携程面临内忧外困 Those who hold their faces the trapped

　　携程旅行网从创立到鼎盛，十年间开创多个业内第一，稳坐在线旅游市场龙头地位。然而，近几年随着新兴力量的迅速崛起，从市值到市场份额携程老态毕现。

Ctrip from starting to height，More than a decade the first，Rank online travel market leading position。however，In recent years with the rapid rise of the emerging power，Market value from market share to old ctrip.com finish now。

　　1999年10月，携程旅行网开通后，迅速抢占中国在线旅游市场，先后于2000年和2002年并购北京现代运通订房中心和北京海岸航空服务有限公司，并于2002年5月启动全国中央机票预订系统。酒店预订量创当年国内酒店分销业榜首。2003年12月，携程在美国纳斯达克上市，创纳市三年来开盘当日涨幅最高纪录；2004年11月携程建成国内首个国际机票在线预订平台。

October 1999，Ctrip after opening，Rapid controlling China's online travel market，Successively in 2000 and in 2002 m&a Beijing modern express reservation center and Beijing coast aviation services Co., LTD，And in May 2002 the national central ticket reservation system startup。The hotel YuDingLiang and domestic hotel distributive trade in the top spot。December 2003，Those who hold in the United States listed on nasdaq，And on the day of the opening of the rise in three years reliant record high；In November 2004 the first domestic built ctrip.com international online ticket reservation platform。

　　在拓展业务的同时，携程管理者注重管理和设施建设，2010年3月携程启动酒店最低价承诺；2010年5月，拥有超过1.2万个呼叫席位的携程信息技术大楼在江苏南通经济技术开发区正式落成，该区由此成为目前世界上最大的旅游业呼叫中心。2010年7月，携程入选《福布斯》“2010中国品牌价值排行榜”，2011年1月入选商务部“中国现代服务十大创新企业”。

In the expanding business at the same time，Those who hold the manager management and facilities construction，In March 2010, the lowest start ctrip.com commitment；May 2010，Has more than 12000 calls the electronic information technology building seats in nantong economic and technology development zone in jiangsu province was completed，The area will be the world's largest tourism call center。July 2010，In ctrip.com《Forbes》“2010 China top brand value”，In January 2011 the ministry of commerce“China's modern service ten big innovation enterprise”。

　　然而，近两年来，受到同行业去哪儿、淘宝等平台对机票和酒店预订市场的挤压，以及航空公司机票直销的影响，携程市场份额减少、利润率降低。从营收来看，2012年第二季度，携程的总营业收入为162.28亿美元，同比增长18.33%，净利润同比下降53.83%，环比下降29.83%。

however，In the past two years，By the industry to go、Clean out treasure to such as air tickets and hotel booking platform of extrusion market，Airline ticket and the effect of direct selling，Those who hold market share to reduce、Profit margins lower。The revenue to see，The second quarter of 2012，The total operating income for those who hold $16.228 billion，Year-on-year growth of 18.33%，Net profit fell 53.83% year-on-year，Annulus comparing fell 29.83%。

　　携程面临内忧的同时遭遇外患，7月23日，携程网正式被剔除出纳斯达克-100指数范围，由世界第二大的食品和饮料公司卡夫食品公司取代。

Those who hold at the same time for their faces encounter，July 23,，Ctrip formal were removed from the nasdaq-100 index range，By the world's second largest food and beverage companies kraft food companies replace。

　　截至7月31日美股收盘，携程股价已经由2010年最高峰的52.15美元下降至12.48美元，缩水逾七成(76%)，跌幅也大于中国概念股的整体走势。对应市值则从约80亿美元降至17.90亿美元。

By July 31 us stocks closed，Those who hold shares have by 2010 from high of $52.15 drop to $12.48，Shrunk more than seventy percent(76%)，Fall is greater than the whole group of Chinese stocks and overall situation。The corresponding value from about $8 billion down to 1.79 billion dollars。

困境缘于激烈竞争 Difficulties due to competition

　　携程的困境主要缘于整个在线旅游市场中机票和酒店预订业务的激烈竞争。航空公司机票直销，去哪儿等垂直旅游搜索，传统电商淘宝网、京东商城、苏宁易购也大举涉足在线旅游行业，今夜特价酒店等移动APP应用“崭露头角”……越来越多竞争者的加入，进一步瓜分了携程线上预订市场的份额。面对竞争，携程内部经销模式缺乏创新、被动应对，更加剧了这种困境。

The plight of those who hold the online travel market mainly due to air tickets and hotel booking business in the fierce competition。Airline ticket direct marketing，Where to go and vertical tourism search，The traditional electricity traders dragons、Jingdong mall、SuNingYi purchase has given into the online travel industry，Tonight on sale mobile APP hotel application“up-and-coming”……More and more of the competitors to join，Further partitioned the online electronic book market share。Facing the competition，Internal distribution mode ctrip.com lack of innovation、Passive deal with，Has intensified this predicament。

　　分析人士指出，航空公司机票直销、下调机票代理佣金费率、压低在线代理商的利润空间，给携程机票在线预订业务造成了直接冲击。排名次席的艺龙实行了向其他OTA厂商开放库存策略以及酒店团购、返利等盈利手段，以薄利多销的方式加紧追赶携程的步伐。而淘宝、去哪儿及其他新型网站进军机票预订业务，抢占市场份额，极大地压缩了携程的市场份额。

Analysts say，Airline ticket direct marketing、Ticket agent commissions cut rates、Down the profit space online agent，Online ticket reservation to electronic business caused the direct impact。Ranking second in the art of the dragon to other OTA vendors open inventory strategy and hotel group buying、Rebate and means of profit，At small profits and quick turnover way stepping up after the pace of ctrip.com。And clean out treasure、Where to go and other new web foray into ticket reservation business，Seizes the market share，Greatly compressed the electronic market share。

　　方便、快捷、便宜是人们网上预订机票的直接原因，不同分销商的机票预订最大价差在10%甚至20%以上，方式主要包括分销商返现等，这种付诸价格战的争夺行为，再次减少了携程在线机票预订的利润空间。在机票预订业务收紧的背景下，携程的酒店业务也面对严峻的挑战。

convenient、quick、Cheap online ticket is people directly responsible，The biggest different distributors ticket reservation in 10% or even 20% above the price，The main means to include distributors now, etc，This into the price war for behavior，Once again reduce the online ticket reservation profits ctrip.com space。In the ticket reservation business under the background of tightening，The hotel business is also facing those who hold a serious challenge。

携巨资展开价格战 With a huge sum of money on price war

　　面临衰落局势，携程尝试转型，并携巨资展开价格战，然而积重难返。

Faced decline situation，Ctrip.com trying to transition，And with a huge sum of money on price war，However persistent。

　　携程近两年积极转型、全方位拓展业务，包含酒店、机票、度假、美食、商旅等，并建设超大型呼叫中心，投资线下酒店和旅行社，力图打造一站式旅游服务商。携程内部人士向《经济参考报》记者坦言：已有业务势力太大，携程转型面临困难。

Ctrip.com positive transformation in the past two years、All-round development business，Contains hotel、ticket、holiday、food、Business, etc，And construction super large call center，Investment offline hotels and travel agents，Tries hard to make one-stop service travel。To those who hold insiders《Economic reference quote》The reporter said：Existing business forces too big，Ctrip.com transformation face difficulties。

　　有分析人士认为，公司核心灵魂人物的出局是携程发展出现问题的根源之一。携程旅行网最初是由梁建章、季琦、沈南鹏、范敏共同创建的，人称“携程四君子”。后季琦和梁建章都退出携程，而沈南鹏主要精力投入到投资领域。

Have analysts said，The core of the soul out there is those who hold the root of the problem of one。Ctrip is at first by LiangJianZhang、JiQi、ShenNaPeng、FanMin jointly established，said“Four gentlemen ctrip.com”。JiQi and LiangJianZhang after all those who hold out，And ShenNaPeng main energy into the area of investment。

　　携程掌门人范敏非常注重将业务向线下拓展，但其对互联网的敏感度似乎弱了些，这无形中影响了携程进军移动互联网的节奏与风格，在技术和经销模式创新方面，携程显得比较被动，并在竞争中失去优势。

Palm FanMin much attention to those who hold the business expansion to the line，But its the sensitivity of the Internet seems to weak some，This virtually affected ctrip.com foray into mobile Internet rhythm and style，In the technology and distribution pattern innovation，Ctrip.com appear more passive，And lose the advantage in the competition。

　　如今梁建章的回归，让人们似乎有理由重新点燃希望。携程出于巩固自身地位的考虑，投入了史上最大笔营销资金开展价格战。携程创办人梁建章于7月5日宣布投入五亿美元(约合32亿元人民币)，进行为期一年的低价促销，较往年营销费用提升了近10倍。

Now LiangJianZhang return，Let people seem to have reason to light again hope。Those who hold out of strengthen their own status consideration，Put the history's most large marketing money in a price war。Founder ctrip.com LiangJianZhang on July 5 announced $five hundred million investment($3.2 billion yuan RMB)，For a low price of sales promotion，A previous years up marketing costs nearly 10 times。

　　在开拓投资新细分市场领域方面，据梁建章介绍，目前携程投资涉及高端旅游市场“鸿鹄逸游”、度假公寓的出租经营“途家网”以及客栈的经营投资“松果网”。

In the pioneering new investment market segment field，According to LiangJianZhang introduced，Now those who hold investment involves high-end tourism market“Escape HongGu swim”、Vacation rental apartment business“Way home nets”Business investment and inn“Pinecone nets”。

　　雪球财经旗下i美股分析师吴桑茂指出，携程度假旅游业务二季度同比增长24%，增速低于上季度的33%。携程“持续在产品研发，尤其是休闲旅行相关产品与服务方面进行了大量的投资，以增强携程提供一站式的旅游产品与服务的能力”，说明它在酒店预订领域无奈地打价格战的同时，还希望在休闲旅游市场斩获新的增长。

Under the us stock I snowball financial analyst wu SangMao said，Those who hold on holiday tourism business increased 24% year-on-year in the second quarter，Less than 33% of the growth last quarter。ctrip.com“Continued in the product research and development，Especially leisure travel related products and service as a large amount of investment，In order to enhance electronic provide one-stop tourism product and service ability”，Explain it in the hotel reservation field reluctantly price war at the same time，Also hope in leisure tourism market winners in the new growth。

　　分析人士指出，携程要想在积重中不被淘汰，除拓展新业务外，必须保持自己的品牌信誉，提高客户黏性，线上线下齐头并进。

Analysts say，Those who hold to the product in heavy will not be eliminated，In addition to develop new business outside，Must keep their own brand reputation，Improve customer the viscosity，Online line has gone hand in hand。