Core Viewpoint - The article discusses the ongoing issues between hotels and Ctrip regarding the platform's pricing intervention, highlighting complaints from multiple hotels about unauthorized price adjustments and the challenges faced in canceling the pricing assistant feature [1][3][6]. Group 1: Issues Faced by Hotels - Multiple hotels in Zhengzhou and Wuhan reported that Ctrip's pricing assistant was interfering with their pricing strategies, leading to forced price reductions without prior consent [1][6]. - Hotel managers expressed frustration over the inability to effectively communicate with Ctrip to resolve these pricing issues, often leading to a cycle of temporary cancellations of the pricing assistant that would be reinstated shortly after [3][7]. - One hotel manager noted that the platform had previously reduced room prices by over 50%, significantly impacting their revenue during peak holiday periods [3][7]. Group 2: Actions Taken by Hotels - After persistent communication, one hotel manager was able to cancel the pricing assistant, but expressed uncertainty about how long this would last, indicating a lack of trust in the platform's practices [3][6]. - Another hotel manager decided to delist their hotel from Ctrip after repeated unsuccessful attempts to negotiate pricing, citing excessive and frequent price adjustments as the primary reason [6][8]. - The article mentions that hotels are now exploring alternative platforms to reduce reliance on Ctrip, indicating a shift in order sources from a previous 4:6 ratio to 3:7 in favor of other platforms [8].

Group 1 - The core viewpoint is that the travel demand is expected to increase significantly during the 2025 National Day and Mid-Autumn Festival holiday, with a search volume increase of over 20% year-on-year [1] - Flight bookings for both domestic and international routes show a notable recovery, with domestic flight bookings exceeding 3.26 million per day, up 26% year-on-year, and international bookings exceeding 1.16 million, up 15% [2] - High-quality hotel bookings are experiencing a surge, with a year-on-year increase of 58% for popular hotels and over 20% for high-quality hotels during the holiday period [3] Group 2 - The outbound travel market is benefiting from visa-free policies, with significant increases in travel to South Korea, the Middle East, and Africa, with outbound travel numbers up 130% year-on-year [4] - Investment recommendations include focusing on OTA sectors such as Tongcheng Travel and Trip.com Group, as well as companies in the ice and snow industry like Changbai Mountain and Dalian Shengya, and tourism retail companies like China Duty Free Group and Wangfujing [5]

Group 1 - Ctrip held a release event for the "Ctrip Reputation List 2025 Inbound Tourism Trend Guide" in Incheon, South Korea, aimed at providing inspiration for inbound tourism from China to global travelers [1] - In the first half of 2025, the number of Korean tourists booking trips to China through Ctrip increased by 125% compared to the same period in 2024, with Korean users showing the highest overseas travel demand among Asian countries, accounting for 71% [3] - Major cities attracting Korean inbound tourists include Shanghai, Beijing, Qingdao, Guangzhou, and Chengdu, while natural attractions like Zhangjiajie, Huangshan, and Jiuzhaigou saw a 110% increase in search volume [3] Group 2 - Ctrip's Korean General Manager emphasized that Korean tourists are seeking more than just sightseeing; they desire a combination of urban leisure, cultural experiences, and natural healing, which the Ctrip Reputation List addresses [3] - The partnership between Ctrip and Paradise City is based on a shared pursuit of high-quality travel experiences, with Paradise City offering luxury accommodations and diverse cultural experiences [3] - Paradise City is preparing to welcome Chinese tourists by enhancing Chinese language services, payment methods, and food experiences tailored to Chinese preferences, alongside targeted social media marketing [4]

凤凰网科技讯 9月19日，近日，携程在韩国仁川发布《2025出入境旅游趋势指南》。数据显示，2025年 上半年韩国游客来华旅游订单用户数同比增长125%，上海、北京、青岛、广州、成都位列客流前五目 的地。 针对韩国游客需求，携程口碑榜基于订单销量、用户口碑等五大维度推出多场景主题推荐，包括"必打 卡夜游""亲子乐园酒店"及新增的"家乡味餐厅"榜单。其中夜景榜单收录上海外滩、重庆洪崖洞等30个 景点，并提供多语言预约及分享功能。 据悉，该榜单采用三层验榜体系：由携程黑钻用户（年均酒店订单金额约6000元）进行实地体验反馈， 业务团队初审更新，行业专家二次校验。平台表示榜单可为商户带来10%额外订单收益，未来一年计划 邀请全球验榜师深入中国31省市新增超千条实地贴士。 ...

Core Points - Zhengzhou Market Supervision Administration conducted an administrative interview with Ctrip Travel Network, requiring comprehensive rectification and standardized operations to maintain fair competition and protect the legitimate rights of platform operators [1][5] - The platform was found to have violated the Electronic Commerce Law and the Interim Provisions on the Prohibition of Unfair Competition by using service agreements, transaction rules, and technical means to impose unreasonable restrictions on transactions and pricing of platform operators [1][5] - A corrective notice was issued on September 4, 2025, mandating Ctrip to complete contract revisions and pricing tool optimizations within a specified timeframe [1][5] Regulatory Emphasis - Fair competition is emphasized as the core of the market economy, with internet platform companies urged to enhance legal awareness and actively cooperate with regulatory authorities [2] - Companies are required to establish a regular legal education mechanism to improve compliance capabilities among management and operational staff [2] - The importance of respecting merchants' autonomy and correcting unreasonable restrictions, such as forced service activation and inability to exit, is highlighted [2] Follow-up Actions - Zhengzhou Market Supervision Administration will continue to monitor Ctrip's rectification progress and conduct inspections to ensure compliance with responsibilities [2]

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]