ZKH集团2026年Q2财报及电话会议记录

发布时间：2026-08-22 一、AI总结内容 一、核心业绩表现 1. 营收与利润：2026年第二季度公司GMV同比增长19%，营收同比增长12.8%，均创近期增速新高；毛利额增速高于GMV，毛利率同比环比均提升；首次实现季度经营利润转正，经调整净利润同比扭亏为盈。 2. 业务增长结构：区域中小客户GMV同比增长30%，国央企GMV同比增长超20%，钢铁有色、通讯电子等重点行业GMV同比增幅超30%；上半年海外业务GMV实现超10倍同比增长，达9500万元。 3. 核心能力进展：新增超700个自主品牌SKU，自有品牌GMV同比增长超25%，占比提升至10%；履约费率从去年同期4.2%降至3.7%；发布多米诺工业用品大数据引擎，AI物料管家累计服务超8600家客户，节省工时超1.2万小时。 二、关键业务进展 1. 国内业务：深化自动化产品布局，电气自动化业务GMV同比增长160%；智能产线控制、工业安全等全品类布局覆盖新能源、半导体等高增速赛道，半导体客户GMV同比增速超100%；履约网络覆盖30多个配送中心、109个中转仓，部署超6000台智能小仓库。 2. 海外业务：围绕中国制造企业出海及美国德州本地化运营两条路径推进，在亚马逊等线上平台销量提升，重点品类建立境内外双源供应体系，计划下半年实现海外业务利润转正。 3. AI与生态建设：推进全栈式AI能力，6月发布多米诺工业用品大数据引擎；AI物料管家覆盖多行业关键流程；2026年6月联合行业协会举办首届CISS工业用品大会，参会规模超2000人、1000家企业。 三、投资与股东回报 1. 业绩展望：预计2026年三季度GMV增速将高于二季度的18.9%，四季度为订单高峰，全年GMV增速目标为15%-20%。 2. 股东回报：2025年6月批准5000万美元股票回购额度，有效期至2027年6月；截至2026年二季度末已累计回购约240万股，金额约767万美元，后续将加大回购力度，盈利改善后考虑分红。 四、风险与关注 1. 海外业务尚处拓展阶段，需应对不同地区市场规则、运营成本挑战；2. AI技术应用落地及相关数据积累依赖持续投入，落地效果存在不确定性；3. 工业用品市场竞争激烈，需持续保持产品及服务差异化优势。 二、音频原文（转写） Eat us more than a hundredfold year over year.Wealso expanded our collaboration with detail inedge control.Jointly advancing visual inspectionand industrial controlled product solutions aswe cultivate our next school curve beyond contro l safety and fencing.其次，这个品牌是我们持续提升差异化竞争力和盈利能力的重要抓手。 本季度我们新增加超过700个自主品牌sku带动自有品牌gmv同比增长超过25%。Gm.A占比升至约10%在贡献增量收入的同时，也推动了整体毛利率的改善。随着作用品牌产品矩阵的丰富，我们也在持续完善，从产品开发到测试验证的体系化能力。目前我们的制度测试体系已覆盖多条核心产线围绕性能安全合规和可靠性等关键环节开展验证，进一步强化了产品的研发效率和质量稳定性，为这个品牌的规模化发展提供有力支撑。 Meanwhile all private label business is an important driver of both competitive differentiationand profability during the quarter we added morethan seven hundred private label skiesdriving private label gmv growth up more than twenty fivepercent year over year and listing private label products share of total gmb to approximately ten percent.The in addition to contributing incremental revenue this also improved our overall gross merginas we broaden the portfolio we are also building out end to end capabilities from product development from testing and validation.Ouraim house testing system now covers multiple core product lengths with vigorous validation across performance safety compliance and reliabilitythese capabilities further improve product development musician feast and quality consistency providing strong support for scaling our private label business在履约侧，我们进一步优化多层级仓网运营体系。 并持续提升专业品类的供给能力和客户体验。本季度，河北沧州危险品仓完成首建，进一步增强了我们在危化品领域的合规仓储和供应保障能力。截止季度末，我们的全国履约网络涵盖30多个配送中心，109个中转仓及超过200辆自营配送车。并在客户生产现场部署超过6000台emv智能小仓库，不断强化从区域备货末端配送到现场按需领用的端到端履约能力。 在网络覆盖持续深化的同时，我们进一步提升仓储运营和运力调度效率。推动金融杠杆进一步改善履约费率，从去年同期的4.2%下降到3.7%。Turning to fulfillment we cont inue to optimize our multi tiered warehousing and distribution network while enhancing supply capabilities and customer experience in specialized mr categoriesduring the quarter we completed the buildout of a dedicated hazardous materials w arehouse in tung.Zhou hube province.Further transferring our compliance storage and supply assurance capabilities for hazardous chemicalsas of quarter end our nationwide fulfillment network comprised more than thirty distribution centers one hundred and nine transit warehouses more thantwo hundred company operated delivery vehicles and more than six thousand evmsmart bending machines deployed at customer production sitesthis integrated network strengthens our end to end fulfillment capabilities from regional inventory deployment and last mile delivery to onsite ondemand product accessas we expended our network net network coverage.We also improved warehouse operations and transportation scheduling further improving operating leveragein the quarter fulfillment expenses as a share as a percentage of ment revenues declined to three point seven per cent from four point two per cent a year ago在ai与数字化方面，我们继续围绕打造工业用电行业领先的全站式ai能力，这一方向持续推进体系化建设，同时深化ai在内外部业务场景中的应用落地。 将积累的行业数据和技术优势加速转化为切实的客户价值和业务经营经营成果。6月份，我们正式发布多米诺工业用品，大数据引擎。该引擎覆盖10亿级商品参数，具备自动标注持续学习和全链路溯源等能力，为客户开展工业用品数据治理模型训练以及智能化应用，提供高质量的数据基础。通过这一平台，我们进一步释放工业用品数据价值，推动系统内部资源，进一步升级为可对外输出的产业基础设施。 We also made solid progress on the ai and visualization front guided by our goal of building industry leading full stack ai capabilities for industrial supplies we continue to strengthen our technology stack and expend ai adoption across customer facing and internalcasesthese efforts areaccelerating the conversion of our extensive industry data and technological expertise into tangible customer value and operating resultsa keymilestone this quarter with the june launch of domino our industrial supplies big data engine.Powered by more than a billion product parametersdominal features automated data labeling self learning and end to end traceability.This provides customers with a highquality data foundation for mro data governance model training and intelligent applicationsthrough this platform we are further unlocking the value of mro data and enabling it to evolve from an eternal resource to industry infrastructure that can be offered externally在此基础上，我们持续拓展行家玲珑行