反垄断调查：商家苦携程久矣

Core Viewpoint - Ctrip has faced increasing tensions with merchants due to stagnant commission rates and restrictive practices, leading to a significant backlash from the hospitality industry and regulatory scrutiny [1][2]. Group 1: Commission Structure and Merchant Relations - Ctrip's commission rates have remained unchanged for six years, with overall costs for merchants reaching 30%-40% due to various promotional methods [1][11]. - Merchants report that despite high commission rates, declining traffic and average order values have made it difficult to sustain profitability, leading to sentiments of "working for the platform" [1][7]. - The introduction of the "special label" (特牌) for hotels has created additional burdens, as merchants are often restricted from selling on other platforms, impacting their revenue streams [3][4]. Group 2: Regulatory Actions and Investigations - The National Market Supervision Administration has initiated an antitrust investigation into Ctrip for potential abuse of market dominance, which includes examining practices across hotel and flight bookings [2][15]. - The Yunnan Provincial Tourism Homestay Industry Association has begun collecting evidence of unfair competition against Ctrip, indicating a growing movement among merchants to challenge the platform's practices [3][16]. Group 3: Market Dynamics and Competition - The hospitality market in Yunnan is experiencing a significant imbalance, with merchants relying heavily on Ctrip for bookings, often accounting for 70%-90% of their orders [7][11]. - As competition intensifies, the effectiveness of Ctrip's promotional strategies has diminished, leading to increased costs for merchants without guaranteed returns [10][11]. - Ctrip's market share in the domestic OTA sector is approximately 56%, with its strategic investments further consolidating its dominance [14][15]. Group 4: Future Outlook and Industry Implications - The ongoing antitrust investigation may lead to regulatory changes that could reshape Ctrip's operational practices and its relationship with merchants [15][16]. - Industry experts suggest that while regulatory actions may address some issues, the fundamental challenges of oversupply and insufficient demand in the market remain [16][17]. - Ctrip is actively pursuing international expansion to diversify its growth avenues, indicating a strategic shift in response to domestic market pressures [17][18].