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

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

??

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