????:1?????2020:??????

2?????????

3????????????

4???????

5???24????????

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

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