Core Viewpoint - Ctrip Group-S (09961) has received a notice of investigation from the State Administration for Market Regulation, indicating that an antitrust investigation has been initiated against the company [1] Group 1 - The company will actively cooperate with the ongoing investigation [1] - The company's business operations remain normal at this time [1]

新浪科技讯 1月14日晚间消息，针对携程集团有限公司涉嫌滥用市场支配地位实施垄断遭市场监管总局 立案调查一事，今日一则流出的截图信息显示，追觅科技创始人俞浩宣称公司对标携程的产品"今天就 推出"，目的在于"让携程不再垄断"。 "那我们成立机票与酒旅事业部吧，响应国家号召。"俞浩表示。 责任编辑：何俊熹 "那我们成立机票与酒旅事业部吧，响应国家号召。"俞浩表示。 责任编辑：何俊熹 新浪科技讯 1月14日晚间消息，针对携程集团有限公司涉嫌滥用市场支配地位实施垄断遭市场监管总局 立案调查一事，今日一则流出的截图信息显示，追觅科技创始人俞浩宣称公司对标携程的产品"今天就 推出"，目的在于"让携程不再垄断"。 ...

首先，携程出的问题大概率不在"贵不贵"，而在"能不能选"。在反垄断调查中，一个常见误区是：只要 平台收费高，就一定有问题。但从近年的执法实践看，监管真正警惕的，并不是"价格高低"，而是：市 场参与者是否还拥有真实、有效的选择权。 携程被立案调查不等于已经认定违法，更不等于"必然重罚"，但它释放的信号非常明确：监 管已经开始重新审视平台规则的边界，而不仅是价格与补贴。 近日，市场监管总局依据《反垄断法》，对携程集团涉嫌滥用市场支配地位行为立案调查。表面看，这 只是又一起"平台被查"的新闻，但如果结合近几年反垄断执法的真实着力点，这次调查真正指向的，很 可能并不是价格，而是规则本身。 当问题不再是"贵不贵"，而是"还能不能选"，平台的市场地位，也就不再只是规模问题，而开始触及规 则边界。 接下来，我们再做一次反垄断结构性推演。 换句话说： · 如果价格高，但商家可以自由去别的平台 · 如果佣金高，但规则透明、可谈、可替代 反而未必构成滥用。 真正危险的，是以下情形： · 看起来有很多选择 · 实际上没有一个"能活"的替代选项 而这，正是在线旅游平台最敏感的结构性问题。 其次，携程的"平台地位"，不只是市场份额问题 ...

Core Viewpoint - Ctrip has risen from the 15th position in 2021 to the 7th position in 2025 among internet companies, becoming one of the most profitable internet companies in China [1][5]. Group 1: Regulatory Investigation - On January 14, 2026, the State Administration for Market Regulation initiated an antitrust investigation against Ctrip for suspected abuse of market dominance, which has sparked significant reactions from consumers and industry insiders [1][2]. - The investigation has drawn parallels to previous cases involving Alibaba and Meituan, which faced substantial fines of 18.228 billion yuan and 3.442 billion yuan respectively, suggesting that Ctrip may also face similar penalties [1]. - Ctrip's stock price fell by 6.49% on the day of the announcement, reflecting market concerns over the potential impact of the investigation [1]. Group 2: Market Position and Financial Performance - Ctrip has established itself as a dominant player in the online travel market, holding over 56% of the transaction volume in China by the end of 2025, alongside its subsidiary Qunar [6]. - The company reported a net profit of 19.9 billion yuan in the third quarter of 2025, translating to a daily profit of approximately 216 million yuan, with a net profit margin of 32% [5]. - Ctrip's cumulative net profit for the first three quarters of 2025 reached 29 billion yuan, significantly surpassing the combined net profits of various segments in the A-share tourism sector [5]. Group 3: Industry Dynamics and Challenges - Many merchants in the travel industry have expressed frustration with Ctrip's market dominance, often feeling compelled to pay "traffic taxes" to maintain visibility on the platform [2][3]. - Ctrip's commission rates for merchants range from 12% to 15%, with additional promotional costs potentially raising the total to 20%-30%, which has led to significant profit pressure on these businesses [2]. - Despite attempts by new entrants like JD.com to disrupt the market, industry experts believe that Ctrip's established position makes it difficult for competitors to gain significant market share [6][7].

Core Viewpoint - The National Market Regulatory Administration has initiated an investigation into Ctrip for suspected abuse of market dominance under the Anti-Monopoly Law, signaling a significant regulatory shift in the online travel market where Ctrip holds a 56% market share [1][4][38]. Group 1: Company Overview - Ctrip is among the top five most profitable companies in the domestic internet sector [2]. - In 2024, Ctrip's market share is projected to reach 56%, with revenues of 62.85 billion yuan and a net profit expected to nearly double to 38.67 billion yuan by 2025, maintaining a gross margin above 80% [4][38]. Group 2: Regulatory Concerns - The investigation raises questions about whether Ctrip's market dominance stems from technological innovation and service improvement or from monopolistic control and coercive practices against partners [5][39]. - Ctrip has faced scrutiny for its "price adjustment assistant" tool, which allegedly undermines merchants' pricing autonomy by automatically scanning competitors' prices and enforcing lower hotel rates [8][39]. Group 3: Industry Impact - The collective action from the Yunnan Provincial Tourism Homestay Industry Association against Ctrip highlights significant grievances, including forced "choose one" agreements and unilateral commission increases from 12% to 15-20%, far exceeding the industry average of 8-10% [15][42]. - The ongoing investigation and regulatory actions signal a broader industry issue, indicating that the market's competitive landscape is not solely a Ctrip problem but a systemic issue within the OTA sector [61][64]. Group 4: Future Implications - Potential outcomes for Ctrip include mandatory cessation of identified monopolistic practices, substantial fines based on previous year's revenue, and structural reforms to ensure fair competition [21][51]. - The regulatory focus on Ctrip may compel all OTA platforms to reassess their core business models, shifting from aggressive market control to enhancing service quality and transparency [34][70].

对此，"携程黑板报"微信公众号发布公告回应称，近日，携程接到国家市场监管总局通知，依法对携程 涉嫌垄断行为进行立案调查。公司将积极配合监管部门调查，全面落实监管要求，与行业各方携手共建 可持续发展的市场环境。目前，公司各项业务均正常运行，将一如既往地为广大用户和合作伙伴提供优 质的服务。 1月14日，市场监管总局发文指出，近日，市场监管总局根据前期核查，依据《中华人民共和国反垄断 法》，对携程集团有限公司(09661)涉嫌滥用市场支配地位实施垄断行为立案调查。 ...

图源：公众号截图 公告显示，近日，携程接到国家市场监管总局通知，依法对携程涉嫌垄断行为进行立案调查。公司将积极配合监管部门调查，全面落实监管要求，与 行业各方携手共建可持续发展的市场环境。目前，公司各项业务均正常运行，将一如既往地为广大用户和合作伙伴提供优质的服务。 据"新华社"1月14日报道，从市场监管总局获悉，近日，市场监管总局根据前期核查，依据《中华人民共和国反垄断法》，对携程集团有限公司涉嫌滥 用市场支配地位实施垄断行为立案调查。 今日盘中携程美股股价最高下跌超过9%，截至收盘总计下跌4.15%，报75.68美元/股，总市值493.61亿美元。 2026年1月14日，携程黑板报发布公告回应了关于"涉嫌滥用市场支配地位实施垄断"的立案调查事件。 ...

Core Viewpoint - The State Administration for Market Regulation has initiated an investigation into Ctrip Group for suspected monopolistic behavior, following complaints from the Yunnan Provincial Tourism Homestay Industry Association regarding unfair competition practices [2][3]. Group 1: Investigation and Response - The investigation is based on allegations of Ctrip abusing its market dominance, including practices such as "choose one from two" clauses, arbitrary commission increases, and unfair trading conditions [3][4]. - Ctrip has stated it will cooperate with the regulatory authorities and continue to provide quality services to users and partners [2]. Group 2: Complaints and Evidence Collection - The Yunnan Homestay Association has received multiple complaints from its members about Ctrip's practices, which they believe harm the rights of homestay operators and disrupt fair market competition [3][4]. - The association has decided to collect evidence of unfair competition and monopolistic behavior from its members, including contract terms and communication records [4]. Group 3: Broader Industry Context - The association's president indicated that similar issues exist across the OTA industry, particularly among leading platforms, and that the investigation will encompass all relevant OTA platforms [6]. - Previous regulatory actions have been taken against Ctrip and other platforms for similar issues, including price manipulation and contract violations [6]. Group 4: Market Impact - Following the announcement of the investigation, Ctrip's stock price fell by 6.49%, closing at 569.5 HKD per share [7].

Core Viewpoint - The National Market Supervision Administration of China has initiated an antitrust investigation against Trip.com Group Limited for alleged abuse of market dominance and monopolistic practices [1] Group 1: Company Overview - Trip.com Group Limited is a leading one-stop travel platform globally, operating brands such as Trip.com, Ctrip, Skyscanner, and Qunar [1] - The company was listed on the NASDAQ in 2003 and subsequently on the Hong Kong Stock Exchange in 2021 [1] Group 2: Allegations and Complaints - The Yunnan Province Tourism Homestay Industry Association has reported multiple complaints from its members regarding Trip.com and other online travel agencies (OTAs) using their market dominance to impose unfair practices [1] - Allegations include the implementation of "pick one from two" clauses, arbitrary commission increases, unfair trading conditions, and traffic blocking [1] Group 3: Regulatory Actions - In August 2025, the Guizhou Provincial Market Supervision Administration held discussions with Trip.com and four other travel platform companies regarding potential issues such as "pick one from two," interference with merchant pricing through technology, contract breaches, price fraud, and price gouging [1]

新华财经上海1月14日电（记者高少华）针对被国家市场监管总局立案调查，携程公司14日下午回应 称，"公司将积极配合监管部门调查，全面落实监管要求，与行业各方携手共建可持续发展的市场环 境。" 携程公司此前发布财报显示，2025年第三季度，携程实现营收183亿元，同比增长16%；净利润为199亿 元，同比增长192.6%。 （文章来源：新华财经） 近日，市场监管总局根据前期核查，依据《中华人民共和国反垄断法》，对携程集团有限公司涉嫌滥用 市场支配地位实施垄断行为立案调查。 携程在回应中同时表示，目前，公司各项业务均正常运行，将一如既往地为广大用户和合作伙伴提供优 质服务。 ...