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].

Core Insights - Ctrip's 2025 National Day travel trend forecast indicates a 45% year-on-year increase in cross-province travel orders for the Mid-Autumn and National Day holidays [1] - Key factors influencing travel decisions are emotional value, time efficiency, and cost-effectiveness, with a shift from "sightseeing" to "experiential travel" [1] Summary by Category Travel Orders - Domestic inter-provincial border cities have seen a 58% year-on-year increase in holiday order volume [1] - Notable increases in specific regions include: - Zhaotong, with a 95% increase in holiday pre-orders, known for its ethnic culture and natural scenery [1] - Hezhou, famous for its karst landforms and ancient town culture, with an 88% increase [1] - Ganzhou, attracting tourists with Hakka culture and revolutionary history, showing a 70% increase [1] Travel Preferences - Emotional value is becoming the core factor in destination selection, with "check-in tourism" gradually giving way to "immersive vacations" [1] - Hotel search interest for long-distance destinations such as Xinjiang, Tibet, and Inner Mongolia has increased by 60% year-on-year, primarily from first-tier and new first-tier cities [1]

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 - The article discusses the administrative interview conducted by the Zhengzhou Market Supervision Administration with Ctrip Travel Network, highlighting the company's violations of e-commerce laws and the need for comprehensive rectification to ensure fair competition and protect the rights of platform operators [1][2]. Group 1: Regulatory Actions - On September 17, 2025, the Zhengzhou Market Supervision Administration held an administrative interview with Ctrip Travel Network due to violations of the E-commerce Law and regulations against unfair competition [1]. - The administration issued a "Notice of Correction" on September 4, 2025, requiring Ctrip to rectify unreasonable restrictions on transactions and pricing imposed on platform operators [1]. Group 2: Required Rectifications - Ctrip is mandated to complete contract revisions and optimize pricing tools within a specified timeframe, establishing a long-term compliance mechanism to prevent future violations [1]. - The company must enhance internal supervision and accountability to ensure lawful business operations [1]. Group 3: Emphasis on Fair Competition - The meeting underscored that fair competition is central to a market economy, urging internet platform companies to strengthen their legal awareness and actively cooperate with regulatory authorities [1]. - Ctrip is required to correct unreasonable restrictions, respect merchants' autonomy, and address issues such as "mandatory activation and inability to exit" [1]. - The company must ensure the legitimate rights of platform operators are protected, prohibiting the use of technical means to manipulate prices or restrict transactions [1].

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].

Core Points - 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][2] - The platform was found to impose unreasonable restrictions on transactions and pricing of operators within the platform, prompting the issuance of a corrective notice on September 4, 2025 [1] - The meeting emphasized the importance of fair competition in the market economy and urged internet platform companies to enhance legal awareness and comply with regulations [2] Summary by Sections - **Regulatory Actions** - Ctrip Travel Network was summoned for an administrative interview due to violations of the E-commerce Law and unfair competition regulations [1] - A corrective notice was issued to Ctrip, requiring the company to amend contract terms and optimize pricing tools within a specified timeframe [1] - **Compliance and Rectification** - The meeting called for Ctrip to take the administrative interview seriously and complete the required rectifications within the deadline [1] - Companies are urged to establish a long-term compliance mechanism and strengthen internal supervision to prevent similar issues in the future [1] - **Market Environment and Responsibilities** - The importance of fair competition was reiterated, with a call for internet platforms to respect merchants' rights and correct unreasonable restrictions [2] - Continuous monitoring and inspections will be conducted by the Zhengzhou Market Supervision Administration to ensure compliance and maintain a healthy market order [2]

Core Viewpoint - The article discusses the administrative interview conducted by the Zhengzhou Market Supervision Administration with Ctrip Travel Network, highlighting the company's violations of e-commerce laws and the need for comprehensive rectification to ensure fair competition and protect the rights of platform operators [1][2]. Group 1: Regulatory Actions - On September 17, the Zhengzhou Market Supervision Administration conducted an administrative interview with Ctrip Travel Network due to violations of the E-commerce Law and regulations against unfair competition [1]. - The administration issued a "Notice of Correction" on September 4, 2025, mandating Ctrip to rectify unreasonable restrictions on transactions and pricing imposed on platform operators [1]. - Ctrip is required to complete contract revisions and optimize pricing tools within a specified timeframe, establishing a long-term compliance mechanism to prevent future issues [1][3]. Group 2: Emphasis on Fair Competition - The meeting emphasized that fair competition is central to a market economy, urging internet platform companies to enhance their legal awareness and actively cooperate with regulatory authorities [2]. - Companies are encouraged to establish a regular legal education mechanism to improve compliance capabilities among management and operational staff [2]. - There is a strong call for platforms to respect merchants' autonomy, correct unreasonable restrictions, and create an open, fair, and transparent environment for transactions [2]. Group 3: Ongoing Monitoring - The Zhengzhou Market Supervision Administration will continue to monitor the progress of Ctrip's rectification efforts and conduct inspections to ensure compliance with regulations [3].

Group 1 - The Zhengzhou Market Supervision Administration conducted an administrative interview with the operating entity of Ctrip Travel Network on September 17, 2025, due to violations of the E-commerce Law and regulations against unfair competition [1] - The investigation revealed that Ctrip imposed unreasonable restrictions on transaction and pricing for operators on its platform through service agreements and technical means [1] - A corrective notice was issued to Ctrip on September 4, 2025, requiring the company to rectify its practices and ensure compliance with market regulations [1] Group 2 - The meeting emphasized the importance of fair competition as the core of the market economy, urging internet platform companies to enhance their 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, and to correct unreasonable restrictions on merchants' rights [2] - The Zhengzhou Market Supervision Administration will continue to monitor the progress of Ctrip's rectification efforts and conduct inspections to ensure the company fulfills its responsibilities in maintaining a fair and orderly market environment [2]

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 [2][3]. Group 1: Regulatory Actions - Ctrip Travel Network was found to have unreasonably restricted transactions and pricing of platform operators, violating the E-commerce Law and the Interim Provisions on Anti-Unfair Competition [2]. - A corrective notice was issued to Ctrip on September 4, 2025, requiring the company to amend contract terms and optimize pricing tools within a specified timeframe [2]. - The administrative interview aims to ensure the company takes the necessary steps to comply with regulations and maintain a fair market order [2][3]. Group 2: Compliance and Accountability - Ctrip is required to establish a long-term compliance mechanism, enhance internal supervision, and hold accountable those responsible for similar issues in the future [2]. - The meeting emphasized the importance of fair competition in the market economy and urged internet platform companies to strengthen their legal awareness and actively cooperate with regulatory authorities [2]. - Ctrip must correct unreasonable restrictions, respect merchants' autonomy, and address issues such as "mandatory activation and inability to exit" to reshape its service philosophy centered on users and merchants [2][3]. Group 3: Ongoing Monitoring - The Zhengzhou Market Supervision Administration will continue to monitor the progress of Ctrip's rectification efforts and conduct inspections to ensure the company fulfills its responsibilities [3].