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

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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?????“???”???????????????????????????????,?????,????

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????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%?

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?,?????????????,????????????????,????,??????????????80????????,???2700???????????????,?????58,000?????????????

??2024???????????????????,?????????????7.68?????????????????,??????????????????????????????????????????????????????,?????,???27.7???,???????

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