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

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

????:?????