China’s Mobility in Numbers   3

Cars 2025 Series        3

Five disruptors to decelerateChina’s overall car market growth — 10-year CAGR of 4.25% 6 Disruptor 1: Car sharing and e-hailing – mixed impact but overall taking 70bps off growth 11 Disruptor 2: Car license plate restrictions — taking 50bps off growth  15

 Disruptor 3: Growth in public transport — taking 35bps off growth  16

Disruptor 4: Low-speed electric vehicles — taking 5bps off growth  18

Disruptor 5: Autonomous vehicles not yet a factor — limited effect on growth until 2030E  20 Three areas of turbo-charged growth  21

Turbo 1: ADAS/AV components — 56% CAGR  22

Turbo 2: New Energy Vehicles — 27% CAGR  26

Turbo 3: Aftermarket — >10% CAGR — across four sub-segments  30

Monetizing the theme: Stock highlights and investment implications  37

Appendix: Baidu/Alibaba/Tencent’s activities in ADAS/AV/NEV/Aftermarket  52

Appendix: Mobility benchmark of key countries and cities  53

Appendix: Profiles of companies exposed toADAS,NEV, Aftermarket inChina 57

Disclosure Appendix  65