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