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

2?400?????????

3???????qq

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

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