??�?????�

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

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