�??????????�????

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

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