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3?51?????

4?????????

5??????????

?????????2024???2024?????,????????332???(?????????????,????),Non-GAAP??30??????2024????????,???????1084?????,Non-GAAP??????????????90???????????????????

??????????????2024???????????,???????????????????????????????????7.7????????,??????????????????????,??????????2025??????4??????11?,???????????????2.40????????????????0.48??

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2024???GMV?2093?????????,????????????

2024??????,??GMV(??????)????????????????0.6%?????2093?????????????????????,????????????,???????????????????GMV?????????????2%,??GMV??75%,????????????????

??????????????,?????????????????????????????2024?????“???”??????????“???????”,??????????????????????????????,?????,?????

????????????????????,??200??“???????”?????????????,?????????????????????,????????????

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????????????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%?

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?????????????????,????????,???????????????????????????,???,?????80?????????????,??2700???,??????????58,000???

???2024??,?7.68??,??????????????????????????????,?????????????????,?????27.7???????,??

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