Sou Hu Cai Jing·2026-01-16 03:48Core Viewpoint - The National Market Supervision Administration has officially announced an investigation into Ctrip Group, the leading player in the online travel market, for allegedly abusing its market dominance to engage in monopolistic practices [1] Group 1: Market Position and Dominance - Ctrip and its affiliated platforms account for nearly 70% of the online travel market, with Ctrip's main brand alone holding a 56% market share [3] - Ctrip has over 100 million monthly active users, giving it significant leverage over hotels and other service providers [3] Group 2: Monopolistic Practices - Ctrip employs a "two-choice" policy, compelling hotels to either exclusively sell on its platform or offer the lowest prices on Ctrip, effectively eliminating competition [4] - The commission rates for hotels have risen to over 15%, with some reaching as high as 30%, significantly impacting the profitability of many hotels [6] - Ctrip's "price adjustment assistant" feature allows it to unilaterally change hotel prices without consent, undermining hotels' pricing authority [7] Group 3: Financial Performance - In the first three quarters of 2025, Ctrip's net profit reached 29.013 billion yuan, which is 1.5 times the total profit of all listed tourism companies in A-shares [8] - Ctrip's gross profit margin stands at 81.11%, ranking seventh in the Fortune China 500 profit margin list, indicating its high profitability compared to many tech giants [8] Group 4: Implications of the Investigation - The investigation signals a critical examination of the "winner-takes-all" logic in platform economies, emphasizing that market dominance should not equate to unchecked power [10] - The outcome of the investigation may lead to significant changes in the online travel industry, prompting platforms to reconsider their practices and focus on building a sustainable market environment [10]