震坤行2026Q1财报：GMV同比增长12.9% 海外业务收入增长6倍

This article discloses Zhenkunhang Industrial MRO platform's core financial performance and latest strategic updates for Q1 2026, with key takeaways below:

1. Core financial results: Despite the traditional off-peak season for the MRO industry, Zhenkunhang delivered double-digit GMV growth and remained profitable overall. It posted a GMV of 2.45 billion yuan, up 12.9% year-over-year; revenue of 2.114 billion yuan, up 9.2% YoY; adjusted net profit of 1.69 million yuan; and 66,000 transacting customers, an 11% YoY increase. Multiple customer segments and business verticals grew over 20%, and overseas revenue surged more than 600% YoY.

2. Business expansion progress: Zhenkunhang has expanded its SKU count to 27 million, accelerated the development of its private brands, launched an FA (Factory Automation) marketplace to solve pain points in traditional procurement, and boosted warehouse space efficiency by 36% and cut related costs by 17% after optimizing its fulfillment network.

3. AI strategy advancement: The company has set a clear goal to build full-stack industrial AI capabilities, and has rolled out an AI application system covering all business segments. It launched over 60 AI tools in Q1, freeing up more than 2,000 man-hours per month.

This article outlines the latest market shifts and platform developments in the industrial MRO space, offering key insights for industrial brand owners:

1. Consumer demand trends: Demand from small and medium-sized (SMB) customers and micro-enterprises is growing rapidly: GMV from SMB customers is up more than 20%, and growth at the distribution platform targeting micro-enterprises exceeds 30%. Four core verticals including electrical manufacturing and new energy grew over 20%, while demand from emerging sectors such as semiconductors and energy storage is on the rise. There remains significant room to expand coverage of enterprise clients, and demand for cross-border expansion is growing fast.

2. Product R&D guidance: Hard-core MRO products with high technical barriers and professional requirements, as well as innovative products designed for specific use cases, are seeing stronger market demand. Zhenkunhang's private label launched scenario-based innovative products such as lightweight breathable safety caps and anti-static gloves, with GMV growing more than 20%, validating the viability of this strategic direction.

3. Channel expansion opportunities: Zhenkunhang is continuously expanding its SKU assortment, accelerating private brand development and expanding into overseas markets. Brand owners can partner with the platform to leverage its AI capabilities and traffic to enter emerging verticals and the global market.

This earnings report outlines the latest market shifts in the industrial MRO sector, offering actionable insights on growth and operations for industrial product sellers:

1. Identifying new growth opportunities: SMB and micro-enterprise markets currently lead in demand growth, with Gongbangbang platform GMV growing over 30%. Demand from central state-owned enterprise clients has returned to double-digit growth. Four core verticals all grew more than 20%, demand from key clients in emerging industries such as semiconductors and energy storage is rising, and overseas revenue has grown over 600% year-over-year. The dual strategy of "supporting Chinese manufacturing going global + local expansion in the U.S." has opened up an attractive new high-growth market for sellers to enter.

2. Actionable cost-reduction operational insights: Through customer structure adjustment, optimized warehouse layout and investment in automation, Zhenkunhang boosted warehouse space efficiency by 36% and cut costs by 17%, while rolling out AI tools to free up labor. This "structural adjustment + technology-driven efficiency improvement" path offers a replicable model for sellers.

3. Risk reminder: Off-peak season cyclicality remains a core feature of the industry. Diversifying customer base can smooth revenue volatility, and focusing on high-quality growth makes it easier to hit profitability targets.

This earnings report offers valuable insights for manufacturing facilities on supply chain partnering and digital transformation, with key takeaways below:

1. Business partnership opportunities: Zhenkunhang has expanded its SKU assortment to 27 million, accelerated new product development for its private brands, and is deepening ten high-specialization business lines including factory automation (FA). The FA sector requires integration of massive component supply, so manufacturing facilities can partner with the platform as suppliers to access supporting supply opportunities in fast-growing emerging industries such as semiconductors and energy storage, unlocking new growth.

2. Procurement efficiency improvement: MRO procurement now supports end-to-end digital services. Zhenkunhang's newly launched FA marketplace solves the long-standing pain points of "difficult supplier selection and high entry barriers" in traditional FA procurement, with AI-powered intelligent selection. Factories can leverage these specialized platforms to cut procurement costs and boost efficiency.

3. Digital transformation insights: Zhenkunhang rolled out AI applications in a phased approach and empowered business teams to build their own AI tools, successfully freeing up labor and improving operational efficiency. For factories pursuing digital transformation, this approach of rolling out AI aligned with specific business scenarios delivers faster, more tangible results.

This earnings report discloses the latest development trends in the industrial MRO services space, with key insights for industry service providers:

1. Customer pain points and market opportunities: Traditional factory automation (FA) procurement has long suffered from pain points including difficult supplier selection and high entry barriers. Industrial customers are raising their requirements for faster delivery and lower procurement costs, and leading platforms are building integrated end-to-end service capabilities, leaving significant market opportunities for supporting service providers.

2. New technology adoption trends: AI has already achieved systematic deployment in the industrial supplies space. Zhenkunhang has built an AI application system covering product development, sales, operations and customer service, launching the industry's first 100-million-entry industrial goods knowledge graph, a self-developed MRO vertical large language model, and an industrial intelligent visual search engine. AI + industrial services is now a clear industry development direction, and service providers can start building relevant technical capabilities in advance.

3. Business expansion direction: Leading platforms are accelerating their overseas expansion, and MRO demand in emerging manufacturing verticals is growing rapidly. Service providers can focus on building supporting cross-border services and technical services for emerging verticals to capture the industry's growth dividend.

As a leading domestic industrial MRO platform, Zhenkunhang's disclosed operating experience and business updates in this earnings report offer key takeaways for peer platform operators:

1. Customer structure optimization: After adjusting its customer structure, Zhenkunhang delivered double-digit GMV growth and profitability even during the industry's traditional off-peak season, validating the value of a diversified customer base. SMB customers, distribution clients and micro-enterprises offer strong growth momentum, central state-owned enterprise clients bring stable demand, and key clients in emerging industries offer large room for growth. Platforms can optimize their customer structure to smooth off-peak season volatility.

2. Operational cost reduction and efficiency improvement: Through optimized warehouse layout and investment in automation, Zhenkunhang boosted warehouse space efficiency by 36% YoY and cut fulfillment costs by 17% YoY. It also rolled out AI applications in a phased approach, empowering business teams to build customized AI tools, launching over 60 AI agents in Q1 and freeing up more than 2,000 man-hours per month. This path offers high reference value for platforms looking to cut costs and boost efficiency.

3. Building long-term competitive advantages: Platforms can deepen their presence in high-barrier niche segments, advance private brand development, pursue dual-track overseas expansion, and build full-stack AI capabilities to establish long-term moats, avoid homogenized competition, and achieve high-quality profitable growth.

This earnings report reflects the latest industry trends in China's domestic industrial MRO e-commerce sector, with key insights for industry researchers:

1. New stage of industry development: Leading domestic MRO platforms have shifted from pure scale expansion to high-quality profitable growth. Zhenkunhang's profitability in the traditional off-peak season validates the effectiveness of its strategy of customer structure adjustment and operational efficiency improvement, and the entire industry is entering a new profit-driven development stage.

2. Business model innovation: Leading platforms are exploring a new "full-stack AI + industrial MRO" business model, building an AI application system covering all business links. They address the personalized pain points of industrial scenarios by building industry knowledge graphs and vertical large language models, while combining private brand development and end-to-end fulfillment services to build long-term moats, forming a new growth logic.

3. Emerging new growth curves: Leading industry players have started expanding into overseas markets, simultaneously advancing the dual strategy of supporting Chinese manufacturing going global and local overseas expansion. Overseas business has already achieved 6x year-over-year growth, becoming a clear new growth curve. Meanwhile, fast-growing MRO demand from emerging manufacturing sectors such as semiconductors, energy storage and robotics has also become a new industry growth point that deserves in-depth research.