ZKH // ZKH Group Limited each representing thirty-five (35) (Class A)

Consumer Discretionary • RETAIL: Building Materials

$1.66 ▲ +0.02 (+1.22%)

MKT CAP: $260.6M • VOL: 332.6K

52W L $1 52W H $4

ZKH // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NYSE

ZKH // ZKH Group Limited each representing thirty-five (35) (Class A)

GROSS MARGIN

—

OP MARGIN

—

ROIC %

—

MKT CAP

$260.6M

UPSTREAM INPUTS ──► ZKH OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
ZKH ★	ZKH Group Limited each representing thirty-five (35) (Class A)	$1.66	$260.6M	—	—	—	—	—	SUBJECT ISSUER
AMZN	Amazon.com, Inc.	$240.35	$2.59T	—	—	17.6%	15.8x	—	ZKH VS AMZN <GO>
TSLA	Tesla, Inc.	$399.81	$1.58T	19.3%	3.4%	3.4%	199.0x	+8.3%	ZKH VS TSLA <GO>
V	Visa Inc.	$413.59	$738.98B	—	60.0%	32.3%	28.9x	+11.3%	ZKH VS V <GO>
MA	Mastercard Incorporated	$638.01	$555.82B	—	57.6%	33.5%	29.2x	+16.4%	ZKH VS MA <GO>
PG	Procter & Gamble Company	$161.57	$374.48B	51.2%	24.3%	25.4%	16.2x	+0.3%	ZKH VS PG <GO>