??2024????????GMV?2093???,SVIP??16%

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