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

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