Core Viewpoint - The Zhengzhou Market Supervision Administration has conducted an administrative interview with Ctrip Travel Network due to violations of e-commerce laws, specifically regarding unreasonable restrictions on platform operators' transactions and pricing [3][4]. Regulatory Actions - Ctrip was found to have violated Article 35 of the E-commerce Law of the People's Republic of China and Article 24 of the Interim Provisions on the Prohibition of Unfair Competition in the Network by using service agreements and technical means to impose unreasonable restrictions on transaction prices [3][4]. - The Zhengzhou Market Supervision Administration issued a "Notice of Correction" on September 4, 2025, requiring Ctrip to rectify its practices and ensure compliance with market regulations [3][4]. Compliance Requirements - Ctrip is required to revise contract terms and optimize pricing tools within a specified timeframe, establish a long-term compliance mechanism, and enhance internal supervision to prevent similar issues in the future [4]. - The administration emphasized the importance of fair competition and urged internet platform companies to strengthen their legal awareness and actively cooperate with regulatory authorities [4]. Complaints and Investigations - Multiple hotels have complained about Ctrip's "Price Adjustment Assistant" feature, which was allegedly activated without permission, automatically scanning competitor prices and forcing price reductions [5]. - The Zhengzhou Market Supervision Administration initiated an investigation into the "Price Adjustment Assistant" in July, following complaints from hotel operators regarding forced participation in discount activities [5]. Financial Performance - In Q2 2025, Ctrip reported revenue of 14.8 billion RMB, a year-on-year increase of 16%, and a net profit of 4.8 billion RMB, up 26% from the previous year [6]. - Ctrip's financial services, including consumer loans and supply chain finance, have shown significant growth, with Ctrip Small Loan's net profit increasing by 132.58% in the first half of 2025, reaching 4.429 million RMB [6].

Core Insights - The upcoming long holiday combining the Mid-Autumn Festival and National Day is expected to significantly boost the tourism market, with early travel planning encouraged by authorities [1][4]. Group 1: Travel Demand Trends - The "please take 3 days off for 12 days" strategy has created favorable conditions for long trips, leading to a diverse range of travel demands [2]. - Orders for inter-provincial border cities have surged, with a 58% year-on-year increase in bookings, particularly in cities like Zhaotong (95% increase) and Hezhou (88% increase) [2]. - Multi-destination travel products, such as long-distance tours and car rentals, have seen booking increases of 53% and 93% respectively [2]. Group 2: Emotional and Cultural Factors - Emotional value is becoming a key factor influencing travel decisions, with hotel searches in remote destinations like Xinjiang and Tibet rising by 60% [3]. - The desire for nature and relaxation is driving interest in scenic areas, with locations like Chongqing's Wushan gaining popularity for autumn foliage [3]. Group 3: International Travel Dynamics - The long holiday has led to a broadening of outbound travel, with bookings covering over 140 countries, and significant increases in interest for destinations like Australia and Russia [4]. - The introduction of visa-free policies, particularly for South Korea, has spurred a rise in flight searches, reshaping the outbound travel landscape [4]. Group 4: Local Tourism Growth - The long holiday also allows for deeper local cultural experiences, with events like the Shanghai Tourism Festival offering discounted tickets to various attractions [6]. - Family-oriented activities, including visits to theme parks and cultural sites, have seen ticket bookings increase by over 40% [6]. - The trend towards emotional and diverse travel experiences reflects a shift in consumer preferences, supported by policy changes and service innovations [6].

Group 1: Travel Demand and Trends - The upcoming National Day and Mid-Autumn Festival holiday has led to a surge in travel bookings, with outbound travel bookings increasing by over 30% year-on-year and inbound travel bookings doubling [1] - The unique holiday structure this year has stimulated diverse travel demands, with many consumers opting for "leave stacking" to extend their holidays [2][3] - Data shows that the order volume for interprovincial travel during the holiday has increased by 45% compared to last year, with significant interest in long-distance destinations like Xinjiang and Tibet [4] Group 2: Ticket Sales and Travel Patterns - Train tickets for popular routes sold out quickly upon release, indicating high demand for travel during the holiday period [2][3] - The peak travel period is expected to start on September 29, with October 1 anticipated as the highest traffic day before the holiday [3] - Over 30% of workers are choosing to travel during off-peak times, with significant savings on travel costs [5] Group 3: Emerging Travel Preferences - There is a noticeable shift from "check-in tourism" to "immersive vacations," with travelers seeking unique experiences that combine culture and relaxation [9] - Popular activities include cultural workshops and wellness retreats, reflecting a growing interest in meaningful travel experiences [9] - The demand for multi-destination travel is rising, with an increase in bookings for transportation services and long-distance travel packages [4] Group 4: International Travel Insights - Short-haul destinations like Hong Kong, Japan, and Southeast Asia remain popular, while countries along the Belt and Road Initiative are emerging as new hotspots for self-driving trips [5] - The rental car orders for these emerging destinations have seen significant growth, with Uzbekistan, Georgia, and Kazakhstan experiencing increases of 300%, 200%, and 1000% respectively [5][7] Group 5: Family and Child-Friendly Travel - Family-oriented hotels, particularly in South Korea, are gaining popularity, with certain hotels fully booked during the holiday period [7] - The trend of family travel is reflected in the increased search volume for family-friendly attractions and accommodations [6]

国庆长假在即，在线旅游业的喧嚣却被一纸约谈书悄然打破。 9月17日，郑州市市场监管局的一则公告，将行业巨头携程推至风口浪尖。公告称，已依法对携程运营 主体进行行政约谈，直指其涉嫌利用服务协议、交易规则及技术手段，对平台内经营者的交易与价格施 以不合理限制。 这一约谈源于此前多家入驻携程的酒店反映，平台通过"调价助手"强制干预酒店定价、阻碍功能取消等 问题。此前，在8月5日，贵州省市场监督管理局集中约谈携程等五家涉旅平台企业，对相关平台企业可 能存在的实施"二选一"、利用技术手段干预商家定价、订单生效后毁约或加价、价格欺诈、哄抬价格等 问题进行过通报。 对此，凤凰网财经《公司研究院》致电并短信留言至河南携程相关人员，对方并未回应。携程官方客服 则表示："目前没有收到相关通知，已经就相关问题进行了反馈。" 01 巨头阴影下的重锤：携程被约谈背后 回溯至1999年，中国互联网的黎明时分，四位背景各异的创始人——技术派的梁建章、行业通季琦、资 本家沈南鹏与管理者范敏，以200万元启动资金，共同点燃了携程的星火。 从2003年登陆纳斯达克敲响钟声，到2021年回归港股，携程在二十余载的浮沉中，通过投资、并购与合 纵连横 ...

来源丨凤凰网财经《公司研究院》 作者丨 DW 国庆长假在即，在线旅游业的喧嚣却被一纸约谈书悄然打破。 9 月 17 日，郑州市市场监管局的一则公告，将行业巨头携程推至风口浪尖。公告称，已依法对携程运营主体进行行政约谈，直指其涉嫌利用服务协 议、交易规则及技术手段，对平台内经营者的交易与价格施以不合理限制。 这一约谈源于此前多家入驻携程的酒店反映，平台通过"调价助手"强制干预酒店定价、阻碍功能取消等问题。此前，在 8 月 5 日，贵州省市场监督 管理局集中约谈携程等五家涉旅平台企业，对相关平台企业可能存在的实施"二选一"、利用技术手段干预商家定价、订单生效后毁约或加价、价格欺 诈、哄抬价格等问题进行过通报。 对此，凤凰网财经《公司研究院》致电并短信留言至河南携程相关人员，对方并未回应。携程官方客服则表示："目前没有收到相关通知，已经就相 关问题进行了反馈。" 01 巨头阴影下的重锤：携程被约谈背后 回溯至 1999 年，中国互联网的黎明时分，四位背景各异的创始人——技术派的梁建章、行业通季琦、资本家沈南鹏与管理者范敏，以 200 万元启 动资金，共同点燃了携程的星火。 从 2003 年登陆纳斯达克敲响钟声，到 ...

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 [1][4]. Group 1: Regulatory Actions - The Zhengzhou Market Supervision Administration found that Ctrip violated Article 35 of the E-commerce Law of the People's Republic of China and Article 24 of the Interim Provisions on Prohibition of Unfair Competition in the Internet, by unreasonably restricting transactions and pricing of platform operators [1][4]. - A corrective notice was issued to Ctrip on September 4, 2025, mandating the company to address these issues [1][4]. 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 [4][5]. - The company must establish a long-term compliance mechanism, enhance internal supervision, and ensure that similar issues do not recur [4][5]. Group 3: Fair Competition Emphasis - The meeting highlighted that fair competition is central to a market economy, urging internet platform companies to strengthen their legal awareness and actively cooperate with regulatory authorities [5]. - Ctrip is expected to correct unreasonable restrictions, respect merchants' autonomy, and address issues such as "mandatory activation and inability to exit" [5]. - The Zhengzhou Market Supervision Administration will continue to monitor the progress of rectifications and conduct inspections to ensure compliance with market order [5].

Core Insights - Ctrip's 2025 National Day travel trend forecast indicates a 45% year-on-year increase in cross-province travel orders for the Mid-Autumn and National Day holidays [1] - Key factors influencing travel decisions are emotional value, time efficiency, and cost-effectiveness, with a shift from "sightseeing" to "experiential travel" [1] Summary by Category Travel Orders - Domestic inter-provincial border cities have seen a 58% year-on-year increase in holiday order volume [1] - Notable increases in specific regions include: - Zhaotong, with a 95% increase in holiday pre-orders, known for its ethnic culture and natural scenery [1] - Hezhou, famous for its karst landforms and ancient town culture, with an 88% increase [1] - Ganzhou, attracting tourists with Hakka culture and revolutionary history, showing a 70% increase [1] Travel Preferences - Emotional value is becoming the core factor in destination selection, with "check-in tourism" gradually giving way to "immersive vacations" [1] - Hotel search interest for long-distance destinations such as Xinjiang, Tibet, and Inner Mongolia has increased by 60% year-on-year, primarily from first-tier and new first-tier cities [1]

计划在北京开展电商平台、众筹、网络约车等在线交易业务？您很可能需要办理一项关键资质——EDI许可证。本文为您详细解析在北京地区申请EDI证的 全面流程、所需材料及常见陷阱，助您高效合规地迈出创业第一步。 一、 什么是EDI许可证？我的业务需要它吗？ 1. 定义： 电商平台类： 这是最常见的类型。只要您的网站/平台为第三方商家和个人提供交易撮合服务（如淘宝、京东、拼多多模式），就需要申请EDI证。请 注意： 如果仅销售自家商品（如小米官网、华为商城），则不属于此类，通常只需ICP备案即可。 众筹平台类： 产品众筹、股权众筹等平台。 网络约车平台类： 如滴滴出行、嘀嗒出行等。 在线票务类： 机票、酒店、演出票务预订平台（如携程、去哪儿的平台部分）。 其他交易处理类： 如互联网金融平台、大宗商品交易平台等。 EDI许可证又称为在线数据处理与交易处理业务的经营许可，根据《电信业务经营许可管理办法》，凡是从事电商平台的、电商自营等电商平台都需要办理 EDI许可，EDI许可证是电商平台必须具备的市场准入资质，全称是：增值电信业务经营许可证-审批的范围是"在线数据处理与交易处理业务"，具体是指利 用各种与通信网络相连的数据 ...

Core Viewpoint - Ctrip Group (09961) maintains a strong growth trajectory with robust revenue and profit increases, driven primarily by hotel bookings and international business, leading to an "overweight" rating from Guotai Junan [1][2] Group 1: Financial Performance - For Q2 2025, Ctrip achieved revenue of 14.864 billion RMB, a 16.23% increase year-on-year, and a net profit attributable to shareholders of 4.864 billion RMB, up 26.4% [1] - Adjusted net profit forecasts for 2025, 2026, and 2027 are set at 18.325 billion RMB, 20.660 billion RMB, and 22.721 billion RMB respectively [1] - Adjusted EBITDA for the quarter was 4.880 billion RMB, reflecting a 10% increase, while adjusted operating profit rose by 10.4% to 4.668 billion RMB [1] Group 2: Revenue Breakdown - Revenue sources showed significant growth: accommodation bookings increased by 21.2%, transportation ticketing by 10.8%, group tours by 5.3%, business travel by 9.3%, and other revenues surged by 31% [1] - Domestic hotel performance outpaced transportation, indicating a low double-digit growth potential, while outbound business remained stable [1] Group 3: Market Position and Competitive Landscape - Ctrip's market share is reportedly increasing, with high growth rates in revenue aligning with previously tracked high-frequency data trends [1] - The company has maintained a stable sales expense ratio despite increased marketing investments, indicating effective cost management [2] - International business continues to show over 50% revenue growth, with significant contributions from markets like Hong Kong and Singapore, where Ctrip holds the leading market share [2]

Core Viewpoint - Ctrip Group-S (09961) maintains a "Buy" rating with robust revenue and profit growth driven by hotel bookings and international business, with adjusted net profits projected at RMB 183.25 billion, 206.60 billion, and 227.21 billion for 2025, 2026, and 2027 respectively [1][2] Financial Performance - In Q2 2025, Ctrip achieved revenue of RMB 14.864 billion, a 16.23% increase, and a net profit of RMB 4.864 billion, up 26.4% [1] - Adjusted net profit excluding non-recurring items was RMB 5.011 billion, reflecting a 0.5% increase, while adjusted EBITDA and operating profit grew by 10% and 10.4% respectively [1] Revenue Breakdown - Revenue sources showed significant growth: accommodation bookings increased by 21.2%, transportation ticketing by 10.8%, group tours by 5.3%, business travel by 9.3%, and other revenues by 31% [1] - Domestic hotel performance outpaced transportation, with a low double-digit growth rate, while outbound business remained stable [1] Market Position and Competition - Ctrip's market share is increasing, with high revenue growth aligning with previously tracked high-frequency data trends, and no significant impact from Agoda's competition observed [1] - The competitive landscape remains stable, supporting Ctrip's profit stability, with overseas business showing over 50% revenue growth and approaching a 15% share of total revenue [2] Profitability and Cost Management - Profitability is steadily improving, with unexpected profit mainly driven by sales expenses, which remained stable year-on-year despite increased marketing investments [2] - Ctrip has maintained multiple quarters of rising profit margins, indicating a favorable competitive environment and successful overseas expansion [2]