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ZKH

ZKH Group Limited
CIK 0001862044 ยท EDGAR โ†—
cleanelevatedtriggeredno dataplanned
44.2
composite ยท 3 signals ยท ELEVATED

Every card below shows the score and the exact filing data it was computed from โ€” no unexplained numbers. Some signals (P-02, P-03, P-08, P-09, P-10, P-11) pull live documents from SEC EDGAR the first time you view this company; a few of those (P-03, P-10, P-11) use AI to read the filing text, but every AI claim must quote the actual document verbatim or it's discarded โ€” never a guess.

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Signals

P-12 ยท FY 2025-12-31 ยท ELEVATED48.6

Restatement predictor

F-Score 1.46 โ€” misstatement risk 1.5x the base rate
trend: flat
Trend
Source: 20-F on SEC.gov (filed 2026-04-24) โ†—
Evidence โ€” inputs and thresholds
{
  "f_score": 1.459,
  "probability": 0.0054,
  "components": {
    "rsst": -0.0226,
    "drec": 0.0254,
    "dinv": 0.0068,
    "soft": 0.8137,
    "dcs": 0.0068,
    "droa": 0.0191,
    "issue": 1
  },
  "model": "Dechow et al. 2011, Model 1 (simplified RSST)",
  "thresholds": {
    "elevated": 1,
    "triggered": 1.85
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1862044/000110465926048107/0001104659-26-048107-index.htm",
    "form": "20-F",
    "filed": "2026-04-24"
  }
}
P-13 ยท FY 2023-12-31 ยท ELEVATED100.0

Zombie / distress

[FY2023 data, stale โ€” no more recent EBIT figure in XBRL] Interest coverage -20.61x below 1.0
trend: flat
Trend
Source: 20-F on SEC.gov (filed 2026-04-24) โ†—
Evidence โ€” inputs and thresholds
{
  "icr_by_year": {
    "2025-12-31": null,
    "2024-12-31": null,
    "2023-12-31": -20.613,
    "2022-12-31": -7.281
  },
  "consecutive_years_below_1": 2,
  "altman_z_double_prime": 0.878,
  "definitions": {
    "zombie": "ICR<1 for 3+ consecutive FYs (BIS 2018)",
    "z_distress": "<1.1 distress, 1.1-2.6 gray, >2.6 safe"
  },
  "inputs": {
    "ebit_t": -398724000,
    "interest_expense_t": 19343000
  },
  "stale": true,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1862044/000110465926048107/0001104659-26-048107-index.htm",
    "form": "20-F",
    "filed": "2026-04-24"
  }
}
P-01 ยท FY 2025-12-31 ยท CLEAN26.8

Earnings quality

Beneish M-Score -2.56 โ€” no manipulation profile
trend: flat
Trend
Source: 20-F on SEC.gov (filed 2026-04-24) โ†—
Evidence โ€” inputs and thresholds
{
  "m_score": -2.562,
  "threshold": -1.78,
  "ratios": {
    "DSRI": 1.027,
    "GMI": 1.05,
    "AQI": 0.876,
    "SGI": 1.026,
    "DEPI": 1.115,
    "SGAI": 1,
    "LVGI": 1.039,
    "TATA": -0.023
  },
  "defaulted_to_neutral": [
    "SGAI"
  ],
  "sloan_accruals": -0.0226,
  "inputs": {
    "revenue_t": 8987738000,
    "revenue_t1": 8761318000,
    "total_assets_t": 6529849000,
    "net_income_t": -139742000,
    "cfo_t": 8789000
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1862044/000110465926048107/0001104659-26-048107-index.htm",
    "form": "20-F",
    "filed": "2026-04-24"
  }
}