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

2?????????

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

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