南财观察：携程三宗罪

Core Viewpoint - The Chinese online travel agency Ctrip is facing an antitrust investigation by the State Administration for Market Regulation, leading to significant declines in its stock prices and market capitalization, raising concerns about its monopolistic practices and profitability [1][2]. Financial Performance - In 2025, Ctrip reported a revenue of 47.1 billion RMB and a net profit of 29.1 billion RMB for the first three quarters, averaging a daily net profit of 100 million RMB [1]. - Ctrip's cash and short-term investments reached 80.4 billion RMB, and it maintained a gross profit margin exceeding 80%, significantly higher than Alibaba and Meituan, which were penalized for monopolistic behavior [1][2]. Market Dominance - Ctrip holds over 70% of the market share in the online travel sector, with more than 100 million monthly active users, granting it substantial pricing power and control over the industry [2]. - The company has been accused of imposing unfair practices on merchants, including forced price adjustments through its "Price Adjustment Assistant" system, which undermines merchants' pricing autonomy [2][3]. Competitive Practices - Ctrip has been reported to engage in "exclusive agreements" that threaten competition by penalizing merchants who do not comply, effectively stifling market vitality [3]. - The platform's commission and hidden fees can account for nearly 40% of a merchant's revenue, illustrating the financial burden placed on businesses [3]. Consumer Impact - Ctrip's pricing algorithms reportedly lead to higher prices for long-term users, creating a scenario where loyal customers end up paying more, which has resulted in numerous complaints regarding hidden fees and refund difficulties [3][4]. - The monopolistic practices of Ctrip have led to a situation where the benefits of the tourism industry's recovery are not shared equitably among consumers and merchants, with the majority of profits being siphoned off by the platform [4]. Regulatory Response - The ongoing investigation by the government is seen as a necessary step to dismantle Ctrip's monopoly and reshape industry regulations to ensure fair distribution of profits within the tourism sector [4].