Core Viewpoint - The online travel industry is facing scrutiny as Ctrip, a major player, has been summoned for administrative talks by the Zhengzhou Market Supervision Administration due to allegations of unreasonable restrictions on pricing and transactions for platform operators [1][3][5]. Group 1: Regulatory Actions - The Zhengzhou Market Supervision Administration's announcement on September 17 highlights concerns over Ctrip's practices, including the use of a "price adjustment assistant" that allegedly forces hotels to comply with price changes without notification [3][4]. - This regulatory action follows a previous meeting in August where multiple travel platforms, including Ctrip, were warned about practices such as "forced choices" and price manipulation [3][4]. - Ctrip has been instructed to revise contracts and optimize tools to establish a long-term compliance mechanism [5]. Group 2: Ctrip's Business Performance - Ctrip has shown significant recovery from the pandemic, reporting revenues of 28.7 billion and a net profit of nearly 9.2 billion in the first half of 2025, translating to over 50 million in daily earnings [6][8]. - The company's revenue is primarily driven by accommodation bookings and transportation ticketing, which together account for over 70% of its total revenue [8][10]. - Despite Ctrip's financial success, many of its partners, including major airlines, are experiencing substantial losses, indicating a disparity in the industry's financial health [8][10]. Group 3: Industry Dynamics - The hotel industry is facing significant challenges, with approximately 30,000 hotels closing in the past two years, and average room prices declining by 6% year-on-year in 2024 [10]. - Ctrip's market share in the hotel and travel market is projected to reach 56% in 2024, benefiting from a high commission model that ranges from 10% to over 30% for some hotels [10]. - The ongoing regulatory scrutiny and the pushback from airlines suggest a growing tension between online travel agencies and traditional service providers, as airlines seek to reclaim pricing power and user data [11][13].

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 ...