增长重新加速且边际改善更强：动量似乎可持续至2H

BuyAsia Forecast Change China Growth reaccelerated and strongermargin improvement LeoChiang,CFA Research Analyst+852-220-36240 ZKH's recovery continued in 2Q, with GMV and revenue growth accelerating to 19%and13%YoY,respectively,supported bybroad-based gainsacrossKA,SME,andSoEcustomers.Marginimprovementexceededourexpectations,reflectingamorefavorablecustomerandproductmixandbetteroperatingefficiency.WeraiseourFY26revenueforecastby3%andadjustedNPMforecastby10bps.Wenowexpect18%GMVgrowth,13%revenuegrowth,andadjustedNPMof140bps in2026.We maintain our USs4.8 target price and Buy rating, underpinned by thecontinued digitalization of China's MRO procurement market Verticals:broad-based growthacrosscustomersegmentsIn2Q,GMVincreasedbydoubledigitsamongKAcustomers,30%YoYamong SMEs,andmorethan20%amongSOEs.Byindustry,steelandferrousmetalsGMVdoubledYoY,whilecommunications,electronics,finechemicals,pharmaceuticals,and utilities each grewbymore than30% Privatelabels:steadygrowthand risingpenetrationPrivate-label GMV grew bymore than25%YoYin2Q26and accounted for 10%of total GMV, upfrom9.7%in1Q.ZKH launched more than 700 new private-labelSKUs andreiterated its long-termtargetof30%GMVpenetration. Al:broadeningcapabilitiesthroughadedicated subsidiary The"AiMaterialsManager"nowservesmorethan8,6o0customersandhasbegungenerating revenue.ZKHis also collaborating with Intel on an industrial vision edgemodel and deepening integration with domestic chipmakers. The plannedindependent Al subsidiary should enhance strategic flexibility while preservingsynergies with the parent company. International:rapidexpansion,withprofitabilityexpectedin2H 1HoverseasGMVexceededRMB95mn,representingatenfoldYoYincrease.ZKHcontinuestosupporttheglobalexpansionofChinesemanufacturerswhilebuildinglocalized capabilities inkeymarkets.Withdisciplinedinvestmentandacontinuedfocus on ROl,,managementexpectstheinternational businesstoachieveprofitability in 2H. andseekstodobusinesswithcompaniescovered in itsresearchreports.Thus,investorsshouldbeawarethatthefirmmayhave a conflict of interest that could affect the objectivity of this report.Investors should considerthis report as onlya singlefactorin makingtheirinvestmentdecision. Software&ServicesZKH ZKH'stotalGMVgrew18.9%YoYtoRMB2,877.5mnandnetrevenuesrose12.8%YoYtoRMB2,443.8mn.ZKHplatformGMVexpanded22.9%YoYto RMB2,635.0mn,whileGBBplatformGMVfell12.1%toRMB242.5mnandGBB productrevenue dropped7.3%.GMV of marketplacemodel surged50.7%YoYto RMB431.5mn, lifting its mix to15.0%of total GMV,thoughthetake ratedeclinedto11.8% (from14.2%in2Q25).ZKH reported its first-ever quarterly operating income of RMB4.0mn (0.2% margin), swinging from an operating loss of RMB72.0mn in 2Q25.Non-GAAPadjustednetprofit wasRMB38.5mn (1.6%margin)vs.anadjustednetlossofRMB36.5mnin2Q25.Totaloperatingexpensesfell0.8%YoYtoRMB425.6mn despite12.8% revenue growth,with the opex ratioimproving 2.4ppt YoYto 17.4%.Byline item, fulfillment, sales & marketing,R&DandG&Aexpenseratiosdeclinedby0.5ppt,0.7ppt,0.5pptand0.7pptYoY, respectively.Gross profitgrew20.3%YoYtoRMB429.6mn,outpacingrevenue.Gross marginwas17.6%(+1.1pptYoY).Private-labelGMVgrewbyover25%YoYtoc.10%oftotalGMV,supportedbymorethan700newSKUslaunched inthe quarter. Totalcustomersdipped1.7%YoYto73,547,butSMEGMVjumpedc.30%YoY, while KA and central SOE GMV sustained double-digit growth. ZKHlaunched"Domino,"an industrialsuppliesdata enginepoweredbytheindustry's first billion-parameter industrial supplies knowledge graph.AlInternally,Alnowsupportsmorethan70%ofR&Dcodingandgeneratedan estimated 12,759hoursof productivitygains in the quarter. International GMV grew tenfold YoY in 1H26. The domestic networkcomprisedmore than30 DCs,109warehouses,andover6,000EVM smartvending machines at quarter-end,with a new hazardous-materialswarehousecompleted inCangzhou.Fulfillment expensesfell to3.7%ofrevenue(-0.5pptYoY). Shareholder returns ZKHhadrepurchased approximately2.49mnADSsforapproximatelyUS$7.67mnasofJune30,2026underitsUS$50mnprogram,whichwasextended through June 13, 2027. 2Q26earningsreview Software&ServicesZKH Forecast changes Valuation and risks We value ZKHusing DCFmethodology,employing a WACC of 8.5%, assuming arisk-freerateof2.5%,anequityriskpremiumof5%,anda2%terminalgrowthrate,in line with long-term inflation.Key risks include (1)macroeconomic risks,(2)sector,(3)competition,(4)fluctuations in supply or product quality,(5)otheroperating risks,and (6) regulation. Software&ServicesZKH ZKH operates as an MRO procurement service platform in China. The company provides one-stop MRO procurementand management services for customers and offer digitaland fulfillment solutions for industry participants along thevalue chain. CashFlow(CNYm)Cash flow from operations Balance Sheet (CNYm) Key Company Metrics Leo Chiang, CFA+85222036240leo.chiang@db.com Appendix 1 *Other information available upon request information is sourcedfrom Deutsche Bank,subject companies,andother sources.For