Andre Chang: [Foreign Language]. Hi. I have three questions for the management. First is, we talk about the note, we will focus more on the user growth this year. Can you elaborate more about where are the area that we can find new user to acquire? Second, we also talk about further improvement on the ARPU. So with no rebounding spending from our loyal users last year, which was easy, what are the drivers for our user to spend more on our platform into 2024? And lastly, we talked about say the share buyback will changes on the market condition, valuation. It seems that we saw our cash flow continue to be strong, cash balance increased by the end of last year versus end of 2022. Does that mean that it’s not necessary or we will use our strong cash flow to return to the shareholder? How do you think about that? Thank you.
Eric Shen: [Foreign Language]. So on your first question on new customer acquisition, in the last year actually we — our — we invested a lot of channels to acquire new customers to drive the organic growth in new customers, such as targeted marketing, a number of platforms like Douyin, [indiscernible], Tencent as well as mobile pre-installation. This year we would like to do better in terms of adding new channels, especially to elevate the company brand image through more brand advertising, especially targeting those customers who are not familiar with Vipshop or who have heard of Vipshop, but have never used. Basically, we want to leverage branding to increase customer mind share of Vipshop as a better place to shop for apparel, including some emerging and younger channels like XiaoHongShu, BiliBili, et cetera.
What we think there is still quite a lot of potential there. For the new customers that we have acquired to our platform, we have actually seen the retention is pretty good, which means that the customers we acquired are relatively higher quality. So we think our current customer acquisition strategy does work relatively well. In terms of ARPU growth, last year, we did benefit from favorable weather conditions in some of the seasons. But we also think that customers have become increasingly recognized as a value proposition of Vipshop as a discount platform for branded products and especially through our best-in-class services, you find this is a great place to shop for apparel, especially for women. They tend to not only shop for themselves, but also shop for the whole family, including children, parents, et cetera.
They also shop not only apparel, but also other categories like standardized items. We have seen increasing cross category purchases among our customers. And this year, we are also in addition to driving the growth of apparel categories, we also want to build a stronger platform for standardized items, so that we can increase the cross sell opportunities for our high value customers, especially Super VIP members.
Mark Wang: Okay. Regarding the third question for share buyback, I think the track records, which we has already show our insistence to return value to our shareholders, okay? And for the buyback program, we will definitely evaluate the share price and also whether the market is in fluctuations, okay. For example, in the future, the share price is lower than our expectation, lower than our normal value, okay? So we will definitely will do the share buyback continuously from time-to-time. But that depends on the price and also depends on the other factors. So I think the cash dividends regime is a way to give you a more predictable share value back to the shareholders, okay? So in the future, we will have the annual cash dividends policy.
And of course, we will evaluate our cash position and also our profitability and also our CapEx, et cetera, to make sure to determine how much money we will distribute to our shareholders. So I think the cash dividend policy is a way to complement our return to our shareholders policy. Thank you.
Operator: Thank you. Due to time constraint, that concludes today’s Q&A session. At this time, I will turn the conference back to Jessie for any closing remarks.
Jessie Zheng: Thank you for taking the time to join us today. If you have any questions, please don’t hesitate to contact our IR team. We look forward to speaking with you next quarter.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
