Group 1 - The core point of the article is that the National Market Regulatory Administration has initiated an investigation into Ctrip Group-S (09961) for monopolistic behavior, leading to a 17% drop in Ctrip's ADR price in the US market [1][5]. - Citi estimates that antitrust actions in China may become more routine, with the investigation focusing on exclusive cooperation rights and whether the platform is pressuring merchants due to its advantages [1][5]. - Despite potential loss of exclusive cooperation rights, Ctrip is expected to maintain strong competitiveness due to its large transaction volume and long-term relationships with hotels [1][5]. Group 2 - Ctrip may need to provide more support to merchants, which could pressure profit margins in the short term [1][5]. - The adjusted operating profit margin for Ctrip is projected to be around 29% for the years 2025 to 2026, although merchant support measures may impact this margin [1][5]. - Given the relatively mild competition in the online travel market, the company is believed to be able to offset some of the impacts through further operational efficiency improvements [1][5].