?????????????2024??????????????????????2024??????????,???????332?????????????????(?????????,??),Non-GAAP??30??????????????????2024???????,?????1084?????????????????????,Non-GAAP?????????????????90???

??????????????????????????2024??????????????????????????,????????????????????????????7.7????????????????????,?????,??2025??????4???11?????????,????????????2.40??????????0.48???

?:“????????????,????,?????????????????????????????????”

2024???GMV????????2093????????????,?????????????

2024?????,?????GMV(?)?????0.6%????2093?????,????????????,??????????????????GMV????????????????????2%,???GMV??????????75%,?????

???????,?????????????????????????????????????????2024???????“??????????”??????????????“????????????????”,???????????????,???????????????,????????

?????,??200??“??”????????????????,?????????,????????

?????????????????????,??

?????2024???????????????1500?????????,???Acne Studios?Toteme??????,????????????????????????OTB(ONLY THE BRAVE)???,????????????????,?????

?????????,2024???,????????,???????????

2024??,???“?”????????,??,??????????????,????,?????

??,SVIP??????16%

??VIP??????????????????????(SVIP)???????????????V???????????9.5????????????V???????,2024????????????????????????????????????,??????SVIP????????????,?????????V?????????????????????,?SVIP????????????

?,????????????????????2024????,SVIP?16%????880??????,???49%?

???????????,?????

?,?,??????????,??????,??????????80??,????2700???????????????????,??58,000?????????????

???????????2024??,??????7.68??,?????????????????????,????,?????????????27.7???????,???

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