Core Insights - Ctrip released the "2025 Inbound and Outbound Tourism Trend Guide" in Incheon, South Korea, indicating a 125% year-on-year increase in the number of Korean tourists booking trips to China in the first half of 2025 [1] Group 1: Tourism Trends - The top five destinations for Korean tourists in China are Shanghai, Beijing, Qingdao, Guangzhou, and Chengdu [1] - Ctrip's recommendation list for Korean tourists includes various themes based on order volume and user feedback, such as "Must-Visit Night Tours," "Family-Friendly Hotels," and a new "Hometown Flavor Restaurants" list [1] Group 2: Night Tour Recommendations - The night scenery list features 30 attractions, including the Bund in Shanghai and Hongya Cave in Chongqing, with multi-language reservation and sharing capabilities [1] Group 3: Verification System - The recommendation list employs a three-tier verification system involving feedback from Ctrip's black diamond users, initial review by the business team, and secondary validation by industry experts [1] - The platform claims that the list can generate an additional 10% in order revenue for merchants, with plans to invite global verification experts to provide over a thousand on-site tips across 31 provinces in China over the next year [1]

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]

Group 1 - The "super golden week" during the National Day holiday coinciding with the Mid-Autumn Festival has led to a surge in diverse travel demands, creating a vibrant tourism market [1] - Over 30% of workers opted for "staggered leave" this year, resulting in a significant increase in cross-province travel orders, with popular train tickets selling out rapidly [2] - Ctrip's prediction indicates a 45% year-on-year increase in cross-province travel orders for the National Day holiday, reflecting a shift in consumer preferences towards experiential travel rather than traditional sightseeing [3] Group 2 - The Shanghai Tourism Festival, coinciding with the National Day holiday, showcases the vitality of "all-region tourism" with over 200 activities across the city, enhancing its influence in the Yangtze River Delta and beyond [4] - The Shanghai Tourism Festival has expanded its duration to nearly a month, introducing a dual-season model to stimulate urban tourism consumption [5] - Recent policies promoting "cultural tourism consumption season" have led to various incentives, enriching holiday offerings and positively impacting related industries such as tourism, dining, and retail [6]

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].

Core Insights - The upcoming long holiday combining the Mid-Autumn Festival and National Day is expected to significantly boost the tourism market, with early travel planning encouraged by authorities [1][4]. Group 1: Travel Demand Trends - The "please take 3 days off for 12 days" strategy has created favorable conditions for long trips, leading to a diverse range of travel demands [2]. - Orders for inter-provincial border cities have surged, with a 58% year-on-year increase in bookings, particularly in cities like Zhaotong (95% increase) and Hezhou (88% increase) [2]. - Multi-destination travel products, such as long-distance tours and car rentals, have seen booking increases of 53% and 93% respectively [2]. Group 2: Emotional and Cultural Factors - Emotional value is becoming a key factor influencing travel decisions, with hotel searches in remote destinations like Xinjiang and Tibet rising by 60% [3]. - The desire for nature and relaxation is driving interest in scenic areas, with locations like Chongqing's Wushan gaining popularity for autumn foliage [3]. Group 3: International Travel Dynamics - The long holiday has led to a broadening of outbound travel, with bookings covering over 140 countries, and significant increases in interest for destinations like Australia and Russia [4]. - The introduction of visa-free policies, particularly for South Korea, has spurred a rise in flight searches, reshaping the outbound travel landscape [4]. Group 4: Local Tourism Growth - The long holiday also allows for deeper local cultural experiences, with events like the Shanghai Tourism Festival offering discounted tickets to various attractions [6]. - Family-oriented activities, including visits to theme parks and cultural sites, have seen ticket bookings increase by over 40% [6]. - The trend towards emotional and diverse travel experiences reflects a shift in consumer preferences, supported by policy changes and service innovations [6].

Group 1 - The combination of the Mid-Autumn Festival and National Day creates an 8-day long holiday, leading to a surge in diverse travel demands [2][4] - Popular inter-provincial border cities have seen a significant increase in holiday bookings, with orders up 58% year-on-year [2] - The demand for long-distance travel is also rising, with outbound travel bookings covering over 140 countries and regions, and destinations like Australia and Russia seeing notable increases [4] Group 2 - Emotional value is becoming a key factor influencing travel decisions, with searches for hotels in remote destinations like Xinjiang and Tibet increasing by 60% [3] - Local cultural experiences are gaining popularity, with significant growth in ticket bookings for cultural attractions and events during the holiday [5][6] - The trend towards multi-destination travel is evident, with bookings for long-distance and rental car services increasing by 53% and 93% respectively [2][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 ...