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

2?????????

3?????98?

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

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