携程被立案调查！“垄断”疑云下的OTA之王

Core Viewpoint - Ctrip Group is under investigation by the State Administration for Market Regulation for allegedly abusing its market dominance, leading to a significant drop in its stock price [2][3]. Regulatory Background - The investigation is part of a broader trend of regulatory scrutiny in the online travel industry, following previous warnings to Ctrip and other platforms regarding practices like "choose one from two" and price fraud [3][5]. - In August 2025, the Guizhou Provincial Market Regulation Bureau held discussions with Ctrip and other platforms, emphasizing the need to avoid unfair practices [3]. - In December 2025, the Yunnan Provincial Tourism Homestay Industry Association announced plans to initiate antitrust actions against OTA platforms, citing unfair trading conditions imposed by Ctrip [5]. Market Context - The investigation reflects the ongoing tightening of antitrust regulations in China, particularly since the end of 2020, with the online travel sector becoming a focal point due to its high digitalization and market concentration [7][9]. - Ctrip has established a significant market presence, holding nearly 70% of the GMV market share in hotel bookings and flight sales, with its main brand accounting for 56% [9]. Alleged Antitrust Behaviors - Ctrip is suspected of engaging in practices such as requiring exclusive cooperation agreements, algorithmic pricing interventions, and lack of transparency in commission structures [9][10]. - The company may face penalties based on historical cases, with fines typically ranging from 3% to 4% of the previous year's revenue [15][17]. Financial Performance - Ctrip has shown strong financial recovery, with a reported revenue of 183 billion yuan in Q3 2025, a 16% year-over-year increase [12]. - For the first three quarters of 2025, Ctrip's revenue and net profit reached 470.8 billion yuan and 290.1 billion yuan, respectively, reflecting year-over-year growth of 15.94% and 94.59% [13]. Future Implications - The ongoing investigation may lead to fines estimated between 6 billion yuan and 24 billion yuan, depending on the severity of the findings [17]. - This situation presents an opportunity for Ctrip to transform its business model and establish a more sustainable development path [18].