???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???,???