news flash·2025-06-23 06:31Group 1 - The core viewpoint of the report is that JD.com (09618.HK) is entering the OTA (Online Travel Agency) market with its hotel PLUS membership plan, which offers a maximum of three years with zero commission for participating hotels [1] - This move follows JD.com's success in the food delivery business, where it achieved peak orders exceeding 25 million on June 1, indicating a further expansion into local lifestyle scenarios [1] - The report suggests that JD.com's expansion may significantly impact Ctrip (携程) due to overlapping customer bases, while it may have a greater effect on Meituan (美团) and Tongcheng Travel (同程旅行) in the local consumption context [1] Group 2 - Despite JD.com's entry, Ctrip's supply chain barriers and Meituan and Tongcheng's advantages in lower-tier markets are expected to be difficult to disrupt in the short term [1] - The current price-to-earnings ratios for JD.com, Meituan, Ctrip, and Tongcheng for 2025 are 7.5x, 17.9x, 15.9x, and 12.5x respectively, all of which are at historical lows [1] - The report emphasizes the need to monitor how the evolving competitive landscape may impact short-term profits for these platforms [1]