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

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