n OEM net cash increase from US$15.6bn (Rmb111bn) equity fundraising (Exhibit 6) despite shortening payable days. During 2025, we estimate a total of US$15.6bn (Rmb111bn) was raised by China auto OEMs through equity issuance, which has enabled sustained new product investment and market competition. Meanwhile, loss-making OEMs were also provided more capacity to manage the cash burn, making industry consolidation difficult to occur, in our view. For 2026, we expect another year of intense competition with 1 ...