??2024?GMV???2093??,SVIP????????16%

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