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

2??????

3????????????

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

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