Core Viewpoint - The Zhengzhou Market Supervision Administration has conducted an administrative interview with Ctrip Travel Network for violating e-commerce laws and regulations, emphasizing the need for the company to rectify its practices to ensure fair competition and protect the rights of platform operators [2][3]. Group 1: Regulatory Actions - Ctrip Travel Network was found to have unreasonably restricted transactions and pricing of platform operators, violating the E-commerce Law and the Interim Provisions on Anti-Unfair Competition [2]. - A corrective notice was issued to Ctrip on September 4, 2025, requiring the company to amend contract terms and optimize pricing tools within a specified timeframe [2]. - The administrative interview aims to ensure the company takes the necessary steps to comply with regulations and maintain a fair market order [2][3]. Group 2: Compliance and Accountability - Ctrip is required to establish a long-term compliance mechanism, enhance internal supervision, and hold accountable those responsible for similar issues in the future [2]. - The meeting emphasized the importance of fair competition in the market economy and urged internet platform companies to strengthen their legal awareness and actively cooperate with regulatory authorities [2]. - Ctrip must correct unreasonable restrictions, respect merchants' autonomy, and address issues such as "mandatory activation and inability to exit" to reshape its service philosophy centered on users and merchants [2][3]. Group 3: Ongoing Monitoring - The Zhengzhou Market Supervision Administration will continue to monitor the progress of Ctrip's rectification efforts and conduct inspections to ensure the company fulfills its responsibilities [3].

Group 1 - The platform has violated the Electronic Commerce Law of the People's Republic of China and the Interim Provisions on Unfair Competition, leading to a corrective notice issued by the Zhengzhou Market Supervision Administration on September 4, 2025 [1][4] - The meeting emphasized the importance of fair competition in the market economy and required the platform to complete rectification tasks within a specified timeframe, including revising contract terms and optimizing pricing tools [2][4] - The Zhengzhou Market Supervision Administration will continue to monitor the progress of the rectification and conduct inspections to ensure compliance with market regulations [2][4] Group 2 - Internet platform companies are urged to enhance their legal awareness and establish a regular mechanism for learning laws and regulations to improve compliance capabilities among management and operational staff [2] - Companies must correct unreasonable restrictions and respect merchants' autonomy, addressing issues such as "mandatory activation and inability to exit" [2] - The platform is required to ensure the legitimate rights and interests of operators, prohibiting the use of technical means to manipulate prices or restrict transactions [2]

Core Viewpoint - The article discusses the administrative interview conducted by Zhengzhou Market Supervision Administration with Ctrip Travel Network, highlighting the company's violations of e-commerce laws and the need for compliance and rectification measures [2][3]. Group 1: Regulatory Actions - Zhengzhou Market Supervision Administration conducted an administrative interview with Ctrip Travel Network on September 17, 2025, due to violations of the E-commerce Law and regulations against unfair competition [2]. - The administration issued a "Notice of Correction" on September 4, 2025, mandating Ctrip to rectify unreasonable restrictions on transactions and pricing imposed on platform operators [2]. Group 2: Compliance Requirements - Ctrip is required to take the administrative interview seriously and complete the necessary rectifications within the specified timeframe, including revising contract terms and optimizing pricing tools [2]. - The company must establish a long-term compliance mechanism, enhance internal supervision, and ensure that similar issues do not recur [2]. Group 3: Fair Competition Emphasis - The article emphasizes that fair competition is central to a market economy, urging internet platform companies to enhance legal awareness and actively cooperate with regulatory authorities [3]. - Companies are encouraged to correct unreasonable restrictions, respect merchants' autonomy, and address issues like "mandatory activation and inability to exit" [3]. - The Zhengzhou Market Supervision Administration will continue to monitor the progress of rectifications and conduct inspections to ensure compliance and maintain a fair market order [3].

据"郑州市场监管"微信公众号消息，2025年9月17日，郑州市市场监管局依法对携程旅行网运营主体进行行政约 谈。 经调查核实，该平台违反《中华人民共和国电子商务法》第三十五条及《网络反不正当竞争暂行规定》第二十四条 的规定，存在利用服务协议、交易规则和技术手段对平台内经营者的交易及交易价格进行不合理限制的问题。郑州 市市场监管局已于2025年9月4日依法向其下达《责令改正通知书》。本次约谈旨在督促企业全面整改、规范运营， 切实维护公平竞争市场秩序，保障平台内经营者合法权益。 会议要求，携程旅行网要高度重视此次行政约谈，严格按照时限完成整改。企业要在规定期限内完成合同条款修 订、调价工具优化等整改任务，并建立健全长效合规机制，加强内部监管和问责，杜绝类似问题再次发生，确保依 法合规开展经营活动。 会议强调，公平竞争是市场经济的核心。互联网平台企业应进一步增强法治意识，主动接受监管： 郑州市市场监管局将持续跟踪整改进展，依法开展验收检查，督促企业全面落实主体责任，共同维护公平有序、健 康发展的网络市场秩序。 来源："郑州市场监管"微信公众号 责编：刘珺宇 校 对：赵燕 百万用户都在看 打卡！600万！ 利好来袭！ ...

微信公众号"郑州市场监管"消息，9月17日，郑州市市场监管局依法对携程旅行网运营主体进行行政约 谈。 会议强调，公平竞争是市场经济的核心。互联网平台企业应进一步增强法治意识，主动接受监管：一要 建立健全常态化法律法规学习机制，不断提升中高层管理人员及一线运营人员的合规经营能力，积极配 合市场监管部门工作；二要坚守诚信原则，彻底纠正各类不合理限制行为，充分尊重商户自主经营权， 针对"强制开通、无法退出"等问题进行彻底整改，重塑以用户和商户为中心的服务理念；三要切实保障 平台内经营者合法权益，严禁利用技术手段变相操控价格、限制交易，真正尊重商户自主定价权，积极 构建开放、公平、透明的平台环境。 经调查核实，该平台违反《中华人民共和国电子商务法》第三十五条及《网络反不正当竞争暂行规定》 第二十四条的规定，存在利用服务协议、交易规则和技术手段对平台内经营者的交易及交易价格进行不 合理限制的问题。郑州市市场监管局已于2025年9月4日依法向其下达《责令改正通知书》。本次约谈旨 在督促企业全面整改、规范运营，切实维护公平竞争市场秩序，保障平台内经营者合法权益。 会议要求，携程旅行网要高度重视此次行政约谈，严格按照时限完成 ...

经调查核实，该平台违反《中华人民共和国电子商务法》第三十五条及《网络反不正当竞争暂 行规定》第二十四条的规定，存在利用服务协议、交易规则和技术手段对平台内经营者的交易 及交易价格进行不合理限制的问题。郑州市市场监管局已于2025年9月4日依法向其下达《责令 改正通知书》。本次约谈旨在督促企业全面整改、规范运营，切实维护公平竞争市场秩序，保 障平台内经营者合法权益。 会议要求，携程旅行网要高度重视此次行政约谈，严格按照时限完成整改。企业要在规定期限 内完成合同条款修订、调价工具优化等整改任务，并建立健全长效合规机制，加强内部监管和 问责，杜绝类似问题再次发生，确保依法合规开展经营活动。 会议强调，公平竞争是市场经济的核心。互联网平台企业应进一步增强法治意识，主动接受监 管：一要建立健全常态化法律法规学习机制，不断提升中高层管理人员及一线运营人员的合规 经营能力，积极配合市场监管部门工作；二要坚守诚信原则，彻底纠正各类不合理限制行为， 充分尊重商户自主经营权，针对"强制开通、无法退出"等问题进行彻底整改，重塑以用户和商 户为中心的服务理念；三要切实保障平台内经营者合法权益，严禁利用技术手段变相操控价 格、限制交易 ...

Core Viewpoint - The article highlights the regulatory actions taken by Zhengzhou Market Supervision Administration against Ctrip Travel Network for violating e-commerce laws and emphasizes the need for the company to rectify its practices to ensure fair competition and protect the rights of platform operators [1][2]. Group 1: Regulatory Actions - On September 17, 2025, Zhengzhou Market Supervision Administration conducted an administrative interview with Ctrip Travel Network due to violations of the E-commerce Law and regulations against unfair competition [1]. - The administration issued a "Notice of Correction" on September 4, 2025, mandating Ctrip to rectify unreasonable restrictions on transactions and pricing imposed on platform operators [1]. Group 2: Compliance and Rectification Requirements - Ctrip is required to take the administrative interview seriously and complete the necessary corrections within the stipulated timeframe, including revising contract terms and optimizing pricing tools [1]. - The company must establish a long-term compliance mechanism, enhance internal supervision, and ensure that similar issues do not recur, thereby conducting business in accordance with the law [1]. Group 3: Emphasis on Fair Competition - The article stresses that fair competition is central to a market economy, urging internet platform companies to enhance their legal awareness and actively cooperate with regulatory authorities [2]. - Companies are encouraged to correct unreasonable restrictions, respect merchants' autonomy, and address issues such as "mandatory activation and inability to exit" [2]. - The Zhengzhou Market Supervision Administration will continue to monitor the progress of rectifications and conduct inspections to ensure companies fulfill their responsibilities in maintaining a fair and orderly online market [2].

Core Viewpoint - JD.com is expanding its presence in the travel and hospitality sector, emphasizing quality service over price wars, as highlighted by founder Liu Qiangdong during a recent wine tasting event [1][5][10] Group 1: Company Initiatives - Liu Qiangdong hosted a live cooking event to promote JD.com's travel services, marking a return to direct user engagement after nearly 20 years [1][3] - The recent wine tasting event led to a record sale of 100 hotel rooms within 30 minutes, showcasing strong consumer interest in JD.com's travel offerings [3] - JD.com has previously entered the travel market, launching flight booking services in 2011 and establishing a travel channel in 2014, indicating a long-term strategy in this sector [4] Group 2: Market Strategy - Liu emphasized that JD.com will not engage in price wars within the OTA market, aiming to protect service quality and the profits of hotel operators [5][6] - The company is focusing on supply chain efficiencies in the hospitality sector, leveraging its existing infrastructure from its convenience store and food delivery businesses [9] - JD.com has a significant user base of over 800 million high-spending consumers, which aligns well with the target demographic of four-star and above hotels [9] Group 3: Competitive Landscape - Liu Qiangdong discussed the importance of healthy competition, advocating for strategic and value-driven approaches rather than personal rivalries, particularly in reference to competitors like Meituan [8] - The company aims to differentiate itself in the OTA market by offering unique experiences, such as the combination of high-end dining and hotel services [9]

Core Points - The Zhengzhou Market Supervision Administration conducted an administrative interview with the operating entity of Ctrip Travel Network on September 17, 2025, due to violations of the Electronic Commerce Law and regulations against unfair competition [1] - The investigation revealed that the platform imposed unreasonable restrictions on transactions and pricing of operators within the platform through service agreements, transaction rules, and technical means [1] - A corrective notice was issued to Ctrip on September 4, 2025, mandating the company to rectify its practices and ensure compliance with market regulations [1] Company Summary - Ctrip Travel Network is under scrutiny for non-compliance with electronic commerce laws and regulations, which could impact its operational practices and market reputation [1] - The administrative actions taken by the Zhengzhou Market Supervision Administration highlight the regulatory environment and the importance of fair competition in the online travel industry [1] - The company is required to implement comprehensive reforms to protect the legal rights of operators on its platform and maintain a fair market order [1]

Investment Rating - The report maintains a positive outlook on the travel industry, particularly on Ctrip, with a target price of $82 based on a 20x PE for 2026 N-GAAP OP of 20.851 billion RMB [4]. Core Insights - The global travel market has recovered to pre-pandemic levels, with a significant increase in inbound tourism driven by visa-free policies, showing a 15.8% year-on-year growth in inbound visitors in the first half of 2025 [3][7]. - The hotel industry is facing an oversupply, with a supply growth rate of 11.8% in the first half of 2025, leading to a potential 2-3 year period for inventory digestion [3][11]. - Ctrip is focusing on enhancing hotel efficiency and creating new demand scenarios, such as inbound tourism and performance markets [3][4]. - The importance of membership ecosystems is emphasized, as loyalty programs significantly influence the travel behavior of the new generation of travelers [3][7]. - AI applications in the travel industry are on the rise, with over 64% of consumers having used AI for travel planning, although concerns about data security and decision transparency remain barriers [3][15]. Summary by Sections Global Travel Market - The global travel market has returned to pre-pandemic levels, with online penetration rates continuing to rise. Inbound tourism saw a 15.8% increase in visitor numbers in the first half of 2025, with visa-free visitors growing by 53.9% [3][7]. - The demand for outbound travel is also recovering, with short-haul outbound travel increasing by 38.1% and long-haul by 22.3% [3][7]. Hotel Industry - The hotel industry is experiencing oversupply, with a 11.8% growth in hotel supply in the first half of 2025. Ctrip's CEO suggests that it may take 2-3 years to digest this inventory [3][11]. - Major hotel groups like Huazhu, Jinjiang, and Shoulv are focusing on deepening domestic market operations, with Huazhu making progress in Southeast Asia [3][11]. Ctrip - Ctrip is implementing strategies to help hotels improve efficiency and create new demand scenarios, such as inbound tourism and performance markets [3][4]. - The company is also enhancing its marketing efforts in overseas markets to capture the spending mindset of inbound foreign tourists [4]. Membership Ecosystem - The loyalty programs are increasingly influential among younger travelers, with 15-20% of the younger generation willing to spend more for membership upgrades [7]. AI Applications - AI is being increasingly utilized in the travel industry, with 64% of consumers having used AI for travel planning. However, issues like data security and decision transparency are still significant concerns [15].