??�???????�

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

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