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