<p>[北京] 中国的酒店迎来了创纪录的旅客数量，但房价却在下滑——许多经营者将这一悖论归咎于携程网。</p>
<p>对于黄嘉瑞来说，在上海附近的湖州山丘经营一家五间房的民宿本应确保他家庭的经济未来。然而，他和中国东南部浙江省的其他酒店经营者表示，夜间房价已降至十多年前的水平，因为携程网频繁的折扣活动迫使他们不得不降价，以便在中国主导的预订平台上保持可见性。</p>
<p>“现在的促销活动几乎成了日常例行公事，” 黄说，他出于对携程网的担忧要求使用自己取的英文名。“我们必须不断降价至少 15% 来吸引旅客。我们别无选择，只能跟随降价。”</p>
<p>携程网在中国疫情后旅游复苏中发挥了核心作用，将数百万旅客与像黄这样的中小型经营者连接起来。但对于许多酒店来说，能见度——有时甚至生存——是以牺牲利润为代价的。</p>
<p>这种动态现在是北京反垄断调查的核心。监管机构指控携程网滥用市场地位，分析师指出整个行业的通货紧缩是政府的主要担忧。与住宿经营者、行业团体和旅游顾问的访谈描述了一个不断降价和不透明政策侵蚀盈利能力的系统，即使在需求反弹的情况下也是如此。</p>
<p>携程网表示正在配合政府的调查。自一周前调查宣布以来，该公司的股价已下跌超过 16%。</p>
<p>根据彭博情报，2025 年中国的每间房收入——一个关键的酒店指标——持平，而其他亚洲市场则有所增长。万豪国际公司在中国的每间房收入去年大部分时间下降了 1%，而希尔顿在中国的房间收入落后于其区域同行。</p>
<p>根据中国交易桌的数据，该公司控制了中国在线旅游市场约 56% 的份额，并已成长为全球最大的预订网站。其主导地位帮助推动了国内旅游的复苏——2025 年前三季度记录了近 50 亿次旅行——但经营者表示，收益下降抵消了这些好处。</p>
<p>“市场发展不均衡，创新不足，都是由于垄断行为，” 云南省旅游民宿行业协会会长何双全说，该协会代表约 7000 名经营者。“整个在线旅游代理行业正停滞在一潭死水中。”</p>
<h2>‘二选一’</h2>
<p>更广泛的挑战是供过于求和消费者支出谨慎。在云南等地区，自疫情以来，酒店容量增加了三倍，而旅客的预算却收紧。顾问指出，尽管人们的旅行次数增加，但支出却减少——这使得酒店不得不降价以填补空床，并造成数十亿的亏损。</p>
<p>对于像黄这样的经营者来说，这一悖论十分明显：提供客户的平台也在加速价格竞争的恶性循环。投诉主要集中在携程网的 “二选一” 独占安排上——这一做法被中国监管机构多次誓言要根除。</p>
<p>携程网将商家分为不同层级，“特约商家” 享有最高的可见度和流量，何双全说。然而，这些顶级商家通常被禁止在阿里巴巴的飞猪、字节跳动的抖音或美团等竞争平台上列出。未受这些独占安排约束的商家报告称，他们实际上被迫在携程网的在线预订平台上提供最低价格，否则将面临一系列措施，如搜索排名下降。</p>
<p>分析师和行业观察人士认为，政府的调查是出于修复经济中面临通货紧缩和房地产崩溃后果的结构性失衡的愿望。近年来，市场监管机构在科技和电子商务领域进行了反垄断调查。它对阿里巴巴和美团因强迫独占、歧视性费用率和惩罚性算法等垄断行为处以罚款。</p>
<p>一位最近在竞争平台抖音上进行直播销售的民宿经营者被携程网的一位业务经理联系，要求他们将其在竞争平台上的列表删除，何双全说。</p>
<p>何双全表示，携程网很少将此类要求以书面形式提出，并且在其执行措施方面提供的透明度很少。但后果可能是立竿见影的。经营者表示，处罚包括搜索排名下降、移除优选商家徽章以及流量减少，这使得酒店更难吸引客户。住宿服务提供商可能会突然看到预订量下降，而没有明确的解释——并且实际上被禁止在其他平台上进行营销以弥补损失。</p>
<h2>剥夺氧气</h2>
<p>“从商家的角度来看，这与强迫几乎没有区别，因为流量就是氧气，” 中国交易桌的首席执行官苏布拉马尼亚·巴特说。</p>
<p>这种做法在全球行业中普遍存在，但携程网在中国的庞大规模加剧了压力，使商家在定价决策上几乎没有控制权。</p>
<p>在广东省汕头市经营一家单一物业民宿的王林表示，携程网去年多次单方面降低他的房价，而没有通知他。他是从客户那里得知这些降价的。</p>
<p>一次降价将房价削减了 66%，降至 100 元（新加坡币 18.44 元）。更让王感到愤怒的是：携程仍然根据他原来的房价收取佣金。向携程的投诉未能停止降价或挽回损失的收入。</p>
<p>“这些都是霸凌的做法，” 王说。</p>
<p>携程拒绝就商家的投诉发表评论，理由是正在进行调查。</p>
<p>携程成立于 1999 年，除了携程外，还通过其品牌如去哪儿、Trip.com 和 Skyscanner 提供航班、酒店、租车和旅游服务。它在同类规模中几乎没有竞争对手，主要与阿里巴巴、美团和字节跳动的子公司竞争。</p>
<p>香港科技大学商学院副院长 Tat Koon Koh 表示，这次调查对其他市场领导者应当是一个警示，他研究数字经济。</p>
<p>Koh 表示，像携程这样的平台由于 “网络效应” 自然会趋向垄断——更多的用户吸引更多的酒店，而更多的酒店又吸引更多的用户。但一旦它们取得主导地位，就需要更加注意不公平的做法，否则可能面临政府干预。</p>
<p>Koh 说：“这提醒所有这些平台运营商：一旦你变得如此庞大，更要对生态系统中的不同利益相关者承担责任。而且仅仅因为我如此庞大和主导，我就不应该试图压榨他们。” BLOOMBERG</p>

携程网

携程集团-S

<p>中国的酒店面临房价下降的问题，这主要是由于携程网的激进折扣策略，被视为掠夺性定价。这导致北京展开反垄断调查，许多酒店业者声称他们必须降价才能在平台上保持曝光度。携程网控制着中国 56% 的在线旅游市场，被指控存在垄断行为，包括强制独占协议，限制酒店在竞争平台上的上市能力。尽管旅游需求回升，但这一情况导致酒店盈利停滞，引发了对该行业通货紧缩的担忧</p>

<p>[BEIJING] China’s hotels are welcoming record numbers of travellers, yet room rates are sinking – a paradox many operators blame on Trip.com Group.</p>
<div class="lb-trans"><p>[北京] 中国的酒店迎来了创纪录的旅客数量，但房价却在下滑——许多经营者将这一悖论归咎于携程网。</p>
</div><p>For Gary Huang, running a five-room homestay in the scenic Huzhou hills near Shanghai was supposed to secure his family’s financial future. Instead, he and other hoteliers in China’s southeastern Zhejiang province say nightly rates have fallen to levels last seen more than a decade ago, as Trip.com’s frequent discount campaigns force them to cut prices simply to remain visible on China’s dominant booking platform.</p>
<div class="lb-trans"><p>对于黄嘉瑞来说，在上海附近的湖州山丘经营一家五间房的民宿本应确保他家庭的经济未来。然而，他和中国东南部浙江省的其他酒店经营者表示，夜间房价已降至十多年前的水平，因为携程网频繁的折扣活动迫使他们不得不降价，以便在中国主导的预订平台上保持可见性。</p>
</div><p>“The promotion campaigns now are almost a daily routine,” said Huang, who asked to use his self-given English name out of concern of speaking out against Trip.com. “We have to constantly cut prices at least 15 per cent to attract travellers. We have no choice but to go along with the price cuts.”</p>
<div class="lb-trans"><p>“现在的促销活动几乎成了日常例行公事，” 黄说，他出于对携程网的担忧要求使用自己取的英文名。“我们必须不断降价至少 15% 来吸引旅客。我们别无选择，只能跟随降价。”</p>
</div><p>Trip.com has been central to China’s post-pandemic travel rebound, connecting millions of travellers with small operators like Huang. But for many hotels, visibility – and sometimes survival – comes at the expense of profits.</p>
<div class="lb-trans"><p>携程网在中国疫情后旅游复苏中发挥了核心作用，将数百万旅客与像黄这样的中小型经营者连接起来。但对于许多酒店来说，能见度——有时甚至生存——是以牺牲利润为代价的。</p>
</div><p>That dynamic is now at the heart of Beijing’s antitrust probe. Regulators allege Trip.com is abusing its market position, with analysts citing deflation across the sector as the government’s main concern. Interviews with lodging operators, industry groups and travel consultants describe a system where constant price-cutting and opaque policies are eroding profitability, even as demand rebounds.</p>
<div class="lb-trans"><p>这种动态现在是北京反垄断调查的核心。监管机构指控携程网滥用市场地位，分析师指出整个行业的通货紧缩是政府的主要担忧。与住宿经营者、行业团体和旅游顾问的访谈描述了一个不断降价和不透明政策侵蚀盈利能力的系统，即使在需求反弹的情况下也是如此。</p>
</div><p>Trip.com has said it is cooperating with the government’s investigation. The company’s stock dove more 16 per cent since the probe was announced a week ago.</p>
<div class="lb-trans"><p>携程网表示正在配合政府的调查。自一周前调查宣布以来，该公司的股价已下跌超过 16%。</p>
</div><p>Revenue per room – a key hotel metric – was flat across China in 2025, even as other Asian markets saw gains, according to Bloomberg Intelligence. Marriott International Inc.’s revenue per room in China fell 1 per cent most of last year, while Hilton’s China room revenue trailed its regional peers.</p>
<div class="lb-trans"><p>根据彭博情报，2025 年中国的每间房收入——一个关键的酒店指标——持平，而其他亚洲市场则有所增长。万豪国际公司在中国的每间房收入去年大部分时间下降了 1%，而希尔顿在中国的房间收入落后于其区域同行。</p>
</div><p>The company controls about 56 per cent of China’s online travel market, according to China Trading Desk, and has grown into the world’s largest booking site. Its dominance has helped fuel domestic tourism’s recovery – nearly five billion trips were logged in the first three quarters of 2025 – but operators say the benefits are being offset by falling room yields.</p>
<div class="lb-trans"><p>根据中国交易桌的数据，该公司控制了中国在线旅游市场约 56% 的份额，并已成长为全球最大的预订网站。其主导地位帮助推动了国内旅游的复苏——2025 年前三季度记录了近 50 亿次旅行——但经营者表示，收益下降抵消了这些好处。</p>
</div><p>“The market has developed unevenly and innovation is lacking due to monopolistic practices,” said He Shuangquan, head of the Yunnan Provincial Tourism Homestay Industry Association that represents some 7,000 operators. “The entire online travel agency sector is stagnating in a pool of dead water.”</p>
<div class="lb-trans"><p>“市场发展不均衡，创新不足，都是由于垄断行为，” 云南省旅游民宿行业协会会长何双全说，该协会代表约 7000 名经营者。“整个在线旅游代理行业正停滞在一潭死水中。”</p>
</div><h2>‘Pick-one-of-two’</h2>
<div class="lb-trans"><h2>‘二选一’</h2>
</div><p>The broader challenge is oversupply and cautious consumer spending. In regions like Yunnan, hotel capacity has tripled since the pandemic, just as travellers tightened budgets. Consultants note that while people are travelling more, they’re spending less – leaving hotels slashing rates to fill empty beds and posting billions in losses.</p>
<div class="lb-trans"><p>更广泛的挑战是供过于求和消费者支出谨慎。在云南等地区，自疫情以来，酒店容量增加了三倍，而旅客的预算却收紧。顾问指出，尽管人们的旅行次数增加，但支出却减少——这使得酒店不得不降价以填补空床，并造成数十亿的亏损。</p>
</div><p>For operators like Huang, the paradox is stark: the platform that delivers customers is also accelerating the race to the bottom. The complaints centre around Trip.com’s “er xuan yi,” Mandarin for pick-one-of-two exclusivity arrangements – a practice that Chinese regulators have repeatedly vowed to stamp out.</p>
<div class="lb-trans"><p>对于像黄这样的经营者来说，这一悖论十分明显：提供客户的平台也在加速价格竞争的恶性循环。投诉主要集中在携程网的 “二选一” 独占安排上——这一做法被中国监管机构多次誓言要根除。</p>
</div><p>Trip.com categorises merchants into tiers with “Special Merchants” enjoying the most visibility and traffic, Yunnan Provincial Tourism’s He said. However, these top-tier merchants are typically prohibited from listing on rival platforms like Alibaba’s Fliggy, ByteDance’s Douyin or Meituan. Merchants who are not bound by these exclusive arrangements report being effectively compelled to offer the lowest prices on Trip.com’s online booking platform Ctrip, or risk facing a raft of measures like lowered search rankings.</p>
<div class="lb-trans"><p>携程网将商家分为不同层级，“特约商家” 享有最高的可见度和流量，何双全说。然而，这些顶级商家通常被禁止在阿里巴巴的飞猪、字节跳动的抖音或美团等竞争平台上列出。未受这些独占安排约束的商家报告称，他们实际上被迫在携程网的在线预订平台上提供最低价格，否则将面临一系列措施，如搜索排名下降。</p>
</div><p>Analysts and industry watchers suggest the government’s probe is driven by its desire to fix structural imbalances in an economy contending with deflation and reeling from the fallout of a property implosion. In recent years, the market watchdog has pursued antitrust probes in the technology and e-commerce space. It fined Alibaba and Meituan for monopolistic practices that included compelling exclusivity, discriminatory fee rates and punitive algorithms.</p>
<div class="lb-trans"><p>分析师和行业观察人士认为，政府的调查是出于修复经济中面临通货紧缩和房地产崩溃后果的结构性失衡的愿望。近年来，市场监管机构在科技和电子商务领域进行了反垄断调查。它对阿里巴巴和美团因强迫独占、歧视性费用率和惩罚性算法等垄断行为处以罚款。</p>
</div><p>One homestay operator who recently hosted a live-stream sales on rival platform Douyin was contacted by a Ctrip business manager, asking them to remove their listing from the competing platform, according to Yunnan homestay association’s He.</p>
<div class="lb-trans"><p>一位最近在竞争平台抖音上进行直播销售的民宿经营者被携程网的一位业务经理联系，要求他们将其在竞争平台上的列表删除，何双全说。</p>
</div><p>Ctrip rarely puts such demands in writing and offers little transparency around its enforcement measures, He said. But the consequences can be immediate. Operators says penalties include lowered search rankings, removal of preferred-merchant badges and throttled traffic that makes it harder for hotels to attract customers, according to He and other operators. Lodging service providers may see bookings suddenly drop with no clear explanation – and are effectively barred from marketing on other platforms to offset the losses.</p>
<div class="lb-trans"><p>何双全表示，携程网很少将此类要求以书面形式提出，并且在其执行措施方面提供的透明度很少。但后果可能是立竿见影的。经营者表示，处罚包括搜索排名下降、移除优选商家徽章以及流量减少，这使得酒店更难吸引客户。住宿服务提供商可能会突然看到预订量下降，而没有明确的解释——并且实际上被禁止在其他平台上进行营销以弥补损失。</p>
</div><h2>Depriving Oxygen</h2>
<div class="lb-trans"><h2>剥夺氧气</h2>
</div><p>“From the merchant’s perspective, that can be indistinguishable from coercion because traffic is oxygen,” said Subramania Bhatt, chief executive officer of marketing and travel consultancy China Trading Desk.</p>
<div class="lb-trans"><p>“从商家的角度来看，这与强迫几乎没有区别，因为流量就是氧气，” 中国交易桌的首席执行官苏布拉马尼亚·巴特说。</p>
</div><p>Such practices are common across the industry globally, but Trip.com’s sheer size in China amplifies the pressure, leaving merchants with little control over pricing decisions.</p>
<div class="lb-trans"><p>这种做法在全球行业中普遍存在，但携程网在中国的庞大规模加剧了压力，使商家在定价决策上几乎没有控制权。</p>
</div><p>Wang Lin, who rents out 10 rooms at a single-property homestay in Shantou, in the southern Guangdong province, said Ctrip unilaterally lowered his room prices multiple times last year without notifying him. He learnt of the reductions only from customers.</p>
<div class="lb-trans"><p>在广东省汕头市经营一家单一物业民宿的王林表示，携程网去年多次单方面降低他的房价，而没有通知他。他是从客户那里得知这些降价的。</p>
</div><p>One cut slashed room prices by 66 per cent to 100 yuan (S$18.44). What infuriated Wang further: Ctrip continued to charge commission based on his original room prices. Complaints to Ctrip failed to halt the cuts or recover lost revenue.</p>
<div class="lb-trans"><p>一次降价将房价削减了 66%，降至 100 元（新加坡币 18.44 元）。更让王感到愤怒的是：携程仍然根据他原来的房价收取佣金。向携程的投诉未能停止降价或挽回损失的收入。</p>
</div><p>“These are the practices of a bully,” said Wang.</p>
<div class="lb-trans"><p>“这些都是霸凌的做法，” 王说。</p>
</div><p>Trip.com declined a request for comment on merchants’ complaints, citing the ongoing investigation.</p>
<div class="lb-trans"><p>携程拒绝就商家的投诉发表评论，理由是正在进行调查。</p>
</div><p>Founded in 1999, Trip.com offers flights, hotels, car rentals and excursions through its brands such as Qunar, Trip.com and Skyscanner, besides Ctrip. It has few peers at similar scale, competing mainly with Alibaba, Meituan and ByteDance units.</p>
<div class="lb-trans"><p>携程成立于 1999 年，除了携程外，还通过其品牌如去哪儿、Trip.com 和 Skyscanner 提供航班、酒店、租车和旅游服务。它在同类规模中几乎没有竞争对手，主要与阿里巴巴、美团和字节跳动的子公司竞争。</p>
</div><p>The probe should be cautionary for other market leaders, said Tat Koon Koh, as associate dean of the Hong Kong University of Science and Technology School of Business and Management, who studies the digital economy.</p>
<div class="lb-trans"><p>香港科技大学商学院副院长 Tat Koon Koh 表示，这次调查对其他市场领导者应当是一个警示，他研究数字经济。</p>
</div><p>Platforms like Trip.com naturally drift towards monopoly because of the “network effect” – more users attract more hotels, which in turn attract more users, said Koh. But once they achieve dominance, they need to be extra mindful of unfair practices or risk government intervention.</p>
<div class="lb-trans"><p>Koh 表示，像携程这样的平台由于 “网络效应” 自然会趋向垄断——更多的用户吸引更多的酒店，而更多的酒店又吸引更多的用户。但一旦它们取得主导地位，就需要更加注意不公平的做法，否则可能面临政府干预。</p>
</div><p>“It’s a reminder for all these platform operators: once you become so big, all the more, you may want to exercise your responsibility to the different stakeholders in the ecosystem,” Koh said. “And just because I’m so big and dominant, I shouldn’t try to squeeze them.” BLOOMBERG</p>
<div class="lb-trans"><p>Koh 说：“这提醒所有这些平台运营商：一旦你变得如此庞大，更要对生态系统中的不同利益相关者承担责任。而且仅仅因为我如此庞大和主导，我就不应该试图压榨他们。” BLOOMBERG</p>
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中国的酒店在携程网的反垄断调查中指控其进行掠夺性定价和强制排他性