??
??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?,?????????
?????????
?????????????2024?GMV??2093??,SVIP???16%?????????????