记者丨杨松 编辑丨鄢子为 短短5天内，高德三度遭到约谈。 2月13日，由于借贷业务，高德和其他5家出行平台，被金融监管总局等部门约谈。此前4天，其因网约车抽佣、火车票销售等事宜，已两次被约谈。 目前，在高德讨生活的，已有数十家小型出行平台和百万司机。 高德被首度约谈后一日，《21CBR》记者在北京使用其打车，光"经济型"车型，其就有12个选择，包括星徽、AA出行等小型平台。 "不歇班，一个月收入约6000块。"旗秒出行的靳师傅称，自己于2025年11月辞职跑网约车。 靳师傅表示，他看不到乘客在高德支付的金额，不清楚抽佣情况，只是，春节假期一过，就想找个公司上班，"不能拿它当职业干"。 "轻资产运营平台，易通过低价、补贴争夺流量，倒逼入驻方压价，同时叠加层层抽佣的模式，进一步压缩司机收入。"网经社电子商务研究中心移动出行 分析师陈礼腾分析。 连续三次约谈，高德无疑将承受更大的合规压力，其本身也在寻求改变。 导流获利 截至2025年底，全国共有395家网约车平台。 滴滴、曹操出行、如祺、T3等少数平台，本身实力雄厚或拿到巨额融资，品牌知名度高，可以依靠自有渠道，获得一定单量。 大多数小出行平台，如旗秒出行，叫不上 ...

Core Viewpoint - Gaode has faced increasing regulatory pressure, being summoned three times in five days due to issues related to its ride-hailing business, including commission rates and compliance with regulations [1][23]. Group 1: Regulatory Pressure - Gaode and five other ride-hailing platforms were summoned by financial regulators on February 13 due to lending practices [1]. - The company has been under scrutiny for its commission practices and management of partner platforms, leading to a call for introspection and compliance improvements [22][23]. - As of December 2025, Gaode's order compliance rate was 69.4%, significantly lower than self-operated platforms like Didi and Cao Cao, which exceed 80% [18]. Group 2: Business Model and Financials - Gaode operates as an aggregator, facilitating transactions without owning a fleet or managing drivers, which allows it to maintain lower operational costs [13]. - The commission rates for aggregators range from 10% to 20%, with Gaode's effective rate calculated at 7.4% based on data from a partner company [4]. - In the first half of 2025, Gaode contributed to 94.5% of a partner's total transaction value, highlighting its significant role in the market [4]. Group 3: Market Dynamics - By the end of 2025, there were 395 ride-hailing platforms in China, with Gaode capturing a substantial share of the market [3]. - The number of ride-hailing orders processed by Gaode is projected to reach 2.92 billion by December 2025, accounting for 30% of the total market [25]. - The company has been quietly expanding its ride-hailing business while focusing on new initiatives, such as Robotaxi services, to adapt to market changes [28][36]. Group 4: Driver and User Experience - Drivers report dissatisfaction with transparency regarding commission structures, indicating a lack of clarity in earnings [2][7]. - The average passenger reward per order has fluctuated, with a notable decrease in recent periods, reflecting the pressure on driver incomes [9]. - The operational model of aggregators like Gaode has led to a "passing the buck" phenomenon, where service issues are often not adequately addressed, impacting user experience [16].

Core Viewpoint - The article discusses recent regulatory actions taken against six travel platform companies in China, focusing on their compliance with financial practices and consumer protection standards [2]. Group 1: Regulatory Actions - The Financial Regulatory Bureau, in conjunction with the Market Regulatory Bureau and the People's Bank of China, held discussions with six travel platforms, including Ctrip, Gaode Map, and Qunar, regarding issues in their lending practices with financial institutions [2]. - The platforms were instructed to standardize their marketing behaviors, avoid misleading promotional language, and clearly disclose loan institution names and credit product information [2]. - Companies are required to enhance customer complaint channels, respond promptly to consumer disputes, and improve service quality to protect consumer rights [2]. Group 2: Compliance Requirements - The Beijing Market Supervision Administration organized a meeting with 12 major platforms involved in online train ticket sales, emphasizing compliance with operational requirements [5]. - Key compliance requirements include prohibiting misleading claims about paid services providing priority ticket purchasing privileges and rectifying misleading promotions related to ticket availability [7]. - Platforms must ensure clear pricing, prominently display additional service costs, and rectify discrepancies between displayed ticket prices and actual payment amounts to safeguard consumer rights [7]. Group 3: Specific Issues Addressed - The meeting highlighted issues with Gaode Dache, including inadequate management of partner ride-hailing platforms, price suppression, and improper emergency response [6]. - Gaode Dache was instructed to strengthen supervision of partner platforms, ensure stable operational strategies, and monitor price fluctuations [6]. - The company must also enhance driver rights protection, improve safety management, and provide better working conditions for drivers, especially during peak travel seasons [6].

Core Viewpoint - Gaode Taxi has been criticized for management deficiencies and price suppression, leading to over 60,000 complaints, necessitating a brand image repair after finally achieving profitability [2][18]. Group 1: Regulatory Actions - The Ministry of Transport's inter-ministerial joint meeting office recently held a meeting with Gaode Taxi, highlighting issues such as inadequate management of partner ride-hailing platforms and improper emergency responses [3][4]. - The meeting emphasized the need for Gaode Taxi to implement corrective measures immediately, ensuring the protection of drivers' rights [4][6]. Group 2: Complaints and Issues - Gaode Taxi has received over 68,000 complaints, primarily related to overcharging, refunds, and service quality [18]. - Specific complaints include discrepancies in ride fares and issues with hotel bookings made through the Gaode platform, leading to customer dissatisfaction [24]. Group 3: Business Background - Gaode Taxi, launched in 2017, has quickly become the second-largest ride-hailing platform in China, leveraging its parent company's user base of approximately 150 million daily active users [14]. - The company has transitioned from a traditional mapping service to a comprehensive local life service platform, integrating various services and generating revenue through commission from partners [15]. Group 4: Financial Performance - After ten years of losses, Gaode finally reported profitability, with its local life group revenue reaching 16.988 billion yuan, a 12% year-on-year increase [18]. - Despite achieving profitability, the company continues to face significant customer complaints, indicating ongoing operational challenges [18].

Monetary Policy and Economic Outlook - The central bank conducted a 3,114 billion yuan 7-day reverse repurchase operation, with a net injection of 2,059 billion yuan, indicating a proactive approach to manage liquidity ahead of the Spring Festival [2] - The central bank is expected to accelerate interest rate cuts and reserve requirement ratio reductions due to ongoing economic challenges, with January's manufacturing PMI falling into contraction territory [3] Logistics and Economic Activity - The total social logistics in China reached 368.2 trillion yuan, growing by 5.1% year-on-year, with logistics costs as a percentage of GDP decreasing to 13.9% [4] - Industrial logistics contributed significantly to growth, with high-tech manufacturing logistics demand increasing over 9%, particularly in industrial robots and new energy vehicles [4][5] Cross-Border E-Commerce Policies - The Ministry of Finance extended tax incentives for cross-border e-commerce export return goods until the end of 2027, with the 2025 export-import scale reaching 2.75 trillion yuan, a 69.7% increase since 2020 [6] - The policy aims to alleviate financial burdens on businesses facing challenges due to international market conditions [6] Ride-Hailing Industry Regulation - The Ministry of Transport held discussions with Gaode Dache regarding management issues and pricing practices, emphasizing the need for improved operational safety and compliance [8][9] - The regulatory focus aims to foster a transparent and fair competitive environment in the ride-hailing market [9] Corporate Financing and Investment Trends - Alphabet plans to issue a rare 100-year bond, marking a significant move in corporate financing amidst substantial capital expenditures aimed at AI development [10][11] - Microsoft faced a downgrade in ratings due to concerns over capital expenditures and the performance of its AI products, despite a majority of analysts still recommending the stock [12][13] Gold Market Dynamics - Chow Tai Fook plans to raise gold product prices by 15%-30% due to rising international and domestic market factors, marking its fourth price adjustment in a year [14][15] - The shift in consumer demand from gold jewelry to investment products reflects changing market dynamics, with leading brands innovating to add value beyond weight [15]

业内专家表示，要实现从"流量收割者"到"价值共创者"的转变，平台企业须在多个层面完成系统性重 塑： □ 算法逻辑"向善"进化 □ 盈利模式脱离"佣金依赖" □ 治理结构走向"多元共治" □ 畅通消费者与从业者的有效申诉与监督渠道，引入第三方评估，形成社会协同治理的良性循环 携程因涉嫌滥用市场支配地位被立案调查；高德打车因多重问题被监管约谈——春节前连续释放的监管 信号，颇具警示意义和民生导向：当平台深度嵌入社会基础运行，平台企业必须平衡商业利益与社会责 任；当算法试图牺牲从业者和消费者利益攫取"商业价值"，其经营逻辑的异化必须被矫治。 随着常态化监管新阶段到来，一场从监管到价值的系统性重塑已悄然开启。 监管点名：剑指不公与权责失衡 2026年春节前夕，出行与旅游市场即将迎来全年最高峰。据交通运输部预计，今年春运期间全国跨区域 人员流动量将达95亿人次。当千家万户沉浸在阖家团圆的喜悦中，数亿人的迁徙与消费正通过平台进 行。 "原来收费六十几元的路程，现在要八九十元，还一直让加价，不然就显示叫不到车""平台通过算法调 整价格后，运价已经很难覆盖时间、油费和车辆损耗成本，很多时候辛苦跑一天，基本等于白忙活""在 司 ...

张大伟 制图 业内专家表示，要实现从"流量收割者"到"价值共创者"的转变，平台企业须在多个层面完成系统性重 塑： □ 算法逻辑"向善"进化 □ 盈利模式脱离"佣金依赖" □ 治理结构走向"多元共治" □ 畅通消费者与从业者的有效申诉与监督渠道，引入第三方评估，形成社会协同治理的良性循环 交通运输新业态协同监管部际联席会议办公室，近日组织对高德打车进行约谈提出，高德打车存在对合 作网约车平台管理不到位、压低运价、应急处置不当等突出问题，并要求高德打车立即落实约谈要求， 深刻反思，采取针对性措施，确保全面整改到位，切实维护司机群体合法权益。 无独有偶。不久前，市场监管总局根据前期核查，依据反垄断法，对携程集团有限公司涉嫌滥用市场支 配地位实施垄断行为立案调查。 ◎本报记者集体采写 携程因涉嫌滥用市场支配地位被立案调查；高德打车因多重问题被监管约谈——春节前连续释放的监管 信号，颇具警示意义和民生导向：当平台深度嵌入社会基础运行，平台企业必须平衡商业利益与社会责 任；当算法试图牺牲从业者和消费者利益攫取"商业价值"，其经营逻辑的异化必须被矫治。 随着常态化监管新阶段到来，一场从监管到价值的系统性重塑已悄然开启。 监 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 对司机更为复杂的利益侵蚀，隐藏在订单的"千层套路"之中。尽管交通运输部自2022年推动的"阳光行 动"已使各平台公布的抽成比例普遍承诺不超过30%，但实际执行中，这一"隐形红线"屡被触碰。 据央视中国之声2024年的报道，更普遍的套路在于，有些聚合平台将旨在吸引乘客的优惠券成本，直接 转嫁为对司机里程费的扣除。有司机购买的"免抽佣"权益券形同虚设，只因聚合平台将本应从自身利润 中支出的优惠，悄然转移为司机收入的损失。 此外，聚合模式还衍生了"阴阳账单"与层层抽佣。一笔订单，乘客实际支付金额与司机端显示的"乘客 支付"金额时常存在非常明显的差额。凭空消失的差价，正是被聚合平台与接入的中小网约车平台在后 台进行了多重分配。报道中，一位北京司机指称："单独一个平台抽超30%太明显，但聚合平台抽一 笔，下面的公司再抽一笔，每层看起来都'合规'，司机实际被抽走的却远超30%。"对此，中国政法大学 专家李俊慧指出，聚合平台对订单流向拥有算法调配的绝对控制权，这可能因各合作方缴纳的服务费差 异，导致订单分配不公，进一步扭曲市场竞争，并持续挤压司机群体 ...

高德打车表示，将严格落实约谈要求，汲取教训，补齐短板，举一反三，全面整改，进一步增强风险意 识，切实履行企业责任，依法合规经营，及时化解矛盾问题，维护公平竞争市场秩序，保障司机群体合 法权益。 （文章来源：南方都市报） 二是规范平台经营行为。加强对接入网约车平台、车辆和司机的审核管理，持续提升合规化水平。加强 订单溯源监测管理，防止订单层层转卖、层层抽成。 三是保障司机合法权益。畅通诉求表达渠道，快速响应处置司机反映的各类诉求和问题。依法落实首问 负责和先行赔付责任。 四是强化运营安全监管。加强交通安全管理，教育引导从业人员安全守法驾车。提高司机安全驾驶和应 急处置能力，全力做好春运安全生产和服务保障工作。五是加强司机关心关爱。联合开展"送温暖"活 动，不断完善服务保障措施。加强对春运春节期间司机群体的关心关爱，持续改善工作条件和从业环 境。 2月9日晚间，交通运输部发布消息，近日，交通运输新业态协同监管部际联席会议办公室组织对高德打 车进行了约谈，指出了高德打车对合作网约车平台管理不到位、压低运价、应急处置不当等突出问题， 并要求高德打车立即落实约谈要求，深刻反思，采取针对性措施，确保全面整改到位，切实维护 ...

Market Overview - The Hang Seng Index is expected to hold at 26,000 points, with the U.S. Federal Reserve's hawkish stance influencing market dynamics and leading to a rebound in the U.S. dollar index [2] - The Chinese government is anticipated to focus on expanding domestic demand and technological self-sufficiency in 2026, with GDP growth targets expected to be set between 4.5% and 5% [2] - Regulatory measures are being implemented to cool the market, including increased financing margin ratios and a reduction in leverage across major exchanges [2] Company News - Alphabet plans to issue high-rated U.S. bonds to raise approximately $15 billion, continuing the trend of significant debt issuance among companies investing heavily in AI infrastructure [4][10] - Alibaba's Gaode Dache has been summoned by the Ministry of Transport due to issues related to price management and operational oversight [4][10] - BYD has filed a lawsuit against the U.S. government seeking the return of all tariffs imposed [4] - Hong Kong Telecom reported a 4% increase in profit for the previous year, with a dividend of 47.97 cents [4] Sector Focus - The travel sector is expected to see strong demand as the Lunar New Year approaches, with an estimated 2,200 inbound tours from mainland China to Hong Kong, involving around 86,000 visitors [9] - The semiconductor industry is projected to experience significant growth driven by strong demand for AI technologies [7] - The logistics sector in China reported a total logistics volume of 368.2 trillion yuan for 2025, reflecting a year-on-year growth of 5.1% [8] Economic Indicators - The U.S. Federal Reserve maintained interest rates in January, indicating a cautious approach to future adjustments based on economic data [5] - The international oil market is expected to face upward pressure on prices due to geopolitical factors, despite an oversupply situation [5] - The Chinese central bank is expected to inject liquidity into the market ahead of the Lunar New Year, with estimates suggesting a liquidity gap of over 3 trillion yuan [8]