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

2?95???98?????

3???????

4??????????2023

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

??:???