TRIP.COM(US:TCOM) Xin Lang Cai Jing·2025-12-23 02:07Group 1 - The core issue is the collective action by the Yunnan Inn Association against major OTA platforms like Ctrip, highlighting the growing discontent among small and medium-sized businesses in the tourism industry [3][5][47] - The Yunnan Inn Association officially announced the initiation of anti-monopoly actions against OTA platforms on December 8, 2025, marking a significant shift in the industry's dynamics [3][5][47] - Ctrip's recent financial performance shows a net revenue of 18.3 billion yuan for Q3 2025, a 16% year-on-year increase, and a net profit of 19.9 billion yuan, up 192.6% year-on-year, raising questions about the sustainability of such profits [7][51][55] Group 2 - Ctrip's market dominance is evident, with a projected 56% market share in the hotel and travel sector for 2024, significantly surpassing competitors like Meituan and Fliggy [12][56] - The platform's practices, including "choose one" clauses and unilateral commission increases, have raised concerns about its market power and the impact on smaller businesses [14][58] - The introduction of the "Price Adjustment Assistant" tool has been criticized for stripping merchants of their pricing autonomy, further consolidating Ctrip's control over the market [17][61] Group 3 - The cumulative net profit of Ctrip for the first three quarters of 2025 is 29 billion yuan, which is 1.52 times higher than the combined net profits of other segments in the tourism industry [11][55] - Merchants are facing increasing commission rates, which have risen from 8%-10% in 2020 to 12%-18% currently, significantly impacting their profitability [26][70] - The overall cost burden on merchants, including hidden fees and commission rates, can approach 40%, severely limiting their profit margins [28][72] Group 4 - Regulatory bodies have begun to take notice, with past fines issued to Ctrip for similar practices, indicating a growing scrutiny of its market behavior [24][68] - The upcoming regulatory framework aims to address new forms of monopoly risks, including algorithmic biases and price discrimination, which are central to the current industry challenges [33][79] - The need for a balanced ecosystem is emphasized, where OTA platforms should shift from merely controlling traffic to empowering merchants through technology and data analytics [42][86]