??�?????????�????

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

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