??2024?GMV????????2093???,SVIP??16%

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