Company Performance: ZKH's revenue, earnings, profit margins, and overall financial health directly influence investor confidence and stock price.

Industry Trends: The performance and outlook of the industrial supply chain sector impact ZKH's valuation, as investors assess its competitive positioning.

Economic Conditions: Macroeconomic factors like GDP growth, inflation, interest rates, and unemployment affect business investment and, consequently, demand for ZKH's products.

Market Sentiment: General investor optimism or pessimism towards the stock market, technology stocks, or Chinese companies can drive ZKH's price up or down.

Regulatory Environment: Changes in regulations affecting industrial supplies, e-commerce, or cross-border trade can create uncertainty and affect investor perceptions of ZKH.

Competition: The presence and strength of competitors in the industrial supply market affect ZKH's market share and pricing power, influencing its stock price.

Technological Advancements: Adoption of new technologies in industrial supply chain management can create opportunities or threats for ZKH, impacting its long-term growth prospects.

Geopolitical Risks: International relations and political instability, especially between the US and China, can affect investor sentiment towards Chinese stocks like ZKH.

Currency Fluctuations: Changes in the exchange rate between the US dollar and the Chinese yuan can affect ZKH's reported earnings and competitiveness.

Company News & Events: Announcements about new partnerships, product launches, acquisitions, or management changes can trigger short-term price movements in ZKH stock.