????????2024???GMV??2093??,SVIP?16%

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