ZKH Group (ZKH) Cash Flow: Operating & Free Cash Flow

ZKH Group Cash Flow Statement Analysis

Values in billions CNY

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities 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
Operating Activities
Net Income	-0.14	-0.27	-0.30	-0.73	-0.07	-0.40
Depreciation & Amortization	0.05	0.05	0.07	0.08	0.05	0.04
Stock Based Compensation	0.05	0.11	0.02	0.03	0.18	0.09
Change in Working Capital	0.02	0.27	-0.41	0.01	-1.51	0.27
Change in Accounts Receivable	-0.08	0.62	-0.59	-0.25	-1.13	-0.57
Change in Inventory	-0.07	0.02	-0.05	0.09	-0.33	-0.07
Change in Accounts Payable	0.16	-0.33	0.00	0.12	0.00	1.01
Change in Other Working Capital	0.01	-0.01	0.22	0.07	-0.05	-0.11
Other Operating Activities	0.02	0.06	0.06	0.07	-0.04	0.02
Net Cash from Operating Activities	0.01	0.23	-0.57	-0.50	-1.38	0.03
Investing Activities
Capital Expenditures	-0.05	-0.08	-0.06	-0.05	-0.16	-0.06
Acquisitions	0.00	0.00	0.00	0.00	-0.01	-0.04
Purchases of Investments	-0.47	-0.10	-1.29	-0.10	-1.48	0.04
Sales/Maturities of Investments	0.21	0.46	0.43	0.10	1.55	-0.01
Other Investing Activities	0.00	0.00	0.00	0.00	0.01	0.00
Net Cash from Investing Activities	-0.32	0.28	-0.91	-0.04	-0.09	-0.06
Financing Activities
Debt Repayment	-0.06	-1.17	0.34	-0.81	0.19	-0.11
Common Stock Issued	0.00	0.03	0.39	0.00	0.00	0.00
Common Stock Repurchased	-0.04	-0.04	0.00	0.00	0.00	0.00
Other Financing Activities	0.00	0.02	-0.01	-0.04	-0.01	0.00
Net Cash from Financing Activities	-0.10	-0.25	0.72	1.30	0.17	1.83
Summary
Effect of Forex Changes on Cash	0.05	0.02	0.01	0.12	-0.01	-0.01
Net Change in Cash	-0.36	0.27	-0.76	0.88	-1.31	1.79
Cash at Beginning of Period	1.45	1.25	2.01	1.13	2.44	0.65
Cash at End of Period	1.09	1.52	1.25	2.01	1.13	2.44
Free Cash Flow	-0.04	0.15	-0.62	-0.55	-1.54	-0.03
Supplemental Disclosures
Interest Paid	-	0.01	0.02	0.02	0.01	0.00
Income Taxes Paid	-	0.00	0.00	0.00	0.00	0.00

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 Cash Flow

What is ZKH Group's free cash flow?

ZKH Group had negative free cash flow of CNY 43.05M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of CNY 8.55M minus CNY 51.60M of capital expenditures.

How much does ZKH Group spend on capital expenditures?

ZKH Group spent CNY 51.60M on capital expenditures in fiscal 2025, compared with CNY 83.03M a year earlier. That equals 603.5% of operating cash flow.

Does ZKH Group pay dividends or buy back shares?

Yes. In fiscal 2025 ZKH Group returned CNY 39.88M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition