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Achieved quarterly operating profitability for the first time, driven by economies of scale, favorable customer mix, and steady gains in operating efficiency.

SME customer segment grew 30% year-over-year, outperforming the overall company and improving gross margins due to the fragmented and diverse nature of SME procurement needs.

Shifted business model from 'sales-driven' to 'supply-driven,' leveraging improved product capabilities to recommend available inventory rather than simply fulfilling specific customer demands.

Accelerated specialized product growth in high-barrier categories, notably in semiconductors where GMV increased more than 100-fold year-over-year.

Expanded private label portfolio by 700 SKUs, with these products now accounting for 10% of total GMV and typically yielding 10% higher gross margins than third-party brands.

Enhanced fulfillment efficiency by optimizing a multi-tiered network of 30 distribution centers and 109 transit warehouses, reducing fulfillment expenses to 3.7% of net revenues.

Integrated AI across the organization, saving over 12,000 employee hours in the quarter and implementing AI-assisted coding for over 70% of internal coding activity.

Expect GMV growth to accelerate further in the second half of 2026, targeting full-year GMV growth between 15% and 20%.

Anticipate the international business segment will reach profitability in the second half of 2026 through disciplined expense management and localized operations.

Planning the launch of 'Linglong Huiyan' in October 2026, an industrial vision solution developed in collaboration with Intel to capture demand for intelligent production line upgrades.

Establishing an independent AI subsidiary to provide a flexible organizational structure for future capital activities while maintaining synergy with ZKH's industrial data.

Long-term strategic goal to increase private label contribution to 30% of total GMV to further enhance overall corporate profitability.

Launched 'Domino,' an industrial supplies big data engine with over 1 billion parameters, to transition internal MRO data into industry-facing infrastructure.

Completed a dedicated hazardous materials warehouse in Cangzhou to strengthen compliance and supply assurance for specialized chemical categories.

International GMV increased more than tenfold year-over-year in the first half, reaching RMB 95 million as the company supports Chinese manufacturers expanding globally.

Maintained a solid liquidity position with RMB 1.7 billion in cash and short-term investments as of June 30, 2026.

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Growth is being driven by high-performing sectors like nonferrous metals (up 103%) and utilities (up 57%), alongside a recovery in state-owned enterprise spending.

Management noted that July and August trends suggest Q3 growth will exceed the 18.9% recorded in Q2, with Q4 expected to be the seasonal peak.

Customers are shifting from keyword searches to natural language descriptions for complex equipment needs, increasing the value of high-quality structured data.

AI Materials Manager has scaled to over 8,600 customers and is now generating direct revenue through materials data governance and inventory reduction services.

The strategy focuses on two fronts: supporting Chinese firms abroad and building localized operations in the U.S. (specifically Texas).

Management emphasized avoiding front-loaded expenses, aiming for segment profitability by the end of the year.

The company has utilized approximately USD 7.67 million of its USD 50 million buyback authorization and intends to step up the pace of repurchases.

Management stated they will consider initiating dividend payments once profits begin to scale more meaningfully.