智通财经网·2026-01-15 08:01Core Viewpoint - The investigation by the State Administration for Market Regulation into Ctrip Group-S (09961) for monopolistic behavior has led to a 17% drop in Ctrip's ADR price, but the company continues normal operations [1] Group 1: Investigation Impact - The investigation may focus on exclusive cooperation rights and whether the platform pressures merchants using its advantages [1] - Ctrip is expected to maintain strong competitiveness due to its large transaction volume and long-term partnerships with hotels, even if it loses exclusive cooperation rights [1] Group 2: Financial Projections - Ctrip's adjusted operating profit margin is projected to be around 29% for 2025-2026, although support measures for merchants may pressure profit margins [1] - The relatively mild competition in the online travel market allows the company to potentially offset some impacts through improved operational efficiency [1]