????:1????????:????sn

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??????,???

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