锟斤拷原锟斤拷锟解：锟斤拷锟斤拷缇筹拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷猿锟窖癸拷锟紸I锟杰凤拷锟斤拷凭锟斤拷锟皆匡拷锟斤拷锟�
2025锟斤拷锟疥，锟斤拷锟斤拷桶透锟斤拷锟介经锟斤拷锟斤拷EBITA锟斤拷锟街呈分伙拷锟斤拷郑锟斤拷锟斤拷校锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷业锟斤拷锟脚★拷锟斤拷锟斤拷锟斤拷锟筋集锟脚和达拷锟斤拷锟介集锟脚的撅拷锟斤拷锟斤拷EBITA锟斤拷为锟斤拷
投锟斤拷时锟斤拷锟斤拷锟斤拷锟斤拷锟狡撅拷锟叫撅拷员 锟斤拷锟斤拷
锟狡憋拷锟斤拷锟斤拷锟襟，帮拷锟斤拷桶停锟紹ABA.N锟斤拷09988.HK锟斤拷锟桔股股硷拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟秸★拷2025锟斤拷5锟斤拷16锟秸猴拷19锟秸ｏ拷锟斤拷锟斤拷桶锟斤拷锟斤拷展杉鄯直锟斤拷盏锟�4.27%锟斤拷3.40%锟斤拷锟斤拷前锟斤拷权锟斤拷锟姐，锟斤拷同锟斤拷锟斤拷锟斤拷锟斤拷5锟斤拷19锟斤拷锟斤拷锟教ｏ拷锟矫股憋拷锟斤拷锟斤拷119.20锟斤拷元/锟缴ｏ拷锟斤拷锟斤拷锟�5锟斤拷15锟秸碉拷锟斤拷锟教价ｏ拷每锟斤拷锟斤拷水9.7锟斤拷元锟斤拷锟斤拷锟斤拷为7.53%锟斤拷
投锟斤拷时锟斤拷锟斤拷锟斤拷锟斤拷锟狡撅拷锟叫撅拷员注锟解到锟斤拷5锟斤拷15锟秸ｏ拷锟斤拷锟斤拷桶头锟斤拷锟斤拷私锟斤拷锟�2025锟斤拷3锟铰的硷拷锟斤拷业锟斤拷锟斤拷锟斤拷锟斤拷2025锟斤拷3锟斤拷31锟斤拷止锟斤拷锟斤拷锟铰ｏ拷锟斤拷锟皆硷拷2025锟斤拷锟斤拷锟斤拷锟揭碉拷锟斤拷锟斤拷妫拷锟斤拷锟�2025锟斤拷3锟斤拷31锟斤拷止锟斤拷龋锟斤拷锟斤拷锟斤拷锟斤拷锟绞撅拷锟斤拷霉锟剿撅拷锟斤拷锟揭碉拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷校锟斤拷锟斤拷锟斤拷锟斤拷锟酵癸拷母锟斤拷锟斤拷锟斤拷直锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷7%锟斤拷279%锟斤拷2025锟斤拷锟斤拷锟斤拷锟斤拷同锟斤拷锟斤拷锟斤拷6%锟斤拷9963.47锟斤拷元锟斤拷锟斤拷母锟斤拷锟斤拷锟斤拷同锟斤拷锟斤拷锟斤拷62%锟斤拷1294.70锟斤拷元锟斤拷
锟接撅拷锟藉经营锟斤拷锟斤拷锟斤拷2025锟斤拷锟疥，锟斤拷锟斤拷桶透锟揭碉拷锟斤拷锟斤拷锟斤拷锟洁处锟斤拷锟斤拷锟斤拷态锟狡ｏ拷锟斤拷锟斤拷锟斤拷锟斤拷锟皆凤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷EBITA锟斤拷史只锟斤拷锟斤拷疲锟斤拷锟斤拷旒拷藕锟斤拷锟斤拷锟斤拷芗锟斤拷锟绞碉拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟酵拷却锟斤拷锟铰斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟揭碉拷锟斤拷拧锟斤拷锟斤拷锟斤拷锟斤拷罴拷拧锟斤拷锟斤拷锟斤拷榧拷锟斤拷锟斤拷锟斤拷锟斤拷指锟斤拷锟轿拷锟街碉拷锟�
锟斤拷锟届集锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷支锟斤拷 直营微锟斤拷
锟节帮拷锟斤拷桶偷锟揭碉拷锟斤拷图锟叫ｏ拷锟斤拷锟届集锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷要锟斤拷锟斤拷锟斤拷源锟斤拷锟斤拷锟斤拷2025锟斤拷锟疥，锟斤拷锟届集锟斤拷锟斤拷锟斤拷同锟斤拷锟斤拷锟斤拷3%锟斤拷4498.27锟斤拷元锟斤拷占锟斤拷锟斤拷桶透貌锟斤拷锟斤拷锟接拷盏锟�45.15%锟斤拷
锟斤拷锟届集锟脚碉拷锟斤拷锟斤拷锟斤拷锟叫癸拷锟斤拷锟斤拷锟斤拷业锟斤拷锟叫癸拷锟斤拷锟斤拷锟斤拷业锟斤拷锟斤拷锟街癸拷锟缴★拷锟斤拷锟叫ｏ拷锟叫癸拷锟斤拷锟斤拷锟斤拷业锟街斤拷一锟斤拷细锟斤拷为锟酵伙拷锟斤拷锟斤拷锟斤拷直营锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷要锟斤拷锟斤拷锟斤拷猫锟斤拷锟叫★拷锟斤拷猫锟斤拷锟绞猴拷锟斤拷锟斤拷直营业锟今）★拷2025锟斤拷锟疥，锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷GMV锟斤拷锟斤拷锟斤拷锟斤拷Take rate同锟斤拷锟斤拷锟斤拷锟斤拷双锟斤拷锟狡讹拷锟斤拷锟斤拷锟斤拷桶涂突锟斤拷锟斤拷锟斤拷锟斤拷锟酵拷锟斤拷锟斤拷锟�6%锟斤拷锟斤到3223.46锟斤拷元锟斤拷锟斤拷一锟斤拷锟斤拷也直锟接达拷锟斤拷锟剿该癸拷司锟叫癸拷锟斤拷锟斤拷锟斤拷业锟斤拷锟斤拷锟斤拷锟斤拷4255.26锟斤拷元锟斤拷锟斤拷2024锟斤拷锟斤拷锟斤拷锟斤拷111.12锟斤拷元锟斤拷
然锟斤拷锟斤拷锟叫癸拷锟斤拷锟斤拷锟斤拷业锟斤拷直营锟斤拷锟斤拷却未锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷头锟斤拷锟斤拷2025锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟阶拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷实锟斤拷1031.80锟斤拷元锟斤拷锟斤拷2024锟斤拷锟斤拷锟�1104.05锟斤拷元锟铰斤拷7%锟斤拷锟皆此ｏ拷锟斤拷锟斤拷桶头锟斤拷锟斤拷锟酵称ｏ拷锟斤拷要锟斤拷锟节癸拷司锟斤拷锟狡伙拷锟斤拷锟斤拷锟斤拷锟斤拷直营业锟斤拷锟斤拷锟铰★拷
锟接硷拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷2025锟斤拷3锟斤拷31锟斤拷止锟斤拷锟斤拷锟铰ｏ拷锟斤拷锟斤拷桶锟斤拷锟斤拷虏锟斤拷锟斤拷懦锟轿ㄒ灰碉拷锟斤拷锟斤拷锟斤拷禄锟斤拷锟斤拷锟揭碉拷锟斤拷锟斤拷锟斤拷锟斤拷2024锟斤拷同锟节碉拷245.57锟斤拷元锟斤拷锟斤拷215.73锟斤拷元锟斤拷同锟饺斤拷锟斤拷为12%锟斤拷锟斤拷一锟斤拷锟斤拷锟斤拷要源锟节帮拷锟斤拷桶偷锟斤拷锟揭碉拷锟叫碉拷锟剿诧拷锟斤拷锟斤拷锟斤拷平台职锟斤拷使锟矫癸拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟铰斤拷锟斤拷锟斤拷锟杰达拷影锟届，2025锟斤拷锟疥，锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟饺讹拷锟斤拷锟斤拷锟斤拷态锟狡ｏ拷锟斤拷锟斤拷锟斤拷锟斤拷为2%锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷椤�
锟斤拷锟街拷拢锟�2025锟斤拷锟疥，锟斤拷锟斤拷桶锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷纸锟轿拷冉锟斤拷锟斤拷锟斤拷锟斤拷锟酵拷锟絋rendyol锟皆硷拷锟斤拷缇骋碉拷锟斤拷锟截碉拷锟斤拷值锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟铰ｏ拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟揭碉拷锟斤拷锟斤拷锟斤拷锟酵拷却锟斤拷锟斤拷锟斤拷29%锟斤拷锟斤到1323.00锟斤拷元锟斤拷锟斤拷锟斤拷锟斤拷锟筋集锟斤拷锟斤拷锟斤拷锟斤拷锟节高德★拷锟斤拷锟斤拷么锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟�2024锟斤拷锟斤拷锟斤拷锟斤拷12%锟斤拷670.76锟斤拷元锟斤拷
锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷牵锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷谐锟斤拷锟斤拷锟斤拷锟街凤拷锟斤拷锟斤拷锟铰变化锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷强锟斤拷锟斤拷郑锟斤拷锟斤拷锟斤拷瞥锟斤拷锟�0佣锟金”★拷为锟斤拷锟街斤拷锟斤拷锟斤拷锟斤拷一锟金”★拷锟斤拷锟节诧拷锟斤拷锟狡伙拷锟斤拷锟斤拷一系锟叫举措，锟斤拷锟斤拷锟斤拷原锟叫碉拷锟叫筹拷平锟解。为锟斤拷住锟叫筹拷锟捷额，锟斤拷锟脚★拷锟斤拷锟斤拷么锟阶纷革拷锟斤拷锟斤拷锟狡筹拷锟斤拷锟斤拷锟脚伙拷券锟斤拷锟节猴拷锟斤拷锟斤拷营锟叫ｏ拷锟斤拷锟街硷拷锟揭的撅拷锟斤拷态锟狡ｏ拷锟杰匡拷锟杰伙拷使锟矫帮拷锟斤拷桶图哟锟斤拷诒锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷系锟酵讹拷锟斤拷支锟斤拷锟斤拷
锟斤拷锟解，锟斤拷锟斤拷锟介集锟脚猴拷锟斤拷锟斤拷锟杰硷拷锟斤拷2025锟斤拷锟斤拷也锟叫诧拷锟斤拷锟侥憋拷锟街ｏ拷锟斤拷锟斤拷直锟斤拷2024锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷5%锟斤拷11%锟斤拷锟斤拷锟斤拷222.67锟斤拷元锟斤拷1180.28锟斤拷元锟斤拷锟斤拷锟秸ｏ拷锟斤拷锟斤拷桶图锟斤拷锟紺EO锟斤拷泳锟斤拷锟斤拷业锟斤拷锟斤拷锟斤拷锟斤拷确锟斤拷AI锟斤拷锟斤拷锟斤拷目锟疥，锟斤拷锟斤拷示锟斤拷锟斤拷2026锟斤拷锟疥，锟斤拷锟角斤拷锟桔斤拷锟斤拷锟教★拷AI+锟狡的猴拷锟斤拷业锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟叫筹拷锟节ｏ拷锟斤拷锟斤拷锟皆科硷拷为锟斤拷锟侥讹拷锟斤拷锟侥第讹拷锟斤拷锟斤拷锟斤拷锟竭★拷锟斤拷锟斤拷锟斤拷锟斤拷锟接碉拷前锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷2025锟斤拷锟疥，锟斤拷锟斤拷锟杰硷拷锟斤拷锟斤拷锟斤拷锟秸硷拷锟斤拷锟酵帮拷锟斤拷营锟秸碉拷11.85%锟斤拷未锟斤拷锟杰凤拷锟轿拷锟斤拷锟斤拷霉锟剿撅拷锟斤拷锟揭碉拷锟斤拷锟斤拷锟斤拷暮锟斤拷亩锟斤拷锟斤拷锟斤拷锟斤拷写锟绞憋拷锟斤拷锟街わ拷锟�
锟斤拷锟斤拷桶锟�2024锟斤拷锟疥及2025锟斤拷锟疥按锟街诧拷锟斤拷锟街碉拷锟斤拷锟斤拷锟斤拷细
锟斤拷锟斤拷锟斤拷源锟斤拷锟斤拷司锟狡憋拷
锟斤拷锟斤拷锟斤拷EBITA锟斤拷锟街分伙拷
锟斤拷同锟斤拷锟斤拷锟斤拷锟斤拷妫�2025锟斤拷锟疥，锟斤拷锟斤拷桶透锟揭碉拷锟斤拷锟斤拷锟斤拷锟斤拷锟剿筹拷锟街筹拷锟斤拷锟皆分伙拷锟斤拷帧锟�
锟饺匡拷锟斤拷锟斤拷锟杰硷拷锟脚ｏ拷锟斤拷锟斤拷锟斤拷盈锟斤拷锟斤拷锟斤拷锟斤拷为锟斤拷锟桔★拷锟斤拷锟脚癸拷锟斤拷锟斤拷业锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟劫ｏ拷锟斤拷之锟斤拷营效锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟杰硷拷锟脚撅拷锟斤拷锟斤拷EBITA实锟斤拷强锟斤拷锟斤拷锟斤拷锟斤拷突锟狡帮拷锟斤拷元锟斤拷模锟斤拷录锟斤拷105.56锟斤拷元锟斤拷同锟斤拷锟斤拷锟斤拷锟竭达拷72%锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷目前锟斤拷锟皆ｏ拷锟斤拷锟斤拷锟杰硷拷锟斤拷锟斤拷锟斤拷锟阶碉拷锟斤拷锟斤拷锟节帮拷锟斤拷桶锟斤拷锟斤拷锟斤拷锟斤拷锟秸硷拷然锟斤拷锟皆斤拷小锟斤拷锟斤拷锟届集锟斤拷锟斤拷锟斤拷锟角帮拷锟斤拷桶锟斤拷锟斤拷锟斤拷锟斤拷要支锟斤拷锟斤拷锟斤拷锟斤拷
锟斤拷锟斤拷锟斤拷露锟斤拷2025锟斤拷锟疥，锟斤拷锟届集锟脚撅拷锟斤拷锟斤拷EBITA锟斤拷锟斤拷2024锟斤拷锟斤拷微锟斤拷1%锟斤拷锟斤拷锟斤拷桶头锟斤拷锟斤拷示锟斤拷锟斤拷然锟酵伙拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟接ｏ拷锟斤拷为锟斤拷锟斤拷锟斤拷锟矫伙拷锟斤拷锟介及锟接达拷萍锟酵讹拷耄拷锟截成憋拷也同锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷一锟斤拷锟教讹拷锟较碉拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷
锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷桶偷锟斤拷锟斤拷锟揭碉拷锟斤拷椤ｏ拷锟斤拷锟斤拷啪锟斤拷锟斤拷锟紼BITA锟斤拷2024锟斤拷锟斤拷锟斤拷锟斤拷锟�2025锟斤拷锟斤拷锟戒保锟斤拷盈锟斤拷状态锟斤拷锟斤拷盈锟斤拷水平却锟斤拷锟街达拷锟斤拷禄锟斤拷锟斤拷渚拷锟斤拷锟紼BITA同锟斤拷锟铰斤拷78%锟斤拷3.02锟斤拷元锟斤拷锟斤拷一锟斤拷锟斤拷锟揭拷锟斤拷锟斤拷诳缇筹拷锟斤拷锟斤拷锟皆硷拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟铰斤拷锟斤拷
锟斤拷锟斤拷锟斤拷锟筋集锟脚和达拷锟斤拷锟介集锟斤拷2025锟斤拷锟斤拷木锟斤拷锟斤拷锟紼BITA锟斤拷锟斤拷锟侥Ｍ拷染锟斤拷锟秸拷锟斤拷直锟铰硷拷锟�-36.89锟斤拷元锟斤拷-5.54锟斤拷元锟斤拷锟斤拷锟角碉拷之锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷木锟斤拷锟窖癸拷锟斤拷锟斤拷芑锟斤拷一锟斤拷锟接剧，锟斤拷锟斤拷锟斤拷锟斤拷榫拷锟斤拷锟紼BITA锟侥伙拷锟斤拷之路锟斤拷锟斤拷锟缴斤拷锟斤拷锟斤拷锟斤拷战锟斤拷
锟斤拷锟叫筹拷锟斤拷为锟斤拷锟角的ｏ拷锟斤拷锟斤拷锟角帮拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟揭碉拷锟斤拷拧锟�2025锟斤拷锟疥，锟矫帮拷锟斤拷锟皆达拷诠锟斤拷锟斤拷锟斤拷锟斤拷锟揭碉拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟揭碉拷锟斤拷锟斤拷锟酵拷锟绞碉拷锟斤拷锟斤拷锟斤拷锟饺伙拷锟斤拷锟斤拷霉锟剿撅拷锟斤拷锟斤拷锟酵拷锟絋rendyol锟界境业锟斤拷锟酵讹拷牖癸拷诔锟斤拷锟斤拷锟斤拷樱锟斤拷诖锟斤拷锟斤拷锟斤拷拢锟絃azada锟斤拷锟斤拷锟绞猴拷锟斤拷营效锟绞碉拷锟斤拷锟斤拷锟斤拷锟皆硷拷Trendyol锟斤拷锟斤拷业锟斤拷盈锟斤拷锟斤拷锟斤拷锟侥革拷锟狡ｏ拷锟斤拷锟斤拷锟斤拷锟筋补前锟斤拷投锟斤拷锟斤拷锟接达拷锟斤拷锟侥成憋拷缺锟节★拷锟矫诧拷锟疥，锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟揭碉拷锟斤拷诺木锟斤拷锟斤拷锟紼BITA锟斤拷一锟斤拷锟斤拷锟斤拷锟斤拷-151.37锟斤拷元锟斤拷锟斤拷2023锟斤拷锟斤拷锟斤拷2025锟斤拷锟疥，锟矫帮拷榫拷锟斤拷锟紼BITA锟较硷拷为-281.16锟斤拷元锟斤拷
锟斤拷前锟斤拷锟斤拷锟绞碉拷锟斤拷锟叫筹拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟揭★拷锟斤拷锟斤拷锟斤拷示锟斤拷2024锟斤拷锟叫癸拷锟界境锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤，SHEIN锟斤拷TikTok Shop锟斤拷Temu锟斤拷锟斤拷平台锟斤拷实锟街达拷锟斤拷锟斤拷拧锟絊HEIN凭锟借“锟斤拷锟叫癸拷模式锟斤拷锟斤拷锟斤拷锟剿筹拷2锟斤拷锟斤拷锟揭ｏ拷TikTok Shop锟斤拷锟斤拷妆锟斤拷锟斤拷锟斤拷锟酵伙拷锟斤拷锟斤拷锟斤拷锟街憋拷锟斤拷锟斤拷鄱锟斤到200锟斤拷锟斤拷元锟斤拷Temu锟斤拷锟矫伙拷锟斤拷锟角凤拷围锟斤拷锟斤拷锟斤拷展锟斤拷50锟斤拷锟斤拷锟斤拷摇锟斤拷锟斤拷同时锟斤拷锟斤拷锟斤拷逊锟饺达拷统锟斤拷锟狡碉拷锟教撅拷头锟斤拷锟节诧拷锟斤拷锟狡斤拷锟斤拷锟斤拷锟斤拷锟铰★拷锟脚伙拷锟斤拷锟斤拷锟斤拷锟介，锟皆此癸拷锟斤拷锟斤拷锟斤拷锟斤拷锟叫筹拷锟斤拷位锟斤拷锟斤拷些锟斤拷锟斤拷锟斤拷锟节硷拷压锟脚帮拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟揭碉拷锟斤拷诺锟斤拷锟斤拷锟秸间。
锟斤拷为锟斤拷锟斤拷桶锟斤拷锟斤拷戮劢锟斤拷缇筹拷锟斤拷痰锟揭碉拷锟斤拷牛锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷业锟斤拷锟斤拷也锟斤拷目锟斤拷锚锟斤拷锟斤拷锟斤拷AI锟斤拷锟斤拷未锟斤拷锟斤拷锟斤拷锟斤拷锟杰斤拷锟斤拷AI锟斤拷锟斤拷锟铰的癸拷锟斤拷锟斤拷
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