CICC: JD's entry into the OTA market shakes the status quo, which is more challenging than the food delivery industry.

GF Securities International released a report, stating that JD.com announced the Hotel PLUS membership plan, allowing members to enjoy up to three years of zero commission for hotel stays. The bank believes that this move is JD.com's further expansion into the local life scene after the peak order volume of 25 million on June 1st in the food delivery business. Depending on the expansion progress of JD.com's hotel and travel merchants and the conversion effect of traffic, the bank believes that from the perspective of customer overlap, it may have a greater impact on Ctrip, and from the perspective of local consumption scenarios, it may have a greater impact on Meituan and Tongcheng Travel. However, it is difficult to shake the supply chain barriers of Ctrip Group-S and the short-term market advantages of Meituan and Tongcheng. GF Securities International stated that the current prices correspond to JD.com, Meituan, Ctrip, and Tongcheng's 2025 price-to-earnings ratios of 7.5 times, 17.9 times, 15.9 times, and 12.5 times, respectively, all at historical lows. They are paying attention to the impact of the evolution of the competitive landscape on the short-term profits of the platforms.