????:1??????95?98?????:?????

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

???:??