ZKH Group (ZKH) Balance Sheet: Assets & Liabilities

ZKH Group (ZKH) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), ZKH Group reported total assets of CNY 6.53B and total liabilities of CNY 3.59B. Shareholders' equity was CNY 2.94B, down 5.1% from CNY 3.10B a year earlier. Total debt stood at CNY 284.96M against CNY 1.86B in cash and short-term investments, a net cash position of CNY 1.57B. That puts debt-to-equity at 0.10, compared with 0.12 a year earlier.

ZKH Group Balance Sheet Analysis

Values in billions CNY

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for ZKH Group Limited (ZKH) - Annual data in billions CNY
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Current Assets
Cash and Cash Equivalents	1.03	1.42	1.09	1.95	0.54	1.96
Short-Term Investments	0.83	0.54	0.87	0.00	0.00	0.07
Cash & Short-Term Investments	1.86	1.97	1.96	1.95	0.54	2.03
Accounts Receivable	3.26	3.09	3.64	3.38	2.76	1.95
Inventory	0.67	0.63	0.67	0.66	0.76	0.45
Other Current Assets	0.03	0.02	0.33	0.30	0.08	0.65
Total Current Assets	6.14	6.19	6.95	6.28	5.28	5.08
Non-Current Assets
Property, Plant & Equipment (Net)	0.33	0.36	0.38	0.46	0.61	0.44
Goodwill	0.03	0.03	0.03	0.03	0.03	0.03
Intangible Assets	0.03	0.03	0.02	0.03	0.02	0.02
Other Non-Current Assets	-0.01	-0.01	0.00	0.00	0.00	0.00
Total Non-Current Assets	0.39	0.42	0.43	0.53	0.66	0.49
Total Assets	6.53	6.61	7.39	6.81	5.94	5.57
Current Liabilities
Accounts Payable	2.72	2.55	2.88	2.56	1.96	1.52
Short-Term Debt	0.24	0.32	0.59	0.36	0.75	0.17
Current Portion of Long-Term Debt	0.00	0.00	-	-	-	0.01
Accrued Liabilities	0.38	0.37	0.45	0.54	0.52	0.19
Deferred Revenue	0.03	0.03	0.02	0.03	0.03	0.00
Other Current Liabilities	0.15	0.13	0.19	0.43	0.14	0.38
Total Current Liabilities	3.43	3.34	4.03	3.48	3.39	2.07
Non-Current Liabilities
Long-Term Debt	0.04	0.04	0.15	0.21	0.27	0.24
Other Non-Current Liabilities	0.03	0.03	0.00	7.18	0.00	0.00
Total Non-Current Liabilities	0.16	0.17	0.15	7.40	5.32	0.24
Total Liabilities	3.59	3.51	4.18	10.88	8.71	2.32
Stockholders' Equity
Common Stock	0.00	0.00	0.00	0.00	0.00	0.00
Retained Earnings	-5.32	-5.18	-4.90	-4.02	-2.77	-1.47
Accumulated Other Comprehensive Income	-0.03	0.01	-0.03	-0.05	0.00	0.00
Treasury Stock	0.08	0.04	-	-	-	-
Additional Paid-in Capital	8.37	8.31	8.14	-1.04	-0.79	0.00
Minority Interest	0.00	0.00	0.00	0.00	0.00	0.01
Shares Outstanding	5.56	5.60	5.64	5.62	5.62	-
Total Stockholders' Equity	2.94	3.10	3.21	-4.07	-2.77	3.24
Total Liabilities & Equity	6.53	6.61	7.39	6.81	5.94	5.57

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About ZKH Group Balance Sheet

How much debt does ZKH Group have?

ZKH Group had total debt of CNY 284.96M as of Dec 31, 2025, against CNY 1.86B in cash and short-term investments. Its debt-to-equity ratio was 0.10. Total debt was CNY 358.18M a year earlier.

What are ZKH Group's total assets?

ZKH Group reported total assets of CNY 6.53B as of Dec 31, 2025, down 1.2% from CNY 6.61B a year earlier. Total liabilities were CNY 3.59B.

What is ZKH Group's shareholders' equity?

ZKH Group's shareholders' equity was CNY 2.94B as of Dec 31, 2025, or about CNY 0.53 of book value per share.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition