??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?,??????

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

??

??:???????????,??????????,??????????????