Operator

Ladies and gentlemen, good day, and welcome to ZKH Group Limited's First Quarter 2026 Earnings Conference Call.

Today's conference is being recorded. At this time, I would like to turn the conference over to [Daecy Xu], Head of Investor Relations. Please go ahead, ma'am.

Daecy Xu

Good morning, and welcome to ZKH First Quarter of 2026 Earnings Conference Call. With me are Mr. Eric Chen, our Founder, Chairman and CEO; and Mr. Max Lai, our CFO. Today's discussion may include forward-looking statements. Related factors are described in our today's press release, and we will also discuss certain non-GAAP financial measures for comparison purposes only. Please refer to the earnings release for definitions of these measures and a reconciliation of GAAP to non-GAAP results.

With that, I will turn the call over to Eric. Eric, please go ahead.

Long Chen
Founder, CEO & Chairman of the Board of Directors

[Interpreted]

Hello, everyone. Thank you for joining our first quarter 2026 earnings conference call. We entered 2026 with strong momentum, building on the recovery trajectory established in the second half of last year. As our business steadily scaled, the quality of our growth also improved. In the first quarter, both GMV and revenue growth accelerated year-over-year for the second consecutive quarter. GMV returned to double-digit growth and revenue delivered its strongest year-over-year performance in recent quarters.

On the profitability front, our operating quality continued to improve. Gross margin achieved expansion sequentially, reflecting an improving