涉嫌垄断的携程们，是该整顿了

Core Viewpoint - Ctrip is under investigation for alleged monopolistic practices, marking a significant regulatory action in the OTA industry, which has faced increasing scrutiny since late 2025 [1][3][5] Group 1: Regulatory Actions - The State Administration for Market Regulation has initiated an investigation into Ctrip for suspected abuse of market dominance under the Anti-Monopoly Law [1] - Ctrip's stock price has dropped over 20% in two days, resulting in a market value loss of 100 billion HKD, closing at 460 HKD per share on January 15 [2] - Regulatory actions against Ctrip have been accumulating since late 2025, with various local authorities addressing issues such as high commission rates and forced service usage [3][4] Group 2: Market Reactions - The news of the investigation quickly became a trending topic, garnering 1.4 billion views, reflecting a divided public opinion [6] - Small and medium-sized hotel operators generally support the investigation, citing rising commission rates and opaque traffic distribution as detrimental to their profit margins [7][12] Group 3: Ctrip's Market Position - As of the end of 2025, Ctrip's market capitalization was approximately 47.2 billion USD, ranking seventh among Chinese internet companies [8] - Ctrip reported a revenue of 183 billion RMB and a net profit of 199 billion RMB in Q3 2025, with a profit margin of 33.9% [11][12] - Ctrip's market share in the domestic core travel market is estimated at 56%, with the "Ctrip system" accounting for nearly 70% when including its subsidiaries [16][18] Group 4: Industry Dynamics - The OTA industry's supply structure is highly fragmented, with many small hotels relying on platforms like Ctrip for customer acquisition [15] - The increasing concentration of market power has shifted OTA platforms from mere intermediaries to influential players in pricing and marketing strategies [18][20] - The high profitability of OTA platforms is attributed to market competition rather than solely to exploitation of merchants [21] Group 5: Future Implications - The investigation aims to hold OTA platforms accountable for their market influence and to reassess the balance of power between platforms and merchants [24][28] - Potential changes may include adjustments to commission rates and the weakening of restrictive clauses in contracts [25] - Long-term structural issues in the hotel and travel industry, such as oversupply and high customer acquisition costs, will not be resolved by regulatory actions alone [28]