????:1??????150??????:??????6??

2??????

3?????????

4?????app????

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

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