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]

Core Viewpoint - Ctrip Group-S (09961) maintains a "Buy" rating with robust revenue and profit growth driven by hotel bookings and international business, with adjusted net profits projected at RMB 183.25 billion, 206.60 billion, and 227.21 billion for 2025, 2026, and 2027 respectively [1][2] Financial Performance - In Q2 2025, Ctrip achieved revenue of RMB 14.864 billion, a 16.23% increase, and a net profit of RMB 4.864 billion, up 26.4% [1] - Adjusted net profit excluding non-recurring items was RMB 5.011 billion, reflecting a 0.5% increase, while adjusted EBITDA and operating profit grew by 10% and 10.4% respectively [1] 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 by 31% [1] - Domestic hotel performance outpaced transportation, with a low double-digit growth rate, while outbound business remained stable [1] Market Position and Competition - Ctrip's market share is increasing, with high revenue growth aligning with previously tracked high-frequency data trends, and no significant impact from Agoda's competition observed [1] - The competitive landscape remains stable, supporting Ctrip's profit stability, with overseas business showing over 50% revenue growth and approaching a 15% share of total revenue [2] Profitability and Cost Management - Profitability is steadily improving, with unexpected profit mainly driven by sales expenses, which remained stable year-on-year despite increased marketing investments [2] - Ctrip has maintained multiple quarters of rising profit margins, indicating a favorable competitive environment and successful overseas expansion [2]

据"郑州市场监管"微信公众号消息， 2025年9月17日，郑州市市场监管局依法对携程旅 行网运营主体进行行政约谈。 经调查核实，该平台违反《中华人民共和国电子商务法》第三十五条及《网络反不正当竞 争暂行规定》第二十四条的规定， 存在利用服务协议、交易规则和技术手段对平台内经 营者的交易及交易价格进行不合理限制的问题。 郑州市市场监管局已于2025年9月4日 依法向其下达《责令改正通知书》。本次约谈旨在督促企业全面整改、规范运营，切实维 护公平竞争市场秩序，保障平台内经营者合法权益。 会议要求，携程旅行网要高度重视此次行政约谈， 严格按照时限完成整改。 企业要在规 定期限内完成合同条款修订、调价工具优化等整改任务，并建立健全长效合规机制，加强 内部监管和问责，杜绝类似问题再次发生，确保依法合规开展经营活动。 会议强调，公平竞争是市场经济的核心。互联网平台企业应进一步增强法治意识，主动接 受监管： 欢迎分享给你的朋友！ 一要建立健全常态化法律法规学习机制，不断提升中高层管理人员及一线运营人员的合规 经营能力，积极配合市场监管部门工作； 出品 | 中国能源报（c n e n e rg y） 二要坚守诚信原则， 彻底 ...

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][2]. Group 1: Regulatory Actions - The Zhengzhou Market Supervision Administration issued a "Notice of Correction" to Ctrip on September 4, 2025, due to unreasonable restrictions on transactions and pricing imposed on platform operators [1]. - The administrative interview aims to urge Ctrip to comprehensively rectify its operations and establish a long-term compliance mechanism to prevent similar issues in the future [1][2]. Group 2: Compliance and Fair Competition - The meeting highlighted the importance of fair competition as a core principle of the market economy, urging internet platform companies to enhance their legal awareness and actively cooperate with regulatory authorities [2]. - Ctrip is required to revise contract terms and optimize pricing tools within a specified timeframe, ensuring respect for merchants' autonomy and correcting unreasonable restrictions such as "mandatory activation and inability to exit" [2]. - The Zhengzhou Market Supervision Administration will continue to monitor the progress of Ctrip's rectification efforts and conduct inspections to ensure compliance with market regulations [2].

微信公众号"郑州市场监管"消息，9月17日，郑州市市场监管局依法对携程旅行网运营主体进行行政约 谈。 会议强调，公平竞争是市场经济的核心。互联网平台企业应进一步增强法治意识，主动接受监管：一要 建立健全常态化法律法规学习机制，不断提升中高层管理人员及一线运营人员的合规经营能力，积极配 合市场监管部门工作；二要坚守诚信原则，彻底纠正各类不合理限制行为，充分尊重商户自主经营权， 针对"强制开通、无法退出"等问题进行彻底整改，重塑以用户和商户为中心的服务理念；三要切实保障 平台内经营者合法权益，严禁利用技术手段变相操控价格、限制交易，真正尊重商户自主定价权，积极 构建开放、公平、透明的平台环境。 郑州市市场监管局将持续跟踪整改进展，依法开展验收检查，督促企业全面落实主体责任，共同维护公 平有序、健康发展的网络市场秩序。 经调查核实，该平台违反《中华人民共和国电子商务法》第三十五条及《网络反不正当竞争暂行规定》 第二十四条的规定，存在利用服务协议、交易规则和技术手段对平台内经营者的交易及交易价格进行不 合理限制的问题。郑州市市场监管局已于2025年9月4日依法向其下达《责令改正通知书》。本次约谈旨 在督促企业全面整改 ...

会议要求，携程旅行网要高度重视此次行政约谈，严格按照时限完成整改。 企业要在规定期限内完成合同条款修订、调价工具优化等整改 任务，并建立健全长效合规机制，加强内部监管和问责，杜绝类似问题再次发生，确保依法合规开展经营活动。 会议强调，公平竞争是市场经济的核心。互联网平台企业应进一步增强法治意识，主动接受监管：一要建立健全常态化法律法规学习机制， 不断提升中高层管理人员及一线运营人员的合规经营能力，积极配合市场监管部门工作；二要坚守诚信原则，彻底纠正各类不合理限制行 为，充分尊重商户自主经营权，针对"强制开通、无法退出"等问题进行彻底整改，重塑以用户和商户为中心的服务理念；三要切实保障平台 内经营者合法权益，严禁利用技术手段变相操控价格、限制交易，真正尊重商户自主定价权，积极构建开放、公平、透明的平台环境。 郑州市市场监管局将持续跟踪整改进展，依法开展验收检查，督促企业全面落实主体责任，共同维护公平有序、健康发展的网络市场秩序。 9月17日，郑州市市场监管局依法对携程旅行网运营主体进行行政约谈。 （本文来源： 郑州市场监管微信公号） 经调查核实，该平台违反《中华人民共和国电子商务法》第三十五条及《网络反不正当竞 ...