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

???:????