????:1?94???95?????:??????

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

3???????

4?95???????

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

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