2026.01.17 本文字数：1797，阅读时长大约3分钟 作者 |第一财经 乐琰 OTA（在线旅游代理商）业界最近遇上大风波。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。 随后，携程回应，表示各项业务正常运行，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。 无论是携程还是其他OTA，佣金是最基本收益模式，具有市场优势的大型OTA是主要渠道。从上述数据 来看，连锁化率不高则意味着大量酒店都是闲散发展，自身的直销能力不强，不少酒店需要依靠大型 OTA进行客房分销，这就使得拥有高市场覆盖率的OTA占据强势地位。 于是部分OTA在定价、推广、平台排名上会对酒店有牵制。有部分酒店经营者对笔者透露，平台会通过 补贴、排名和付费推广等方式来降低酒店客房售价或要求酒店方面付费支持，即酒店买单但平台赚钱， 当然有时平台自己也会出补贴费用。这类似此前外卖大战的补贴逻辑，餐厅被要求参加补贴低价战，造 成餐厅利润下滑甚至亏损。 这一点在不具备连锁能力的中小住宿业者中更为明显，比如民宿或一些小餐厅，如果不依靠 ...

调查原因大起底 市场支配地位的 "双刃剑" 在在线旅游这片广阔天地里，携程那可是妥妥的 "大块头"。根据交银国际的测算，2024 年携程在酒旅 市场的 GMV（商品交易总额）市占率达到了惊人的 56% ，和同程一合计，两家就占据了国内 OTA 市 场近 70% 的份额。这数据一摆出来，就能看出携程在行业里的地位有多稳固，说是 "龙头老大" 都不为 过。就好比在一场激烈的马拉松比赛中，别人还在奋力追赶，携程已经远远跑在前面，把大部队甩下了 一大截。 惊爆！携程被立案调查 家人们，今天必须来跟大家聊聊这个大瓜！携程，这个在线旅游行业的巨头，竟然被立案调查啦！消息 一传出，那可是在网络上掀起了惊涛骇浪，迅速霸榜各大热搜，网友们也纷纷开启 "吐槽" 与 "热议" 模 式。谁能想到，平时我们订酒店、买机票常用的携程，背后竟隐藏着这样的大事件？这到底是怎么一回 事呢？别急，听我慢慢道来。 但家人们要清楚，占据市场支配地位本身可不是违法的事儿。毕竟，能做到行业领先，那也是靠着人家 前期的努力、投入和创新，一步步打拼出来的。就像一家餐馆，要是饭菜好吃、服务周到，口碑传开 了，客人自然就多，生意越做越大，慢慢在当地餐饮市场有了 ...

当"天下苦携程久矣"这句话在酒店民宿商家间流传，携程在2025年先后被贵州省市场监管局、郑州市市 场监管局约谈，还被云南省旅游民宿行业协会、黄山市徽州民宿协会公开发函，启动了针对其不正当竞 争行为的反垄断维权工作。 2026年1月14日，国家市场监督管理总局依据《中华人民共和国反垄断法》（下称《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。 一位接近监管部门的人士告诉经济观察报，此次的反垄断调查不局限于携程的酒店业务，还包括机票等 业务，以及是否存在大数据杀熟消费者等情况。 经济观察报调查发现，携程的佣金6年未涨，包括金字塔、云梯等收费玩法近两年也未发生变动，但商 家和携程的矛盾却愈演愈烈。 在携程推广的操作后台，一位成都民宿主把单次点击的报价出到了3.5元，系统给出的竞争力评分只有 7.9，满分是10分。后台提示：再涨3毛，预计7天可获曝光6455—8733次，点击781—1057次。 这位民宿主算了笔账：消费者点击一次，他就要掏三块多，一天烧掉几百元，一个月就是几千元。可停 掉推广，民宿曝光下降，入住率低，他还是亏。 多位云南民宿主反映，综合携程的特牌、云梯、金字塔等推广方式 ...

从时间线上看，此次立案并非孤立事件。2025年下半年起，围绕OTA平台的监管动作已逐步增多。 2025年12月，云南民宿协会公开征集携程"二选一"、佣金率过高（部分达30%）及流量屏蔽等相关证据；2025年9月，郑州市市场监督管理局就携程强制 开通"调价助手"、擅自大幅修改酒店房价问题下达整改通知；2025年8月，贵州省市场监督管理局联合约谈携程、美团等5家平台，明确禁止"二选一"及技 术手段操控价格。 原标题：携程们，是该整顿了 "闷声赚钱"的携程，不能再闷不作声了。 1月14日下午，根据新华社消息，国家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。 携程随后回应称，已收到通知并将积极配合调查，全面落实监管要求，同时强调业务正常运行，将持续为用户与合作伙伴提供服务。 资本市场反应迅速。两日以来携程股价下跌超过20%，市值蒸发1000亿港元。截至1月15日收盘，报460港元/股。 这些分散但持续出现的监管信号，在这一刻被集中放大。OTA行业，也到了该变一变的时刻。 01 监管为何此时出手？ 携程被反垄断调查的消息一经公布，立马冲上了热搜 ...

近期，反垄断有新动作。 国务院反垄断反不正当竞争委员会办公室对外卖平台服务行业市场竞争状况开展调查、评估。 市场监管总局根据前期核查，对携程涉嫌滥用市场支配地位实施垄断行为立案调查。 当平台滥用市场支配地位，中小商户只能"卷"价格、让渡利益。从长远看，这对技术进步、业态创新、 服务升级非常不利。 反垄断是市场经济的基本规则，维护正常的新陈代谢。 良好的生态系统，既有参天大树，也有灌木小草，万木竞秀方能生机勃勃。良好的市场生态，能让各类 经营主体在竞争中各展所长、共创繁荣。"水大鱼大"，才能拓展公共利益，增进民生福祉。 垄断阻碍公平竞争、扭曲资源配置、损害经营主体和消费者利益、扼杀技术进步，与社会主义市场经济 水火不容。这就需要更好激发"榕树效应"，及时限制"桉树效应"。反垄断愈深入，市场活力愈澎湃。 反垄断，打蛇得打七寸。 天价罚单固然起到有效震慑作用，但罚款只是手段，不是目的。朝着形成垄断的"七寸处"打出监管"组 合拳"，才能杜绝这家企业"按下葫芦"那家企业又"浮起瓢"。 此前，阿里巴巴集团、美团因垄断行为分别被处以182.28亿元、34.42亿元的罚款，引发广泛关注。随着 平台经济高歌猛进，人们对垄断危害 ...

Financial Impact - Ctrip (TCOM) is under investigation for alleged monopolistic practices, with a potential fine estimated at RMB 1.5 billion, representing 4% of its 2024 domestic revenue[2][5] - The financial impact of the fine is considered limited, with a projected net profit margin decrease of 2 percentage points for the 2026 fiscal year[5][10] Revenue Projections - Ctrip's total revenue for the 2026 fiscal year is expected to reach RMB 70.1 billion, reflecting a 13% year-on-year growth[10][11] - Domestic accommodation revenue is projected to grow by 3% year-on-year, while overall accommodation revenue is expected to increase by 13%[10][11] Profitability Metrics - Non-GAAP operating profit for 2026 is estimated at RMB 19.1 billion, a 5% increase from the previous year, with a profit margin of 27%, down 2 percentage points[10][11] - The net commission rate is expected to stabilize at 8.8%, which is within the historical range of 8%-10%[10][11] Market Position and Risks - Ctrip is expected to maintain its leading position in the online travel market, but faces risks of market share loss due to regulatory pressures and competition[8][9] - Potential loss of price-sensitive customers and hotel inventory could occur if Ctrip allows merchants to set their own prices without inventory lock-in[9] Valuation Outlook - Ctrip's valuation may revert to historical levels of 12-15 times earnings, with the stock price potentially dropping to a range of USD 44-55 per ADR[15] - The company’s valuation has been driven by strong revenue growth and profit margin expansion, but regulatory scrutiny may hinder future profitability[15]

Core Viewpoint - The article discusses the antitrust investigation into Ctrip, highlighting it as a stress test for platform governance capabilities from an ESG perspective [2]. Group 1: Antitrust Investigation - The antitrust investigation into Ctrip is not a sudden event but indicates accumulated structural issues within the company [2]. - The investigation focuses on whether Ctrip has abused its market dominance, with a market share of over 50% typically indicating such dominance [5]. - Ctrip's market share in the OTA sector is projected to reach 56% by 2024, solidifying its leading position [5]. - Allegations include practices like "forced choice" for merchants, which have been previously cited in other antitrust cases against major platforms [6][5]. Group 2: Financial Performance - Ctrip's gross margin is approximately 81% and net margin around 33%, comparable to leading companies like Tencent and NetEase [10]. - The majority of Ctrip's revenue comes from accommodation bookings and transportation ticketing, which are typical transaction-based intermediary services [10]. - The high profits of Ctrip are attributed to its control over transaction entry points and pricing, rather than creating new content or relying on unique technology [10]. Group 3: ESG Governance Perspective - The article raises the question of whether monopolistic practices are inherently wrong, emphasizing that achieving market dominance through legal means is not illegal [7]. - Ctrip's high profits have not been reinvested into the industry, raising concerns about its responsibilities as a "chain leader" in the tourism sector [11]. - The structural imbalance of "high profits, low accountability" is a long-standing issue in Ctrip's profit model [12]. - The core responsibility of leading companies is to avoid abusing their market power and to ensure fair competition [13]. Group 4: Market Reaction and Future Implications - Following the announcement of the antitrust investigation, Ctrip's stock price dropped by 18%, indicating market concerns over governance risks [14]. - Ctrip's ESG rating was A in 2025, but there is a noted gap between its compliance commitments and actual business practices [14]. - The investigation may lead to a reassessment of Ctrip's business model and could impact its future operations and ESG ratings [17].

（文章来源：每日经济新闻） 每经AI快讯，1月16日，美股中概股盘前涨跌互现，蔚来涨1%，阿里巴巴跌0.5%，小鹏汽车跌0.8%， 携程跌2%。 ...

Core Viewpoint - The article critiques the current state of Chinese companies, particularly platform giants like Ctrip, for prioritizing profit over social value, suggesting that this focus on growth has led to a distorted business ethos [2][4][12]. Group 1: Company Performance and Impact - Ctrip reported a net profit of 19.9 billion yuan in the third quarter, averaging over 200 million yuan per day, which is more than the combined earnings of its upstream and downstream partners in the industry [2]. - The article highlights that the suffering is not limited to Ctrip but extends to other platform companies like Meituan, Pinduoduo, and Douyin, indicating a broader issue within the platform economy [3]. Group 2: Business Philosophy and Values - The growth mindset of Chinese companies has become overly performance-oriented, treating financial metrics as the sole purpose of existence, which is seen as a fundamental misunderstanding of business [4][5]. - The essence of a company should not be merely profit generation but rather solving social problems, as articulated by business theorists like Coase, Schumpeter, and Drucker [6][11]. Group 3: Ethical Considerations and Responsibilities - The article argues that the current approach of companies, driven by metrics and monopolistic practices, leads to societal discontent and a loss of ethical grounding [10][12]. - Companies are urged to reflect on their societal impact and responsibilities, questioning whether their existence benefits the world or merely serves their own growth ambitions [14].

专题：携程被市场监管总局立案调查 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：Hacking黑白红 65亿是如何算出来的呢？ 律师根据反垄断法测算，如果查实，携程可能面临上一年度营业额1%到10%的罚款。按2025年的营收 650亿算，最高能到65亿。目前监管总局已经进驻上海总部调查，这波估计是要动真格的。 65亿是真肉疼。很多大厂一年的净利润都没这么多，这一张罚单下去，几年白干。 但对于携程来说，似乎不是什么大数字。 公开信信息 继阿里182亿、美团34亿、滴滴80亿后， 携程或面临49 - 65亿罚款，数额比美团还高，这让人意外。 携程2025年前三季，收入471亿元，净利润290亿，预计全年总利润应该在350亿以上。 看看上图的数据 就像有用户反映，去年被携程频繁打电话推销贷款产品，不胜其烦。 罚款不是目的，拆解才是。这种天价罚单通常伴随着业务大整改，那些灰色地带的收入以后别想了。 携程看似低调，实则"能量"不小，市场普遍认为，后续高额罚款是对携程垄断行为的警示， 也有网友爆料： 携程被罚，不只是杀熟那么简单 甚至涉及洗钱、诈骗 市场需要公平竞争环境。 81%的毛利、 ...