????: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??,???????

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