??�????????�????

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

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