????:1?????:????????

2????????????

3???????????

4??????????

5???SPA??

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

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