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

2??????????

3??????????150??

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

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