Core Viewpoint - The hotel industry is buzzing about JD's announcement of "up to 3 years with zero commission" for hotel listings, but the practicality and long-term implications of this strategy are questioned [1][4][16]. Group 1: Market Context - As of the end of 2024, there are approximately 370,300 hotels in China, with a chain rate exceeding 45%, indicating that many hotels have established supply chains that may be more efficient than JD's [6][7]. - Leading hotel brands not only have strong supply chains but also robust franchise systems to maintain control over their resources [8]. Group 2: Competitive Landscape - The hotel industry is characterized by a gradual adjustment of commission rates, with platforms like Meituan and Ctrip having established their market positions over time [19][21]. - JD's entry into the hotel sector is compared to its previous experience in the food delivery market, where it initially offered zero commission but faced challenges in maintaining profitability [27][30]. Group 3: Strategic Challenges - The hotel business requires building direct connections with hotels, inventory distribution systems, and pricing strategies, which is more complex than the logistics of food delivery [48]. - JD's historical attempts to enter the OTA market, such as investing in Tuniu, have not been successful, raising concerns about its current strategy [43][46]. Group 4: Potential Opportunities - There is potential for JD to succeed in the hotel sector, but it will require sustained effort, patience, and a focus on building relationships with hotels rather than relying solely on promotional tactics [55][66]. - The concept of "JD Hotel PLUS Membership" could create an ecosystem that integrates member benefits, points redemption, and cross-category recommendations, which may differentiate JD from existing OTA players [69]. Group 5: Long-term Perspective - The OTA market is not conducive to quick wins; it favors long-term strategies and consistent efforts to build a network of partnerships with hotels [72][74]. - JD must focus on becoming "JD's OTA," leveraging its strengths in supply chain management to carve out a unique position in the hotel industry [68].