????:1?????????????:???????????

2???????

3??????????

4???95?98?

5?????

???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??,??

????????:??