Core Viewpoint - The article discusses the antitrust investigation into Ctrip, highlighting it as a stress test for platform governance capabilities from an ESG perspective [2]. Group 1: Antitrust Investigation - The antitrust investigation into Ctrip is not a sudden event but indicates accumulated structural issues within the company [2]. - The investigation focuses on whether Ctrip has abused its market dominance, with a market share of over 50% typically indicating such dominance [5]. - Ctrip's market share in the OTA sector is projected to reach 56% by 2024, solidifying its leading position [5]. - Allegations include practices like "forced choice" for merchants, which have been previously cited in other antitrust cases against major platforms [6][5]. Group 2: Financial Performance - Ctrip's gross margin is approximately 81% and net margin around 33%, comparable to leading companies like Tencent and NetEase [10]. - The majority of Ctrip's revenue comes from accommodation bookings and transportation ticketing, which are typical transaction-based intermediary services [10]. - The high profits of Ctrip are attributed to its control over transaction entry points and pricing, rather than creating new content or relying on unique technology [10]. Group 3: ESG Governance Perspective - The article raises the question of whether monopolistic practices are inherently wrong, emphasizing that achieving market dominance through legal means is not illegal [7]. - Ctrip's high profits have not been reinvested into the industry, raising concerns about its responsibilities as a "chain leader" in the tourism sector [11]. - The structural imbalance of "high profits, low accountability" is a long-standing issue in Ctrip's profit model [12]. - The core responsibility of leading companies is to avoid abusing their market power and to ensure fair competition [13]. Group 4: Market Reaction and Future Implications - Following the announcement of the antitrust investigation, Ctrip's stock price dropped by 18%, indicating market concerns over governance risks [14]. - Ctrip's ESG rating was A in 2025, but there is a noted gap between its compliance commitments and actual business practices [14]. - The investigation may lead to a reassessment of Ctrip's business model and could impact its future operations and ESG ratings [17].

Core Viewpoint - The recent antitrust investigation into Ctrip may force the company to terminate exclusive cooperation agreements and potentially divest its holdings in competitors, marking a significant regulatory action against market dominance in the online travel sector [1][4]. Group 1: Background and Market Position - Ctrip has been a leading player in the online travel industry since its NASDAQ listing in 2003, expanding aggressively through investments and acquisitions over the past decade, controlling over half of the market [2][4]. - The company has maintained a dominant position in the Chinese online travel market, with its hotel booking segment accounting for approximately 44% of its revenue in Q3 [4][8]. - Ctrip's market influence is further amplified by its stakes in major competitors, including a 48% stake in Qunar and a significant investment in Tuniu, which enhances its control over the market [7][8]. Group 2: Regulatory Investigation Details - The State Administration for Market Regulation (SAMR) has initiated an investigation into Ctrip for potential abuse of market dominance, focusing on its hotel booking business [4][5]. - Ctrip has been accused of requiring hotels to sign exclusive or restrictive agreements, leveraging its market power to secure favorable terms and limit competition [4][9]. - The investigation comes after previous antitrust actions against other major players like Alibaba and Meituan, raising questions about why Ctrip has only recently come under scrutiny despite being an early participant in such practices [5][6]. Group 3: Financial Impact and Future Outlook - Following the announcement of the investigation, Ctrip's stock price fell by 22% over four trading days, resulting in a market capitalization loss of approximately $9 billion [7]. - Despite the recent decline, Ctrip's stock has appreciated significantly since its IPO, with a current price of $61.30 reflecting a 54-fold increase from its adjusted IPO price [7]. - The online travel agency market in China was valued at approximately $105 billion last year, with a projected compound annual growth rate of about 15% over the next five years, in which Ctrip controls roughly one-third of the market [7][8]. - Anticipated regulatory outcomes may include substantial fines, potentially exceeding $1 billion, and mandated changes to Ctrip's business practices, which could disrupt its market position and lead to a more competitive landscape in the online travel sector [9].

（文章来源：每日经济新闻） 每经AI快讯，1月16日，美股中概股盘前涨跌互现，蔚来涨1%，阿里巴巴跌0.5%，小鹏汽车跌0.8%， 携程跌2%。 ...

Core Viewpoint - The article critiques the current state of Chinese companies, particularly platform giants like Ctrip, for prioritizing profit over social value, suggesting that this focus on growth has led to a distorted business ethos [2][4][12]. Group 1: Company Performance and Impact - Ctrip reported a net profit of 19.9 billion yuan in the third quarter, averaging over 200 million yuan per day, which is more than the combined earnings of its upstream and downstream partners in the industry [2]. - The article highlights that the suffering is not limited to Ctrip but extends to other platform companies like Meituan, Pinduoduo, and Douyin, indicating a broader issue within the platform economy [3]. Group 2: Business Philosophy and Values - The growth mindset of Chinese companies has become overly performance-oriented, treating financial metrics as the sole purpose of existence, which is seen as a fundamental misunderstanding of business [4][5]. - The essence of a company should not be merely profit generation but rather solving social problems, as articulated by business theorists like Coase, Schumpeter, and Drucker [6][11]. Group 3: Ethical Considerations and Responsibilities - The article argues that the current approach of companies, driven by metrics and monopolistic practices, leads to societal discontent and a loss of ethical grounding [10][12]. - Companies are urged to reflect on their societal impact and responsibilities, questioning whether their existence benefits the world or merely serves their own growth ambitions [14].

专题：携程被市场监管总局立案调查 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：Hacking黑白红 65亿是如何算出来的呢？ 律师根据反垄断法测算，如果查实，携程可能面临上一年度营业额1%到10%的罚款。按2025年的营收 650亿算，最高能到65亿。目前监管总局已经进驻上海总部调查，这波估计是要动真格的。 65亿是真肉疼。很多大厂一年的净利润都没这么多，这一张罚单下去，几年白干。 但对于携程来说，似乎不是什么大数字。 公开信信息 继阿里182亿、美团34亿、滴滴80亿后， 携程或面临49 - 65亿罚款，数额比美团还高，这让人意外。 携程2025年前三季，收入471亿元，净利润290亿，预计全年总利润应该在350亿以上。 看看上图的数据 就像有用户反映，去年被携程频繁打电话推销贷款产品，不胜其烦。 罚款不是目的，拆解才是。这种天价罚单通常伴随着业务大整改，那些灰色地带的收入以后别想了。 携程看似低调，实则"能量"不小，市场普遍认为，后续高额罚款是对携程垄断行为的警示， 也有网友爆料： 携程被罚，不只是杀熟那么简单 甚至涉及洗钱、诈骗 市场需要公平竞争环境。 81%的毛利、 ...

专题：携程被市场监管总局立案调查 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：梳子姐 半个月前我还专门写过携程，直言携程距离反垄断的枪口越来越近了。 没想到一语中的，今天突发新闻——携程涉嫌滥用市场支配地位事实垄断行为，被立案调查。 说实话，走到这一步，携程真的不冤。 就在前面一个来月，云南旅游民宿行业协会刚公开宣布，因接到多起会员单位投诉，全面启动对携程等 个别在线旅游平台（OTA）的反垄断行动，公开征集"二选一"、单方面涨佣金、屏蔽流量等不正当竞争 行为的证据。 什么叫二选一？说白了就是平台要求你只能用他这个平台，若选择多平台一起用就会被停止推流或搜索 降权，等于说是在屏蔽流量。单方面涨佣，即未与民宿协商，擅自提高佣金比例，叠加隐性收费，挤压 经营者空间。 云南民宿协会下面有7000余家会员，协会委托律所梳理证据后，不仅会向省级和国家市管总局提起集体 投诉，还要保留提起反垄断诉讼的权利。 在线旅游平台的确能帮消费者减少不少踩坑概率，但做在线旅游平台的不是只有他一家，但其作为市场 上最大的头部，一个旅游大省的民宿协会要启动对其的反垄断行动，要的是公平合理，并不是弃之不 用 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 专题：携程被市场监管总局立案调查 市场监管总局此次立案调查并非孤立事件，而是对前期地方约谈和行业投诉的回应。2025年下半年，携 程已在多地接连被市场监管部门约谈。 1月14日，据国家市场监督管理总局网站发布的消息，市场监管总局根据前期核查，依据《中华人民共 和国反垄断法》，对携程集团有限公司涉嫌滥用市场支配地位实施垄断行为立案调查。 市场监管总局此次立案调查并非突如其来，而是在前期核查的基础上，依据相关法律法规进行的。调查 主要围绕携程集团在酒店业务方面的经营行为，尤其是涉嫌滥用市场支配地位的行为，携程集团作为在 线旅游行业的龙头企业，在酒店预订和机票代理业务上占据较大市场份额。 此前，据媒体报道，大量商家控诉被携程等平台的不合理条款硬控。 "我们现在真像给平台打工，定价权已经完全被拿走了。"山西五台山周边的某品牌酒店经理钟洋表示。 钟洋发现后申诉，美团能改回来或补回差价，而携程当下虽能补价差，后续却判其违约并予以处罚，他 申诉了三个月都未能解决。 更让商家愤怒的是关闭"调价助手"功能，异常艰难。浙江民宿主戴芸透露，她们设定的底线价格 ...

一个震动整个旅游圈的重磅消息落地了！国家市场监管总局正式宣布，对在线旅游的绝对老大——携程集团，进行立案调查。理由就一个：涉嫌滥用市场支 配地位搞垄断。 听到这个消息，全国成千上万的酒店、民宿老板，估计不少人要偷偷松一口气，甚至拍手称快。为什么？因为这个平日里他们又爱又恨、离不开的"财神 爷"，可能也是把他们利润榨干到骨头里的"周扒皮"。 今天，我们就来扒一扒，这个年赚几百亿的旅游帝国，到底是怎么把一门"撮合生意"，做成了让全行业都苦不堪言的"垄断生意"的。 首先，我们必须认清一个基本事实：携程在市场上到底有多强？数据不会说谎。根据行业报告，携程系平台（包括携程、去哪儿等）的交易额，占了整个在 线旅游市场近70%的份额，光是携程主品牌自己就占了56%。 这是什么概念？就是说，你想在网上订个酒店、买个机票，每花出去10块钱，有超过5块6都流进了携程的系统。它手里握着超过1个亿的月活用户，对于酒 店来说，这就是命脉般的客流。在这种绝对的力量面前，商家根本没有平等的对话权。 那么，携程是怎么利用这种支配地位的呢？它的玩法，是一套环环相扣的"组合拳"。 第一拳，叫做"流量锁喉"——不独家，就消失。 这套玩法有个业内皆 ...

据南方日报梳理，2025年以来，该公司因私自改价、设置不合理交易条件等行为，曾引起多地商户的不 满。据云南省旅游民宿协会介绍，近年来接到的相关投诉量持续攀升，平台佣金从几年前的8%-10%被 单方面上调至12%-18%，部分民宿实际综合成本（含隐性推广费）占比甚至接近40%，陷入"不合作无 客源，合作即亏损"的两难境地。 据市场监管总局1月14日消息，近日总局根据前期核查，依据《中华人民共和国反垄断法》，对携程集 团有限公司涉嫌滥用市场支配地位实施垄断行为立案调查。受此消息影响，携程股价暴跌。 （来源：南方日报） 有律师表示，以其上一年度销售额（估测约：650亿元）为基数计算，以1-10%的处罚比例浮动，携程 可能会面临处以6.5~65亿元区间左右的罚款，这可能成为反垄断"名列前茅"的天价罚款单之一。需要注 意的是，上述罚款数额范围，并未将违法所得数额统计在内。 ...

1月14日晚，追觅科技创始人俞浩，在朋友圈高调宣布"对标携程的产品，我们今天就推出。" 俞浩的发言时机精妙，监管部门在当天下午宣布就携程集团涉嫌垄断行为进行立案调查。 俞浩的高调发声迅速博得大量眼球，他确实已布局文旅，希望打造科技与文旅新体验。 俞浩刚刚描绘过其宏大愿景，要将"追觅生态"做到100万亿美金量级。追觅系正试图编织一张巨网，覆 盖用户"衣食住行娱"全场景。追觅跨界文旅面临巨大挑战，在线旅游市场寡头盘踞，由携程、美团、飞 猪等分食。单单携程一家，2024年市场占有率约56%，"携程系"整体份额近70%，市场支配地位显著。 偏偏俞浩涉猎又广，他已进入多个赛道，如手机、汽车、无人机。2026年初CES展会，刚推出首款豪华 纯电汽车。 俞浩是江苏南通人，现年38岁，毕业于清华。2017年创立追觅科技，俞浩身价达85亿元。 2025年上半年，追觅系融资约100亿。俞浩表示2026年底将推动多业务全球批量IPO，无法确定他在文 旅的投入规模。 （文章来源：21世纪经济报道） 2024年4月，他就成立追觅文旅（苏州），注册资本100万元，其为追觅科技全资子公司，是进军文旅领 域的核心载体。 ...