Core Viewpoint - The investigation by the State Administration for Market Regulation into Ctrip Group-S (09961) for monopolistic behavior has led to a 17% drop in Ctrip's ADR price, but the company continues normal operations [1] Group 1: Investigation Impact - The investigation may focus on exclusive cooperation rights and whether the platform pressures merchants using its advantages [1] - Ctrip is expected to maintain strong competitiveness due to its large transaction volume and long-term partnerships with hotels, even if it loses exclusive cooperation rights [1] Group 2: Financial Projections - Ctrip's adjusted operating profit margin is projected to be around 29% for 2025-2026, although support measures for merchants may pressure profit margins [1] - The relatively mild competition in the online travel market allows the company to potentially offset some impacts through improved operational efficiency [1]

Group 1 - The core point of the article is that the National Market Regulatory Administration has initiated an investigation into Ctrip Group-S (09961) for monopolistic behavior, leading to a 17% drop in Ctrip's ADR price in the US market [1][5]. - Citi estimates that antitrust actions in China may become more routine, with the investigation focusing on exclusive cooperation rights and whether the platform is pressuring merchants due to its advantages [1][5]. - Despite potential loss of exclusive cooperation rights, Ctrip is expected to maintain strong competitiveness due to its large transaction volume and long-term relationships with hotels [1][5]. Group 2 - Ctrip may need to provide more support to merchants, which could pressure profit margins in the short term [1][5]. - The adjusted operating profit margin for Ctrip is projected to be around 29% for the years 2025 to 2026, although merchant support measures may impact this margin [1][5]. - Given the relatively mild competition in the online travel market, the company is believed to be able to offset some of the impacts through further operational efficiency improvements [1][5].

Core Viewpoint - The article discusses the antitrust investigation against Ctrip Group, highlighting the implications of its market dominance and the impact on small and medium-sized enterprises (SMEs) in the tourism industry [2][19]. Group 1: Antitrust Investigation - The State Administration for Market Regulation announced an investigation into Ctrip for suspected monopolistic behavior, marking the first case against a Chinese internet company since the revision of the Antitrust Law in 2022 [2]. - Ctrip is accused of price discrimination, known as "big data killing familiarity," where prices are adjusted based on perceived consumer spending power [3][4]. - The focus of antitrust regulations is on the influence of platform companies on SMEs, particularly in the tourism sector [5][6]. Group 2: Impact on SMEs - Ctrip's policies, such as high commission rates and exclusive agreements, have been detrimental to small hotels and businesses, potentially affecting the livelihoods of numerous families [7][19]. - The investigation is a response to accumulated grievances from SMEs, which have been adversely affected by Ctrip's market practices [19]. Group 3: Comparison with Other Companies - The article contrasts Ctrip's situation with previous antitrust actions against Alibaba and Meituan, noting that the regulatory environment has shifted since 2022, prioritizing economic growth [9][10]. - Ctrip operates in the tourism sector, which has become increasingly significant in China's economy, contributing nearly 5% to GDP directly and over 10% when considering indirect effects [11][18]. Group 4: Economic Implications - The tourism industry is crucial for local economies, providing immediate cash flow through consumer spending, unlike other sectors that may require significant upfront investment [12][15]. - Ctrip's high gross margin of 81.68% and substantial commission rates (25% to 40%) on small businesses indicate a significant extraction of value from local economies [18][19]. Group 5: Future Outlook - The investigation may lead to Ctrip facing fines and requiring operational changes, such as lowering commission rates and opening data access for SMEs [19][20]. - Competitors may benefit in the short term from Ctrip's regulatory challenges, but Ctrip's established market position and customer loyalty are expected to remain strong in the long run [20][21].

Core Viewpoint - The National Market Supervision Administration has officially launched an investigation into Ctrip Group for suspected abuse of market dominance under the Anti-Monopoly Law, while Ctrip has stated it will cooperate with regulatory authorities to maintain fair market order [2] Group 1: Ctrip Group - Ctrip Group is under investigation for alleged abuse of market dominance, which may impact its operations and market position [2] - Ctrip has committed to cooperating with regulatory authorities to ensure a fair market environment [2] Group 2: Chasing Technology - Chasing Technology has announced the establishment of a ticket and hotel tourism division, launching products that directly compete with Ctrip [2] - The founder and CEO of Chasing Technology, Yu Hao, emphasized the goal of "breaking the monopoly to make the market more vibrant" [2] - Chasing Technology, originally focused on smart cleaning devices, has expanded into personal care, consumer electronics, and automotive sectors [2] - Yu Hao has articulated a long-term vision for the company to create the "first trillion-dollar enterprise ecosystem in human history," asserting that this vision is serious and will be elaborated in future writings [2]

Core Viewpoint - Ctrip Group's stock price experienced significant volatility following the announcement of an antitrust investigation by the State Administration for Market Regulation, leading to a drop of over 20% in intraday trading [1] Group 1: Company Overview - Ctrip Group, established in 1999 and listed on NASDAQ in 2003, completed a secondary listing on the Hong Kong Stock Exchange in 2021, operating multiple brands including Ctrip, Qunar, Trip.com, and Skyscanner across various sectors such as accommodation booking, transportation ticketing, travel vacations, and business travel management [1] Group 2: Market Position - As a leading player in the online travel agency (OTA) market, Ctrip has established a dominant position through years of ecosystem building and strategic investments, resulting in a market share of approximately 70% when including its strategic investment in Tongcheng Travel [2] - Ctrip's market share in the core hotel and travel market is projected to reach 56% by the end of 2024, significantly surpassing competitors like Meituan (around 13%), Fliggy (about 8%), and Douyin (approximately 3%) [2] Group 3: Financial Performance - Ctrip's financial performance has shown robust growth, with projected revenues of 20.039 billion yuan, 44.51 billion yuan, and 53.294 billion yuan for the years 2022, 2023, and 2024 respectively, reflecting year-on-year growth rates of 0.13%, 122.2%, and 19.78% [2] - The net profit attributable to shareholders is expected to reach 1.403 billion yuan, 9.918 billion yuan, and 17.067 billion yuan for the same years, with substantial growth rates of 355.09%, 606.91%, and 72.08% [2] - In 2025, Ctrip's revenue for the first three quarters was reported at 47.011 billion yuan, a year-on-year increase of 15.94%, while the net profit attributable to shareholders was 29.013 billion yuan, reflecting a growth of 94.59% [2]

Market Overview - The overall market is experiencing a decline, indicating that the recent cooling measures have taken effect, with multiple indices hitting intraday lows [2] - A significant number of stocks are down, with 3,700 stocks declining compared to 1,700 advancing, and 55 stocks hitting their daily limit down, which is a relatively rare occurrence [2] - The market is expected to face reduced trading volume, potentially returning to around 20 trillion, which may not support a strong market performance [2] Sector Performance - The leading sectors today are non-ferrous metals and precious metals, with gold stocks performing well despite a slight pullback in gold prices [4] - The lithium battery sector has seen a rise of 1.42%, while gold has increased by 2.94%, indicating strong performance in these areas [6] - Conversely, sectors such as AI marketing and commercial aerospace are experiencing significant declines, with some leading stocks facing consecutive limit down days [5][6] Company-Specific Insights - Ctrip is under investigation for anti-monopoly practices, which has led to a significant drop in its stock price, but this could potentially benefit the broader tourism and hotel sectors by improving competition [7][9] - Ctrip's profitability is notably high, with a market share of 72% and a gross profit margin of 81%, indicating its strong position in the market [7] - The upcoming Spring Festival and winter tourism activities may provide a boost to the tourism and hotel sectors, aligning with broader consumption stimulus policies [9]

以下文章来源于伯乐在线 ，作者伯小乐 伯乐在线 . 携程净利率是 32%，排第七位。其他互联网大厂没进前十，腾讯拼夕夕网易分别是 29.4%、28.5%、28.2% 手握流量王牌，携程对商家的掌控堪称"生杀予夺"。云南民宿老板吐槽，基础佣金 12%-15%，叠加推广费后 实际成本超 30%，还被强制"二选一"，不独家就遭流量屏蔽。郑州、贵州监管部门早就约谈过它的强制调价问 题，但始终没拦住其垄断套路。 2025 年 11 月，云南民宿协会干脆公开征集 OTA 平台不正当竞争的证据，直指携程等个别平台，为后续反垄 断调查埋下伏笔。 截至 15 日早晨，微博科技热搜 Top50 话题中 12 个和携程相关。 "天下苦携程久矣！" 这句话频繁出现在网易跟帖和公号文章标题中。还有网友点评说" 在携程帝国前面，其他 互联网大厂都是弟弟 "。这话可不是随口吹的， 携程的"底气"来自 碾压级的市场垄断 ，它是实打实的行业霸 主 。 2024 年它的酒旅 GMV 市占率高达 56%，加上控股的同程旅行，"携程系"直接霸占近 70% 的市场。美团和飞 猪分别是 13% 和 8%，这种一家独大的格局，在互联网垂直赛道里少见。 更 ...

Core Viewpoint - Trip.com Group Limited (TCOM) is under investigation by China's State Administration for Market Regulation for potential monopolistic behavior, which has led to a significant drop in its stock price by 17% on January 14, 2026 [1][2]. Group 1: Company Investigation - Wohl & Fruchter LLP is investigating whether TCOM has violated federal securities laws in light of the ongoing investigation by Chinese authorities [1]. - The investigation pertains to potential violations of the Anti-Monopoly Law of the People's Republic of China [1]. Group 2: Stock Market Reaction - Following the announcement of the investigation, TCOM's stock price experienced a decline of 17% during trading on January 14, 2026 [2].

Group 1 - The Hang Seng Index fell by 0.1%, while the Hang Seng Tech Index decreased by 0.55% [1] - Trip.com Group experienced a significant drop of nearly 15% due to an investigation initiated by the market regulatory authority [1] - Tongcheng Travel and Xpeng Motors both saw declines of over 2% [1] - JD Health recorded an increase of nearly 3% [1]

Group 1 - The article emphasizes the importance of using authoritative and professional analyst reports for stock trading, highlighting their role in identifying potential investment opportunities [1][2] - It mentions that the reports are timely and comprehensive, which aids investors in making informed decisions [1][2] Group 2 - The source of the article is identified as a collaboration with a media partner, indicating a broader dissemination of information [1][2] - The article includes a disclaimer stating that the content is for reference only and does not constitute investment advice, which is a standard practice in financial reporting [1][2][3]