智通财经APP获悉，携程集团-S(09961)午后一度跌4%，现跌幅有所收窄。截至发稿，跌2.75%，报 402.4港元，成交额21.3亿港元。 值得关注的是，携程集团在业绩公告中表示 ，于2026年1月，公司收到国家市场监管总局的调查通知， 获悉其根据《中华人民共和国反垄断法》启动调查。目前调查仍在进行中，公司正全力配合国家市场监 管总局。公司将继续就合规事宜与监管部门保持积极沟通。公司目前无法预计调查的状态和结果，并会 在调查结束后提供进一步更新。公司的业务运营维持正常。 消息面上，2月26日，携程集团公布2025年第四季度及全年未经审计的财务业绩。2025年第四季度，携 程集团净营业收入为154亿元，同比上升21%；净营业收入环比下降16%；净利润为43亿元，相比2024 年同期为22亿元，相比上季度为199亿元。此外，携程还公布了一系列董事变动，变动自2026年2月25日 起生效。公告显示，范敏已辞任公司董事兼总裁职务，季琦已辞任公司董事职务。与此同时，公司宣布 任命吴亦泓及萧杨为新任独立董事。 ...

Group 1 - Ctrip Group-S (9961.HK) saw an initial increase of nearly 4%, reaching HKD 574.5 [2] - On the first day of the New Year holiday, the total inter-regional movement of people is expected to exceed 208 million, representing a 21% increase compared to the same period last year [2]

Core Viewpoint - Ctrip's partnership with the Cambodian National Tourism Board has sparked significant public concern regarding user data privacy, leading to a wave of account cancellations among users [1][5]. Group 1: Partnership Details - On September 1, Ctrip signed a marketing cooperation agreement with the Cambodian National Tourism Board, which is set to run from September 1, 2025, to March 31, 2026 [2][5]. - The agreement was intended to launch advertising content following Cambodia's visa exemption for Chinese citizens, but was suspended due to safety warnings issued by the Chinese Embassy in Cambodia [2]. Group 2: User Concerns and Reactions - Following the announcement of the partnership, many users expressed their concerns on social media, leading to a significant number of account deletions, including from high-tier users [5]. - The Chinese Embassy in Cambodia has issued multiple safety alerts due to recent armed conflicts between Thailand and Cambodia, further heightening user anxiety regarding travel safety [5]. Group 3: Data Security Assurance - Ctrip has emphasized that the partnership does not involve any data sharing and has committed to user privacy, submitting the agreement for verification by relevant authorities [2]. - The company has received multiple certifications for its data and information security practices, including ISO 27001 and ISO 27701, and undergoes annual security risk assessments [2].

Group 1 - The core viewpoint of the report is that Ctrip's third-quarter performance exceeded expectations, with revenue increasing by 15.5% year-on-year to 18.4 billion yuan, aligning with market expectations [1] - The non-GAAP net profit for Ctrip reached 19.2 billion yuan, indicating strong financial health [1] - Ctrip forecasts a revenue growth of 15% to 20% year-on-year for the fourth quarter, which is also in line with market expectations [1] Group 2 - The brokerage maintains a "Buy" rating on Ctrip, slightly adjusting the target price from 725 HKD to 727 HKD [1]

Group 1 - The Zhengzhou Market Supervision Administration conducted an administrative interview with Ctrip Travel Network for violating the Electronic Commerce Law and regulations against unfair competition, specifically regarding unreasonable restrictions on transactions and pricing for platform operators [1] - The administration issued a "Notice of Correction" on September 4, 2025, requiring Ctrip to rectify its practices and ensure compliance with market regulations [1] - Ctrip is mandated to revise contract terms, optimize pricing tools, and establish a long-term compliance mechanism to prevent similar issues in the future [1] Group 2 - The meeting emphasized that fair competition is central to a market economy, urging internet platform companies to enhance legal awareness and actively cooperate with regulatory authorities [2] - Companies are encouraged to correct unreasonable restrictions, respect merchants' autonomy, and address issues like "mandatory activation and inability to exit" [2] - The Zhengzhou Market Supervision Administration will continue to monitor the progress of corrections and conduct inspections to ensure companies fulfill their responsibilities in maintaining a fair and orderly market [2]

Core Viewpoint - Ctrip Travel Network has been summoned by the Zhengzhou Market Supervision Administration for violating e-commerce laws and regulations, specifically regarding unreasonable restrictions on transaction and pricing for platform operators [2][3] Group 1: Regulatory Actions - The Zhengzhou Market Supervision Administration conducted an administrative interview with Ctrip on September 17, 2025, following an investigation that confirmed violations of the E-commerce Law and the Interim Provisions on Anti-Unfair Competition [2] - A corrective notice was issued to Ctrip on September 4, 2025, mandating the company to rectify its practices and ensure compliance with market regulations [2] Group 2: Required Rectifications - Ctrip is required to complete contract clause revisions and optimize pricing tools within a specified timeframe, as part of the corrective measures [2] - The company must establish a long-term compliance mechanism, enhance internal supervision, and ensure accountability to prevent future violations [2][3] Group 3: Emphasis on Fair Competition - The meeting highlighted that fair competition is essential to a market economy, urging internet platform companies to strengthen their legal awareness and actively cooperate with regulatory authorities [3] - Ctrip is expected to respect merchants' autonomy in pricing and rectify issues related to forced service activation and inability to opt-out [3] - The Zhengzhou Market Supervision Administration will continue to monitor the progress of Ctrip's rectifications and conduct inspections to ensure compliance with market order [3]

Core Points - The company has adjusted its work-from-home policy, allowing employees in the product and research departments to work from home without prior approval from their direct supervisors starting September 1 [1] - Since the introduction of the hybrid work model in 2022, approximately 70% of employees have participated, with nearly 640,000 instances of remote work recorded [1] - The initiative aims to enhance work-life balance and promote organizational culture by increasing employee autonomy and trust [1] - The pilot program is targeted at domestic employees who have completed their probation period in the T and PT series, with a new attendance system set to launch on September 1, 2025 [1]