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

??:???????

??

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