$TRIP.COM-S(09961)$ 's moat is seriously deep, especially in the high-end hotel market. They’ve built a solid fortress there by taking stakes in top hotels, and honestly, they’re pretty much the king of this market.
The revenue and profits from high-end hotels are insanely good for them, it’s like a goldmine. Meituan's been eyeing this space for a while, but honestly, it won’t be easy for them to break in. Ctrip has been in this game for so long, the entry barrier is just way too high.
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