携程港股重挫，一度跌超20%

Core Viewpoint - Ctrip's stock has experienced significant declines following the announcement of an antitrust investigation by the State Administration for Market Regulation (SAMR) regarding its alleged abuse of market dominance [1][19]. Group 1: Stock Performance - On January 15, Ctrip's Hong Kong stock opened with a drop exceeding 20%, closing down 18.88% at 462 HKD, while its US stock fell over 17% to 62.78 USD on January 14 [1][19]. - Ctrip's market capitalization is reported at 330.8 billion HKD, with a price-to-earnings ratio of 9.7 [2][20]. Group 2: Antitrust Investigation - The SAMR has initiated an investigation into Ctrip for suspected monopolistic practices under the Anti-Monopoly Law [1][19]. - Ctrip confirmed that SAMR officials have entered its headquarters to conduct the antitrust investigation [3][21]. - The investigation aligns with SAMR's broader initiative to strengthen enforcement against monopolistic and unfair competition practices in 2026 [4][22]. Group 3: Market Context and Regulatory Environment - The concept of "involutionary competition," characterized by low-price and low-quality competition, is being targeted by the government as it disrupts market signals and undermines long-term competitiveness [6][23]. - The new Anti-Unfair Competition Law, effective in 2025, aims to regulate practices such as forcing merchants to sell below cost and engaging in false transactions [24]. - Ctrip has been a focal point of regulatory scrutiny, having previously faced multiple inquiries from local market regulators regarding its business practices [7][25]. Group 4: Complaints and Business Practices - Numerous complaints from merchants highlight issues with Ctrip's pricing tools, which allegedly undermine their pricing autonomy by automatically adjusting prices based on competitor analysis [9][26]. - The "two-choice" or exclusive cooperation pressure has been a significant complaint, where Ctrip's "special label" merchants are reportedly pressured not to list on competing platforms while maintaining high commission rates [9][26]. - Ctrip has received a total of 160,303 complaints, with over 3,600 complaints filed in just the last month regarding issues such as refund obstacles and price adjustments [10][27]. Group 5: Financial Performance - Ctrip's financial performance contrasts sharply with the broader hotel industry, reporting a net profit of 17.2 billion CNY in 2024, a 72% increase year-on-year, with 40% of its revenue coming from accommodation bookings [15][31]. - The hotel industry, in contrast, has seen a decline in key performance indicators, with major hotel groups reporting a drop in revenue per available room by 2% to 5% [15][31]. - Ctrip's gross margin exceeds 80%, and its net profit margin is over 30%, raising concerns about its market dominance as it outperforms the struggling hotel sector [15][31].