??2024????????GMV??2093?,SVIP???16%

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