Group 1 - The core viewpoint of the article is the strategic partnership between SF Express and Tongcheng Travel, aimed at exploring a new paradigm of "logistics + tourism" integration [1] - The collaboration will focus on deep synergy in areas such as express delivery, tourism, products, and service scenarios [1] - The goal is to create a new ecosystem for smart travel that encompasses the entire chain, all scenarios, and the full cycle [1]

Core Viewpoint - The Guizhou Provincial Market Supervision Administration has conducted a meeting with five travel platform companies, including Ctrip, Tongcheng, Douyin, Meituan, and Fliggy, to enforce compliance with pricing laws and regulations, aiming to eliminate price irregularities and maintain a fair market environment [1] Regulatory Compliance - The meeting emphasized the need for strict adherence to the Price Law of the People's Republic of China, the Anti-Monopoly Law, and regulations against price fraud [1] - Companies were urged to strengthen self-discipline and compliance measures, and to conduct comprehensive self-inspections to prevent price fraud, price gouging, and collusion [1] Market Monitoring - The Guizhou Provincial Market Supervision Administration will closely monitor the competitive dynamics of the involved platform companies [1] - Companies that violate regulations or fail to rectify issues will face strict legal consequences, including public exposure of typical cases to deter non-compliance [1]

Core Viewpoint - The Guizhou Provincial Market Supervision Administration has conducted a meeting with major travel platforms to address pricing irregularities and enforce compliance with relevant laws and regulations [1][2]. Group 1: Regulatory Actions - The meeting involved companies such as Ctrip, Tongcheng, Douyin, Meituan, and Fliggy, emphasizing the need to adhere to the Price Law, Anti-Monopoly Law, and regulations against price fraud [1]. - The administration highlighted issues such as "choose one from two," manipulation of merchant pricing through technology, contract breaches, price fraud, and price gouging [1]. Group 2: Specific Incidents - Ctrip has faced criticism for requiring hotels to use a tool called "Price Adjustment Assistant," which allegedly allows the platform to modify room prices without merchant consent, impacting their profits [1]. - This action has raised concerns about Ctrip potentially abusing its market dominance and infringing on merchants' pricing autonomy [1]. Group 3: Future Oversight - The Guizhou Provincial Market Supervision Administration plans to closely monitor the competitive landscape of these platforms and will take strict legal action against those that violate regulations or fail to rectify issues [2]. - Additionally, a meeting was held to encourage travel associations to enhance compliance and self-regulation in pricing practices within the tourism industry [2].

Core Viewpoint - The Guizhou Provincial Market Supervision Administration is taking strict measures against price irregularities in the tourism sector, emphasizing compliance with relevant laws and regulations to maintain a fair and orderly market environment [1][2][3]. Group 1: Regulatory Actions - On August 5, the Guizhou Provincial Market Supervision Administration held a meeting with major travel platforms, including Ctrip, Tongcheng, Douyin, Meituan, and Fliggy, to address potential violations such as "choose one from two," price manipulation, and price fraud [1]. - The administration has mandated these platforms to conduct self-inspections and rectify any illegal practices, including price gouging and abuse of market dominance [1][2]. - Future monitoring will focus on compliance, with severe penalties for non-compliance, including public exposure of typical cases [1]. Group 2: Industry Initiatives - The Guizhou Travel Agency Association and Guiyang Tourism Association have initiated a campaign to uphold price order during the summer tourism season, urging operators to adhere to principles of fairness and honesty [2]. - A joint statement from the Guizhou Homestay Association and the Guizhou Catering Industry Association has called for strict compliance with pricing laws, particularly against practices like temporary price hikes and misleading pricing [2]. Group 3: Legal Framework and Penalties - On July 31, the Guizhou Provincial Market Supervision Administration issued a reminder to the accommodation industry, emphasizing the need for transparent pricing and prohibiting unilateral contract cancellations or price increases after booking [3]. - Violations of the pricing regulations can result in fines up to 50,000 yuan for minor infractions, while serious offenses like price fraud can incur fines up to 500,000 yuan, and price gouging can lead to fines up to 3 million yuan [3].

Group 1 - The Guizhou Provincial Market Supervision Administration held a meeting with five travel platform companies, including Ctrip, Tongcheng, Douyin, Meituan, and Fliggy, to enforce compliance with pricing laws and regulations [1] - The meeting addressed potential issues such as "choose one from two," price manipulation through technology, contract breaches, price fraud, and price gouging, urging companies to strengthen self-regulation and compliance [1] - The administration will closely monitor the competitive landscape and take strict legal action against companies that violate regulations or fail to rectify issues [1] Group 2 - On July 31, the Guizhou Provincial Market Supervision Administration issued a reminder to the accommodation industry and third-party platforms to adhere to pricing laws, including clear pricing and prohibiting unilateral contract cancellations [2] - Penalties for violations include fines up to 5,000 yuan for minor infractions, up to 500,000 yuan for price fraud, and up to 3 million yuan for price gouging [2] - The China Tourism Research Institute predicts that domestic tourism during the summer of 2025 may exceed 2.5 billion trips, reaching 115% of 2019 levels, with overall summer consumption expected to reach 1.8 trillion yuan [2] Group 3 - As a popular summer travel destination, Guizhou's market supervision authority convened a meeting to standardize tourism pricing, with local industry associations advocating for self-regulation and fair pricing practices [3] - The Guizhou Provincial Tourism Association and other organizations emphasized the need for transparency in pricing and adherence to legal standards to combat issues like temporary price increases and misleading pricing [3] - The Guizhou Consumer Association urged consumers to pay attention to pricing information and for operators to implement clear pricing practices to foster a fair and trustworthy summer tourism environment [3]

Core Viewpoint - The Guizhou Provincial Market Supervision Administration has conducted administrative talks with major travel platforms including Ctrip, Tongcheng, Douyin, Meituan, and Fliggy to address potential pricing irregularities and enforce compliance with relevant laws and regulations [2][3]. Group 1: Regulatory Actions - The Guizhou Provincial Market Supervision Administration has emphasized the need for strict adherence to laws such as the Price Law and Anti-Monopoly Law, urging platforms to eliminate pricing chaos and maintain a fair market environment [2][3]. - The administration has reported issues such as "choose one from two" practices, price manipulation, and price fraud among the platforms, highlighting the legal risks involved [3]. - A reminder letter was issued to the accommodation industry, mandating compliance with pricing laws and fair pricing practices to avoid disrupting the market order [4]. Group 2: Penalties and Compliance - Violations of the clear pricing regulations can result in fines of up to 5,000 yuan, while severe cases of price fraud can incur fines up to 500,000 yuan, and price gouging can lead to fines of up to 3 million yuan [6]. - The administration plans to closely monitor the competitive landscape of these platforms and will take strict actions against those that violate regulations, including public exposure of typical cases [3][6]. Group 3: Consumer Complaints and Issues - Since 2021, the Consumer Protection platform has received 8,386 complaints related to group tours, with 1,533 effective complaints reported by mid-2025 [6]. - The top eight online travel agencies (OTAs) with the highest complaint volumes include Ctrip, Fliggy, and Meituan, with issues primarily related to refund disputes and false advertising [7]. - The complaints indicate that refund disputes account for 23.40% and false advertising for 22.70% of the issues, with forced consumption complaints also being significant [7][8].

Core Viewpoint - The Guizhou market regulatory authority is taking action against price irregularities in the tourism sector, emphasizing compliance with relevant laws and regulations to maintain a fair market environment [1] Group 1: Regulatory Actions - Guizhou's market supervision department has conducted administrative talks with major travel platforms including Ctrip, Tongcheng, Douyin, Meituan, and Fliggy to address pricing issues [1] - The authority has highlighted potential violations such as "choose one from two," price manipulation through technology, contract breaches, price fraud, and price gouging [1] - Companies are required to conduct self-inspections and rectify any illegal practices, ensuring compliance with laws to maintain fair competition [1] Group 2: Price Behavior Guidelines - A reminder was issued to the accommodation industry to adhere to pricing laws and regulations, ensuring reasonable pricing and honest operations [2] - Clear and accurate pricing must be displayed prominently on promotional pages and in physical locations, with any price changes communicated to consumers promptly [3][4] - It is prohibited to impose additional charges beyond the advertised price or to cancel bookings without valid reasons [5][6] Group 3: Prohibited Practices - Third-party platforms are not allowed to unilaterally change the prices set by accommodation providers [7] - Misleading practices such as fabricating original prices, false discounts, and vague pricing are strictly forbidden [8] - Price gouging and collusion among operators to manipulate room prices are also prohibited [9][10]

Core Viewpoint - The article emphasizes the need to curb price irregularities in the tourism sector in Guizhou Province, highlighting the government's commitment to maintaining a fair and orderly market environment [2][3]. Group 1: Government Actions - The Guizhou Provincial Market Supervision Administration held a meeting with major travel platforms such as Ctrip, Tongcheng, Douyin, Meituan, and Fliggy, urging them to comply with relevant laws and regulations to prevent price irregularities [2]. - The administration reported potential issues such as "choose one from two," price manipulation through technology, and price fraud, and warned of legal risks associated with these practices [2]. - A follow-up will involve close monitoring of the competitive landscape, with strict penalties for non-compliance and public exposure of typical cases to deter violations [2]. Group 2: Industry Self-Regulation - Various tourism industry associations in Guizhou initiated a campaign to maintain price order during the summer season, advocating for self-discipline among operators [3]. - The Guizhou Travel Agency Association and Guiyang Tourism Association emphasized the importance of fair, legal, and honest pricing practices, particularly addressing issues like temporary price hikes and misleading pricing [3]. - The Guizhou Consumer Association urged consumers to pay attention to pricing information and called on operators to adhere to clear pricing standards to foster a trustworthy consumption environment [3]. Group 3: Regulatory Reminders - On July 31, the Guizhou Provincial Market Supervision Administration issued a reminder to the accommodation industry, stressing the need for compliance with pricing laws and regulations [4]. - The reminder included directives to ensure clear and truthful pricing, prohibiting unilateral contract cancellations and unauthorized price increases after booking [4]. - Penalties for violations include fines of up to 5,000 yuan for minor infractions, with more severe penalties for price fraud and collusion, reaching up to 500,000 yuan and 3 million yuan respectively [4].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 同程旅行控股有限公司 呈交日期: 2025年8月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00780 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | USD | | 0.0005 | USD | | 1,500,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 3,000,000,000 | USD | | 0.0005 | USD | | 1,500,000 | 本月底法定/註冊 ...

Summary of Conference Call Notes Company and Industry Overview - **Company**: Tongcheng Travel Holdings (0780.HK) - **Industry**: China Internet and Other Services Key Points and Arguments 1. **Investment in Dalian Sunasia Tourism**: Tongcheng's subsidiary will subscribe to a private placement at Rmb24.75 per share, totaling Rmb956 million, acquiring 23% of Sunasia's stakes and 31% voting power, making Tongcheng the final controller [1][2] 2. **Financial Performance of Sunasia**: Sunasia has operated at a net loss for the past two years due to asset impairment but was slightly profitable when excluding that impairment [2] 3. **Market Reaction**: Following the announcement, Tongcheng's share price declined by 11%, resulting in a market cap decrease of Rmb5.5 billion [2] 4. **Concerns on M&A Strategy**: The investment in a not very profitable, asset-heavy state-owned enterprise (SOE) raises concerns regarding Tongcheng's M&A strategy [2] 5. **Stock Rating and Price Target**: Morgan Stanley rates Tongcheng as "Overweight" with a price target of HK$27.00, indicating a potential upside of 33% from the closing price of HK$20.35 on July 28, 2025 [4] 6. **Financial Projections**: - **Revenue Growth**: Expected revenue growth from Rmb17,341 million in FY 2024 to Rmb22,736 million by FY 2027 [4] - **Net Income**: Projected net income growth from Rmb2,785 million in FY 2024 to Rmb4,199 million by FY 2027 [4] - **EPS Growth**: EPS expected to increase from Rmb1.22 in FY 2024 to Rmb1.78 by FY 2027 [4] 7. **Valuation Metrics**: - **P/E Ratio**: Expected to decrease from 14.1 in FY 2024 to 10.4 by FY 2027 [4] - **ROE**: Projected to improve from 11.2% in FY 2024 to 14.9% by FY 2027 [4] 8. **Risks Identified**: - **Upside Risks**: Strong pent-up demand and moderating competition in lower-tier cities could lead to margin upside [7] - **Downside Risks**: Softer macroeconomic growth in China and intensifying competition in lower-tier cities could negatively impact price-sensitive users [7] Additional Important Information - **Market Capitalization**: Current market cap is Rmb42,576 million [4] - **Average Daily Trading Value**: Approximately HK$242 million [4] - **WACC and Growth Assumptions**: WACC is set at 11.5% with a terminal growth rate of 3%, aligned with long-term GDP growth targets [6] This summary encapsulates the critical insights from the conference call, highlighting the strategic investment by Tongcheng, its financial outlook, and the associated risks and market reactions.