Core Insights - The article highlights the top short-selling stocks in the market, with specific focus on their short-selling ratios and amounts [1][2][3] Short-Selling Ratios - The top three stocks by short-selling ratio are: - China Resources Beer (80291) at 100.00% - AIA Group (81299) at 89.92% - Sun Hung Kai Properties (80016) at 85.69% [1][2] Short-Selling Amounts - The leading stocks by short-selling amounts are: - Alibaba (09988) with a short-selling amount of 4.794 billion - Baidu (09888) with 2.560 billion - Tencent Holdings (00700) with 2.306 billion [1][3] Deviation Values - The stocks with the highest deviation values are: - China Resources Beer (80291) at 40.95% - Uni-President China (00220) at 39.40% - Dongfang Electric (01072) at 38.26% [1][2][3]

Market Overview - The Hang Seng Index (HSI) closed at 26,523.97, down by 20.88 points or 0.08% as of September 18, 16:00 Eastern Time [1] - The index reached a high of 26,568.27 and a low of 26,422.86 during the trading session, with a trading volume of 74.7354 million [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 108.106, up by 0.85% compared to the Hong Kong closing price [2] - Tencent Holdings closed at HKD 642.805, reflecting a slight increase of 0.13% from the Hong Kong closing price [2] Individual Stock Movements - Tencent Holdings saw a decrease of HKD 19.500, or 2.95%, with an ADR price of 642.805 [3] - Alibaba Group (ADR) decreased by HKD 3.200, or 1.98%, with an ADR price of 157.960 [3] - HSBC Holdings increased by HKD 0.600, or 0.56%, with an ADR price of 108.106 [3] - China Construction Bank decreased by HKD 0.190, or 2.42%, with an ADR price of 7.641 [3] - AIA Group saw a decline of HKD 1.300, or 1.74%, with an ADR price of 73.536 [3] - NetEase experienced a drop of HKD 6.000, or 2.44%, with an ADR price of 237.834 [3] - Hong Kong Exchanges and Clearing fell by HKD 14.000, or 3.06%, with an ADR price of 446.269 [3] - Ping An Insurance decreased by HKD 1.500, or 2.69%, with an ADR price of 54.170 [3] - JD.com saw a decline of HKD 2.400, or 1.76%, with an ADR price of 137.583 [3] - Kuaishou Technology dropped by HKD 1.850, or 2.37%, with an ADR price of 72.913 [3]

Core Viewpoint - The company has exceeded revenue expectations in Q2 2025, benefiting from a favorable competitive landscape and optimized marketing efficiency, leading to a continuous increase in profit margins [1][2]. Financial Performance - In Q2 2025, the company achieved revenue of 14.864 billion RMB, representing a 16.23% year-on-year increase, and a net profit attributable to shareholders of 4.864 billion RMB, up 26.4% [1]. - Adjusted net profit (excluding non-recurring items) was 5.011 billion RMB, reflecting a slight increase of 0.5% [1]. - Adjusted EBITDA reached 4.880 billion RMB, marking a 10% increase, while adjusted operating profit was 4.668 billion RMB, up 10.4% [1]. Revenue Breakdown - Revenue from accommodation bookings grew by 21.2%, while transportation ticketing increased by 10.8%, group tours by 5.3%, business travel by 9.3%, and other revenues surged by 31% [2]. - Domestic hotel performance outpaced transportation, with low double-digit growth, while outbound business remained stable, indicating an increase in market share [2]. Profitability and Market Position - The company's profitability is steadily improving, primarily driven by sales expenses management, with a stable sales expense ratio of 22.4% compared to 22.2% in the previous year [2]. - The overseas business continues to show strong growth, with revenue growth exceeding 50%, and the company's share in regions like Hong Kong and Singapore is increasing [2]. - The company has maintained a consistent increase in profit margins over several quarters, reflecting a stable competitive landscape and high certainty in profitability [2].

Group 1 - The Zhengzhou Market Supervision Administration conducted an administrative interview with Ctrip Travel Network on September 17, 2023, due to violations of the E-commerce Law and regulations against unfair competition [1] - Ctrip was found to impose unreasonable restrictions on transaction and pricing of platform operators through service agreements, trading rules, and technical means [1] - A corrective notice was issued to Ctrip on September 4, 2025, requiring the company to complete necessary adjustments and establish a long-term compliance mechanism [1] Group 2 - The meeting emphasized that fair competition is the core of a market economy, urging internet platform companies to enhance legal awareness and actively cooperate with regulatory authorities [2] - Companies are required to correct unreasonable restrictions, respect merchants' autonomy, and address issues such as "forced activation" and inability to exit [2] - The need to protect the legitimate rights of platform operators and prohibit the use of technical means to manipulate prices or restrict transactions was highlighted [2]

Core Viewpoint - Ctrip has been summoned for an administrative interview by the Zhengzhou Market Supervision Administration due to complaints from multiple hotels regarding the platform's interference in hotel pricing through a tool called "Price Adjustment Assistant" [1][3] Group 1: Issues Raised - Multiple hotels reported that Ctrip unilaterally modified their room prices on the platform without consent, using the "Price Adjustment Assistant" tool [2] - Hotel managers indicated that Ctrip monitors pricing on other platforms and automatically lowers prices on Ctrip if discrepancies are found, often without notifying the hotels [2] - Instances were reported where Ctrip's adjustments led to significant price reductions, affecting hotel revenues, especially during peak periods [2] Group 2: Regulatory Actions - Ctrip's actions were found to violate the Electronic Commerce Law of the People's Republic of China and related regulations, prompting the Zhengzhou Market Supervision Administration to issue a correction notice [3] - The administrative interview emphasized the need for Ctrip to revise contract terms, optimize pricing tools, and establish a long-term compliance mechanism to prevent similar issues in the future [3] - Regulatory authorities outlined three key requirements for Ctrip: enhancing legal awareness, correcting unreasonable restrictions, and ensuring the protection of merchants' pricing autonomy [3]

Core Viewpoint - The Zhengzhou Market Supervision Administration has conducted an administrative interview with Ctrip Travel Network due to violations of e-commerce laws, specifically regarding unreasonable restrictions on platform operators' transactions and pricing [3][4]. Regulatory Actions - Ctrip was found to have violated Article 35 of the E-commerce Law of the People's Republic of China and Article 24 of the Interim Provisions on the Prohibition of Unfair Competition in the Network by using service agreements and technical means to impose unreasonable restrictions on transaction prices [3][4]. - The Zhengzhou Market Supervision Administration issued a "Notice of Correction" on September 4, 2025, requiring Ctrip to rectify its practices and ensure compliance with market regulations [3][4]. Compliance Requirements - Ctrip is required to revise contract terms and optimize pricing tools within a specified timeframe, establish a long-term compliance mechanism, and enhance internal supervision to prevent similar issues in the future [4]. - The administration emphasized the importance of fair competition and urged internet platform companies to strengthen their legal awareness and actively cooperate with regulatory authorities [4]. Complaints and Investigations - Multiple hotels have complained about Ctrip's "Price Adjustment Assistant" feature, which was allegedly activated without permission, automatically scanning competitor prices and forcing price reductions [5]. - The Zhengzhou Market Supervision Administration initiated an investigation into the "Price Adjustment Assistant" in July, following complaints from hotel operators regarding forced participation in discount activities [5]. Financial Performance - In Q2 2025, Ctrip reported revenue of 14.8 billion RMB, a year-on-year increase of 16%, and a net profit of 4.8 billion RMB, up 26% from the previous year [6]. - Ctrip's financial services, including consumer loans and supply chain finance, have shown significant growth, with Ctrip Small Loan's net profit increasing by 132.58% in the first half of 2025, reaching 4.429 million RMB [6].

来源丨凤凰网财经《公司研究院》 作者丨 DW 国庆长假在即，在线旅游业的喧嚣却被一纸约谈书悄然打破。 9 月 17 日，郑州市市场监管局的一则公告，将行业巨头携程推至风口浪尖。公告称，已依法对携程运营主体进行行政约谈，直指其涉嫌利用服务协 议、交易规则及技术手段，对平台内经营者的交易与价格施以不合理限制。 这一约谈源于此前多家入驻携程的酒店反映，平台通过"调价助手"强制干预酒店定价、阻碍功能取消等问题。此前，在 8 月 5 日，贵州省市场监督 管理局集中约谈携程等五家涉旅平台企业，对相关平台企业可能存在的实施"二选一"、利用技术手段干预商家定价、订单生效后毁约或加价、价格欺 诈、哄抬价格等问题进行过通报。 对此，凤凰网财经《公司研究院》致电并短信留言至河南携程相关人员，对方并未回应。携程官方客服则表示："目前没有收到相关通知，已经就相 关问题进行了反馈。" 01 巨头阴影下的重锤：携程被约谈背后 回溯至 1999 年，中国互联网的黎明时分，四位背景各异的创始人——技术派的梁建章、行业通季琦、资本家沈南鹏与管理者范敏，以 200 万元启 动资金，共同点燃了携程的星火。 从 2003 年登陆纳斯达克敲响钟声，到 ...

Core Viewpoint - The Zhengzhou Market Supervision Administration has conducted an administrative interview with Ctrip Travel Network for violating e-commerce laws and regulations, emphasizing the need for the company to rectify its practices to ensure fair competition and protect the rights of platform operators [1][4]. Group 1: Regulatory Actions - The Zhengzhou Market Supervision Administration found that Ctrip violated Article 35 of the E-commerce Law of the People's Republic of China and Article 24 of the Interim Provisions on Prohibition of Unfair Competition in the Internet, by unreasonably restricting transactions and pricing of platform operators [1][4]. - A corrective notice was issued to Ctrip on September 4, 2025, mandating the company to address these issues [1][4]. Group 2: Compliance Requirements - Ctrip is required to take the administrative interview seriously and complete the necessary rectifications within the specified timeframe, including revising contract terms and optimizing pricing tools [4][5]. - The company must establish a long-term compliance mechanism, enhance internal supervision, and ensure that similar issues do not recur [4][5]. Group 3: Fair Competition Emphasis - The meeting highlighted that fair competition is central to a market economy, urging internet platform companies to strengthen their legal awareness and actively cooperate with regulatory authorities [5]. - Ctrip is expected to correct unreasonable restrictions, respect merchants' autonomy, and address issues such as "mandatory activation and inability to exit" [5]. - The Zhengzhou Market Supervision Administration will continue to monitor the progress of rectifications and conduct inspections to ensure compliance with market order [5].

Investment Rating - The report maintains a "Buy" rating for the company [6][11]. Core Insights - The company's revenue and profit have shown robust growth, driven primarily by hotel bookings and international business [11]. - The report highlights that the company's Q2 2025 performance exceeded expectations, benefiting from a stable competitive landscape and improved marketing efficiency [2][11]. - The company is projected to achieve adjusted net profits of 183.25 billion, 206.60 billion, and 227.21 billion RMB for the years 2025, 2026, and 2027 respectively [11]. Financial Summary - Revenue (in million RMB) is forecasted to grow from 44,562 in 2023 to 78,490 in 2027, reflecting a compound annual growth rate (CAGR) of approximately 12.28% [4]. - Adjusted net profit is expected to increase from 13,071 in 2023 to 22,721 in 2027, with a significant growth of 910.12% in 2023 [4]. - Adjusted EBITDA is projected to rise from 13,975 in 2023 to 23,342 in 2027, indicating a steady increase in profitability [4]. Performance Highlights - In Q2 2025, the company achieved a revenue of 14.864 billion RMB, representing a year-on-year growth of 16.23%, and a net profit of 4.864 billion RMB, up 26.4% [11]. - The breakdown of revenue sources shows hotel bookings growing by 21.2%, transportation tickets by 10.8%, and group tours by 5.3% [11]. - The company has maintained a stable profit margin, with adjusted EBITDA margin projected at 29.6% for 2025 [4][11]. Market Position - The company is positioned to outperform its competitors, with a target market capitalization of 476.4 billion RMB, translating to a target price of 731 HKD per share [11]. - The report notes that the company's market share is increasing, particularly in the hotel sector, despite a relatively stable performance in outbound travel [11].

Core Viewpoint - Ctrip Group (09961) maintains a strong growth trajectory with robust revenue and profit increases, driven primarily by hotel bookings and international business, leading to an "overweight" rating from Guotai Junan [1][2] Group 1: Financial Performance - For Q2 2025, Ctrip achieved revenue of 14.864 billion RMB, a 16.23% increase year-on-year, and a net profit attributable to shareholders of 4.864 billion RMB, up 26.4% [1] - Adjusted net profit forecasts for 2025, 2026, and 2027 are set at 18.325 billion RMB, 20.660 billion RMB, and 22.721 billion RMB respectively [1] - Adjusted EBITDA for the quarter was 4.880 billion RMB, reflecting a 10% increase, while adjusted operating profit rose by 10.4% to 4.668 billion RMB [1] Group 2: Revenue Breakdown - Revenue sources showed significant growth: accommodation bookings increased by 21.2%, transportation ticketing by 10.8%, group tours by 5.3%, business travel by 9.3%, and other revenues surged by 31% [1] - Domestic hotel performance outpaced transportation, indicating a low double-digit growth potential, while outbound business remained stable [1] Group 3: Market Position and Competitive Landscape - Ctrip's market share is reportedly increasing, with high growth rates in revenue aligning with previously tracked high-frequency data trends [1] - The company has maintained a stable sales expense ratio despite increased marketing investments, indicating effective cost management [2] - International business continues to show over 50% revenue growth, with significant contributions from markets like Hong Kong and Singapore, where Ctrip holds the leading market share [2]