????:1??????:?????

2???????????

3?????????

4?????98?

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

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