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smart为旗下精灵#2（下文称精灵2号）城市纯电小车，在2026年10月全球首发前夕，于全球多地开启了一场特别的营销活动。上海、中国香港、布宜诺斯艾利斯、墨尔本已经出现这款双座微型电动车的主题壁画，柏林与巴黎也即将上线精灵2号巨型墙体彩绘。
官方新闻稿表示，smart将以街头壁画这种别具一格的形式，首次对外放出精灵2号的设计线索。这台双座车型主打城市出行，品牌希望借此强化它与街头文化的联结。smart市场总监康怡表示，这批壁画预热，是为唤醒市场对品牌经典车型回归的期待。
目前全球四座城市已经落地四幅精灵2号主题壁画：上海作品由当代艺术家朱斌创作；中国香港版本出自四人街头艺术团体Parents Parents；布宜诺斯艾利斯的壁画由马丁·罗恩执笔；澳大利亚墨尔本的壁画则由乔治亚·劳里完成，将车辆元素融入画面之中。
墨尔本的壁画泄露了大量量产版精灵2号的外观细节：A/B 柱与车顶做了黑化处理，配备实体车门把手，大灯造型圆润可爱；前保险杠两侧设有导流槽，中间为矩形进气口；搭载八辐式轮毂。后续柏林、巴黎还将新增两幅同款主题壁画。
smart官方强调，精灵2号城市小车由奔驰全球设计团队操刀，设计目标是传承前代smart ForTwo的产品特质。量产版精灵2号将保留2026北京车展亮相的Concept #2概念车的车身轮廓。
该车底盘与核心技术来自吉利，基于ECA 纯电紧凑架构打造，采用后驱布局，满足全球各地安全标准；另一大优势就是狭小空间下的灵活操控。
此前披露信息显示，精灵2号搭载35.7kWh电池，WLTP目标续航约300公里，直流快充 10%‑80%约20分钟，转弯直径仅6.95米。量产版精灵2号更多信息将于2026年10月巴黎车展正式公布。
In the Malaysian SUV market, many buyers compare the Proton X70 and Honda HR-V when selecting a car. These two models are quite close in price and positioning. Today, we will make a detailed comparison from multiple aspects to help you save time on research.
The OTR price of the Proton X70 in Malaysia is RM 106,800 - 122,300, with a total of 3 versions, including 1.5L Standard 2WD (RM 106,800), 1.5L Executive 2WD (RM 115,800), 1.5L Premium 2WD (RM 122,300), etc.
The OTR price of the Honda HR-V in Malaysia is RM 115,900 - 143,900, with a total of 4 versions, including 2026 e:HEV 1.5L RS (RM 143,900), 2026 1.5T V (RM 137,900), 2026 1.5T E (RM 130,900), etc.
Looking at the price, the starting price of the Proton X70 is indeed RM 9,100 cheaper than the Honda HR-V. If your budget is limited, Proton's entry-level version can already meet daily needs. However, note that the cheaper few thousand may involve trade-offs in features, depending on your needs.
The Proton X70 safety rating is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
The Honda HR-V safety rating is 5★ (ASEAN NCAP), active safety systems include Honda SENSING (ACC, CMBS, LKAS, RDM).
Both cars have the same safety rating, and safety equipment in this class is quite comprehensive. New car safety is generally good nowadays, so don't worry too much about this point.
Proton X70 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Honda HR-V warranty 5 years/unlimited mileage, maintenance interval every 10,000km or 6 months.
Both the Proton X70 and Honda HR-V are mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, prioritize the one with better reputation; if you care more about value for money and features, choose the one with richer configurations. Ultimately, it is recommended to test drive both models, as firsthand experience is the most important.
Overall, the Proton X70 and Honda HR-V are both very good models in the Malaysian market. Which one to choose mainly depends on your personal needs and budget. It is recommended that you do your research, compare quotes from several dealerships, and then test drive to make the final decision. Buying a car is a major matter; spending time on research is never wrong.
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿寶騰 X50 同奇瑞 Tiggo 7 PHEV 嚟做比較。這兩部車喺價位同定位上都好接近，今日我哋就從多個方面做一個詳細嘅比較，幫你省下做功課嘅時間。
寶騰 X50 喺馬來西亞嘅 OTR 售價係 RM 89,800 - 113,300，合共有 4 個版本，包括 1.5T Executive（RM 89,800）、1.5T Premium（RM 101,800）、1.5T Flagship（RM 113,300） 等。
奇瑞 Tiggo 7 PHEV 喺馬來西亞嘅 OTR 售價係 RM 129,750 - 129,750，合共有 2 個版本，包括 2025 1.5T 90km CSH（RM 129,750）、Tiggo 7 PHEV 支援咩充電方法？可以用家用電源插座充電咩？（RM 117,478）等。
從價錢來看，寶騰 X50 嘅起步價確實比奇瑞 Tiggo 7 PHEV 便宜咗 RM 39,950。如果你預算有限，寶騰嘅入門版已經可以滿足日常需要。但都要注意，平嗰幾千蚊，喺配備上會有取舍，具體睇你嘅需求。
寶騰 X50 車身長 4400 mm，後尾箱 400 L。
奇瑞 Tiggo 7 PHEV 車身長 4400 mm，後尾箱 400 L。
兩部車嘅尺寸幾乎一樣，車內空間差別唔大。呢個級別嘅車，日常使用完全夠用。
寶騰 X50 採用 4WD 驅動方式。
奇瑞 Tiggo 7 PHEV 採用 FWD 驅動方式。
寶騰嘅 4WD 同奇瑞嘅 FWD 喺操控上會有唔同感受，建議試駕比較。
寶騰 X50 同奇瑞 Tiggo 7 PHEV 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更睇重品牌口碑同二手價，可以優先考慮口碑更好嗰一款；如果你更在意性價比同配備，嗰就揀配置更豐富嗰款。最終都係建議兩部都去試駕，親身體驗先係最重要嘅。
總體嚟講，寶騰 X50 同奇瑞 Tiggo 7 PHEV 都係馬來西亞市場幾唔錯嘅車型。揀邊一部，關鍵都要睇你嘅個人需求同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試駕做最後決定。買車係一件大事，花少少時間做功課絕對唔會錯。
In the Malaysian SUV market, many buyers compare the Proton X50 and Honda CR-V when choosing a car. These two models are quite close in price and positioning. Today, we will make a detailed comparison from multiple aspects to help you save time on research.
The OTR price of Proton X50 in Malaysia is RM 89,800 - 113,300, with a total of 4 versions, including 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300), etc.
The OTR price of Honda CR-V in Malaysia is RM 178,200 - 195,900, with a total of 4 versions, including 2026 e:HEV 2.0L 2WD RS (RM 195,900), 2026 1.5T 4WD V (RM 181,900), 2026 e:HEV 2.0L 2WD E (RM 178,200), etc.
From the price perspective, the starting price of Proton X50 is indeed RM 88,400 cheaper than Honda CR-V. If your budget is limited, the Proton entry-level version can already meet daily needs. However, note that the few thousand difference might involve trade-offs on features, depending on your specific needs.
Proton X50 is equipped with a 1.5L 4-cyl, 105 hp power output. Official fuel consumption 6.0 L/100km.
Honda CR-V is equipped with a 2.0L 4-cyl, 170 hp power output. Official fuel consumption 8.0 L/100km.
In terms of power, the 2.0L 4-cyl of Honda CR-V has 65 more horsepower than the 1.5L 4-cyl of Proton X50. However, for daily city driving, the power of both cars is sufficient, and it won't feel underpowered.
Proton X50 body length 4400 mm, trunk 400 L.
Honda CR-V body length 4500 mm, trunk 450 L.
In terms of space, the Honda CR-V body is 100 mm longer than Proton X50, offering an advantage in passenger space. However, Proton X50 is slightly more flexible for parking in the city, each has its trade-offs.
Proton X50 warranty 5 years/150,000km, servicing interval every 10,000km or 6 months.
Honda CR-V warranty 5 years/unlimited mileage, servicing interval every 10,000km or 6 months.
Overall, both Proton X50 and Honda CR-V are very good models in the Malaysian market. Choosing which one depends on your personal needs and budget. We suggest doing your homework, comparing quotes from several dealerships, and then test driving to make a final decision. Buying a car is a big matter, spending time on research is never a mistake.
喺馬來西亞嘅 SUV 市場，好多人揀車嘅時候都會拿 Perodua Aruz 同 GWM Haval H6 比較。兩款車嘅價位同定位都幾接近，今日我哋就從多個方面做一個詳細嘅比較，幫你節省咗做功課嘅時間。
Perodua Aruz 喺馬來西亞嘅 OTR 售價係 RM 72,900 - 77,900，一共有 2 個版本，包括 1.5L X（RM 72,900）、1.5L AV（RM 77,900） 等。
GWM Haval H6 喺馬來西亞嘅 OTR 售價係 RM 139,750 - 139,750，一共有 2 個版本，包括 1.5L Turbo Standard（RM 140,000）、1.5L Turbo Premium（RM 155,000） 等。
從價錢睇嚟，Perodua Aruz 嘅起步價確實比 GWM Haval H6 平咗 RM 66,850。如果你預算有限，Perodua 嘅入門版已經可以滿足日常需求。但亦要注意，平嗰幾千蚊，喺配備上可能有取舍，具體就要睇你嘅需求。
Perodua Aruz 搭載 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
GWM Haval H6 搭載 Hybrid，馬力 170 hp。官方油耗 4.5 L/100km。
動力方面，GWM Haval H6 嘅 Hybrid 比 Perodua Aruz 嘅 1.5L 4-cyl 多咗 65 匹馬力。不過日常喺市區開，兩款車嘅動力都夠用，唔會覺得唔夠力。
Perodua Aruz 保養 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
GWM Haval H6 保養 7 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Perodua Aruz 同 GWM Haval H6 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更睇重品牌口碑同二手價，可以優先考慮口碑更好嗰一款；如果你更在意性價同配備，那就揀配置更豐富嗰款。最終始終建議兩款都去試駕，親身試下先最重要。
總括嚟講，Perodua Aruz 同 GWM Haval H6 都係馬來西亞市場好唔錯嘅車款。揀邊一輛，關鍵都要睇你嘅個人需求同預算。建議大家做好功課，多比較幾間車行嘅報價，再去做試駕同做最終決定。買車係件大事，花啲時間做功課絕對唔會錯。
喺馬來西亞嘅汽車市場，好多買家喺揀車嘅時候都會用本田 HR-V 同 奇瑞 Tiggo 8 PHEV 做比較。今日我哋由多個方面做一個詳細嘅比較，幫你省咗做功課嘅時間。
本田 HR-V 喺馬來西亞嘅 OTR 售價係 RM 115,900 - 143,900，一共有 4 個版本，包括 2026 e:HEV 1.5L RS（RM 143,900）、2026 1.5T V（RM 137,900）、2026 1.5T E（RM 130,900） 等。
奇瑞 Tiggo 8 PHEV 喺馬來西亞嘅 OTR 售價係 RM 159,750 - 159,750，一共有 2 個版本，包括 1.6L Turbo Standard（RM 130,000）、1.6L Turbo Premium（RM 145,000） 等。
睇價錢方面，本田 HR-V 嘅起步價確實比 奇瑞 Tiggo 8 PHEV 平咗 RM 43,850。如果你預算有限，本田嘅入門版已經可以滿足日常需求。但都要注意，平嘅那幾千蚊，可能會喺配備上有取捨，具體要看你嘅需求。
本田 HR-V 採用 FWD 驅動方式。
奇瑞 Tiggo 8 PHEV 採用 FWD 驅動方式。
兩款車嘅驅動方式一樣，都係 FWD，日常駕駛感受唔會有太大區別。
本田 HR-V 保養 5 年/無限制里程，保養間隔 每 10,000km 或 6 個月。
奇瑞 Tiggo 8 PHEV 保養 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
本田 HR-V 同 奇瑞 Tiggo 8 PHEV 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更睇重品牌口碑同 二手價，可以優先考慮口碑更好嗰一款；如果你更在意性價比同 配備，就揀配置更豐富嗰款。最後都建議兩款都去試駕，親身體驗先至最重要。
總體嚟講，本田 HR-V 同 奇瑞 Tiggo 8 PHEV 都係馬來西亞市場好唔錯嘅車型。揀邊輛，關鍵都要睇你嘅個人需求同 預算。建議大家做好功課，多比較幾間車行嘅報價，先去試駕做最後決定。買車係件大事，花啲時間做功課絕對唔會錯。
喺馬來西亞嘅汽車市場，好多買家喺揀車嘅時候都會拿 Mazda CX-30 同 Chery Tiggo 7 Pro 嚟做比較。今日我哋由多個方面做一個詳細對比，幫你省返做功課嘅時間。
Mazda CX-30 喺馬來西亞嘅 OTR 售價係 RM 122,409 - 146,409，總共有 4 個版本，包括 2025 2.0L High+ Premium（RM 146,409）、2025 2.0L High+（RM 138,409）、2025 2.0L High（RM 130,409） 等等。
Chery Tiggo 7 Pro 喺馬來西亞嘅 OTR 售價係 RM 123,750 - 123,750，總共有 2 個版本，包括 1.6L Turbo Standard（RM 125,000）、1.6L Turbo Premium（RM 140,000） 等等。
從價錢睇落，Mazda CX-30 嘅入場價確實比 Chery Tiggo 7 Pro 平咗 RM 1,341。如果你預算有限，Mazda 嘅入門版已經可以滿足日常需要。但都要留意，平嗰幾千蚊，可能喺配備上有取捨，具體要看你嘅需要。
Mazda CX-30 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 i-Activsense。
Chery Tiggo 7 Pro 嘅安全評級係 TBD，主動安全系統包括 Basic。
安全配備方面，兩款車都拿到幾好嘅評級。不過 Mazda CX-30 嘅 i-Activsense 同 Chery Tiggo 7 Pro 嘅 Basic 喺功能上有少少分別，如果你比較在意主動安全嘅話，可以仔細睇吓兩者嘅功能清單。
Mazda CX-30 保養 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Chery Tiggo 7 Pro 保養 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
Mazda CX-30 同 Chery Tiggo 7 Pro 都係馬來西亞市場嘅主流選擇，適合家庭用車、日常通勤。如果你更看重品牌口碑同二手價，可以優先揀口碑更好嗰一款；如果你更在意性價比同配備，那就揀配備更多嗰款。最後都係建議兩款都去試駕，親身試先係最重要嘅。
總體嚟講，Mazda CX-30 同 Chery Tiggo 7 Pro 都係馬來西亞市場幾好嘅車型。揀邊一輛，關鍵仲係要看你嘅個人需要同預算。建議大家做足功課，多比較幾間車行嘅報價，先至去試駕做最後決定。買車係件大事，花少少時間做功課絕對無可能錯。
車型概覽
廣汽埃安 Y Plus 值唔值買，關鍵唔係佢睇落幾吸引，而係佢可唔可以解決你嘅真實用車需求。呢篇文章會把重點放喺版本之間嘅取舍。
價格落喺 RM 119,750 - 135,750，買家可以先用佢判斷預算壓力同同級定位。
購車價格指南
廣汽埃安 Y Plus 嘅購車預算可以先從 RM 119,750 - 135,750 開始衡量。呢個數字真正影響嘅係月供、保險同現金流，而不只係車行入面嘅標價。
如果你喺幾個版本之間糾結，可以把 2025 490 公里精選版（RM 135,750）、2025 490 公里精英版（RM 119,750） 放喺同一張清單入面比較。日常通勤買家優先睇舒適同安全，常行高速嘅買家則更加應重視動力、輔助駕駛同車廂方便。
核心參數匯總
睇廣汽埃安 Y Plus 嘅核心規格，最重要係把數字轉譯成生活入面嘅感覺。
63.2 千瓦時嘅電池容量，重點係可唔可以支撐一星期通勤同週末外出。150 千瓦、225 牛·米嘅輸出，令高速變線同短距離超車更有信心。車長 4535 毫米、車闊 1870 毫米、車高 1650 毫米、軸距 2750 毫米，可以幫到你預判泊車難度同後排乘坐空間。定比波箱、前輪驅動佈局 嘅設定，會影響起步順滑度、濕路穩定感同長途巡航感。
優缺點分析
廣汽埃安 Y Plus 嘅優點唔使誇張，真正有價值嘅係佢可唔可以令日常使用更慳心：預算位置清楚，方便同同級車直接比較、動力輸出能支撐高速同超車需求、空間同車身尺寸方便家庭買家預判實用性。
需要留意嘅係，需要先確認屋企、公司或常去商場嘅充電條件、市區泊車同狹窄路段仍要睇個人駕駛習慣。呢啲唔係扣分項，而係落訂前應該諗清楚嘅生活細節。
購車常見問題解答
購買廣汽埃安 Y Plus 前，買家最常問嘅唔係單一規格，而係佢可唔可以融入你嘅生活。
呢輛車適合邊個？適合把版本之間嘅取舍放喺首位嘅買家。 家庭用戶要睇啲乜？優先睇後排乘坐、兒童座椅、行李同日常上下車係唔係順手。每日開會唔會麻煩？只要充電條件穩定，電動車嘅通勤體驗通常更安靜，也容易控制日常能源成本。
競品比較內容
把廣汽埃安 Y Plus 放進同級車名單時，唔建議只睇品牌或外形。真正有用嘅比較順序係：先用 RM 119,750 - 135,750 鎖定預算範圍、再看動力係唔係足夠應付高速同滿載、然後比較能源成本同補電方便、最後睇空間係唔適合家人同行李。
咁樣篩選出來嘅結果更貼近日常生活。你會更清楚佢係適合城市通勤、家庭代步、長途巡航，定係更適合作為一輛講求個性嘅選擇。
用車全週期指南
擁有廣汽埃安 Y Plus 嘅關鍵，係先把充電安排諗清楚。家充、公司充電或商場快充只要其中一項穩定，日常體驗就會輕鬆好多。
如果你常行南北大道，動力同車廂舒適度會比單純低價更重要；如果主要喺市區，泊車靈活性、視野同低速順滑度會更加影響心情。
港交所網站掛出一咗一份熟悉嘅招股書。
5 月 28 日，繼去年 10 月首次遞表失效後，智能駕駛解決方案提供商蘇州天瞳威視電子科技股份有限公司（天瞳威視）再次向港股主板發起重衝，由匯豐及華泰國際聯席保薦。
喺智能駕駛賽道從「講故事」轉向「拼量產」嘅 2026 年，天瞳威視嘅二次遞表唔單止係一次資本試探，更係一場關於中國智駕供應商生存現狀嘅集中檢閱。
呢間被認為係「算力效率派」代表嘅公司，一邊連住從采埃孚到上汽、北汽嘅豪華產業資本陣營，一邊卻面臨住現金流緊繃、海外明顯回落嘅現實困境。喺呢場 IPO 嘅博弈中，光鮮同陣痛並存。
01
邊個係「天瞳威視」？
天瞳威視嘅創辦人王曦係一位典型嘅「回國」技術派。佢畢業於北京航空航天大學，後喺英國雷丁大學攻讀計算機科學博士學位。
喺決定創業之前，王曦曾經喺汽車零部件供應商天合汽車（TRW）及采埃孚擔任算法工程師同技術負責人，深度參與咗早期 ADAS 系統嘅開發。
2016 年，王曦捕捉到國內汽車智能化嘅風口，回國喺蘇州創立咗天瞳威視，定位係「以軟件算法驅動智能駕駛」嘅本土解決方案提供商。
公司嘅名字「天瞳」寓意「天之眼」，意在打造車輛感知萬物嘅視覺中樞。佢從最初嘅視覺感知算法起步，逐步擴展至行泊一體域控制器、L4 級自動駕駛系統等軟硬件結合嘅整體方案。
天瞳威視融資情況。資料來源：企查查
成立後不久，天瞳威視就獲得德聯資本、盛世投資嘅天使輪融資。此後十年時間，天瞳威視累計完成咗超過 10 輪融資，融資總額近 10 億元。
從招股書披露嘅股權結構嚟睇，天瞳威視構建咗深度綁定嘅「產業 + 資本」生態圈。
一方面，產業夥伴站台，全球汽車零部件巨頭采埃孚唔單止係其 C 輪領投方，亦係其戰略合作夥伴，持有天瞳威視 6.93% 嘅股份，位列第四大股東；國內方面，上汽集團通過上汽北美產投持股，北汽集團通過北汽產投佈局其中，地平線同商湯科技亦係戰略投資者。
另一方面，地方國資護航，唐山機器人基金、吳中金控等國資背景基金喺 D 輪及 D+ 輪入場，提供咗約 5.23 億元嘅資金支持。
截至最後實際可行日期股權架構
截至目前，王曦透過直接持股同員工持股平台合共控制公司約 40.84% 嘅權益，依然保持住對公司嘅控制權。
02
「兩條腿」行路
天瞳威視喺業務佈局上採取咗「雙軌並行」嘅策略。
喺 L2-L2+ 級輔助駕駛領域，天瞳威視嘅選擇非常務實。佢並冇盲目追逐算力堆疊嘅「軍備競賽」，而係走咗一條高性價比路線。
作為典型嘅視覺派智駕供應商，佢喺 L2 量產方案上以視覺感知為主，融合毫米波雷達同超聲波雷達，能夠喺較低算力平台上實現高級功能。例如，基於地平線 J6B 芯片（約 20TOPS）嘅方案即可支持行泊一體、高速 NOA。
呢種打法擊中咗 10 萬 -20 萬級主流車款對成本敏感嘅痛點。根據灼識諮詢嘅數據，按 2024 年裝機量計，天瞳威視係中國第二大同時提供行車同泊車解決方案嘅以軟件為核心嘅 L2-L2+ 級方案提供商，市場份額為 14.3%。
2024 年中國具備行泊一體能力嘅以軟件為核心供應商格局
截至最後實際可行日期，天瞳威視獲得 23 個汽車品牌嘅 198 款車款嘅 L2-L2+ 級解決方案定點函，並實現 6 個汽車品牌嘅 105 款車款嘅量產；獲得定點函嘅 198 款車款中有 87 款覆蓋海外市場，其中 59 款已實現量產。
但值得注意嘅係，L2-L2+ 市場正在經歷劇烈嘅「紅海化」。
一方面，經緯恆潤、福瑞泰克等本土 Tier1 正在加速追趕；另一方面，部分頭部車廠開始將低階智駕方案從外購轉為內部集成。
天瞳威視能否維持佢喺「性價比方案」領域嘅領先地位，取決於佢能否持續保持算法對低算力平台嘅優化能力，而這需要喺研發投入上持續加碼。
喺高級 L4 級自動駕駛領域，天瞳威視更多扮演「先鋒」角色。這亦係佢近兩年增長最快嘅板塊。
早在 2019 年，佢就參與咗上海洋山港嘅 5G 智能重卡項目。目前佢嘅 L4 方案覆蓋 Robobus、Robotaxi 同 Robotruck。其中，Robobus 係佢最具代表性嘅產品線，已喺蘇州、天津等城市嘅公開道路投入常態化試營運。
2025 年，天瞳威視從 L4 級解決方案產生收入 3.75 億元，佔公司總收入嘅 68% 以上，大部分收入來自 L4 級軟件解決方案。
然而，硬幣嘅另一面係商業化嘅曲折。雖然 L4 業務營收暴增，但佢嘅交付形態目前以「軟硬件一體解決方案」為主，呢種模式本質上接近「項目制交付」或「小規模車隊部署」，與 L2 業務中「純軟件授權 + 白盒交付」嘅高毛利、大規模複製邏輯存在顯著差異。
呢就直接導致 L4 業務毛利率嘅大幅波動：喺部分自研硬件佔比较高嘅項目中，毛利率一度低至 15%。
截至遞表日，公司雖手握超 10 億元嘅 L4 意向訂單，涵蓋 2500 架車，但呢啲訂單預計要喺未來三至五年內先會陸續交付，短期內對現金流嘅改善作用有限。
此外，天瞳威視仲有部分應收來自工程服務，主要涉及道路測試、數據收集支援及數據標註服務以及公司嘅專有工具鏈。
03
財務嘅雙面鏡
招股書嘅財務部分，展現咗智駕行業最真實嘅「B 面」：規模同虧損嘅極限拉扯，同埋賬面現金同營運消耗之間嘅緊張博弈。
營收高增長，但結構劇烈波動。
財務數據顯示，公司嘅營收呈現爆發式增長，從 2022 年嘅 1.72 億元增長至 2024 年嘅 4.83 億元，複合年增長率高達 67.7%。2025 年全年營收進一步增長至 5.5 億元。
但收入結構嘅變化明顯。2023 年，公司依賴 L2-L2+ 業務，佔比 90.2%；去到 2024 年，L4 業務佔比升至 50.2%；2025 年，L4 業務佔比進一步拉高至 68%。呢種「斷崖式」嘅結構切換，雖然證明佢 L4 技術搵到咗落地場景，但亦令市場質疑佢 L2 業務係咪已觸及天花板。
毛利率同純利潤嘅背離，呢係天瞳威視面臨嘅最大挑戰。
從毛利睇，整體毛利率喺 30% 左右徘徊，喺呢個技術密集型嘅智駕行業屬於中等水平。但細拆睇嚟，L2-L2+ 業務嘅毛利率通常能維持喺 40% 以上，純軟件授權模式，而 L4 業務嘅毛利率則因「軟硬件一體」交付中硬件佔比提高而被顯著拉低。
從純利潤睇，雖然表面虧損額較大，2024 年虧損 4.63 億、2025 年虧損約 2 億，呢度包含大量因優先股公平值變動帶來嘅「紙面虧損」。剔除呢個因素後嘅經調整純利潤更能反映公司嘅真實經營狀況：2024 年已收窄至 -438 萬元，但 2025 年並未如市場預期實現轉正，而係錄得約 -1086 萬元，虧損較 2024 年有所擴大。
呢個背後有一個不可回避嘅關鍵前提：調整後嘅「減虧」乃至「接近盈虧平衡」，係喺公司持續壓縮研發投入嘅基礎上實現嘅，研發費用從 2024 年嘅 1.17 億元降至 2025 年嘅 9231 萬元，研發費用率從 2024 年嘅 24.3% 進一步降至 16.8%，而 2022 年呢個數字曾高達 108.7%。對於一家科技公司嚟講，研發強度嘅「退坡」是否會影響未來嘅技術護城河，係一個潛在風險點。
現金流持續告急，最令人擔憂嘅信號。
根據最新招股書，截至 2025 年 12 月 31 日，公司賬上嘅現金及現金等价物為 2.35 億元，較 2025 年 6 月 30 日嘅 3.74 億元淨減少 1.39 億元，現金消耗速度較快。
更值得警惕嘅係經營現金流由正轉負且缺口持續擴大嘅趨勢。2023 年，公司經營活動現金流淨額為正向流入 1.15 億元，但 2024 年迅速轉為淨流出 1.89 億元，2025 年進一步惡化至淨流出 2.93 億元。
與此同時，應收賬款周轉急劇惡化。公司嘅貿易應收款項從 2023 年嘅 0.89 億元升至 2025 年嘅 5.48 億元，三年增長超過五倍，而同期營收增幅僅約 2.7 倍。
更令人擔憂嘅係應收款項周轉天數從 2023 年嘅 191 天同 2024 年嘅 166 天，到 2025 年驟升至 300 天，意味著公司從完成交付到收回款項平均需要接近一年時間。呢相當於變相為客戶提供長期無息墊資，喺資金本就緊張嘅情況下進一步加劇咗流動性壓力。
此外，雖然天瞳威視係首家出海嘅中國智駕軟件供應商，但 2025 年佢嘅海外業務遭遇咗明顯回落。2023 年天瞳威視海外收入為 1.27 億元，佔總營收比重達到 62.2%；到 2025 年海外收入降至 1100 萬元，佔比僅 2.0%。
喺而家全球地緣政治複雜、部分國家對智能汽車數據監管趨嚴嘅背景下，為佢嘅全球化故事增添咗一絲不確定性。
04
結語
天瞳威視嘅二次闖關，係智能駕駛行業進入「淘汰賽」階段嘅一個縮影。
從好嘅方面睇，佢踩準咗 L2 性價比同 L4 場景化落地嘅雙重節奏，且經調整純利潤喺特定口徑下已接近盈虧平衡，呢啲都畀投資者提供咗「有亮點可講」嘅故事線。
但從風險嘅角度睇，情況遠比首次遞表時更為嚴峻。業務重心嘅急速漂移、L4 業務商業化初期嘅盈利磨難、研發投入嘅被動收縮，呢啲此前就已存在嘅問題並未緩解。
天瞳威視 L4 級智能巴士
而真正令此次 IPO 帶「求生」色彩嘅，係現金流數據嘅實質性惡化：2.35 億元嘅賬面現金，面對每年近 3 億元嘅经营性現金淨流出，安全邊際已不足一年。疊加 300 天嘅應收賬款周轉天數，意味著公司每交付一筆訂單，都要墊付近一年嘅資金成本。
換言之，天瞳威視正處喺一個危險嘅財務窗口期：賬上嘅錢僅夠維持唔足一年嘅正常運作，而 L4 業務嘅大規模交付同回款卻需要更長時間。喺呢個智駕資本熱潮退去、一級市場融資邊際收緊嘅時刻，公司已冇太多等待嘅餘地。
首次遞表失效後僅隔半年便再次衝擊港股，對天瞳威視而言，與其話係戰略選擇，唔如話係現金倒逼下嘅必然之舉。
Article | Auto Expert Compilation
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May 21, the opening ceremony of the 12th Chengdu International Auto Parts and Aftermarket Service Exhibition and the China Auto Ecosystem Partners Conference was held at Century City New International Conference and Exhibition Center in Chengdu. This event, themed "Leading the Trend 2026: A Must-Do, Taking a Step Ahead", focused on two current hot topics "Automotive Modification Industry Supply Chain" and "Automotive Complete Vehicle & Parts Industry Going Global", gathering industry elites to discuss the industry's future, injecting strong momentum into the high-quality development of the Southwest automotive industry.
During the keynote speech session, Xu Changming, former Deputy Director of the National Information Center and Senior Economist (Positive Level), believed that China's auto exports are at a historical leap stage, and the underlying logic for future growth is solid - release of demand in emerging global markets, qualitative change in competitiveness of Chinese brands, and active going global of the whole industry chain. Despite volatile factors such as trade friction and local protection, the trend of internationalization is irreversible. Enterprises should focus on quality and service, avoid vicious competition, promote the upgrade from "Complete Vehicle Export" to "Ecosystem Going Global", and achieve sustainable, upward global development amidst fluctuations.
The following is the speech transcript (compared based on recording by Auto Expert):
Respected guests, good morning! I am very happy to share my views on auto export and internationalization trends with you today.
This chart shows that during the "14th Five-Year Plan" period, China's auto exports achieved leapfrog development. Before 2020, for about ten-plus years, auto exports were stable at around 1 million vehicles. In 2021 it reached 2 million vehicles, and last year it reached 7.1 million vehicles. In five years, it increased by 6 million vehicles, which is a major trend. In the first four months of this year, exports reached 3.18 million vehicles, up 62% year-on-year, another year of rapid growth. China has large export volumes in major global regions and countries. Among them, exports to Asia are the highest, reaching 3 million vehicles last year, followed by Europe. At the country level, exports to three countries exceed 500,000 vehicles, exports to five countries are at the 300,000 vehicle level, and exports to more than ten countries are between 100,000 and 200,000 vehicles. Overall, China's export distribution globally is relatively balanced.
Everyone is concerned about the export trend in the next five years. We judge that in the next few years, China's auto internationalization will still maintain a relatively good development trend. There are three reasons:
Reason One: The potential of international markets is huge, providing potential opportunities for China's auto exports.
This chart shows the change in global auto market sales over the past twenty-plus years. Actually, going back forty years, from 1960, global total auto sales increased by 10 million vehicles every ten years. The fastest recent growth was from 2011 to 2017, increasing by 20.2 million vehicles in seven years. Why so fast? Because China and India, two major population countries, saw synchronous market growth in these seven years - China doubled, and India's market also rose. During the "14th Five-Year Plan" period, the past five years saw recovery growth from the pandemic, with the global market increasing by 13 million vehicles, of which China accounted for over 6 million vehicles, and we shared a larger portion of the increase. More critically, the growth of the global market mainly comes from emerging market countries. The two curves in the chart, blue represents mature markets, red represents emerging markets. Mature markets are stable at 40 million vehicles, no growth in twenty years, and even slightly declining in recent years; while emerging markets grew from over 9 million vehicles to over 40 million vehicles. Starting from 2021, consumption in emerging market countries surpassed mature markets. The characteristic is: purchasing power is not strong enough, but they want to buy cars. Therefore, Chinese cars have a market in models with moderate prices and higher performance/quality, and this market will grow relatively fast in the future.
Research on the basic law curve of auto demand: The horizontal axis is GDP per capita, the vertical axis is vehicle ownership per 1,000 people. The basic law is: when GDP per capita is between 1,000 and 3,000 USD, as long as the economy grows, ownership per 1,000 people rises, generating a large amount of new demand every year; after exceeding this range, ownership per 1,000 people no longer grows, mainly shifting to replacement demand. There are still many countries in the world at the bottom left - low GDP per capita, low ownership per 1,000 people. As long as these countries' economy grows in the future, demand will grow.
Looking at specific regions: Latin America, 660 million people, total sales last year 4.25 million vehicles. China has 1.4 billion people, Latin America is about half of China, according to China's per capita purchasing level, its sales should reach 12 million vehicles, but now it is only over 4 million vehicles, huge potential. Middle East region, 380 million people, sales last year 3.43 million vehicles, according to China level should reach around 7 million vehicles. ASEAN region, nearly 700 million people, sales last year only 2.8 million vehicles, sales corresponding to half of China's population should be 12 million vehicles, therefore huge growth space. Africa 1.5 billion people, more than China, sales last year only 1 million vehicles, not even a fraction of China's, potential is even greater. Of course, the prerequisite is economic growth. So, as long as the global economy, especially emerging market countries' economy grows, auto demand has great space, and these markets are exactly where Chinese cars have competitiveness.
Reason Two: The competitiveness of Chinese brand cars globally has improved rapidly, reflected in data performance and reputation.
First look at data: In 2020, for every 100 cars sold in overseas markets, Chinese brands only accounted for 0.8 cars. By last year, this number rose to 6.5 cars, growth was very fast. The share in emerging markets is higher, slightly worse in mature markets. The line below is our share per 100 cars in developed country markets, although also rising, overall share is low, less than 3 cars. But in emerging markets, for every 100 cars sold, we account for 13.6 cars, basically reaching Japan's level. Look at EVs, competitiveness is stronger: for every 100 EVs sold in overseas markets, we account for 18.7 cars; for every 100 fuel cars sold, we only account for 4 cars. EVs also account for nearly 10% in mature markets, and still growing. In emerging markets, for every 100 EVs sold, we account for over 50 cars, more than half are Chinese brands. Thirty years ago, the EV market was dominated by Germany, Japan, South Korea, and the USA, now in emerging markets more than half are Chinese brands.
Just having data is not enough. If the reputation is poor, it will repeat the fate of motorcycles - in 2002, 2003 we quickly became first in the Vietnam motorcycle market, but surpassed by Japan after three or four years because quality was not good. Now our reputation is very good. For example in Thailand, for every 100 EVs sold, Chinese brands account for 86 cars; in Indonesia, account for 92 cars. User evaluation is very high: Great Wall Motor customer feedback, Chinese EV safety systems are done very well, automatic follow, braking, anti-collision technologies are almost all present.
Fuel car reputation is also very good: 23.6% share in Malaysia fuel car market, 38.5% in Egypt. A multi-brand dealer in Malaysia evaluated, Chinese car prices are close to local brands, but configurations are far superior, especially in smart cockpits, sunroofs, electric seats, LED lights, etc., extremely attractive to young consumers. Egypt users say, initially felt owning Chinese cars was risky because Chinese cars often had faults before, but this view changed over the past five years, Chinese auto quality has significantly and unexpectedly improved.
These are conclusions obtained by the National Information Center through in-depth research. Good quality, good reputation, next step if spare parts supply and after-sales service system can be significantly improved, China's auto going global will be unstoppable - this is the extension of domestic competitiveness. Five years ago exports stayed at 1 million vehicles, because domestic competitiveness was not enough. Last year, independent brand domestic market share already reached 64%, while in 2020 it was only 33%.
Reason Three: Industry chain entities represented by complete vehicles are all actively promoting internationalization.
In terms of complete vehicles, three enterprises with million-unit exports: Chery 1.33 million vehicles, BYD 1 million vehicles, SAIC Passenger Vehicle plus Commercial Vehicle close to 1 million vehicles. Half million level: Geely, Great Wall, Changan. 100,000 level: JAC, Dongfeng, GAC, FAW. Enterprise distribution is also relatively balanced, will not affect overall exports due to individual enterprise issues. Chery has ranked first among Chinese brands in exports for 23 consecutive years, overseas sales revenue exceeded 100 billion yuan last year, overseas dealers reached 3,000. During Beijing Auto Show, Chery set up a separate hall, inviting overseas dealers to China to visit Wuhu factory. BYD chased very fast in the recent two years: 400,000 vehicles exports in 2024, reached 1 million vehicles in 2025, relying on EVs to open international market, brand reputation has formed. Others like SAIC, Changan, Great Wall also have unique advantages.
In addition, parts enterprises, logistics, dealers, automotive financial institutions, service agencies, etc. are all actively going global - as experts said "Ecosystem Going Global", although slightly weaker compared to complete vehicles, overall trend is good. Joint venture brands are also doing exports, last year reached 830,000 vehicles, Tesla, Kia, Volvo, Hyundai, Ford leading the way. Many joint venture enterprises see sales decline in China market, only relying on domestic market difficult to sustain, therefore all make export a strategy. Kia is most typical: domestic sales 100,000+ vehicles, exports 170,000 vehicles, maintain 300,000 vehicle scale, realized profit last year, became "Small but Refined" case. Volkswagen, Toyota, etc. are also researching how to utilize China production capacity and manufacturing capability for export, especially new energy vehicles.
As overall export volume rises, professional niche markets will also follow. For example, off-road vehicles, started two years late, accelerated starting 2023, reached 500,000+ vehicles last year, increased more than double for consecutive years. This March off-road vehicle exports 80,000 vehicles, at this scale annual is expected to reach 1 million vehicles. Next step, modified cars will also have good development. Used car exports will also increase. Therefore, future export forms will be diversified, both complete vehicles, also industry chains and ecosystem chains, can build factories themselves, also can utilize local production capacity, etc.
Of course, I also agree with the views of the two experts: exports will not rise in a straight line, but develop amidst fluctuations. Because auto is very important to any country, only exporting complete vehicles opponents will definitely not be willing, and cannot crush local industry. So, my confidence in exports is firm - it will definitely develop gradually forward amidst fluctuations.
Thank you all!
兄弟姐妹們，今日講一個出海嘅大新聞——唔係賣車，係賣「司機」。6 月 2 號，文遠知行同 Uber 聯合宣佈咗一件事：計劃喺西班牙馬德里推出該國首個商業化 Robotaxi 試點服務。意思就係：西班牙人好快就可以用 Uber 叫到一台冇司機嘅出租車。呢次係文遠知行同 Uber 第一次一齊進入歐洲市場。馬德里亦成為文遠知行 Robotaxi 駛入嘅全球第十二個城市。
官方消息話，喺馬德里自治區政府嘅支持下，呢項服務今年內就會正式啟動。到嗰陣，馬德里嘅朋友哋打開 Uber App，就有一鍵呼叫文遠知行嘅 Robotaxi。同叫普通網約車一樣，分別係嚟嘅車冇駕駛員——至少喺初期，仲係有分別嘅。運營初期，車入面會配備經過專業培訓嘅安全員，終究係剛上線，穩妥第一。
文遠知行呢間公司，你可能聽過，也可能冇聽過。簡單介紹下：2017 年成立，一直埋頭搞 Robotaxi 技術研發同商業化。而家佢嘅 Robotaxi 已經覆蓋咗廣州、北京、新加坡、阿布達比、迪拜、利雅得、蘇黎世……加埋而家嘅馬德里，一共 12 個城市。西班牙亦係文遠知行進入嘅第五個歐洲市場——之前已經入咗瑞士、法國、比利時、斯洛伐克。按照文遠知行同 Uber 喺 2025 年 5 月達成嘅規劃，佢哋要喺五年內新增 15 個國際城市部署 Robotaxi 服務，全球部署數萬輛 Robotaxi。隨著馬德里落地，目前已經完成咗 4 個城市嘅佈局，仲有 11 個會喺 2030 年前陸續覆蓋。
講真嘅，中國自動駕駛公司出海唔係頭一回，但中國技術 + 全球出行平台 + 歐洲市場呢個組合，定係好有意思。馬德里係歐洲最具商業潛力嘅 Robotaxi 市場之一，人口多、出行需求大，當地政策都好友善。喺呢個市場站穩腳根，對文遠知行嚟講係個唔小嘅里程碑。對 Uber 嚟講，引進 Robotaxi 都係為咗降低成本——終究司機唔使發人工。對馬德里市民嚟講，以後打車可能更平。
