Jane Sun: Yes. We actually are very glad to see the efficiency improvement across brands and business segments through the past 3 years. For example, the improvement of our backend operating system allows us to maintain extensive coverage and active product innovations with smaller size of products offering team. And also our content strategy has contributed to higher user engagement and conversion rate, which also helped us to improve the marketing efficiencies. Yes, in the long run, of course we don’t take for example margin as a target, but as a natural result of a healthy, more healthy business growth and disciplined cost control. And we believe the majority of our business segments are currently operating at better margin comparing to pre-COVID level on an apple-to-apple basis.
And we will benefit from better scalability and synergies between our brands. And we are very confident to achieve a healthy as we guided before 20% to 30% level healthy margins while driving very sustainable business growth in the future. However, in the very short-term, the lack in outbound business recovery, and increase the mix from international OTA business will also to some extent, negatively impact the branded margins. But for this year, our team will work very hard, trying to have a very healthy and faster growth and at the same time to maintain a healthy margin. Thank you.
Operator: Thank you for the questions. Next, we have the line from Alex Yao from JPMorgan. Please ask your question.
Alex Yao: Thank you management for taking my question and congrats on strong demand recovery. I think it’s reasonable to assume that you guys will go through a period of very strong pent up demand recovery. But how do you guys think about the growth strategy and the growth rate target posts the pent up demand period for example? What’s your growth strategy and growth target for 2024 and 2025? Accordingly, how do you plan to allocate the resource during the pent up demand period versus normalized across period? Thank you.
James Liang: Thank you, Alex. Across €“ great talent all the players in travel industry, but we €“ it also make Trip.com growth a stronger company. In terms of growth drivers for the China domestic market, firstly, we will continuously to expand our customer base, especially in the lower-tier cities, which have a large growth potential for rapid urbanization. And meanwhile, we will focus on higher user engagement and stickiness, which will translate into higher user spending and frequencies. For example, we drove higher cross-selling ratios from transportation to accommodation and other services and expanded the user case to cover more short-haul travel scenario. In addition, our comprehensive content platform does not only provide users with inspiration and planning, but also opens the door to travel advertisement opportunities, which is estimated to be over RMB90 billion in 2019 , 2023.
Second, and most importantly is the outbound travel, Trip.com growth is one of the few companies that were able to maintain its engagement with both Chinese customers and international travel suppliers in the past 3 years. Therefore, we are very well positioned to continuously to benefit from the strong pent up demand for the outbound travel. For example, in the recent months, although the industry level, for example, the air capacity is still at around recovered to 15% to 20% level, but our outbound travel business has significantly outpaced the industry growth. So, going back to over 40% compared with the pre-pandemic. Third, for the international brands and international market, we have made significant progress in unifying our backend operating systems, standardizing the international front end products and aligning these services with our domestic standards.
