13 October 2025 | 11:51AM CST Equity Research CHINA AUTOMOBILES De-consolidation of industry market share and profit distribution likely to continue into 4Q25 One quarter into the government anti-involution campaign for the auto industry which started in early July, we review our over-capacity framework and assess the impact on industry capex, cash profit, as well as working capital. Our assessment shows: As domestic PV demand slows down into 3Q25 (+5% yoy) and 4Q25 (GSe -9% yoy) from 1H25 (+11% yoy) with u ...