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

2????????

3???????

4????????

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

???:????????