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

2???95?????

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

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