??�???????�????

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

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