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

2???????????

3???????????

4???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???????,??????

??:????????