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Antengene Announces 2025 Interim Financial Results Highlighting Encouraging Data from Mid/Late-Stage Clinical Programs and Its Innovative TCE Technology Platform

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  • The Phase I/II CLINCH study of ATG-022 (CLDN18.2 antibody-drug conjugate) demonstrated promising results, showing robust clinical efficacy and a favorable safety profile in patients with gastric/gastroesophageal junction adenocarcinoma across high, low, and ultra-low CLDN18.2 expression levels. Supported by these results, ATG-022 was granted a Breakthrough Therapy designation by the Center for Drug Evaluation (CDE) of China’s National Medical Products Administration (NMPA).
  • The Phase I/II STAMINA study of ATG-037 (Oral CD73 small molecule inhibitor) is progressing smoothly. The latest data show particularly encouraging efficacy in the CPI-resistant melanoma subgroup, with an objective response rate (ORR) of 36.4%, a disease control rate (DCR) of 100%, including 1 CR and 3 partial responses (PRs). In the CPI-resistant non-small cell lung cancer (NSCLC) subgroup, the ORR was 21.4%, the DCR was 71.4%, including 3 PRs.
  • Expanding its pipeline’s therapeutic area to autoimmune diseases, Antengene released the preclinical data of ATG-201, a CD19 x CD3 TCE with steric hindrance masking technology. In non-human primate (NHP) models, repeated dosing of ATG-201 surrogate at 1mpk, 3mpk, and 6mpk was well tolerated and associated with very low cytokine release. ATG-201 is expected to enter clinical development in Q4 2025.
  • In the first half of 2025, XPOVIO® generated a revenue of RMB 53.2 million, which rose sharply by 70.6% period-over-period. In addition to the rapid revenue growth, the company’s operational efficiency continued to improve, with sales and administrative expenses declining by 34.0% and 32.8% year-over-year, respectively.

SHANGHAI and HONG KONG, Aug. 22, 2025 /PRNewswire/ — Antengene Corporation Limited (“Antengene”, SEHK: 6996.HK) today announced its interim results for the period ending June 30, 2025, along with an update highlighting some of its recent achievements.

Dr. Jay Mei, Antengene’s Founder, Chairman, and CEO, said, “In the first half of 2025, Antengene delivered a series of milestone achievements. Our core mid/late-stage clinical asset, ATG-022, was granted a Breakthrough Therapy designation by the NMPA based on its outstanding clinical data that demonstrated efficacy across all CLDN18.2 expression levels. This underscores ATG-022’s distinctive characteristics as a potential backbone therapy for the treatment of gastric cancer. Moreover, ATG-037 has also exhibited compelling best-in-class potential in clinical studies, with encouraging efficacy data in patients with CPI-resistant melanoma and NSCLC. During the reporting period, we disclosed the preclinical data of ATG-201 (CD19 x CD3 TCE with masking via steric hindrance) in NHP models. ATG-201 is being developed for the treatment of autoimmune diseases and is expected to enter clinical development in Q4 2025. On the commercialization and operational front, XPOVIO® delivered a robust 70.6% period-over-period revenue growth, while sales and administrative expenses declined significantly year-over-year, validating the effectiveness of our two-pronged strategy that centers around innovation and operational efficiency. Looking ahead, we will strive to accelerate the development and commercialization of our key assets, in efforts to deliver breakthrough therapies to patients worldwide and generate sustainable long-term value for our investors.”

【Business Updates】

1. Key Clinical Assets

ATG-022 (CLDN18.2 Antibody-Drug Conjugate)

  • Updated Data from the Ongoing Phase I/II CLINCH Study: ATG-022 demonstrated significant clinical efficacy and a favorable safety profile in patients with gastric/gastro-esophageal junction adenocarcinoma across high, low, and ultra-low CLDN18.2 expression levels. In patients with moderate-to-high CLDN18.2 expression (IHC 2+ > 20%), the 2.4 mg/kg dose cohort achieved an objective response rate (ORR) of 40% (12/30), including 1 complete response (CR), with a disease control rate (DCR) of 90% (27/30), a median progression-free survival (mPFS) of 6.97 months, a 6-month PFS rate of 51.1%, a 9-month overall survival (OS) rate of 82.7%, and a 12-month OS rate of 66.2%. The 1.8 mg/kg dose cohort achieved an ORR of 40% (10/25), including 1 CR, and a DCR of 84% (21/25). Low and ultra-low CLDN18.2 expressors (IHC 2+ ≤ 20%) who were treated at the efficacious dose range of 1.8-2.4 mg/kg achieved an ORR of 33.3% (6/18), including 1 CR, and a DCR of 50% (9/18). To date, three patients in the study have achieved CR during treatment, with one case of CR observed in each of the three cohorts (i.e., both dose levels in the CLDN18.2 moderate-to-high expressor cohorts and the CLDN18.2 low and ultra-low expressor cohort).
  • Breakthrough Therapy Designation: ATG-022 was granted a Breakthrough Therapy designation by the Center for Drug Evaluation (CDE) of China’s National Medical Products Administration (NMPA) for the treatment of patients with CLDN18.2-positive, HER2-negative unresectable or metastatic gastric or gastroesophageal junction adenocarcinoma who have received at least two prior lines of therapy.
  • Advancing Clinical Development in Gastric Cancer Across First- to Third-Line Settings: Antengene is currently conducting a Phase II dose-expansion study of ATG-022 in the Mainland of China and Australia. The company will continue to advance the clinical development of ATG-022 in gastric cancer in first- to third-line settings, including first-line treatment with ATG-022 in combination with pembrolizumab and chemotherapy (CAPOX/FOLFOX); second-line treatment with ATG-022 in combination with pembrolizumab; and third-line treatment with ATG-022 monotherapy. This strategy covers patients with a wide spectrum of CLDN18.2 expression levels, including moderate-to-high expressors (2+ >20%) and low and ultra-low expressors (2+ ≤20%). In addition, the ongoing clinical study includes a basket trial cohort including multiple tumor types. In preliminary data from patients with a certain subtype of gynecologic tumor, all 7 evaluable patients achieved tumor shrinkage, indicating significant clinical potential of ATG-022 in other CLDN18.2-positive tumors. Currently, this cohort continues to enroll patients.

ATG-037 (Oral CD73 Small Molecule Inhibitor)

  • Updated Data from the Ongoing Phase I/II STAMINA Study: Following the initiation of a global clinical collaboration with MSD, Antengene is evaluating ATG-037 in combination with the anti-PD-1 therapy KEYTRUDA® (pembrolizumab) in patients with checkpoint inhibitor (CPI)-resistant melanoma and non-small cell lung cancer (NSCLC). As of July 24, 2025, data from 25 evaluable patients (11 with melanoma and 14 with NSCLC) showed an ORR of 28% (7/25) and a DCR of 84% (21/25). The melanoma subgroup with majority of patients with double resistance to both anti-PD-1 and anti-CTLA-4 antibodies demonstrated particularly notable efficacy, with an ORR of 36.4%, a DCR of 100%, including 1 CR and 3 partial responses (PRs). In the NSCLC subgroup, the ORR was 21.4%, the DCR was 71.4%, including 3 PRs. It is worth noting that the responses demonstrated impressive durability, with 1 patient in CR demonstrated durable response and has been on the trial for over 32 months, 2 patients with durable PR and has been on the trial for over 15 months, and 1 patient with stable disease (SD) has been on the trial for over 28 months. These data highlight the durable antitumor activity of this combination regimen in CPI-resistant patients. The Phase II STAMINA dose optimization and dose expansion study is currently progressing smoothly in China and Australia.

ATG-031 (CD24-targeting macrophage activator)

  • Ongoing PERFORM study: ATG-031 is the first-in-class humanized anti-CD24 monoclonal antibody that has entered clinical trials for cancer treatment in the U.S. ATG-031 works by blocking the CD24-Siglec10 pathway and enhancing macrophage-mediated phagocytosis of cancer cells. Key study sites of ATG-031 include MD Anderson Cancer Center at the University of Texas, University of California, San Francisco (UCSF), University of Colorado, and Yale Cancer Center, four renowned cancer centers in the U.S. The Phase I PERFORM study is progressing in the U.S.

2. The TCE Platform and Preclinical/Pre-IND Assets

  • A TCE Platform Featuring Steric Hindrance Masking: AnTenGager™ TCE is a proprietary “2+1” TCE technology platform featuring “2+1” bivalent binding for low-expressing targets, steric hindrance masking, and proprietary CD3 sequences with fast on/off kinetics to minimize cytokine release syndrome (CRS) and enhance efficacy. These characteristics support the platform’s broad applicability across autoimmune diseases, solid tumors and hematological malignancies indications. Antengene is seeking a range of collaborations with its global partners for AnTenGager™ TCE, through platform access, co-development, and out-licensing to accelerate the development of TCE therapeutics and maximize the value of the technology platform.
  • ATG-201 (CD19 x CD3 TCE): ATG-201 is a novel “2+1” CD19-targeted T-cell engager developed on the AnTenGagerTM TCE platform for the treatment of autoimmune diseases. Preclinical data showed that in NHP models, the repeated dosing of ATG-201 surrogate at 1mpk, 3mpk, and 6mpk dose levels was well tolerated and associated with very low cytokine release. Furthermore, this surrogate antibody can mediate complete B cell depletion in peripheral blood, spleen and lymph nodes. ATG-201 is poised to enter clinical development in the second half of 2025.
  • Antengene will continue to advance the development of other preclinical programs, including ATG-106 (CDH6 x CD3 TCE) for the treatment of ovarian cancer and kidney cancer, ATG-110 (LY6G6D x CD3 TCE) for the treatment of microsatellite stable (MSS) colorectal cancer, and ATG-112 (ALPPL2 x CD3 TCE) for the treatment of gynecologic tumors and lung cancer.

3. Commercialized Product

  • Mainland of China: In July 2025, XPOVIO® received approval for its third indication in the Mainland of China, bringing a new treatment option to patients with multiple myeloma (MM) who have received at least one prior therapy. Among the three approved indications of XPOVIO®, two have already been included in China’s National Reimbursement Drug List (NRDL), including XPOVIO® monotherapy for the treatment of relapsed/refractory diffuse large B-cell lymphoma (R/R DLBCL) and XPOVIO® in combination with dexamethasone for the treatment of R/R MM.
  • Taiwan Market: In February 2025, XPOVIO® received national reimbursement approval in Taiwan market, making it the fifth APAC market to secure reimbursement coverage after mainland of China, South Korea, Australia, and Singapore.
  • ASEAN Markets: In March 2025, XPOVIO® was approved in Indonesia. To date, XPOVIO® has been approved for multiple indications in ten countries and regions across the APAC region.

【Highlights of Financial Results】

1. Revenue From Product Sales Rose Sharply by 70.6% Period-over-Period

With the steady expansion of its commercial footprint across the Asia-Pacific markets, XPOVIO® generated a sales revenue of RMB 53.2 million in the first half of 2025, which rose sharply by 70.6% period-over-period. Along with the rapid revenue growth, the company’s operational efficiency continued to improve, with sales and administrative expenses declining by 34.0% and 32.8% year-over-year, respectively, demonstrating excellent cost control.

2. Strong Cash Reserves Securing the Execution of Long-Term Strategies

As of the end of the reporting period, the company held RMB 794 million in cash and bank balances, which is sufficient to support existing key programs to the proof-of-clinical-concept stage, securing the execution of the company’s long-term strategies.

To learn more about the 2025 interim financial results, please see the full announcement in the “Investor Relations” section on the company’s website.

About Antengene

Antengene Corporation Limited (“Antengene”, SEHK: 6996.HK) is a global, R&D-driven, commercial-stage biotech company focused on developing first-in-class/best-in-class therapeutics for diseases with significant unmet medical needs. Its pipeline spans from preclinical to commercial stages and includes several in-house discovered programs, including ATG-022 (CLDN18.2 ADC), ATG-037 (oral CD73 inhibitor), ATG-101 (PD-L1 × 4-1BB bispecific antibody), ATG-031 (CD24-targeting macrophage activator), and ATG-042 (oral PRMT5-MTA inhibitor).

Antengene has also developed AnTenGager™, a proprietary T cell engager 2.0 platform featuring “2+1” bivalent binding for low-expressing targets, steric hindrance masking, and proprietary CD3 sequences with fast on/off kinetics to minimize cytokine release syndrome (CRS) and enhance efficacy. These characteristics support the platform’s broad applicability across autoimmune diseases, solid tumors and hematological malignancies indications.

To date, Antengene has obtained 31 investigational new drug (IND) approvals in the U.S. and Asia, and submitted new drug applications (NDAs) in 11 Asia Pacific markets. Its lead commercial asset, XPOVIO® (selinexor), is approved in the Mainland of China, Taiwan China, Hong Kong China, Macau China, South Korea, Singapore, Malaysia, Thailand, Indonesia and Australia.

Forward-looking statements

The forward-looking statements made in this article relate only to the events or information as of the date on which the statements are made in this article. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this article completely and with the understanding that our actual future results or performance may be materially different from what we expect. In this article, statements of, or references to, our intentions or those of any of our Directors or our Company are made as of the date of this article. Any of these intentions may alter in light of future development. For a further discussion of these and other factors that could cause future results to differ materially from any forward-looking statement, please see the other risks and uncertainties described in the Company’s Annual Report for the year ended December 31, 2024, and the documents subsequently submitted to the Hong Kong Stock Exchange.

For more information, please contact:

Investor Contacts: 
Donald Lung
E-mail: Donald.Lung@antengene.com 
Mobile: +86 18420672158

PR Contacts:
Peter Qian
E-mail: Peter.Qian@antengene.com
Mobile: +86 13062747000

GS1 HK’s Food Safety Forum 2025 Concludes Successfully Industry Accelerates Digital Transformation Towards a Greener Future

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HONG KONG, Aug. 22, 2025 /PRNewswire/ — Organised by GS1 Hong Kong, the 11th Food Safety Forum concluded successfully today, bringing together around 300 professionals from the food and beverage sector (F&B) to discuss the pressing issues about “Digitalisation for Food Safety in the Green Era”. Ms. Irene Young, Permanent Secretary for Environment and Ecology (Food) of the HKSAR Government, kick-started the event as the Guest of Honour. Mr. Anthony Li, Deputy Secretary for Environment and Ecology (Food) of the HKSAR Government, Hon. Peter Shiu, Legislative Councilor (Wholesale and Retail) and Dr. Christine Wong, Controller of Centre for Food Safety of the HKSAR Government were also on-site as Award Presenters to give out a total of 36 commendations to 28 outstanding companies under the “Quality Food Scheme”.

(From left to right) Ms. Anna Lin, Chief Executive of GS1 HK; Ms. Irene Young, Permanent Secretary for Environment and Ecology (Food) of the HKSAR Government; Ms. Betty Leung, GS1 HK Board Member and Vice-Chairlady of GS1 HK’s Food & Beverage Industry Advisory Board; Dr. Christine Wong, Controller of Centre for Food Safety of the HKSAR Government; and Mr. Norman Yum, Managing Director, Citrus Growers International, AS Watson Industries, officiated the opening of GS1 HK’s Food Safety Forum 2025.
(From left to right) Ms. Anna Lin, Chief Executive of GS1 HK; Ms. Irene Young, Permanent Secretary for Environment and Ecology (Food) of the HKSAR Government; Ms. Betty Leung, GS1 HK Board Member and Vice-Chairlady of GS1 HK’s Food & Beverage Industry Advisory Board; Dr. Christine Wong, Controller of Centre for Food Safety of the HKSAR Government; and Mr. Norman Yum, Managing Director, Citrus Growers International, AS Watson Industries, officiated the opening of GS1 HK’s Food Safety Forum 2025.

Sustainable Development in the F&B Industry

A joint survey released last year by GS1 HK and KPMG China revealed that 89% of consumers prefer brands with clear sustainability commitments. Among them, 65% are willing to pay a premium for sustainable products[1], underscoring the growing demand for low-carbon and environmentally friendly goods.

The guest of honour of the event, Ms. Irene Young, remarked in her opening speech, “Hong Kong’s rigorous food safety system, extensive international trade network, and privileged access to the mainland market under the CEPA framework, have endowed our city with outstanding potential to serve as the region’s leading food trade centre. Barcode technology, which is integral to the food supply chain, will take on an even more important role as a result. I hope the industry will seize the opportunities and work together to expand markets for Hong Kong’s safe, high-quality foods, and share the ‘good stories of Hong Kong‘ through our good food.”

“Green & Digital Transformation” Reinvents the Future of Food Safety

Ms. Betty Leung, GS1 HK Board Member and Vice-Chairlady of GS1 HK’s Food & Beverage Industry Advisory Board, highlighted that “go green” and “go digital” are the key for the industry to address global climate challenges, supply chain restructure, and evolving consumer trends. “By using technologies like big data, IoT and artificial intelligence, we can reduce carbon emissions at the source, promote circular economy, and provide credible ‘green claims’ for products. This helps our industry to shift from reactive food safety management to proactive, preventive smart approaches, ushering in a new era of innovation.”

She added that product digitisation is vital to enhance consumer experience, support food safety, increase transparency, traceability, and promote sustainable development. The adoption of QR Code with GS1 standards enables comprehensive tracking of products’ life cycle – from sourcing of raw materials, through production and logistics, to sales, recycling and final disposal. By embedding QR codes with batch numbers and expiry dates on packaging, retailers can ensure product freshness at checkout, preventing the sale of expired goods for strengthened food safety, reduced waste, and supporting effective recall management. These measures form the foundation of a “farm to table” traceability system, reinforcing consumer confidence.

Best Practices: “Quality Food Scheme” Driving Industry Progress

Senior executives from Café de Coral Group, DCH International Holdings, Lee Kum Kee International Holdings, Loscam (Greater China) Holdings, Maxim’s Caterers, Million Group HK, Nestlé Hong Kong and Sun Generation shared their insights at the Forum, exploring how global standards and emerging technologies such as data analytics and artificial intelligence are driving food safety, transparency of product information, sustainable operations, and circular economy initiatives.

The “Quality Food Scheme ESG” launched last year recognised 18 companies in 2025. They are assessed mainly in accordance with GS1 Global Traceability Standard (GTS), MSCI ESG Indexes[2] and United Nations’ Sustainable Development Goals (UN SDGs)[3] etc., encouraging businesses to put ESG into practices while upholding food safety and traceability. In addition, another 18 companies are honored under the “Quality Food Scheme” and “Quality Food Scheme+.” Please refer to appendix for the awardee list, and visit www.gs1hk.org/zh-hk/quality-food-scheme for details of Schemes.

Ms. Anna Lin, Chief Executive of GS1 HK, noted, “Despite today’s challenges in the F&B industry, many companies continue to champion food safety and sustainable development — demonstrated by their active participation in our ‘Quality Food Scheme’. GS1 HK will continue to bring together the industry, government, consumers and other ecosystem stakeholders, driving industry innovation and knowledge sharing that raise local food safety standards for a sustainable future.”

Photos download: Photo_for media

Remarks:

[1]《Navigating the future of seamless commerce in Asia Pacific》, Oct 2024, GS1 HK & KPMG China: https://www.gs1hk.org/sites/default/files/publications/FINAL_navigating-the-future-of-seamless-commerce-in-asia-pacific.pdf

[2] MSCI ESG Index: https://bit.ly/47vsvfd

[3] United Nation’s Sustainable Development Goals: https://edu.unicef.org.hk/zh-HK/global-goal

Appendix

Recognised Companies of “Quality Food Scheme Plus” 2025 (in alphabetical order):

Diamond Enterprise

  • Café de Coral Holdings Ltd.
  • DCH Logistics (Hong Kong) Ltd.
  • DKSH Hong Kong Ltd.
  • FrieslandCampina (HK) Ltd.
  • Integrated Market Services Asia Ltd.
  • International Gourmet Foods Ltd.
  • KLN Logistics (Hong Kong) Ltd.
  • Maxim’s Caterers Ltd.
  • Sims Trading Co. Ltd.
  • Swire Coca-Cola HK
  • Tai Hing Catering Group
  • Tong Shun Hing Poultry (HK) Co. Ltd.
  • Tsit Wing Coffee Co., Ltd.
  • Vitasoy International Holdings Ltd.
  • Watsons Water

Recognised Companies of “Quality Food Scheme” 2025 (in alphabetical order):

Gold Enterprise

  • AEON Stores (HK) Co. Ltd.
  • Aquaculture Technologies Asia Ltd. – Lau Fau Shan Indoor RAS Fish Farm
  • Aquaculture Technologies Asia Ltd. – Tung Lung Chau Speckled Blue Grouper Farm

Recognised Companies of “Quality Food Scheme ESG” 2025 (in alphabetical order):

Innovation

  • Café de Coral Holdings Ltd.
  • China Resources Logistics (Group) Ltd.
  • International Gourmet Foods Ltd.
  • KLN Logistics (Hong Kong) Ltd.
  • Tong Shun Hing Poultry (HK) Co. Ltd.

Technology

  • DKSH Hong Kong Ltd.
  • Loscam (Hong Kong) Ltd.
  • Meiriki Japan Company Ltd.
  • Nestlé Hong Kong Ltd.
  • Watsons Water

Achievement

  • BOTEC Blue Ocean Algae Membrane
  • King Bakery Holdings Ltd.
  • Murray Rice Company Ltd.
  • Tai Hing Catering Group
  • Tai Po Chun Hing Ltd.
  • The Garden Company Ltd.
  • Tsit Wing Coffee Co., Ltd.
  • Wah Yuen Foods (H.K.) Co. Ltd.

About GS1 Hong Kong

Founded by the Hong Kong General Chamber of Commerce in 1989, GS1 Hong Kong is the local chapter of GS1®. GS1 Hong Kong’s mission is to empower businesses of their digital transformation, improve supply chain visibility and efficiency, ensure product authenticity, facilitate commerce connectivity and enable sustainable value chain through the provision of global supply chain standards (including GTIN & barcodes), and a full spectrum of platforms, solutions and services.

GS1 Hong Kong currently supports close to 8,000 corporate members from 20 sectors including retail & consumer packaged goods, food & beverage and food services, healthcare, apparel & footwear, logistics & ICT. By working closely with communities of trading partners, industry organizations, government, and technology providers, we can foster a collaborative ecosystem, paving the way for “Smarter Business, Better Life”.

As a non-profit organization, GS1 develops and drives global adoption of supply chain standards. Headquartered in Brussels, Belgium, GS1 has over 115 national chapters in 150 countries.

Website：www.gs1hk.org

Angel Yeast Cup Finals and Industry Development Conference Concludes

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Engaging the World Through Fermented Flour-Based Foods

SHANGHAI, Aug. 22, 2025 /PRNewswire/ — The Finals of the 8th Angel Yeast Cup Chinese Fermented Dim Sum Contest and the 12th Fermented Flour-Based Food Industry Development Conference wrapped up in Ningxiang, Hunan province, a region widely recognized as the birthplace of Chinese staple foods. Sponsored and organized by Angel Yeast Co., Ltd. (SH600298), the event brought together 26 youth teams from different countries and regions alongside leading experts, researchers, industry representatives, and skilled food artisans specializing in fermented flour-based foods. Serving as a hub of international collaboration, the conference highlighted culinary craftsmanship in fermented foods, underscoring the category’s growth potential and advancing cross-border exchange focused on preserving and evolving these distinctive food traditions.

Culinary Diplomacy: A Global Dialogue Around Staple Foods
Culinary Diplomacy: A Global Dialogue Around Staple Foods

Culinary Diplomacy: A Global Dialogue Around Staple Foods

Following a global tournament spanning three months and nine regions, 26 top teams advanced to the competition’s final round. Young participants from China, Spain, Italy, Malaysia, and Indonesia used flour and yeast as a medium for innovation, blending local flavors with established techniques to create a range of new staple foods and artistic dough sculptures—each notable for its creativity and unique taste. The venue served both as a stage for technical excellence and a platform for cultural exchange, where Western baking expertise intersected with Eastern fermentation practices, while long-standing methods were reinterpreted through modern approaches.

Malaysian contestant Zhang Weishan remarked, “In Malaysia, people of all backgrounds enjoy Chinese staple foods. I hope the competition can expand to additional regions so more audiences can discover the appeal of these traditions.” Spanish participant Delgado Álvarez José Luis added, “I hope to bring these remarkable Chinese food creations to Europe, creating a new bridge for cultural exchange.” The Italian team noted, “It is an honor to take part in highlighting Chinese cuisine, and we look forward to showcasing Italian culinary traditions in China, creating new opportunities for exchange between these two great food cultures.” The Indonesian team commented, “This is our first direct experience with Chinese staple foods—it is both a privilege and a challenge. We look forward to bringing even more creations infused with Indonesian flavors.”

Driving Industry Growth: Innovation and Heritage

The concurrently held Fermented Staple Food Industry Development Conference, themed “Inheritance, Innovation, and Development of the Fermented Staple Food Industry,” focused on emerging trends while providing a platform for in-depth discussion and collaboration across the industry. Industry watchers noted that the sector is at an important stage of transformation, and a dual emphasis on technological innovation and cultural heritage is critical to ensuring long-term growth. Participants highlighted the need to strengthen standards, improve professional training, and foster industry-wide cooperation to guide the staple foods category toward brand building, scaling, and global integration.

Angel Yeast chairman Xiong Tao said, “The continued success of the ‘Angel Yeast Cup’ series and the conference is directly tied to our ongoing innovation in food ingredient technologies, including yeast, steamed bread improvers, aluminum-free leavening agents for fried dough, rice fermentation starters, and rice cake premix. These ingredient technologies are revitalizing traditional Chinese staple foods while supporting commercialization, scaling, transformation, and international growth.”

Angel Yeast remains committed to inspiring the next generation of skilled professionals and supporting national development through technical expertise. The company continues to cultivate top talent and master artisans who are driving progress in the sector. By preserving craftsmanship and advancing innovation, Angel Yeast aims to help lead the global food industry toward sustainable growth, uniting tradition and innovation to create a more dynamic future for fermented foods.

Tradition, Reimagined: Yung Kee’s 2025 Mid-Autumn Collection Unveiling the Mini Lava Custard Mooncake in a New Art-Inspired Gift Box

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HONG KONG SAR – Media OutReach Newswire – 22 August 2025 – As the Mid-Autumn Festival approaches, sharing mooncakes with family and friends remains a cherished tradition that brings loved ones together. This year, Yung Kee embraces this spirit with its “Indulging in Moonlit Delights, Embracing the Joy of Reunion” collection, featuring exquisitely crafted gift boxes that honor heritage while embracing modern innovation. In collaboration with its contemporary brand Yung’s Bistro, Yung Kee introduces the highly anticipated Mini Lava Custard Mooncakes. Paired with the classic Double Yolk Lotus Seed Paste and Mixed Nuts with Chinese Ham mooncakes, this collection blends traditional craftsmanship with modern flavors, offering a tribute to the festival’s spirit of reunion.

A Symphony of Classic and Contemporary Flavors

This year, Yung Kee partners with Yung’s Bistro to deliver a delightful fusion of Hong Kong’s culinary heritage and contemporary tastes. The new Mini Lava Custard Mooncakes captivates modern palates, featuring carefully selected salted egg yolks that are steamed, finely mashed, and blended into a rich, velvety custard filling for an irresistibly smooth texture. The delicate pastry, crafted from premium Japanese flour and New Zealand butter, is subtly sweetened with low-calorie palatinose and Japanese seaweed sugar for a lighter indulgence that does not compromise on flavor.

Yung Kee’s dedication to tradition shines through its classic offerings. The Double Yolk with Lotus Seed Paste Mooncake showcases premium Xiang lotus seeds—hailed as “China’s finest” are slow-cooked with pure cane sugar for three hours to create a silky smooth, fragrant paste. Paired with top-grade salted egg yolks and encased in a delicate crust, it delivers a timeless taste that lingers on the palate. The Mixed Nuts with Chinese Ham Mooncake adheres to time-honored recipes, blending walnuts, almonds, sesame seeds, melon seeds and cashews with savoury Jinhua ham for a complex and textured filling that offers a harmonious tapestry of flavors.

Gift Boxes That Tell a Story of Eastern Elegance

The newly designed gift box reinterprets Eastern aesthetics with a modern touch. Drawing inspiration from the striking hand-painted murals at Yung’s Bistro in Taikoo Place—where figures inspired by the Black Maine Chinese Goose appear to frolic amidst serene pavilion scenes, leisurely enjoying tea from cloisonné teaware—the artwork gracefully adorns each box. The design incorporates classic hues from China’s traditional twelve-color spectrum, including “vermilion” and “emerald green”, reimagined through a modern lens to exude understated sophistication. Each mooncake is individually presented in an individual box adorned with Yung Kee’s iconic calligraphy logo and playful goose silhouettes, reflecting the brand’s dedication to quality and heritage.

Four Exquisite Sets for Every Celebration

At its core, the Mid-Autumn Festival is a celebration of unity and togetherness. To suit different gifting and sharing occasions, this year’s “Indulging in Moonlit Delights, Embracing the Joy of Reunion” collection offers four distinctive gift sets:

  • “ENRICH” Mooncake Set: Eight Mini Lava Custard Mooncakes—a sweet treat for the younger generation.
  • “EMBRACE” Mooncake Set: One Lotus Seed Paste with Double Yolks and one Mixed Nuts with Chinese Ham—classic duo for festive celebrations.
  • “APPRECIATE” Mooncake Set: One Lotus Seed Paste with Double Yolks and four Mini Lava Custard Mooncakes—tradition meets innovation for family gatherings.
  • “CHASE” Mooncake Set: One Mixed Nuts with Chinese Ham and four Mini Lava Custard Mooncakes—extending festive joy.

New High-Speed Rail Station Location for Cross-Border Convenience

To accommodate cross-border travelers, Yung Kee has established a new sales point at the Hong Kong Duty Free shop (within the restricted area) at West Kowloon High-Speed Railway Station. Whether as thoughtful gifts for loved ones or prestigious corporate presents, these festive treats are now conveniently accessible for travelers to bring a slice of Hong Kong’s heritage home.

From now until September 15, 2025, Yung Kee offers exclusive rewards for sharing festive joy:

Purchase Quantity Special Offers*
1-5 boxes Enjoy 12% off plus a HK$200 mooncake cash voucher for the next purchase**
6 boxes or more Enjoy 15% off plus a complimentary box of 8 Mini Lava Custard Mooncakes
10 boxes or more Enjoy 17% off plus a HK$1,000 dining voucher

* Special Offers are valid at Yung Kee Restaurant and Yung’s Bistro outlets only. Offers are subject to terms and conditions.
** The HK$200 mooncake cash voucher cannot be used in conjunction with other promotional offers.
# For promotions at our online store and the Hong Kong Duty Free at High-Speed Rail Station, please check the online store for details or inquire with in-store staff.

Sales Locations：
Yung Kee Restaurant

  • 32-40 Wellington Street, Central, Hong Kong
  • Tel: (852) 2522 1624

Yung’s Bistro

  • Taikoo Place: Shop 1-2, G/F, Dorset House, 979 King’s Road, Quarry Bay
  • Tel: (852) 2523 3123
  • K11 MUSEA: Unit 701, 7/F, K11 MUSEA, Tsim Sha Tsui
  • Tel: (852) 2321 3800

Hong Kong Duty Free
West Kowloon Station (Cross Boundary Restricted Area), 3 Austin Road West, Tsim Sha Tsui, Kowloon
Online Store: https://yungkee.buys.hk/html/eshop-checkout-en.html

Redemption Details：
Redemption Period: September 15 – October 3, 2025
Redemption Locations: Yung Kee Restaurant, Yung’s Bistro (K11 MUSEA and Taikoo Place)

Enquiry & Ordering:
General Enquiries: 5599 2800
Corporate Orders: 5599 3123

For high-resolution images, please visit: https://drive.google.com/drive/folders/11zkYOcSv_yzOGtIvQsbRCngpQJnEzBW7?usp=drive_link

Hashtag: #鏞記#YungKee

The issuer is solely responsible for the content of this announcement.

Yung Kee Restaurant

Located in the heart of Hong Kong, Yung Kee Restaurant is a culinary institution steeped in history and local culture. Growing alongside Hong Kong for over eight decades, the restaurant has attracted countless tourists and local gastronomes with its signature charcoal-roasted specialties and authentic Cantonese cuisine at various price points. The four-story dining space offers unique experiences, while preserving local culture through its distinctive architecture and carefully curated historical artifacts, creating a Living Museum where guests can immerse themselves in art and culture.

Yung’s Bistro

As Yung Kee Restaurant’s first contemporary brand, Yung’s Bistro embodies the philosophy of “Taste of Art, Made with Heart.” The brand preserves the authentic flavors of traditional Cantonese cuisine and Hong Kong’s unique food culture while presenting them through a modern lens. In 2024, the brand opened its second location at Taikoo Place. Situated in the Taikoo Piazza with distinctive interior design and a spacious outdoor terrace, the restaurant continues its innovative interpretation of Cantonese cuisine while embracing sustainable design concepts, creating a stylish dining destination that combines culinary excellence with leisure.

ZKH Group Limited Announces Second Quarter 2025 Unaudited Financial Results

By
Advertorial Desk
-

SHANGHAI, Aug. 22, 2025 /PRNewswire/ — ZKH Group Limited (“ZKH” or the “Company”) (NYSE: ZKH), a leading maintenance, repair and operations (“MRO”) procurement service platform in China, today announced its unaudited financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Operational and Financial Highlights 

in thousand RMB, except for number of customers,
percentage and basis points (“bps”)

Second Quarter

2024

2025

Change

GMV[1]

2,754,591

2,420,233

-12.1 %

GMV by Platform

    ZKH Platform

2,479,915

2,144,362

-13.5 %

    GBB Platform

274,676

275,871

0.4 %

GMV by Business Model

    Product Sales (1P)

2,185,351

2,133,895

-2.4 %

    Marketplace (3P)[2]

569,240

286,338

-49.7 %

Number of Customers[3]

48,766

74,854

53.5 %

    ZKH Platform

34,360

37,271

8.5 %

    GBB Platform

14,406

37,583

160.9 %

Net Revenues

2,249,996

2,166,774

-3.7 %

Gross Profit

382,991

356,987

-6.8 %

    % of Net Revenues

17.0 %

16.5 %

-54.6bps

Operating Loss

(71,213)

(71,957)

1.0 %

    % of Net Revenues

-3.2 %

-3.3 %

-15.6bps

Non-GAAP EBITDA[4]

(47,068)

(38,663)

-17.9 %

    % of Net Revenues

-2.1 %

-1.8 %

30.8bps

Net Loss

(66,289)

(53,509)

-19.3 %

    % of Net Revenues

-2.9 %

-2.5 %

47.7bps

Non-GAAP Adjusted Net Loss[5]

(34,857)

(36,533)

4.8 %

    % of Net Revenues

-1.5 %

-1.7 %

-13.7bps

Mr. Eric Long Chen, Chairman and Chief Executive Officer of ZKH, stated, “Despite ongoing macro headwinds and subdued market sentiment, we continued to grow our customer base and achieved consistent improvements in business quality during the second quarter. This reflects our resilience and commitment to operational excellence and disciplined execution, which are fundamental to our sustainable growth. A key milestone of this quarter was the operational launch of our Taicang facility in China, a strategic hub that will enhance our capabilities in research and development, testing, and production of industrial products, significantly boosting the competitiveness of our private-label offerings. Additionally, we accelerated our international expansion, positioning ZKH to seize new growth opportunities. Organizationally, we reinforce our talent pipeline in critical functions such as product lines, IT, and overseas business, while maintaining a lean and agile middle- and back-office structure. While these strategic initiatives may weigh on our short-term financial performance, they are crucial for building a solid foundation for middle- and long-term growth and creating greater value for our shareholders.”

Mr. Max Chun Chiu Lai, Chief Financial Officer of ZKH, added, “In the second quarter, we advanced in enhancing business quality and operational efficiency while navigating a modest year-over-year decline in overall GMV and revenue, primarily due to a high prior-year base that included low-margin, extended-credit businesses, which we have since strategically optimized. Importantly, our higher-margin private-label products continued to grow, with GMV outpacing overall business growth, highlighting a successful shift toward a more profitable and sustainable revenue mix. We also achieved year-over-year improvements in both our product sales model’s gross margin and our marketplace model’s take rate[6], validating the effectiveness of our revenue quality strategy. Furthermore, our net loss margin narrowed by 47.7 basis points year over year, a clear demonstration of our disciplined cost management and focused execution. Looking ahead, we are committed to achieving high-quality revenue growth through targeted long-term investments and prudent cost management to ensure both short-term stability and sustained value for our shareholders.”

[1] GMV is the total transaction value of orders placed on the Company’s platform and shipped to customers, excluding taxes, net of the returned amount.

[2] The proportion of GMV generated by the marketplace model was 20.7% and 11.8% for the second quarter of 2024 and 2025, respectively.

[3] Customers are customers that transacted with the Company during the reporting period, mainly comprised of enterprise customers in various industries.

[4] Non-GAAP EBITDA is defined as net loss before interest expenses, income tax expenses/(benefits) and depreciation and amortization expenses.

[5] Non-GAAP adjusted net loss is defined as net loss excluding share-based compensation expenses.

[6] Take rate of the marketplace model represents gross profit from the marketplace model divided by GMV from the marketplace model.

Second Quarter 2025 Financial Results

Net Revenues. Net revenues were RMB2,166.8 million (US$302.5 million), representing a decrease of 3.7% from RMB2,250.0 million in the same period of 2024. This decrease was mainly attributable to a decrease in revenues from the marketplace model due to the prior year’s high base, which included low-margin businesses with extended customer credit terms that have since been strategically optimized.

in thousand RMB, except for percentage

Second Quarter

2024

2025

Change

Net Revenues

2,249,996

2,166,774

-3.7 %

    Net Product Revenues

2,163,721

2,113,970

-2.3 %

        From ZKH Platform

1,893,447

1,846,490

-2.5 %

        From GBB Platform

270,274

267,480

-1.0 %

    Net Service Revenues

69,161

40,707

-41.1 %

    Other Revenues

17,114

12,097

-29.3 %
  • Net Product Revenues. Net product revenues were RMB2,114.0 million (US$295.1 million), representing a decrease of 2.3% from RMB2,163.7 million in the same period of 2024, primarily due to a decrease in revenues from the product sales model. 
  • Net Service Revenues. Net service revenues were RMB40.7 million (US$5.7 million), a decrease of 41.1% from RMB69.2 million in the same period of 2024, primarily due to prior year’s high base, which included revenues from low-margin businesses with extended customer credit terms under the marketplace model that have since been strategically optimized. 
  • Other Revenues. Other revenues were RMB12.1 million (US$1.7 million), a decrease of 29.3% from RMB17.1 million in the same period of 2024, mainly due to lower revenues from warehousing and logistic services, as well as operating lease services for certain types of machinery and equipment.

Cost of Revenues. Cost of revenues was RMB1,809.8 million (US$252.6 million), representing a decrease of 3.1% from RMB1,867.0 million in the same period of 2024. The decline outpaced the decrease in product revenues, mainly due to the effectiveness of the Company’s initiatives to reduce overall product procurement costs.

Gross Profit and Gross Margin. Gross profit was RMB357.0 million (US$49.8 million), representing a decrease of 6.8% from RMB383.0 million in the same period of 2024. Gross margin was 16.5%, compared with 17.0% in the same period of 2024. The decrease was mainly due to lower revenue contribution from the marketplace model, which yields a 100% gross margin under the net revenue recognition basis. Both the gross margin of the product sales model and the take rate of the marketplace model increased, driven by optimized procurement costs and a higher proportion of GMV from higher-margin private label products. 

in thousand RMB, except for percentage and basis points
(“bps”)

Second Quarter

2024

2025

Change

Gross Profit

382,991

356,987

-6.8 %

    % of Net Revenues

17.0 %

16.5 %

-54.6bps

    % of GMV

13.9 %

14.8 %

84.6bps

    Under Product Sales (1P)

        ZKH Platform

294,022

295,075

0.4 %

            % of Net Product Revenues from ZKH Platform

15.5 %

16.0 %

45.2bps

        GBB Platform

15,133

18,658

23.3 %

            % of Net Product Revenues from GBB Platform

5.6 %

7.0 %

137.6bps

    Under Marketplace (3P)

69,161

40,707

-41.1 %

        % of Net Service Revenues

100.0 %

100.0 %

–

        % of GMV from the Marketplace Model (Take Rate)

12.1 %

14.2 %

206.7bps

    Others

4,675

2,547

-45.5 %

       % of Other Revenues 

27.3 %

21.1 %

-626.2bps

Operating Expenses. Operating expenses were RMB428.9 million (US$59.9 million), a decrease of 5.6% from RMB454.2 million in the same period of 2024. Operating expenses as a percentage of net revenues were 19.8%, compared with 20.2% in the same period of 2024. Excluding share-based compensation expenses, operating expenses as a percentage of net revenues were 19.8%, compared with 20.2% in the same period of 2024.

  • Fulfillment Expenses. Fulfillment expenses were RMB90.8 million (US$12.7 million), a decrease of 8.4% from RMB99.1 million in the same period of 2024. The decrease was primarily attributable to lower employee benefit expenses and warehouse rental costs. Fulfillment expenses as a percentage of net revenues were 4.2%, compared with 4.4% in the same period of 2024.
  • Sales and Marketing Expenses. Sales and marketing expenses were RMB149.3 million (US$20.8 million), a decrease of 5.3% from RMB157.7 million in the same period of 2024. The decrease was primarily attributable to lower employee benefit expenses and travel expenses, partially offset by higher marketing and promotion expenses. Sales and marketing expenses as a percentage of net revenues were 6.9%, compared with 7.0% in the same period of 2024.
  • Research and Development Expenses. Research and development expenses were RMB41.5 million (US$5.8 million), an increase of 7.9% from RMB38.4 million in the same period of 2024. The increase was primarily attributable to higher employee benefit expenses. Research and development expenses as a percentage of net revenues were 1.9%, compared with 1.7% in the same period of 2024.
  • General and Administrative Expenses. General and administrative expenses were RMB147.3 million (US$20.6 million), a decrease of 7.3% from RMB159.0 million in the same period of 2024. The decrease was primarily attributable to lower share-based compensation expenses and credit loss allowances, partially offset by higher employee benefit expenses. General and administrative expenses as a percentage of net revenues were 6.8%, compared with 7.1% in the same period of 2024.

Loss from Operations. Loss from operations was RMB72.0 million (US$10.0 million), compared with RMB71.2 million in the same period of 2024. Operating loss margin was 3.3%, compared with 3.2% in the same period of 2024.

Non-GAAP EBITDA. Non-GAAP EBITDA was negative RMB38.7 million (US$5.4 million), compared with negative RMB47.1 million in the same period of 2024. Non-GAAP EBITDA margin was negative 1.8%, compared with negative 2.1% in the same period of 2024.

Net Loss. Net loss was RMB53.5 million (US$7.5 million), compared with RMB66.3 million in the same period of 2024. Net loss margin was 2.5%, compared with 2.9% in the same period of 2024.

Non-GAAP Adjusted Net Loss. Non-GAAP adjusted net loss was RMB36.5 million (US$5.1 million), compared with RMB34.9 million in the same period of 2024. Non-GAAP adjusted net loss margin was 1.7%, compared with 1.5% in the same period of 2024.

Basic and Diluted Net Loss per ADS[7] and Non-GAAP Adjusted Basic and Diluted Net Loss per ADS[8]. Basic and diluted net loss per ADS were RMB0.33 (US$0.05), compared with RMB0.40 in the same period of 2024. Non-GAAP adjusted basic and diluted net loss per ADS were RMB0.23 (US$0.03), compared with RMB0.21 in the same period of 2024.

[7] ADSs are American depositary shares, each of which represents thirty-five (35) Class A ordinary shares of the Company.

[8] Non-GAAP adjusted basic and diluted net loss per ADS is a non-GAAP financial measure, which is calculated by dividing non-GAAP adjusted net loss attributable to the Company’s ordinary shareholders by the weighted average number of ADSs.

Balance Sheet and Cash Flow

As of June 30, 2025, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.85 billion (US$258.4 million), compared with RMB2.06 billion as of December 31, 2024.

Net cash used in operating activities was RMB110.7 million (US$15.5 million) in the second quarter of 2025, compared with net cash generated from operating activities of RMB122.1 million in the same period of 2024.

Share Repurchase Update

On June 13, 2024, the Company’s Board of Directors authorized a share repurchase program, under which the Company may repurchase up to US$50 million of its ADSs through June 13, 2025. As of June 13, 2025, the Company had repurchased an aggregate of approximately 2.31 million ADSs for approximately US$8.08 million from the open market under the share repurchase programs.

On June 13, 2025, the Company’s Board of Directors authorized a new share repurchase program, under which the Company may repurchase up to US$50 million of its ADSs through June 13, 2026. As of August 20, 2025, the Company had repurchased an aggregate of approximately 0.36 million ADSs for approximately US$1.10 million from the open market under the new share repurchase programs.

Exchange Rate

This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ were made at a rate of RMB7.1636 to US$1.00, the exchange rate in effect as of June 30, 2025, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.

Conference Call Information

The Company’s management will hold a conference call on Friday, August 22, 2025, at 8:00 A.M. U.S. Eastern Time or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the second quarter of 2025.

United States (toll free):

+1-888-317-6003

International:

+1-412-317-6061

Mainland China (toll free):

400-120-6115

Hong Kong (toll free):

800-963-976

Hong Kong:

+852-5808-1995

Access Code:

6971877

The replay will be accessible through August 29, 2025 by dialing the following numbers:

United States:                   

+1-877-344-7529

International:

+1-412-317-0088

Replay Access Code:

5489224

A live and archived webcast of the conference call will also be available on the Company’s investor relations website at https://ir.zkh.com.

About ZKH Group Limited

ZKH Group Limited (NYSE: ZKH) is a leading MRO procurement service platform in China, underpinned by robust supply chain capabilities and dedicated to serving customers globally through a product-led, agentic AI-driven approach. Through its primary online platforms, the ZKH platform, the GBB platform and the Northsky platform, along with innovative technology and extensive industry expertise, the Company provides bespoke MRO procurement solutions to a diverse and loyal customer base. These solutions encompass hyper-personalized product curation from a comprehensive selection of quality products at competitive prices. Additionally, the Company ensures timely and reliable product delivery through professional fulfillment services. By focusing on reducing procurement costs and addressing management efficiency challenges, ZKH is transforming the opaque MRO procurement process and empowering all stakeholders across the value chain.

For more information, please visit: https://ir.zkh.com.

Use of Non-GAAP Financial Measures 

This press release contains the following non-GAAP financial measures: non-GAAP adjusted net loss, non-GAAP adjusted net loss per ADS, basic and diluted, and non-GAAP EBITDA. The non-GAAP financial measures should not be considered in isolation from or construed as alternatives to their most directly comparable financial measures prepared in accordance with accounting principles generally accepted in the United States of America. Investors are encouraged to review the historical non-GAAP financial measures in reconciliation to their most directly comparable GAAP financial measures.

The Company defines non-GAAP adjusted net loss for a specific period as net loss in the same period excluding share-based compensation expenses. The Company defines non-GAAP EBITDA as net loss before interest expenses, income tax expenses/(benefits) and depreciation and amortization expenses. Non-GAAP adjusted net loss per ADS is calculated by dividing adjusted net loss attributable to the Company’s ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods and then multiplied by 35.

The Company presents these non-GAAP financial measures because they are used by the management to evaluate the Company’s operating performance and formulate business plans. The Company believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that are included in net loss and certain expenses that are not expected to result in future cash payments or that are non-recurring in nature. The Company also believes that the use of these non-GAAP financial measures facilitates investors’ assessment of its operating performance, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by the management in financial and operational decision making.

The non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies. The Company’s non-GAAP financial measures do not include all income and expense items that affect the Company’s operations. They may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider the non-GAAP financial measures as substitutes for, or superior to, their most directly comparable financial measures prepared in accordance with GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of Non-GAAP Results” set forth at the end of this press release.

Safe Harbor Statement 

This press release contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “aim,” “estimates,” “intends,” “plans,” “believes,” “is/are likely to,” “potential,” “continue,” and similar statements. Among other things, the quotations from management in this press release and ZKH’s strategic and operational plans contain forward-looking statements. ZKH may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press release and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about ZKH’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ZKH’s mission, goals and strategies; ZKH’s future business development, financial condition and results of operations; the expected changes in its revenues, expenses or expenditures; the expected growth of the MRO procurement service industry in China and globally; changes in customer or product mix; ZKH’s expectations regarding the prospects of its business model and the demand for and market acceptance of its products and services; ZKH’s expectations regarding its relationships with customers, suppliers, and service providers on its platform; competition in the Company’s industry; government policies and regulations relating to ZKH’s industry; general economic and business conditions in China and globally; the outcome of any current and future legal or administrative proceedings; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ZKH’s filings with the SEC. All information provided herein is as of the date of this announcement, and ZKH undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

ZKH Group Limited
IR Department
E-mail: IR@zkh.com

Piacente Financial Communications
Hui Fan
Tel: +86-10-6508-0677
E-mail: zkh@thepiacentegroup.com

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: zkh@thepiacentegroup.com

 

 

ZKH GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share, ADS, per share and per ADS data)

As of
December 31,

As of
June 30,

2024

2025

RMB

RMB

US$

Assets

Current assets:

Cash and cash equivalents

1,423,943

1,095,264

152,893

Restricted cash 

92,939

97,181

13,566

Short-term investments

543,978

658,942

91,985

Accounts receivable (net of allowance
   for credit losses of RMB145,789 and
   RMB149,686 as of December 31,
   2024 and June 30, 2025,
   respectively)

3,090,323

2,924,338

408,222

Notes receivable

234,213

168,197

23,479

Inventories 

625,390

746,103

104,152

Prepayments and other current assets

179,387

169,227

23,623

Total current assets

6,190,173

5,859,252

817,920

Non-current assets:

Property and equipment, net

183,572

194,821

27,196

Land use right

10,808

10,695

1,493

Operating lease right-of-use assets, net

179,945

151,252

21,114

Intangible assets, net

15,931

13,038

1,820

Goodwill

30,807

30,807

4,300

Total non-current assets

421,063

400,613

55,923

Total assets

6,611,236

6,259,865

873,843

Liabilities

Current liabilities:

Short-term borrowings

311,000

329,790

46,037

Current portion of long-term borrowings 

997

2,305

322

Accounts and notes payable

2,553,396

2,357,669

329,118

Operating lease liabilities

81,379

57,187

7,983

Advance from customers

27,433

27,475

3,835

Accrued expenses and other current
   liabilities

365,333

310,691

43,371

Derevatives

–

1,848

258

Total current liabilities

3,339,538

3,086,965

430,924

Non-current liabilities:

Long-term borrowings

38,887

43,803

6,115

Non-current operating lease liabilities

109,096

102,295

14,280

Other non-current liabilities

25,224

32,456

4,529

Total non-current liabilities

173,207

178,554

24,924

Total liabilities

3,512,745

3,265,519

455,848

ZKH Group Limited shareholders’ equity:

Ordinary shares (USD0.0000001 par value;
   500,000,000,000 and 500,000,000,000
   shares authorized; 5,658,952,794 and
   5,675,535,374 shares issued and
   outstanding as of December 31, 2024 and
   June 30, 2025, respectively)

4

4

1

Additional paid-in capital

8,305,304

8,347,125

1,165,214

Statutory reserves

6,303

6,303

880

Accumulated other comprehensive
   income/(loss)

4,764

(2,820)

(394)

Accumulated deficit

(5,177,126)

(5,297,358)

(739,483)

Treasury stock

(40,758)

(58,908)

(8,223)

Total ZKH Group Limited shareholders’
      equity

3,098,491

2,994,346

417,995

Total liabilities and shareholders’ deficit

6,611,236

6,259,865

873,843

 

 

ZKH GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS

(All amounts in thousands, except share, ADS, per share and per ADS data)

For the three months ended

For the six months ended

June 30, 2024

June 30, 2025

June 30, 2024

June 30, 2025

RMB

RMB

US$

RMB

RMB

US$

Net revenues

Net product revenues

2,163,721

2,113,970

295,099

3,938,740

3,998,830

558,215

Net service revenues

69,161

40,707

5,682

135,815

78,601

10,972

Other revenues

17,114

12,097

1,689

35,850

24,715

3,450

Total net revenues

2,249,996

2,166,774

302,470

4,110,405

4,102,146

572,637

Cost of revenues

(1,867,005)

(1,809,787)

(252,637)

(3,393,338)

(3,413,041)

(476,442)

Operating expenses

Fulfillment

(99,097)

(90,811)

(12,677)

(196,445)

(184,118)

(25,702)

Sales and marketing

(157,689)

(149,330)

(20,846)

(321,802)

(286,165)

(39,947)

Research and development   

(38,431)

(41,471)

(5,789)

(78,267)

(81,084)

(11,319)

General and administrative

(158,987)

(147,332)

(20,567)

(321,380)

(290,508)

(40,553)

Loss from operations

(71,213)

(71,957)

(10,046)

(200,827)

(152,770)

(21,326)

Interest and investment income

14,446

12,587

1,757

32,500

25,866

3,611

Interest expense

(5,522)

(3,037)

(424)

(11,217)

(5,387)

(752)

Others, net

(3,934)

8,846

1,235

22,508

12,254

1,711

Loss before income tax 

(66,223)

(53,561)

(7,478)

(157,036)

(120,037)

(16,756)

Income tax (expenses)/benefits

(66)

52

7

(154)

(195)

(27)

Net loss

(66,289)

(53,509)

(7,471)

(157,190)

(120,232)

(16,783)

Less: net loss attributable to non-
   controlling interests

–

–

–

–

–

–

Less: net loss attributable to redeemable
   non-controlling interests

–

–

–

–

–

–

Net loss attributable to ZKH Group
      Limited

(66,289)

(53,509)

(7,471)

(157,190)

(120,232)

(16,783)

Accretion on preferred shares to
  redemption value

–

–

–

–

–

–

Net loss attributable to ZKH Group
      Limited’s ordinary shareholders

(66,289)

(53,509)

(7,471)

(157,190)

(120,232)

(16,783)

Net loss

(66,289)

(53,509)

(7,471)

(157,190)

(120,232)

(16,783)

Other comprehensive income:

Foreign currency translation adjustments

(9,121)

(4,576)

(639)

(12,471)

(7,584)

(1,059)

Total comprehensive loss

(75,410)

(58,085)

(8,110)

(169,661)

(127,816)

(17,842)

Less: comprehensive loss attributable
   to non-controlling interests

–

–

–

–

–

–

Less: comprehensive loss attributable to
   redeemable non-controlling interests

–

–

–

–

–

–

Comprehensive loss attributable 
       to ZKH Group Limited

(75,410)

(58,085)

(8,110)

(169,661)

(127,816)

(17,842)

Accretion on Preferred Shares to 
   redemption value

–

–

–

–

–

–

Total comprehensive loss
        attributable to ZKH Group Limited’s
        ordinary shareholders

(75,410)

(58,085)

(8,110)

(169,661)

(127,816)

(17,842)

Net loss per ordinary share attributable
      to ordinary shareholders

Basic and diluted

(0.01)

(0.01)

(0.00)

(0.03)

(0.02)

(0.00)

Weighted average number of shares 

Basic and diluted

5,747,591,752

5,678,582,721

5,678,582,721

5,745,856,349

5,683,922,789

5,683,922,789

Net loss per ADS attributable to
      ordinary shareholders

Basic and diluted

(0.40)

(0.33)

(0.05)

(0.96)

(0.74)

(0.10)

Weighted average number of ADS (35
      Class A ordinary shares equal to 1
      ADS)

Basic and diluted

164,216,907

162,245,221

162,245,221

164,167,324

162,397,794

162,397,794

 

 

ZKH GROUP LIMITED

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except share, ADS, per share and per ADS data)

For the three months ended

For the six months ended

June 30, 2024

June 30, 2025

June 30, 2024

June 30, 2025

RMB

RMB

US$

RMB

RMB

US$

Net loss

(66,289)

(53,509)

(7,471)

(157,190)

(120,232)

(16,783)

Income tax expenses/(benefits)

66

(52)

(7)

154

195

141

Interest expenses

5,522

3,037

424

11,217

5,387

752

Depreciation and amortization expense

13,633

11,861

1,656

28,703

24,028

3,354

Non-GAAP EBITDA

(47,068)

(38,663)

(5,398)

(117,116)

(90,622)

(12,536)

For the three months ended

For the six months ended

June 30, 2024

June 30, 2025

June 30, 2024

June 30, 2025

RMB

RMB

US$

RMB

RMB

US$

Net loss

(66,289)

(53,509)

(7,471)

(157,190)

(120,232)

(16,783)

Add: 

Share-based compensation expenses

31,432

16,976

2,370

78,874

33,523

4,680

Non-GAAP adjusted net loss

(34,857)

(36,533)

(5,100)

(78,316)

(86,709)

(12,103)

Non-GAAP adjusted net loss
      attributable to ordinary
      shareholders per share

Basic and diluted

(0.01)

(0.01)

(0.00)

(0.01)

(0.02)

(0.00)

Weighted average number of ordinary
      shares

Basic and diluted

5,747,591,752

5,678,582,721

5,678,582,721

5,745,856,349

5,683,922,789

5,683,922,789

Non-GAAP adjusted net loss
      attributable to ordinary
      shareholders per ADS

Basic and diluted

(0.21)

(0.23)

(0.03)

(0.48)

(0.53)

(0.07)

Weighted average number of ADS (35
      Class A ordinary shares equal to 1  
      ADS)

Basic and diluted

164,216,907

162,245,221

162,245,221

164,167,324

162,397,794

162,397,794

 

International media delegation explores cultural heritage in Quzhou

By
Advertorial Desk
-

QUZHOU, China, Aug. 22, 2025 /PRNewswire/ — This is a report from China.org.cn:

On Aug. 6, a delegation of nearly 70 journalists from countries including South Korea, Spain, Bulgaria, and Iceland visited Kecheng district of Quzhou, immersing themselves in the city’s rich cultural heritage and dynamic development.

The group toured the Quzhou Confucian Temple, where they learned about the preservation and promotion of Southern Confucian culture and experienced its profound atmosphere. Merna Al Nasser, a CGTN journalist, said that she gained a deeper understanding of Confucian culture and found similarities with traditions in her own county. She added that more young people should explore it.

At the Doolittle Raid Rescue Memorial Museum, the visitors learned how Quzhou residents braved hardships to rescue U.S. airmen in 1942, and were deeply moved by the enduring friendship forged between the Chinese and American people during World War II.

The group also visited Shuitingmen, a historical and cultural site that blends traditional architecture and modern life. Bulgarian camerawoman Zhaklin Zlatkova Zlatanova said she captured videos of live performances to share with her friends.

International media delegation explores cultural heritage in Quzhou

http://www.china.org.cn/2025-08/22/content_118038564.shtml

Bandy AI Is Launched to Transform E-Commerce Product Imagery with Photorealistic AI Models

By
Advertorial Desk
-

SINGAPORE, Aug. 22, 2025 /PRNewswire/ — Bandy AI is a newly launched AI platform designed to help e-commerce stores and apparel brands create professional, photorealistic on-model fashion images quickly and cost-effectively.

The platform enables brands to generate high-quality images of clothing, accessories, and full outfits on diverse AI models, with complete creative control over poses, backgrounds, and camera angles, all rendered within minutes.

“With years in e‑commerce, we know the challenges of costly, slow, and limited product imagery,” said Jessica Moreno, CEO of Bandy AI. “Bandy AI removes those barriers, delivering realistic, diverse on-model product visuals effortlessly.”

Bandy AI features a next-gen AI virtual try on clothing tool that digitally dresses photorealistic AI models with uploaded apparels like shirts and dresses, producing true-to-life on-model visuals while keeping product’s details.

Its AI virtual accessories try-on tool instantly displays items such as bags, hats, shoes, and jewelry with natural placement and proportions.

With the AI pose generator, users can create custom poses, select camera angles, or input their own specifications, then produce a complete set of multi‑angle product images in one go to capture every detail.

Furthermore, users can swap models with just a few clicks. They can select from a range of realistic avatars with varied genders, ages, body types, and skin tones to align with their target audience or brand requirements.

Bandy AI also allows users to swap photo backgrounds, from studio whites to lifestyle scenes, through its AI model and background changer.

Also, the product in hand tool further enables the visualization of products, such as cosmetics, being naturally held with by AI models, adding a lifestyle‑ready touch that boosts product appeal.

Best of all, Bandy AI includes over 100,000 fashion templates designed for various products like apparel, shoes, accessories, and cosmetics. These templates allow users to apply the perfect style quickly.

With Bandy AI, brands and e-commerce stores can generate consistent, high-quality, photorealistic product visuals effortlessly, ensuring scalable, ready-to-use imagery that elevates product presentation and sales performance.

The platform is available for use now and offers a free trial for new users to test its features, with paid plans available for more advanced needs.

For more information or to try Bandy AI, visit their website: https://bandy.ai.

Media Contact
Jessica Moreno, CEO
support@bandy.ai 

8Wonder reveals full star-studded lineup, featuring groundbreaking collaborations between vietnamese and international artists

By
Advertorial Desk
-

HANOI, VIETNAM – Media OutReach Newswire – 22 August 2025 – VinWonders, a subsidiary of Vingroup, Vietnam’s largest private conglomerate and a driving force behind the nation’s economic and social development, has announced the full lineup for the 8Wonder super music festival, Moments of Wonder 2025. The reveal, which took place on the official 8Wonder fan page, sent social media into a frenzy with its impressive roster of global and local talent, reflecting Vingroup and VinWonders‘s immense scale and its role in redefining Vietnam’s position on the world stage.

Moments of Wonder 2025

Headlining the festival are world-renowned artists DJ Snake, J Balvin, The Kid Laroi, and DPR Ian. They will be joined by celebrated Vietnamese stars Soobin and Hoa Minzy, along with two new, highly anticipated additions: tlinh and (S)TRONG Trọng Hiếu.

Trọng Hiếu, a special guest for this year’s event, is known for his explosive stage presence and modern, Gen Z-infused hits. With his compelling performance style, international flair, and exceptional ability to connect with the crowd, he is set to electrify the stage at the National Exhibition Fair Center.

This year’s festival will feature a new and notable addition: the Wonder Sound Lab (WSL), a creative initiative designed to foster unprecedented musical partnerships. Described by organizers as a “musical laboratory,” the project will serve as a space for Vietnamese artists to experiment with and fuse their sound with that of international performers, leading to what are being hailed as historic, first-time collaborations.

This is where tlinh becomes the biggest revelation. The charismatic and unique Gen Z rapper will be the first Vietnamese artist to participate in the Wonder Sound Lab project. This marks the very first time a Vietnamese artist will officially perform alongside a world-class international star on a major festival stage in their home country.

While the specific international artist tlinh will perform with has not yet been revealed, this unprecedented “twist” has sparked immense excitement among music fans. Many have expressed pride, with one fan stating, “I’m going not just for DPR Ian, but because for the first time, I’ll see a Vietnamese person on the same stage, same vibe, with a global star. I’m so proud!” Another commented, “Witnessing Vietnamese artists perform with international stars on the most epic stage ever shows that Vietnamese music has truly reached a new level.”While the specific international artist tlinh will perform with has not yet been revealed, this unprecedented “twist” has sparked immense excitement among music fans. Many have expressed pride, with one fan stating, “I’m going not just for DPR Ian, but because for the first time, I’ll see a Vietnamese person on the same stage, same vibe, with a global star. I’m so proud!” Another commented, “Witnessing Vietnamese artists perform with international stars on the most epic stage ever shows that Vietnamese music has truly reached a new level.”

The 8Wonder stage featuring a spectacular sound and lighting system.
The 8Wonder stage featuring a spectacular sound and lighting system.

A Turning Point for Vietnamese Music

The live collaboration between tlinh, a young Vietnamese artist from the 2k generation, and a leading global star on the 8Wonder stage is more than just an exciting artistic highlight. It marks a moment of great significance, especially as it takes place during the 80th anniversary of Vietnam’s National Day. This event is a cultural statement, proving that Vietnamese people, especially the younger generation of artists, can stand confidently alongside the world’s best, not only in festival settings but also in artistic creations that demand professionalism and deep integration.

The Wonder Sound Lab project, which tlinh represents, serves as a symbolic catalyst for a new era. It signifies a shift where music is no longer a “local game” but a journey of expanding cultural identity. In this new phase, young Vietnamese artists will not only absorb international excellence but also actively help shape trends and create unique value within the global contemporary music landscape.

The 8Wonder stage will be a place where artists are not limited by nationality, race, or language. It will become a powerful connector, where Vietnamese people not only listen to the world sing but also proudly raise their own voices. The sight of a young Vietnamese artist performing alongside a global peer on their home turf fulfills a long-held desire for fans and opens the door to a new future. This moment is expected to be the beginning of a new chapter for Vietnam on the international music map, where Vietnamese artists are not only known but also eagerly anticipated and collaborated with as true peers.

Special Venue: A Symbol of Vietnamese Progress

The 8Wonder 2025: Moments of Wonder music festival will take place on August 23 at the National Exhibition Fair Center in the Dong Anh District of Hanoi. This venue is a symbol of national pride and a testament to Vingroup’s remarkable achievements.

The National Exhibition Fair Center is a state-level key project and one of the top 10 largest exhibition centers in the world. Vingroup was recently honored with the First-Class Labor Order for its exceptional work on this project, which was completed an astonishing 15 months ahead of schedule. This achievement was celebrated as a contribution to the 80th anniversary of Vietnam’s National Day and a significant boost to the socio-economic development of Hanoi and the nation.

Covering an area of approximately 900,000 square meters, the center is envisioned as a premier international destination for global trade and exhibitions, set to become a new landmark for Hanoi. The construction, which began on August 30, 2024, was handed over on June 27, 2025, a record-breaking completion in just 10 months. This rapid pace established a new benchmark for Vietnam’s construction sector, overcoming significant engineering challenges, including the execution of a massive, complex steel dome structure.

The accelerated completion of this project highlights Vingroup’s robust financial capacity, professional execution, and efficient project management. It also underscores the company’s commitment to national service and the growing strength of Vietnam’s private enterprises in the new era of global integration.

https://8wonder.vn/en
Hashtag: #8Wonder #VinWonders #MomentsofWonder2025

The issuer is solely responsible for the content of this announcement.

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