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ZKH

ZKH GroupD
NYSE / Capital Goods
Last Price
Quote time unavailable
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Current thesis
Q2's 18.9% GMV growth, 110-basis-point gross-margin improvement, and first operating profit provide evidence of operating leverage. Sustained SME growth and private-label mix could extend it [#PR-2026-08-21].
Posture
Defensive
Lead driver
Sentiment
What changed
Sentiment remains the lead driver in the composite.
What can break
A September Form 4 records director Han Yunjie's sale of 9.289 million Class A ordinary shares; it is an ownership signal, not evidence of operating deterioration [#SEC-FORM4-2026-09-15].
Momentum
84
Value
34
Sentiment
61
Setup hits (3d)
0 · Net Neutral
AI TargetsBase $1.85 · Bull $2.55 · Bear $1.05Analysis 2026-10-17; returns require an exact persisted reference.
Data freshness
Prices
Unavailable: Price unavailable
Fundamentals
As of 2026-10-23 • Vendor: Data Vendor v1
Scores
As of 2026-10-23 • Model: HYBRID_IC_RP
AI Memo
As of 2026-10-17 • Model: RankAlpha Sentiment Codex
Investment thesis
As of 2026-10-23

Grade is the composite factor band; factor scores use a 0–100 scale. Confidence describes evidence quality, not a probability of return. Score date: 2026-10-23. Definitions

Supporting evidence
What
Grade D · Defensive
Confidence Medium · Net Neutral
Target $4.31
Why
Momentum84 · Δ7d -
Value34 · Δ7d +0.0
Sentiment61 · Δ7d -
So what
Weak posture (Net Neutral). Prioritize risk control and patience.

Confirming evidence

  • • Sentiment remains the lead driver in the composite.

Contradictions & invalidation

  • • A September Form 4 records director Han Yunjie's sale of 9.289 million Class A ordinary shares; it is an ownership signal, not evidence of operating deterioration [#SEC-FORM4-2026-09-15].
  • • Q2 operating cash outflow rose to RMB122.4 million and cash, restricted cash, and short-term investments declined to RMB1.67 billion from RMB1.92 billion at year-end 2025 [#PR-2026-08-21].
  • • The RMB4.0 million operating profit was thin, customer count fell 1.7% year over year, and operating cash use increased.

Catalyst clock

2026-11-30

Next results will test whether Q2 profitability persists

Lead driver: Sentiment · See AI snapshot
Momentum
84
8% active weight
Current posture
7d trendTrend unavailable
Trend unavailable
Δ7d
-
Δ21d
-
Value
34
47% active weight
Current posture
7d trendFlat
Δ7d
+0.0
Δ21d
-0.1
Sentiment
61
45% active weight
Current posture
7d trendTrend unavailable
Trend unavailable
Δ7d
-
Δ21d
-
Why this grade

Composite grade D. Momentum 84.1 / Value 34.1 / Sentiment 60.7

Scenario snapshot

Scenario probability is memo-authored likelihood, not forecast certainty. Targets belong to the analysis dated 2026-10-17. Scenario method

B+
Bull case
25%
Probability
Target price
$2.55
Analysis reference price unavailable
Analysis 2026-10-17 · RankAlpha Sentiment Codex
Most likely
B
Base case
45%
Probability
Target price
$1.85
Analysis reference price unavailable
Analysis 2026-10-17 · RankAlpha Sentiment Codex
B-
Bear case
30%
Probability
Target price
$1.05
Analysis reference price unavailable
Analysis 2026-10-17 · RankAlpha Sentiment Codex
Fundamentals (TTM)
As of 2026-10-23
Market Cap
$268.21M
Beta
-
Shares Out
129.38M
P/E (TTM) · Derived
-17.3
P/S (TTM)
0.47
P/FCF (TTM)
28.58
Rev YoY
+19.8%
EPS YoY
-153.5%
Gross Margin
+16.6%
Op Margin
-0.8%
Net Debt
-$213.32M
Current Ratio
1.77
As of 2026-10-23 • Updated nightlySource: Internal modelMethods & Data