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

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

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