China's OTAs spent a decade building market power that helped them weather the pandemic and rebound hard, but 2025 revenue growth is decelerating fast. Regulators just fined Trip.com RMB5.18 billion in the sector's first anti-monopoly case, and agentic AI is starting to upend how travelers search and book. Tongcheng is acquiring across segments to shore up its position. What happens when a maturing, over-supplied market collides with regulatory pressure and AI disruption at once?