01 前几天，携程公布了最新一季财报。 当时，我正和几个酒店圈朋友喝茶，一位华北区域某酒管品牌的营销总监A 总指着新闻一阵感叹，说熙少，你看，这营收183亿，净利润能到199亿，太离 谱了吧？ 然后，他描绘起自己心目中的美好愿景，"如果有一天，携程不抽佣了，点评不压着我们了，客人直接在我们酒店官网下单，那这个行业该有多美好？" 这样的愿望很容易引起共鸣，几位同行很快接话，大致意思是干脆我们自己搞一个平台算了，茶桌上甚至有种明天就推翻OTA的气势。 听他们聊着，我心底却慢慢浮现出另一幅画面，因为十几年前的欧美，就曾上演过同样的剧情。 大约在2010-2015年，我常去欧洲采访，经常能听到各大酒店集团同行拍着桌子嚷嚷"我们不能再让Booking、Priceline（Booking的前身）们牵着鼻子走 了"。 当时的欧美酒店行业，有一整套与今天国内如出一辙的话术：直接预订才是未来，OTA 抢走了我们的利润、定价权和尊严，必须把客人夺回来。 说到做到，在那个携程、去哪儿还在火并、互相举报的年代，一场声势浩大的去OTA运动，真刀真枪地在美国和欧洲铺开了。 围绕价格一致条款，酒店们和Booking、Expedia打过官司 ...

Core Viewpoint - The regulatory authority in Zhengzhou has conducted an administrative interview with an online travel platform, highlighting unreasonable restrictions on transaction and pricing imposed on platform operators, and mandating revisions to contract terms and pricing tools to ensure compliance with e-commerce laws [1] Group 1: Regulatory Actions - The Zhengzhou Market Supervision Administration has ordered the online travel platform to revise its service agreements and optimize pricing tools within a specified timeframe [1] - The platform's actions were found to violate relevant provisions of the E-commerce Law, indicating a trend of regularized oversight of price manipulation by internet platforms [1][3] - The recent joint release of the "Internet Platform Pricing Behavior Rules (Draft for Comments)" by multiple regulatory bodies aims to standardize pricing-related business behaviors among platform operators and their partners [3] Group 2: Market Dynamics - Online travel platforms have become a primary choice for consumers, with many merchants relying on platform traffic to enhance profitability [1] - Some dominant platforms impose high commissions while simultaneously forcing merchants to lower prices, disrupting normal market pricing order and violating legal boundaries [1][2] - The interference in pricing by platforms can distort price signals, leading to mismatches between merchants' income and costs, ultimately affecting service quality and consumer experience [2] Group 3: Recommendations for Platforms - Platforms are encouraged to strengthen self-regulatory awareness and establish compliance management systems for pricing behavior [4] - The use of algorithms should be transparent, with clear negotiation mechanisms for price adjustments between platforms and merchants [4] - Platforms should also create complaint channels for pricing issues and maintain transaction information to ensure accountability in compliance management [4]

Core Insights - The report highlights the overall high consumer satisfaction in the online travel sector, but identifies significant issues affecting consumer experience that need attention [1][2][3] Group 1: Contract Issues - Satisfaction score for contract services is the lowest at 81.71, with 80.14% of related complaints involving unfair terms [1][2] - Online travel platforms often use standard contracts that inadequately disclose key service details such as cancellation policies and penalties [2] Group 2: Data Protection and False Advertising - Satisfaction score for personal information protection is 81.87, with 77.30% of complaints related to "data killing" practices [2] - Despite a relatively high satisfaction score of 83.71 for marketing, 72.90% of complaints pertain to false advertising [2] Group 3: After-Sales Service - After-sales service satisfaction score is 82.58, ranking lower among experience dimensions, with 85.58% of complaints focused on refund issues [2] - Complaints regarding refund processes significantly outnumber those related to complaint handling [2] Group 4: Regulatory Recommendations - The report suggests that regulatory bodies should enhance oversight and penalties for violations such as false advertising and unfair terms [3] - It recommends innovative regulatory methods, including data sharing and real-time monitoring of promotional practices to improve compliance [3] - A "white list" system is proposed to encourage businesses that comply with regulations and effectively handle consumer disputes [3]

Core Viewpoint - The Guizhou Provincial Market Supervision Administration has conducted a centralized interview with five online travel platforms (OTAs) to address potential monopolistic practices and other irregularities, marking a shift from post-event penalties to proactive compliance guidance [1][5][6]. Summary by Relevant Sections Regulatory Actions - The interview targets prominent violations such as forced "choose one" behavior, price intervention through technology, order cancellation with price hikes, and price fraud [2][3][5]. - Platforms are required to strictly adhere to laws including the Price Law and the Anti-Monopoly Law, with immediate self-inspection mandated [5][6]. Market Irregularities - Common issues include forced "choose one" practices that limit merchants' autonomy, price intervention through automated systems leading to non-transparent pricing, and unilateral order cancellations that harm consumer rights [2][3][4]. - Price fraud and misleading promotions, such as fictitious original prices and "yin-yang menus," are also prevalent [3][4]. Consumer Complaints - Data from the "Electric Complaint Treasure" platform indicates a significant rise in complaints against OTAs, with issues primarily related to refunds, online fraud, and service quality [3][7]. - The increase in complaints correlates with peak travel periods, highlighting the urgency for regulatory intervention [7]. Industry Challenges - The emergence of price irregularities is attributed to market monopolies, the power dynamics between merchants and platforms, and information asymmetry faced by consumers [8]. - Recommendations for healthy industry development include strict self-regulation by platforms, enhanced law enforcement, and the establishment of a robust credit evaluation system [8].

Core Viewpoint - The acquisition of Dalian Shengya by Tongcheng Travel for 956 million yuan is facing market skepticism, as evidenced by the declining stock prices of both companies following the announcement [1][5]. Group 1: Acquisition Details - Tongcheng Travel's subsidiary, Shanghai Tongcheng, plans to acquire 23.08% of Dalian Shengya's shares, which will give it a total voting power of 30.88% after signing a voting rights delegation agreement with major shareholders [2]. - The acquisition is seen as a strategic move to integrate online and offline tourism resources, potentially enhancing Tongcheng's operational capabilities in the tourism sector [2][3]. Group 2: Market Reaction - Following the announcement of the acquisition, both Tongcheng Travel and Dalian Shengya experienced a decline in stock prices, with cumulative drops of 2.85% and 8.89%, respectively, leading to a combined market value loss of 1.751 billion yuan [1][5]. - Investor sentiment is divided, with some questioning the wisdom of investing in a company with a history of losses, while others see potential in acquiring a shell company for future operations [1]. Group 3: Financial and Governance Issues - Dalian Shengya has a high debt ratio exceeding 80% and is under pressure to resolve short-term debt obligations, with plans to use the funds raised from the acquisition to pay off debts and improve liquidity [3][5]. - Governance issues persist, as evidenced by the abstention of a key shareholder during board votes, raising concerns about potential conflicts among shareholders following the acquisition [6]. Group 4: Strategic Expansion - Tongcheng Travel's acquisition of Dalian Shengya is part of a broader strategy to expand its presence in the tourism industry through various acquisitions, including travel agencies and hotel management companies [8][10]. - The company has reported significant revenue growth, with 2024 revenues reaching 17.341 billion yuan, a 45.77% increase year-on-year, indicating a strong operational performance [10].

Core Insights - The Chinese government is accelerating efforts to address bottlenecks in domestic circulation, emphasizing the importance of platform economy for expanding domestic demand, stabilizing employment, and enhancing people's livelihoods [1][2] - Recent discussions with major platform companies like Ele.me, Meituan, and JD.com highlight the need for compliance with laws and regulations, promoting a win-win ecosystem for consumers, merchants, delivery riders, and platform enterprises [1][4] - The platform economy is rapidly growing, with top listed platform companies generating a total revenue of 3.6 trillion yuan in 2023, marking a 12.7% year-on-year increase [2][4] Group 1: Platform Economy Development - The platform economy is crucial for empowering the real economy and developing new productive forces, with a focus on creating a fair and orderly development environment [1][2] - The recent surge in competition among food delivery platforms reflects a traditional growth strategy reliant on subsidies, which poses risks of unhealthy competition and profit erosion [4][6] - Regulatory measures are being implemented to ensure compliance and promote sustainable practices among platform companies, including the revision of antitrust laws and the introduction of guidelines for healthy platform development [4][5] Group 2: Compliance and Innovation - The government has introduced new regulations aimed at enhancing compliance within the platform economy, requiring companies to elevate their legal awareness and management systems [5][6] - Companies are encouraged to focus on technological, model, and service innovations to improve supply chain efficiency and user experience, moving away from unsustainable subsidy-driven growth [6][10] - The emphasis on compliance is seen as essential for building trust and achieving sustainable development within the platform economy [6][10] Group 3: Employment and Social Security - Major platforms are beginning to provide social security benefits for gig workers, such as delivery riders, reflecting a shift towards better labor rights and protections [18][22] - The trend of platforms offering social insurance is expected to enhance job stability and improve service quality, addressing long-standing issues of labor rights in the gig economy [18][22] - The government is advocating for a comprehensive social security system for flexible and new employment forms, aiming to cover a growing workforce of over 200 million flexible workers [19][20]

Core Insights - The report highlights the strong growth potential of Tongcheng Travel, a leading OTA in China's lower-tier markets, benefiting from the tourism boom and support from major shareholders Tencent and Ctrip [3][6][8] - In 2024, Tongcheng Travel is projected to achieve revenue of CNY 17.34 billion, a year-on-year increase of 45.8%, and an adjusted net profit of CNY 2.79 billion, up 26.7% year-on-year [6] Company Overview - Tongcheng Travel is formed from the merger of Tongcheng and eLong, positioning itself as a top three player in the OTA industry, providing comprehensive travel services including transportation and accommodation bookings [6][8] - The company has a significant user base from non-first-tier cities, allowing it to capitalize on the growth in lower-tier markets [8] Industry Analysis - The online travel market is expected to exceed CNY 1 trillion in 2024, driven by high demand in the cultural tourism sector and low penetration rates in lower-tier cities [7] - The current market structure is characterized by a dominant player (Ctrip) and several strong competitors (Tongcheng, Meituan, Feizhu), with a focus on differentiated competition [7] - The bargaining power in the transportation sector is low due to high supplier concentration, while the accommodation sector has a higher bargaining power with lower supplier concentration [7]

Core Viewpoint - The tourism industry, once seen as a promising sector, is now facing significant challenges, with many companies experiencing financial difficulties despite an increase in domestic travel and spending [3][4][8]. Group 1: Company Performance - Qinghai Tourism Investment Group and its subsidiaries have collectively filed for bankruptcy, highlighting the struggles within the tourism sector [4]. - Among 44 listed companies that disclosed their Q1 financial reports, 25 reported negative revenue growth, accounting for 56.8% of the total [4]. - Notable companies like Huazhu Hotels and China National Travel Service reported losses, with China National Travel Service's revenue at 4.03 billion and a net loss of 14.19 million [6]. Group 2: Market Dynamics - Despite a 26.4% increase in domestic travel and an 18.6% rise in spending, the tourism industry is struggling to convert this growth into profits [8][25]. - The online travel platforms, such as Ctrip and Tongcheng, are thriving, with Ctrip reporting a net profit of approximately 4.3 billion, reflecting a net profit margin of 31.16% [23]. - The increase in A-level scenic spots has not translated into higher average revenues, which have decreased by nearly 40% from 2019 to 2023 [25]. Group 3: Changing Consumer Preferences - The tourism market is shifting towards a focus on immersive experiences rather than just sightseeing, marking a transition from a 1.0 to a 2.0 era in tourism [37][40]. - Successful attractions like Jiuhua Mountain and Disney have capitalized on enhancing visitor experiences, with Jiuhua Mountain's ticket orders increasing by 310% [29][32]. - The emphasis on emotional value and visitor engagement is becoming crucial for attractions to thrive in a competitive market [35][41]. Group 4: Financial Environment - The financing environment for tourism platforms is deteriorating, with many unable to sustain operations without new funding, mirroring challenges faced by real estate developers [44][45]. - The shift in local government financing policies has made it more difficult for tourism projects to secure funding, particularly for theme parks and commercial facilities [44].