??�????????????�????

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

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