????:1???150????????:????????700???

2?????

3???????

4???????????

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

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