What Zhenkunxing does

Zhenkunxing (NYSE American-listed as ZKH.US, formerly Zhenkunhang) is China's leading B2B procurement services platform for Maintenance, Repair, and Operations (MRO) supplies, founded in 1998 and headquartered in Shanghai. The platform connects industrial and manufacturing buyers with a broad supplier base, offering approximately 23 million SKUs and serving roughly 74,000 transaction customers as of Q4 2025 across enterprise and mid-market segments. The company operates as a two-sided digital marketplace with proprietary technology for transaction processing, supplier onboarding, and procurement workflow management, and has expanded into self-owned brand offerings to capture additional margin beyond marketplace fees.

The business model is transaction-based, generating revenue as a percentage of GMV processed through the platform. In Q1 2026, GMV reached 2.45 billion yuan (up 12.9% YoY) against revenue of 2.11 billion yuan (up 9.2% YoY), implying a gross-to-net take-rate of approximately 86%. Q4 2025 GMV was 2.92 billion RMB (up 8.5% YoY) and revenue was 2.56 billion RMB (up 7.9% YoY). The company achieved its first quarter of adjusted profitability in Q1 2026 with 1.69 million yuan adjusted net profit (up 103% YoY), following 14.86 million RMB adjusted net profit in Q4 2025. Chairman Chen Long has guided to double-digit GMV growth and full-year profitability for 2026.

The platform has scaled to 1,001-5,000 employees and has raised approximately $1 billion in cumulative funding across multiple rounds since 2015, with marquee investors including Tencent, Tiger Global, Legend Capital, Matrix Partners China, and YF Capital. A US public listing under ticker ZKH.US provides capital market access, though operations remain concentrated in the domestic Chinese MRO market. Self-owned brand GMV grew 21% year-over-year for full year 2025, indicating a strategic shift from pure marketplace aggregation toward higher-margin proprietary supply.

Name

Zhenkunxing

Legal name

Zhenkunxing

Website

https://zkh360.com

Company type

Public

Founded year

1998

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Zhenkunxing operates China's leading B2B MRO procurement services platform, serving approximately 74,000 enterprise and mid-market customers with 23 million SKUs across maintenance, repair, and operations supplies. The Shanghai-headquartered company is listed on US markets as ZKH.US.

Ownership category

akta.pro rank

Product category

B2B Industrial MRO Procurement Marketplace

NAICS

Hardware Retailers (44414)

SIC

Wholesale-Hardware (5072)

akta.pro primary industry

B2B Marketplaces & Wholesale Platforms (BPAMAGAD)

Keywords

• MRO procurement platform
• Industrial supplies marketplace
• B2B procurement services
• Maintenance repair operations
• Industrial e-commerce

Headquarters

HQ city

Shanghai

HQ country

China

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Digital Commerce or Content

Cost components

Supply Chain, Technology or R&D, Marketing or Sales, Operations, Personnel

Revenue model

1. MRO Procurement Services: Zhenkunxing generates revenue through its MRO procurement services platform by facilitating transactions between buyers and suppliers. Revenue is derived from the GMV (Gross Merchandise Value) processed through the platform, with a focus on enterprise customers in China's MRO market.

Go-to-market motion1 record

Distribution channels1 record

Core offering

Zhenkunxing operates a unified B2B digital marketplace that connects Chinese industrial buyers with suppliers for maintenance, repair, and operations (MRO) products. The platform offers approximately 23 million SKUs, supports third-party brand products as well as self-owned brand offerings, and processes transactions for enterprise and mid-market customers across China.

Product overview

Zhenkunxing operates as a unified MRO procurement services platform for the Chinese market. The core offering is a comprehensive digital marketplace that connects industrial buyers with suppliers, enabling procurement transactions across a wide range of maintenance, repair, and operations products. The platform supports both third-party brand products and self-owned brand offerings, with GMV growing 21% year-over-year for self-owned brands.

Differentiator

Problem solved

Functional benefit

Products and services

• Zhenkunxing MRO Procurement Platform

Quantifiable outcome

• GMV growth of 12.9% YoY to 2.45 billion yuan in Q1 2026
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• MSC Industrial: US-based MRO distributor with ~2M SKUs serving metalworking and industrial customers. Closely analogous operating model to ZKH's industrial B2B marketplace.
• Grainger: US-listed MRO industrial distribution leader with a KeepStock/online platform model. Highly comparable to ZKH in MRO procurement serving enterprise customers; benchmark for take-rate and self-owned brand mix economics.
• Fastenal: Global industrial supplies and fasteners distributor with onsite vending and digital channels. Directly comparable to ZKH's core MRO/fasteners offering and its sales-led enterprise motion.
• McMaster-Carr: Iconic US industrial supplies catalog/e-commerce retailer with very deep SKU breadth. Highly comparable digital-first MRO procurement model, though US-focused and privately held.

Broad incumbents

• Würth Group: Global leader in fasteners, tools, and MRO consumables with both catalog and digital sales. Comparable category overlap (fasteners/hardware) and enterprise customer motion, though privately held and far larger.
• WESCO International: Global electrical, communications, and utility MRO distributor. Comparable B2B industrial supplies model with a sales-led enterprise GTM, though focused on electrical/utility verticals.
• Alibaba 1688: China's largest domestic B2B wholesale marketplace across general merchandise including industrial supplies. Directly comparable B2B platform model targeting Chinese SMB and enterprise buyers, with much broader category scope.
• JD Industrial: JD.com's B2B industrial supplies vertical, leveraging JD's logistics and SKU depth. Closest Chinese pure-B2C-roots competitor in industrial/MRO categories and a key share-of-wallet threat.

Others

• Coupang (Rocket Delivery / Eats): Not a direct competitor but an analog of an Asia-Pacific e-commerce platform that scaled enterprise/transactional commerce. Useful as a comp for marketplace economics and operating leverage rather than product overlap.

Emerging players

• Brady Corporation: Manufacturer and supplier of identification, safety, and MRO consumables serving industrial customers. Partial overlap with ZKH's MRO/SKU breadth and enterprise buyer motion, though narrower category focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds8 records

Investors20 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Zhenkunxing