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

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