携程受害者，开始反击

Core Viewpoint - The Yunnan Tourism Homestay Industry Association has initiated anti-monopoly actions against major online travel agencies (OTAs), specifically targeting Ctrip, marking a significant shift in industry dynamics [1][2][4]. Group 1: Anti-Monopoly Actions - The association has engaged legal advisors to collect evidence and prepare for collective complaints against Ctrip for alleged violations of the Anti-Monopoly Law [3][4]. - This is the first time since the Anti-Monopoly Law's enactment in 2008 that an industry association has publicly encouraged members to report large platform companies for potential violations [4][40]. - The focus of the association's actions includes issues like "choose one from two" practices, which have been a point of contention in previous discussions with regulatory bodies [6][8][42]. Group 2: Ctrip's Financial Performance - Ctrip reported a revenue of 18.3 billion yuan for Q3 2025, a 16% year-on-year increase, with a net profit of 19.9 billion yuan, showcasing strong operational profitability despite one-time investment gains [9][46]. - Ctrip's gross margin remains above 80%, significantly outperforming other internet giants like Tencent and Alibaba [10][46]. - The company's market share is projected to be around 56% in 2024, with its actual control in the OTA market exceeding 70% when including affiliated platforms [19][57]. Group 3: Industry Context - The hotel and travel sectors are facing significant financial challenges, with Beijing's accommodation industry reporting a 7.3% decline in revenue and a 92.9% drop in total profits in the first half of the year [12][48]. - Despite the struggles of traditional hospitality businesses, domestic tourism is thriving, with 4.998 billion trips taken by residents in the first three quarters of 2025, an 18% increase year-on-year [15][51]. - The disparity in financial performance between Ctrip and traditional hospitality businesses raises questions about the sustainability of the current business model in the OTA sector [32][67].