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

2????????

3???????

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

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