating leverage. The company emphasized AI-driven productivity gains, including over 5,000 RPA “digital employees,” and continued to invest in its SME customer base while repurchasing about 1.4 million ADSs for roughly US$4.4 million under its buyback program.

RAYS Capital Partners Limited has filed an amended Schedule 13G reporting its beneficial ownership in ZKH Group Ltd. The firm reports holding 204,507,940 Class A ordinary shares/American Depositary Shares, representing 4.5% of the class.

RAYS Capital reports sole voting and sole dispositive power over all of these shares, with no shared voting or dispositive power. The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of ZKH Group.