????:1??????100?:????

2?????????vx

3??????????800?

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????,??

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