????:1?????95?:???95??

2????????????

3???????6???

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????????,??

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