<p>[北京] 中國的酒店迎來了創紀錄的旅客數量，但房價卻在下滑——許多經營者將這一悖論歸咎於攜程網。</p>
<p>對於黃嘉瑞來説，在上海附近的湖州山丘經營一家五間房的民宿本應確保他家庭的經濟未來。然而，他和中國東南部浙江省的其他酒店經營者表示，夜間房價已降至十多年前的水平，因為攜程網頻繁的折扣活動迫使他們不得不降價，以便在中國主導的預訂平台上保持可見性。</p>
<p>“現在的促銷活動幾乎成了日常例行公事，” 黃説，他出於對攜程網的擔憂要求使用自己取的英文名。“我們必須不斷降價至少 15% 來吸引旅客。我們別無選擇，只能跟隨降價。”</p>
<p>攜程網在中國疫情後旅遊復甦中發揮了核心作用，將數百萬旅客與像黃這樣的中小型經營者連接起來。但對於許多酒店來説，能見度——有時甚至生存——是以犧牲利潤為代價的。</p>
<p>這種動態現在是北京反壟斷調查的核心。監管機構指控攜程網濫用市場地位，分析師指出整個行業的通貨緊縮是政府的主要擔憂。與住宿經營者、行業團體和旅遊顧問的訪談描述了一個不斷降價和不透明政策侵蝕盈利能力的系統，即使在需求反彈的情況下也是如此。</p>
<p>攜程網表示正在配合政府的調查。自一週前調查宣佈以來，該公司的股價已下跌超過 16%。</p>
<p>根據彭博情報，2025 年中國的每間房收入——一個關鍵的酒店指標——持平，而其他亞洲市場則有所增長。萬豪國際公司在中國的每間房收入去年大部分時間下降了 1%，而希爾頓在中國的房間收入落後於其區域同行。</p>
<p>根據中國交易桌的數據，該公司控制了中國在線旅遊市場約 56% 的份額，並已成長為全球最大的預訂網站。其主導地位幫助推動了國內旅遊的復甦——2025 年前三季度記錄了近 50 億次旅行——但經營者表示，收益下降抵消了這些好處。</p>
<p>“市場發展不均衡，創新不足，都是由於壟斷行為，” 雲南省旅遊民宿行業協會會長何雙全説，該協會代表約 7000 名經營者。“整個在線旅遊代理行業正停滯在一潭死水中。”</p>
<h2>‘二選一’</h2>
<p>更廣泛的挑戰是供過於求和消費者支出謹慎。在雲南等地區，自疫情以來，酒店容量增加了三倍，而旅客的預算卻收緊。顧問指出，儘管人們的旅行次數增加，但支出卻減少——這使得酒店不得不降價以填補空牀，並造成數十億的虧損。</p>
<p>對於像黃這樣的經營者來説，這一悖論十分明顯：提供客户的平台也在加速價格競爭的惡性循環。投訴主要集中在攜程網的 “二選一” 獨佔安排上——這一做法被中國監管機構多次誓言要根除。</p>
<p>攜程網將商家分為不同層級，“特約商家” 享有最高的可見度和流量，何雙全説。然而，這些頂級商家通常被禁止在阿里巴巴的飛豬、字節跳動的抖音或美團等競爭平台上列出。未受這些獨佔安排約束的商家報告稱，他們實際上被迫在攜程網的在線預訂平台上提供最低價格，否則將面臨一系列措施，如搜索排名下降。</p>
<p>分析師和行業觀察人士認為，政府的調查是出於修復經濟中面臨通貨緊縮和房地產崩潰後果的結構性失衡的願望。近年來，市場監管機構在科技和電子商務領域進行了反壟斷調查。它對阿里巴巴和美團因強迫獨佔、歧視性費用率和懲罰性算法等壟斷行為處以罰款。</p>
<p>一位最近在競爭平台抖音上進行直播銷售的民宿經營者被攜程網的一位業務經理聯繫，要求他們將其在競爭平台上的列表刪除，何雙全説。</p>
<p>何雙全表示，攜程網很少將此類要求以書面形式提出，並且在其執行措施方面提供的透明度很少。但後果可能是立竿見影的。經營者表示，處罰包括搜索排名下降、移除優選商家徽章以及流量減少，這使得酒店更難吸引客户。住宿服務提供商可能會突然看到預訂量下降，而沒有明確的解釋——並且實際上被禁止在其他平台上進行營銷以彌補損失。</p>
<h2>剝奪氧氣</h2>
<p>“從商家的角度來看，這與強迫幾乎沒有區別，因為流量就是氧氣，” 中國交易桌的首席執行官蘇布拉馬尼亞·巴特説。</p>
<p>這種做法在全球行業中普遍存在，但攜程網在中國的龐大規模加劇了壓力，使商家在定價決策上幾乎沒有控制權。</p>
<p>在廣東省汕頭市經營一家單一物業民宿的王林表示，攜程網去年多次單方面降低他的房價，而沒有通知他。他是從客户那裏得知這些降價的。</p>
<p>一次降價將房價削減了 66%，降至 100 元（新加坡幣 18.44 元）。更讓王感到憤怒的是：攜程仍然根據他原來的房價收取佣金。向攜程的投訴未能停止降價或挽回損失的收入。</p>
<p>“這些都是霸凌的做法，” 王説。</p>
<p>攜程拒絕就商家的投訴發表評論，理由是正在進行調查。</p>
<p>攜程成立於 1999 年，除了攜程外，還通過其品牌如去哪兒、Trip.com 和 Skyscanner 提供航班、酒店、租車和旅遊服務。它在同類規模中幾乎沒有競爭對手，主要與阿里巴巴、美團和字節跳動的子公司競爭。</p>
<p>香港科技大學商學院副院長 Tat Koon Koh 表示，這次調查對其他市場領導者應當是一個警示，他研究數字經濟。</p>
<p>Koh 表示，像攜程這樣的平台由於 “網絡效應” 自然會趨向壟斷——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。但一旦它們取得主導地位，就需要更加註意不公平的做法，否則可能面臨政府幹預。</p>
<p>Koh 説：“這提醒所有這些平台運營商：一旦你變得如此龐大，更要對生態系統中的不同利益相關者承擔責任。而且僅僅因為我如此龐大和主導，我就不應該試圖壓榨他們。” BLOOMBERG</p>

攜程網

攜程集團-S

<p>中國的酒店面臨房價下降的問題，這主要是由於攜程網的激進折扣策略，被視為掠奪性定價。這導致北京展開反壟斷調查，許多酒店業者聲稱他們必須降價才能在平台上保持曝光度。攜程網控制着中國 56% 的在線旅遊市場，被指控存在壟斷行為，包括強制獨佔協議，限制酒店在競爭平台上的上市能力。儘管旅遊需求回升，但這一情況導致酒店盈利停滯，引發了對該行業通貨緊縮的擔憂</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] 中國的酒店迎來了創紀錄的旅客數量，但房價卻在下滑——許多經營者將這一悖論歸咎於攜程網。</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>對於黃嘉瑞來説，在上海附近的湖州山丘經營一家五間房的民宿本應確保他家庭的經濟未來。然而，他和中國東南部浙江省的其他酒店經營者表示，夜間房價已降至十多年前的水平，因為攜程網頻繁的折扣活動迫使他們不得不降價，以便在中國主導的預訂平台上保持可見性。</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>“現在的促銷活動幾乎成了日常例行公事，” 黃説，他出於對攜程網的擔憂要求使用自己取的英文名。“我們必須不斷降價至少 15% 來吸引旅客。我們別無選擇，只能跟隨降價。”</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>攜程網在中國疫情後旅遊復甦中發揮了核心作用，將數百萬旅客與像黃這樣的中小型經營者連接起來。但對於許多酒店來説，能見度——有時甚至生存——是以犧牲利潤為代價的。</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>這種動態現在是北京反壟斷調查的核心。監管機構指控攜程網濫用市場地位，分析師指出整個行業的通貨緊縮是政府的主要擔憂。與住宿經營者、行業團體和旅遊顧問的訪談描述了一個不斷降價和不透明政策侵蝕盈利能力的系統，即使在需求反彈的情況下也是如此。</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>攜程網表示正在配合政府的調查。自一週前調查宣佈以來，該公司的股價已下跌超過 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>根據彭博情報，2025 年中國的每間房收入——一個關鍵的酒店指標——持平，而其他亞洲市場則有所增長。萬豪國際公司在中國的每間房收入去年大部分時間下降了 1%，而希爾頓在中國的房間收入落後於其區域同行。</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>根據中國交易桌的數據，該公司控制了中國在線旅遊市場約 56% 的份額，並已成長為全球最大的預訂網站。其主導地位幫助推動了國內旅遊的復甦——2025 年前三季度記錄了近 50 億次旅行——但經營者表示，收益下降抵消了這些好處。</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>“市場發展不均衡，創新不足，都是由於壟斷行為，” 雲南省旅遊民宿行業協會會長何雙全説，該協會代表約 7000 名經營者。“整個在線旅遊代理行業正停滯在一潭死水中。”</p>
</div><h2>‘Pick-one-of-two’</h2>
<div class="lb-trans"><h2>‘二選一’</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>更廣泛的挑戰是供過於求和消費者支出謹慎。在雲南等地區，自疫情以來，酒店容量增加了三倍，而旅客的預算卻收緊。顧問指出，儘管人們的旅行次數增加，但支出卻減少——這使得酒店不得不降價以填補空牀，並造成數十億的虧損。</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>對於像黃這樣的經營者來説，這一悖論十分明顯：提供客户的平台也在加速價格競爭的惡性循環。投訴主要集中在攜程網的 “二選一” 獨佔安排上——這一做法被中國監管機構多次誓言要根除。</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>攜程網將商家分為不同層級，“特約商家” 享有最高的可見度和流量，何雙全説。然而，這些頂級商家通常被禁止在阿里巴巴的飛豬、字節跳動的抖音或美團等競爭平台上列出。未受這些獨佔安排約束的商家報告稱，他們實際上被迫在攜程網的在線預訂平台上提供最低價格，否則將面臨一系列措施，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>分析師和行業觀察人士認為，政府的調查是出於修復經濟中面臨通貨緊縮和房地產崩潰後果的結構性失衡的願望。近年來，市場監管機構在科技和電子商務領域進行了反壟斷調查。它對阿里巴巴和美團因強迫獨佔、歧視性費用率和懲罰性算法等壟斷行為處以罰款。</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>一位最近在競爭平台抖音上進行直播銷售的民宿經營者被攜程網的一位業務經理聯繫，要求他們將其在競爭平台上的列表刪除，何雙全説。</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>何雙全表示，攜程網很少將此類要求以書面形式提出，並且在其執行措施方面提供的透明度很少。但後果可能是立竿見影的。經營者表示，處罰包括搜索排名下降、移除優選商家徽章以及流量減少，這使得酒店更難吸引客户。住宿服務提供商可能會突然看到預訂量下降，而沒有明確的解釋——並且實際上被禁止在其他平台上進行營銷以彌補損失。</p>
</div><h2>Depriving Oxygen</h2>
<div class="lb-trans"><h2>剝奪氧氣</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>“從商家的角度來看，這與強迫幾乎沒有區別，因為流量就是氧氣，” 中國交易桌的首席執行官蘇布拉馬尼亞·巴特説。</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>這種做法在全球行業中普遍存在，但攜程網在中國的龐大規模加劇了壓力，使商家在定價決策上幾乎沒有控制權。</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>在廣東省汕頭市經營一家單一物業民宿的王林表示，攜程網去年多次單方面降低他的房價，而沒有通知他。他是從客户那裏得知這些降價的。</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>一次降價將房價削減了 66%，降至 100 元（新加坡幣 18.44 元）。更讓王感到憤怒的是：攜程仍然根據他原來的房價收取佣金。向攜程的投訴未能停止降價或挽回損失的收入。</p>
</div><p>“These are the practices of a bully,” said Wang.</p>
<div class="lb-trans"><p>“這些都是霸凌的做法，” 王説。</p>
</div><p>Trip.com declined a request for comment on merchants’ complaints, citing the ongoing investigation.</p>
<div class="lb-trans"><p>攜程拒絕就商家的投訴發表評論，理由是正在進行調查。</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>攜程成立於 1999 年，除了攜程外，還通過其品牌如去哪兒、Trip.com 和 Skyscanner 提供航班、酒店、租車和旅遊服務。它在同類規模中幾乎沒有競爭對手，主要與阿里巴巴、美團和字節跳動的子公司競爭。</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>香港科技大學商學院副院長 Tat Koon Koh 表示，這次調查對其他市場領導者應當是一個警示，他研究數字經濟。</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，像攜程這樣的平台由於 “網絡效應” 自然會趨向壟斷——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。但一旦它們取得主導地位，就需要更加註意不公平的做法，否則可能面臨政府幹預。</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 説：“這提醒所有這些平台運營商：一旦你變得如此龐大，更要對生態系統中的不同利益相關者承擔責任。而且僅僅因為我如此龐大和主導，我就不應該試圖壓榨他們。” BLOOMBERG</p>
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中國的酒店在攜程網的反壟斷調查中指控其進行掠奪性定價和強制排他性