????:1??????:????vx?

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

3???95?98?

4?????

5???100????

?????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?,???

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