剑指“反内卷”，携程被市场监管总局立案调查

Core Viewpoint - The State Administration for Market Regulation (SAMR) has initiated an antitrust investigation into Ctrip Group for allegedly abusing its dominant market position, marking a significant regulatory action in the online travel agency sector [1][2][6]. Group 1: Antitrust Investigation - Ctrip has confirmed that SAMR has entered its headquarters for an antitrust investigation, which is seen as a response to ongoing media reports about its pricing practices [2][4]. - The investigation aligns with SAMR's broader initiative to strengthen antitrust enforcement and combat "involutionary competition" in 2026 [2][4][5]. - This marks the first formal antitrust investigation against a major platform company since previous cases involving Alibaba and Meituan, indicating a sustained focus on the platform economy [6][12]. Group 2: Allegations Against Ctrip - Allegations against Ctrip include the use of a "pricing assistant" tool that allegedly undermines hotel operators' autonomy in setting prices, leading to complaints from numerous merchants [7][10]. - Ctrip is also accused of imposing "choose one from two" clauses, pressuring merchants to avoid listing on competing platforms while maintaining high commission rates [7][10]. - The complaints against Ctrip have surged, with over 160,000 complaints recorded on consumer platforms, highlighting widespread dissatisfaction with its practices [7][10]. Group 3: Market Context and Impact - Despite the complaints and regulatory scrutiny, Ctrip has reported strong financial performance, with a net profit of 17.2 billion yuan in 2024, a 72% increase year-on-year [10][11]. - In contrast, the broader hotel industry is facing significant challenges, with major hotel chains reporting declines in revenue per available room [10][11]. - Ctrip's gross profit margin exceeds 80%, raising concerns about its market dominance and the sustainability of its competitive practices [11][12]. Group 4: Regulatory Framework - The new Anti-Unfair Competition Law, effective in 2025, will regulate practices such as forced low-cost sales and data manipulation, providing a legal framework for the ongoing investigation [4][5]. - Previous regulatory actions against Ctrip in other jurisdictions, such as Hong Kong and South Korea, have set precedents for addressing similar competitive behaviors [12]. - The potential outcomes of the investigation could lead to significant penalties for Ctrip, including fines based on its annual sales [11][12].