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In the Malaysia SUV market, many buyers compare the Proton X90 and Honda HR-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 the Proton X90 in Malaysia ranges from RM 106,800 to 122,800, with a total of 4 versions, including the 2026 1.5T Prime X (RM 122,800), 2026 1.5T Prime (RM 116,800), 2026 1.5T Lite (RM 106,800), and more.
The OTR price of the Honda HR-V in Malaysia ranges from RM 115,900 to 143,900, with a total of 4 versions, including the 2026 e:HEV 1.5L RS (RM 143,900), 2026 1.5T V (RM 137,900), 2026 1.5T E (RM 130,900), and more.
From a pricing perspective, the starting price of the Proton X90 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, be aware that the few thousand Ringgit savings might come with compromises on features, which depends on your specific requirements.
The Proton X90 is equipped with a 1.5L Turbo, horsepower 140 hp. Official fuel consumption 7.0 L/100km.
The Honda HR-V is equipped with a 1.5L Turbo, horsepower 140 hp. Official fuel consumption 7.0 L/100km.
Both cars use the same powertrain system, so the driving experience daily is basically the same. Fuel consumption is also similar, so you don't need to worry too much about this.
The Proton X90 body length is 4400 mm, and the trunk capacity is 400 L.
The Honda HR-V body length is 4500 mm, and the trunk capacity is 450 L.
In terms of space, the Honda HR-V body is 100 mm longer than the Proton X90, giving it an advantage in passenger space. However, the Proton X90 is more flexible for parking in the city, with compromises on both sides.
Both the Proton X90 and Honda HR-V are mainstream choices in the Malaysia market, suitable for family use and daily commuting. If you value brand reputation and resale value more, you can prioritize the one with a better reputation; if you care more about cost-performance and features, choose the model with richer specifications. Ultimately, it is suggested to test drive both, as personal experience is the most important.
Overall, both the Proton X90 and Honda HR-V are very good models in the Malaysia market. Which one to choose depends mainly on your personal needs and budget. We suggest doing your research, comparing quotes from several dealerships, and then going for a test drive to make a final decision. Buying a car is a major decision, spending some time on research will never be wrong.
In Malaysia's SUV market, many buyers compare Proton X70 and Chery Tiggo 8 when choosing a car. These two cars are quite close in price and positioning. Today, we will make a detailed comparison from multiple aspects to help you save time on research.
Proton X70's OTR price 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.
Chery Tiggo 8's OTR price in Malaysia is RM 129,750 - 129,750, with a total of 1 version, including 2026 1.6T Standard (RM 129,750), etc.
In terms of price, the starting price of Proton X70 is indeed RM 22,950 cheaper than Chery Tiggo 8. If your budget is limited, Proton's entry-level version can already meet daily needs. But be aware, that saving of a few thousand might involve trade-offs in specifications, depending on your specific needs.
Proton X70 is equipped with 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
Chery Tiggo 8 is equipped with 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
Both cars use the same powertrain, the daily driving experience is basically no different. Fuel consumption is also similar, no need to worry too much about this point.
Proton X70 body length 4400 mm, trunk 400 L.
Chery Tiggo 8 body length 4400 mm, trunk 400 L.
The dimensions of the two cars are almost the same, with little difference in interior space. For vehicles at this level, daily use is completely sufficient.
Proton X70 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Chery Tiggo 8 warranty 3 years/100,000km, maintenance interval every 10,000km or 6 months.
Overall, Proton X70 and Chery Tiggo 8 are both very good models in the Malaysian market. Which one to choose depends mainly on your personal needs and budget. We suggest doing your research, comparing quotes from multiple dealerships, and then test driving to make the final decision. Buying a car is a major matter, spending some time doing research will never be wrong.
In the Malaysian SUV market, many buyers compare the Proton X50 and Kia Sportage when choosing a car. These two cars are quite close in price and positioning. Today, we will make a detailed comparison from multiple aspects to help save you time doing research.
The Proton X50 OTR price in Malaysia is RM 89,800 - 113,300, with a total of 4 variants, including 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300), etc.
The Kia Sportage OTR price in Malaysia is RM 129,639 - 179,320, with a total of 4 variants, including 2025 1.6T DCT 4WD High (RM 179,320), 2025 1.6T DCT 2WD High (RM 159,320), 2025 2.0L AT 2WD High (RM 139,639), etc.
From the price perspective, the Proton X50 starting price is indeed RM 39,839 cheaper than the Kia Sportage. If your budget is limited, Proton's entry-level version can already meet daily needs. However, also note that the lower price of a few thousand might involve trade-offs in features, specifically depending on your needs.
Proton X50 safety rating is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
Kia Sportage safety rating is 5★ (ASEAN NCAP), active safety systems include Drive Wise.
Both cars have the same safety rating, and safety features are quite comprehensive within this class. New car safety is generally good nowadays, no need to worry too much about this point.
Proton X50 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Kia Sportage warranty 5 years/300,000km, maintenance interval every 10,000km or 6 months.
Both Proton X50 and Kia Sportage are mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, consider prioritizing the one with better reputation; if you care more about cost-performance ratio and features, choose the one with richer configuration. Ultimately, it is recommended to test drive both, as personal experience is the most important.
Overall, Proton X50 and Kia Sportage are both very good car models in the Malaysian market. Which one to choose depends on your personal needs and budget. We suggest doing your homework, compare quotes from several dealerships, and then test drive to make the final decision. Buying a car is a big matter, spending time on research will never be wrong.
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拿 Proton X50 同 Mitsubishi Xforce 嚟做比較。
Proton X50 喺馬來西亞嘅 OTR 售價係 RM 89,800 - 113,300，總共有 4 個版本，包括 1.5T Executive（RM 89,800）、1.5T Premium（RM 101,800）、1.5T Flagship（RM 113,300） 咁等。
Mitsubishi Xforce 喺馬來西亞嘅 OTR 售價係 RM 109,930 - 119,930，總共有 2 個版本，包括 2026 1.5L Ultimate（RM 119,930）、2026 1.5L Urban（RM 109,930） 咁等。
睇價錢嚟講，Proton X50 嘅起步價真係比 Mitsubishi Xforce 平咗 RM 20,130。如果你預算有限，Proton 嘅入門版已經可以滿足日常需要。但都要注意，嗰幾千蚊，可能喺配備度有取舍，具體睇下你嘅需要。
Proton X50 搭載 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
Mitsubishi Xforce 搭載 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
動力方面，Mitsubishi Xforce 嘅 1.5L Turbo 過 Proton X50 嘅 1.5L 4-cyl 多咗 35 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。
Proton X50 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA)。
Mitsubishi Xforce 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 MI-PILOT。
兩款車嘅安全評級一樣，喺呢個級別裡面安全配備都算畀好齊全喇。而家嘅新車安全性都唔差，唔使太擔心呢一點。
Proton X50 保修 5 年/150,000km，保養間隔 每 10,000km 或者 6 個月。
Mitsubishi Xforce 保修 3 年/100,000km，保養間隔 每 10,000km 或者 6 個月。
Proton X50 同 Mitsubishi Xforce 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更看重品牌口碑同二手價，可以優先考慮口碑更好嘅嗰一款；如果你更在意性價比同配備，那就揀配置更豐富嘅嗰款。最終都係建議兩款都去試駕，親身體驗先至係最重要嘅。
總體嚟講，Proton X50 同 Mitsubishi Xforce 都係馬來西亞市場幾唔錯嘅車款。揀邊台，關鍵都仲係睇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，再去試駕先至做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
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。
