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

2?????????????

3???????

4???95??

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?????,??

??????:????