ZKH is a China-based B2B e-commerce platform for MRO procurement, serving manufacturers and industrial businesses that need supplies — fasteners, pumps, lubricants, cutting tools, PPE, and thousands of other industrial items — to keep their facilities running. ZKH operates two platforms: the ZKH platform, which serves large and mid-sized enterprises with complex procurement needs (~90% of GMV), and the GBB platform, which targets retailers and micro-businesses (~10% of GMV). The company offers approximately 23.2M SKUs and serves over 155,000 customers, including large corporations, multinationals, SOEs, and SMEs across industries such as machinery and electrical manufacturing, automotive, and energy. ZKH generates revenue through two models: a direct 1P model (~87% of GMV) where ZKH buys and resells inventory at mid-teens gross margins, and a 3P marketplace model (~13% of GMV) where third-party suppliers sell on ZKH's platform and ZKH earns a ~13% commission. ZKH fulfills orders through 30 distribution centers, 107 transit warehouses, and 5,600+ smart vending machines deployed at customer sites. Private label products, a higher-margin segment, accounted for ~8% of GMV in FY25, with a long-term target of ~30%. ZKH is also investing in AI-powered procurement tools and RPA automation to reduce labor intensity. Longer term, ZKH is pursuing international expansion, including a U.S. launch under the NorthSky Supply brand targeting SMEs with private-label industrial products.