南财观察：携程三宗罪_老虎社区_美港股上老虎

南财观察：携程三宗罪

21世纪经济报道01-15 22:05

2026年反垄断第一记重锤砸向了OTA霸主携程。　　1月14日，国家市场监管总局发布公告，正式对携程立案调查。消息一出，资本市场迅速反应，携程港股应声跳水，当天跌幅6.49%，隔夜携程美股暴跌17%。15日开盘，携程港股再度上演极限跳水大跌20%，在短短不到一天时间里，携程市值蒸发超过1000亿人民币。　　资本市场为什么这么怕？因为在反垄断的大锤下阿里被罚过182亿，美团被罚过34.4亿。而现在的...

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Ctrip","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TCOM":1.5,"09961":1.5},"content_text":"2026年反垄断第一记重锤砸向了OTA霸主携程。　　1月14日，国家市场监管总局发布公告，正式对携程立案调查。消息一出，资本市场迅速反应，携程港股应声跳水，当天跌幅6.49%，隔夜携程美股暴跌17%。15日开盘，携程港股再度上演极限跳水大跌20%，在短短不到一天时间里，携程市值蒸发超过1000亿人民币。　　资本市场为什么这么怕？因为在反垄断的大锤下阿里被罚过182亿，美团被罚过34.4亿。而现在的携程，无论是从“吸金能力”还是“垄断程度”，和前两位比有过之而无不及，具体怎么罚要看总局的调查情况，咱们今天就单纯聊两件事，携程有多赚钱，他到底有多垄断。　　2025年，携程前三季度收入471亿人民币，净利润291亿，日均净赚1个亿，手握的现金和短期投资高达804亿。如果只看第三季度，盈利甚至超过了茅台，妥妥是行走的印钞机。　　但这不是最恐怖的，最让其他互联网企业望尘莫及的是它长期维持在80%以上的毛利率。要知道之前因为垄断被罚的阿里和美团，毛利率还不到40%。　　如此炸裂的财报背后，靠的既不是优秀的服务，也不是客户的认可，而是靠一家独大的市场份额垄断整个行业。目前在整个在线旅游市场，携程系的市场交易份额已经超过了70%。月活用户超过1亿，在很多细分的酒旅赛道，它拥有绝对的定价权和裁判权。而这种权力异化成了针对商家，同行，用户的三重枷锁。　　第一把枷锁——针对商家强制改价！2025年6月起，郑州等地数十家酒店联名举报携程强制开通“调价助手”。这套算法系统24小时全天候扫描全网价格。一旦发现商家在其他平台的报价更低，系统会越过商家，强制下调酒店在携程的结算价，甚至自动替商家报名促销活动。有商家反映，即便手动关闭，该功能次日也会“悄悄复活”。这种“利用技术手段实施不合理限制”的行为，实质上是利用其垄断地位对商家定向收取“携程税”。　　但在携程1.04亿月活用户的庞大流量面前，商家敢怒不敢言，只能眼睁睁的接受自己的房子定价自己说了都不算的憋屈现状，这是“调价助手”么？这简直是“调价爹”。　　第二把枷锁——同业“二选一”重出江湖。2025年12月，云南上千家民宿联名举报携程，直指其利用流量霸权搞“排他协议”，不签就直接屏蔽流量，不配合平台促销就调低店铺权重，这种行为完全是在掐死行业的竞争活力。要知道相比于其他新加入战团的竞争企业，携程的基础佣金加上各种隐形的推流费几乎占到了商家的实际收入的40%。这意味着你住一晚500块的房间，可能有200块直接进了携程的腰包。在这种毫无竞争力的平台服务面前，携程用近乎最粗暴的二选一方式保住了垄断地位。　　第三把枷锁——老用户大数据杀熟。还记得前阵子网友发起的反向喂数据运动吧，专门在携程搜廉价路线，低价酒店，对着手机说买不起机票，故意在支付页面停顿，退出。试图让算法判定自己变穷了，从而求携程高抬贵手，给自己个正常报价。如此荒诞又卑微的行为背后，是黑猫投诉平台上那累计13.6万条的投诉！里面密密麻麻全是退款难、隐形扣费、还有这种明目张胆的看人下菜碟。为什么会这样？因为在携程是算法里，越是老用户价格越贵，越是高阶会员优惠越少。你有消费力，那你活该多花钱。算法就是吃准了不给你甜头你也习惯用携程。　　在这套针对全行业全维度的三重枷锁的加持下，携程确实做到了日均盈利1个亿，但代价是北京1600多家住宿单位忙活一年，利润总额才5900多万。用户天天操作谨小慎微，生怕点错一个地方被扣钱。　　文旅复苏带来的行业红利应该惠及每一个人，但在携程这种绝对垄断的支配地位下，商家没有赚到钱，用户没有得到实惠，绝大多数的利润都被平台方一家抽走了。可见当西方经济学口中那只“看不见的手”失效时，它不仅没有带来公平，反而造就了一个极度扭曲的行业吸血鬼。　　所以这时候就需要政府这只“看得见的手”果断出重拳。 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