天下苦携程久矣

Core Viewpoint - The article discusses the significant antitrust investigation against Ctrip Group, highlighting the company's monopolistic practices and the resulting consumer dissatisfaction, which has led to a notable decline in its stock price [4][6]. Group 1: Antitrust Investigation - On January 14, 2026, the State Administration for Market Regulation initiated an antitrust investigation against Ctrip for allegedly abusing its market dominance [4]. - The announcement triggered a 6.49% drop in Ctrip's stock price, reflecting widespread consumer support for the investigation due to long-standing grievances against the company [4][6]. - Industry insiders indicate that businesses in the travel sector have been struggling with Ctrip's monopolistic practices, often feeling compelled to pay a "traffic tax" to maintain their customer base [6][7]. Group 2: Market Position and Financial Performance - Ctrip has emerged as one of the top internet companies in China, ranking seventh in market value by 2025, up from fifteenth in 2021 [10]. - The company reported a net profit of 199 billion yuan in Q3 2025, with a net profit margin of 32%, significantly higher than many of its peers [10][11]. - Ctrip controls over 56% of the domestic online travel market, solidifying its position alongside its subsidiary, Qunar, and creating a strong market presence [11][12]. Group 3: Industry Dynamics and Challenges - Despite Ctrip's dominance, there is a growing resistance from airlines and other businesses attempting to reduce their reliance on OTA platforms, with several airlines launching their own platforms to regain pricing power [13]. - The ongoing antitrust investigation signifies a critical shift in regulatory scrutiny, potentially impacting Ctrip's relationships with its numerous partners in the travel industry [13].