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August 12th, Chery Fengyun Series new pure electric SUV — Fengyun T7 officially started pre-sale. The new car offers 3 trims, pre-sale guide price from 109,900 Yuan to 129,900 Yuan. When the industry chases the "one new car every 12 months" quick-success rhythm, this global quality pure electric SUV, after 2 years of planning and 3 years of R&D, chose to tell the market with a "Slow Work Makes Good Cars, You've Been Waiting" launch event — some things cannot be rushed, some roads cannot be circumvented.
First go overseas, then return home, a "reverse" global car
Fengyun T7 is not a "China-specific car". It is called LEPAS L6 overseas, pre-sale has started in South Africa, launched in Thailand on July 24th, landed in Indonesia in August, entered the EU in September, arrived in Australia, New Zealand and UK in October. A car must simultaneously meet regulations, climate conditions, road characteristics, and usage habits of over 130 countries and regions, the R&D cycle is destined to be long.
This is the underlying logic of Fengyun T7's "slowness" — it did not first build domestically and then find a way to sell abroad, but started R&D according to global standards, completed verification globally, and returned to China with real feedback from the overseas market.
Slow in R&D: 3 Years Polishing, Global System Support
Relying on Chery's global 1+7+N R&D system, Fengyun T7 went through a complete 3-year R&D cycle. Visited 15 typical countries, completed over 5,000 global user research surveys, incorporating different market needs into product definition in advance. Cumulative investment of 963 test vehicles, global durability test mileage reached 1.45 million km. Tests covered over 100 extreme road condition environments including EU, Australia, New Zealand, Middle East, South Africa, Russia, Mexico, Brazil, etc. Whole vehicle cumulative test mileage exceeded 6 million km.
Slow in Design: Global Aesthetics, User Co-creation
Co-created by Chery's 10 major global design centers and over 100 designers, deeply co-created with over 5,000 users globally. Homologous model LEPAS L6 debuted at Milan Design Week, widely internationally recognized. Wind-shaped front, wind-sculpted satin body, sky glow tailgate, balancing international minimalist aesthetics with Eastern elegant charm. 6 exclusive Eastern elegant colors — Blazing Orange, Mountain Smoke Purple, Cloud Pink Beige, Flowing Light Silver, Green Bamboo Grey, Ink Stone Black, among which Blazing Orange uses luxury-grade 2K 8-layer exterior paint, anti-UV, scratch-resistant. Cloud Wing wrap cockpit matches large area soft wrapping, Warm Black-Brown and Polar Night Obsidian two interior styles each have their own beauty.
Slow in Standards: Anchored 2026 Version E-NCAP Five-Star Safety
Fengyun T7 is designed according to the 2026 version E-NCAP Five-Star Safety standard, the strictest in history. The 2026 version E-NCAP divides whole vehicle safety into four dimensions: Safe Driving, Collision Avoidance, Collision Protection, Post-Collision Safety, any shortcoming in any dimension prevents reaching the Five-Star rating. The new car simultaneously achieves Functional Safety ASIL D highest level and global data compliance requirements.
The body uses 80% high-strength steel, 18.84% hot-formed steel to build a nine-horizontal five-vertical cage body. Same-class unique shotgun structure, double-frame subframe + PACK anti-collision beam, front collision 6 paths/side collision 9 paths maximize energy dispersion. 9 airbags most in same class, including 48L dual-chamber remote airbag and rear side airbag. Rhino Battery 6D super strong protection, 31-layer protection structure, IP68 waterproof 96 times national standard.
Slow in Verification: Five Extreme Environments, Full Domain Calm
Fengyun T7 crosses five extreme environments of high temperature, high cold, high humidity, high salinity, high altitude. Full domain adaptation interval covers -40°C to 55°C. 81 dedicated durability cars synchronous road test. Under Nordic extreme cold conditions, same-class first dual-source wide temperature range heat pump + high voltage PTC system increases winter range by 30%; in tropical rainy areas, 500 mm off-road water wading ability deals calmly; in Middle East high temperature sun exposure areas equipped with 4.5 L large capacity cleaning fluid tank; Brazil gravel road adds battery front and rear beam protection. Global all-road adaptation, South Africa unpaved bog escape, Brazil 140 mm high speed bump deal calmly.
Six Core Needs, Full Spec is Standard Spec
Travel Needs: All trims standard 65.05 kWh Rhino Battery, CLTC range 600 km, actual test reached 667+ km. 30%-80% fast charging only needs 20 minutes. 100 km electricity consumption as low as 10.7 kWh. Smart Needs: 4 nm Qualcomm SA8775 Cockpit-Driving Integrated Chip, NPU computing power 72 TOP. 15.6-inch 2.5K floating central control large screen, Lingxi Smart Cockpit 2.0 integrates Doubao Large Model, supports full scenario voice interaction. Comfort Needs: 4,570 mm car length, 2,700 mm wheelbase, 84% Space Efficiency. Front seats all trims standard heating/ventilation, can fully fold flat to form 1,955 mm x 1,310 mm pure flat large bed. Trunk 450 L, max expandable to 1,550 L. Peace of Mind Needs: Whole vehicle lifetime warranty (including Three-Electric) + 666 Yuan purchase value 3,999 Yuan lifetime basic maintenance. Power battery Safety Guarantee, Smart Driving Accident Guarantee (maximum 5 million within one year).
Pre-sale Benefits: 7 Benefits, Sincerity Full
During pre-sale, paying 1,000 Yuan deposit enjoys 7 benefits: 1,000 Yuan offsets 2,000 Yuan car purchase, priority delivery right, value 6,000 Yuan Blazing Orange/Mountain Smoke Purple exclusive color limited time free, Power Battery Safety Guarantee, Smart Driving Accident Guarantee (maximum 5 million within one year), Whole Vehicle including Three-Electric Lifetime Warranty, 666 Yuan purchase lifetime basic maintenance package.
Fengyun T7 is not a "fast" produced car. It exchanged slow work for global standard hard core quality, with 109,900 Yuan starting price brought global car into Chinese families. #GlobalCarsCannotBeFast#, #FengyunT7SlowWorkMakesGoodCars# — This is not a slogan, it's the answer run on 1.45 million km.
8 月 12 日，全球品質純電 SUV 風雲 T7 正式開啟預售，本次預售發布會以“慢工造好車，久等了”為主題，傳遞風雲 T7 秉持長期主義嘅造車理念，以全球標準打磨產品、扎實造品質全球車嘅堅守，亦道出品牌對用戶長久期待嘅真摯感恩。新车共推出 3 款車型，預售指導價為 10.99 萬元至 12.99 萬元，且享受 7 重購車權益。
當下全球汽車產業邁入“中國時間”，中國新能源智造持續領跑海外市場。依托奇瑞 23 年全球化技術積澱，風雲 T7 走出反向出海試煉路徑，拒絕行業速成造車思路，以全鏈路全球嚴苛標準打磨整車實力。圍繞品質生活六大核心新剛需，將顏值剛需、安全剛需、出行剛需、智能剛需、舒享剛需、安心剛需融為一體，打造全球品質純電 SUV，適配通勤、遠途、戶外、多人出行等多元場景。
內飾分溫暖黑棕、極夜黑曜兩種風格，雲翼環抱座艙搭配大面積軟包覆，鵝卵石懸浮揚聲器、菱格縫紉細節精緻；所有內飾皮革、密封條、塑料件不易硬化褪色，常年使用依舊嶄新耐看，兼顧顏值同質感。
風雲 T7 對標 2026 版 E-NCAP 五星安全標準設計、功能安全 ASILD 最高等級。2 年策劃，3 年研發，共投入 81 台專屬耐久車同步路試，整車累計測試里程超 600 萬公里，耐久專項實測 145 萬公里，同時針對東南亞雨季、中東高溫暴曬、印尼高濕等多個全球多地域進行極限實車試煉。
車身採用 80% 高強度鋼、18.84% 熱成型鋼打造九橫五縱籠式車身，採用 shotgun 結構、雙框副車架 +Pack 防撞梁，鋼筋鐵骨保障乘員艙安全，前面 9 條 + 側面 6 條碰撞傳力路徑最大化分散碰撞能量，留存乘員生存空間；除此之外，更搭載咗 9 個安全氣囊，包含 48L 雙腔遠端氣囊同後排側氣囊，360°全方位保護乘員安全。風雲 T7 全系搭載犀牛電池，超強 6D 防護構築電池安全堡壘全方位抵禦擠壓、穿刺、衝擊，為動力電池構建多層立體安全屏障。面對夏季暴雨頻繁，犀牛電池 IP68 防水為國標 96 倍，無懼雨季內澇、路面積水、戶外涉水，有效防止電池進水短路隱患。
整車尺寸 4570×1852×1694mm，軸距 2700mm，車內得房率 84%，後排純平地台，同級領先嘅 911mm 腿部空間，後排坐倒拓展 1955mm 純平大床，常規行李廂 450L、拓展至 1550L，充足載貨空間適配戶外穿越、多人結伴出行。
奇瑞唔止為用戶帶來硬核實力嘅產品，更加站喺用戶視角，全盘考量購車之後嘅全週期用車體驗，直面大家對於車輛故障、後期養車成本等實際顧慮。為此風雲 T7 推出兩大保底保障、兩項終身權益，從購車到長期使用全程守護。
從全球標準研發、全球審美設計、全球工藝製造，到全球路況驗證，風雲 T7 以全鏈路全球品質，豎起純電 SUV 嘅價值標杆。佢歷經世界淬煉，最終奔赴中國用戶，以顏值、出行、安全、智能、舒享、安心六大剛需嘅全方滿足，回應品質家庭嘅所有期待。風雲 T7，唔止係一台凝結全球技術與品質嘅座駕，更係全球標準與中國家庭需求深度共鳴嘅時代之選。現已就位，靜候每一位熱愛生活嘅你。
In Malaysia's SUV market, many buyers often compare Proton X70 and Kia Sportage when choosing a car. These two cars are quite close in price and positioning. Today, we will do 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 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.
Kia Sportage's OTR price in Malaysia is RM 129,639 - 179,320, with 4 versions 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 a price perspective, Proton X70's starting price is indeed RM 22,839 cheaper than Kia Sportage. If your budget is limited, Proton's entry-level version already meets daily needs. However, note that the savings of a few thousand might involve trade-offs in features, depending on your specific needs.
Proton X70 is equipped with 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
Kia Sportage is equipped with 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
Both cars use the same powertrain, the driving experience is basically the same. Fuel consumption is also similar, no need to worry too much about this point.
Proton X70 body length 4400 mm, trunk 400 L.
Kia Sportage body length 4400 mm, trunk 400 L.
The dimensions of both cars are almost the same, interior space difference is not large. Cars at this level are completely sufficient for daily use.
Proton X70 adopts FWD drivetrain.
Kia Sportage adopts FWD drivetrain.
Both cars have the same drivetrain, both are FWD, daily driving experience will not have much difference.
Overall, Proton X70 and Kia Sportage are both very good models in the Malaysia market. Choosing which one, the key depends on your personal needs and budget. We suggest doing your research, comparing quotes from several dealerships, then going for a test drive to make the final decision. Buying a car is a big matter, spending some time on research will definitely not be wrong.
7 月 6 日，廣州工控旗下萬力輪胎在吉隆坡與馬來西亞成功集團成功產業正式簽約，落地 3.2 億美元智能化合資工廠，標誌著品牌東盟佈局全面升級。
這並非個案，近一年來，萬力、浦林成山、青島福臨、肇慶駿鴻、新大陸橡膠等一眾國內輪胎企業密集落子馬來西亞。
重磅簽約落地！萬力聯手馬來巨頭開啟出海新局
萬力輪胎本次簽約儀式規格極高，中馬兩國政企高層、外交使節、行業領袖共同見證，是本年度中馬輪胎產業合作標杆事件。
根據協議，雙方將在雪蘭莪州共建高性能綠色橡膠輪胎生產基地，項目占地 67.9 英畝，規劃年產 120 萬條全鋼子午線輪胎、500 萬條半鋼子午線輪胎。
作為萬力全球生產網絡的核心出口樞紐，該項目定位全球領先的智能綠色工廠，不僅將完善品牌海外產能佈局，還將為馬來西亞創造超 1000 個優質就業崗位，通過專業技能培訓助力當地人才培育與製造業升級，實現雙向共生共贏。
廣州工控王福鑄直言，此次簽約實現集團東盟佈局從“單點突破”到“多樞紐聯動”的跨越。
全員扎堆佈局！多巨頭落地，馬來輪胎產業陣型成型
萬力的重磅落地，只是中資輪胎入局馬來西亞的縮影。短短一年，頭部上市企業、實力派民企相繼落地大型項目，徹底改寫東南亞輪胎產業格局。
01
青島福臨：建成馬來最大中資輪胎基地
今年 6 月，青島福臨金馬橡膠二期智能工廠正式投產，總投資約 8.18 億元人民幣，整體年產輪胎突破 700 萬條，是目前馬來西亞規模、產能體量最大的中資輪胎生產基地。
02
浦林成山：27.6 億重金佈局
2024 年 11 月，浦林成山斥資 3.8 億美元（約 27.6 億元人民幣）落地馬來西亞吉打橡膠城，項目占地超 600 畝，聚焦高端智能綠色輪胎生產。一期達產後可年產 660 萬條各類輪胎，預計 2026 年下半年試產，2027-2028 年全面釋放產能。
03
投資持續加碼，出海梯隊全面擴容
民營輪胎企業也在加速入局：肇慶駿鴻投資 20 億元落地馬來輪胎項目，規劃年產 650 萬條輪胎；山東新大陸橡膠投資 6.3 億元，落地子午線輪胎生產項目，持續完善海外產能佈局。
扎堆馬來核心邏輯：關稅 + 區位雙重紅利
國內輪胎企業集體重倉馬來西亞，並非盲目跟風，而是貼合全球貿易變局的精準佈局，核心優勢十分突出。
關稅紅利是首要驅動力量。2025 年美國與東南亞五國達成差異化關稅協議，馬來西亞輸美輪胎關稅降至 19%，大幅規避了中國直出的高額貿易壁壘，有效降低出口成本。即便當地強化原產地核查，依舊擋不住企業本地化建廠的佈局熱潮。
同時，馬來西亞坐擁東盟核心區位優勢，港口航運成熟、陸路交通通達，可同時覆蓋東盟本土市場與歐美、中東等全球核心市場，是搭建韌性全球供應鏈的優質戰略支點。此外，當地橡膠產業根基深厚、產業工人充足，疊加持續優化的外資經商環境，產業集群效應持續凸顯，進一步夯實了投資價值。
短板明顯！招商政策競爭力不及泰越
雖然佈局熱度高漲，但馬來西亞外資激勵政策存在明顯短板，制約產業承接力度。稅收方面，當地 PS 先鋒計劃僅普通項目 5 年 70% 所得稅豁免，高新技術方可全額免稅；而越南最長 4 年全免、5-9 年減半，泰國最高可享 15 年全額免稅，政策更簡單、力度更大。
關稅豁免層面，泰、越合規企業可直接免征生產設備、原材料進口關稅，而馬來西亞優惠僅限少數特殊行業與項目，覆蓋範圍窄、門檻高。整體政策偏保守繁瑣，若後續完成優化，馬來西亞有望承接更大規模輪胎產業轉移。
從早期扎堆泰柬，到如今集體佈局馬來西亞，中國輪胎出海路徑愈發成熟。以萬力輪胎重磅簽約為起點，中國輪胎的馬來西亞佈局時代正式到來。
In the Malaysian SUV market, many buyers compare Proton X70 and Toyota Fortuner when choosing a car. These two cars are quite close in price and positioning, so 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 3 versions in total, including 1.5L Standard 2WD (RM 106,800), 1.5L Executive 2WD (RM 115,800), 1.5L Premium 2WD (RM 122,300), etc.
Toyota Fortuner's OTR price in Malaysia is RM 195,880 - 241,880, with 3 versions in total, including 2024 2.8T VRZ Diesel (RM 241,880), 2024 2.7L SRZ Petrol (RM 202,880), 2024 2.4L Standard Diesel (RM 195,880), etc.
From a price perspective, Proton X70's starting price is indeed RM 89,080 cheaper than Toyota Fortuner. If your budget is limited, Proton's entry-level version can already meet daily needs. However, also note that the savings of a few thousand may involve trade-offs in features, depending on your specific needs.
Proton X70 comes with a 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
Toyota Fortuner comes with a 2.5L Diesel, 187 hp. Official fuel consumption 8.5 L/100km.
In terms of power, Toyota Fortuner's 2.5L Diesel has 47 more horsepower than Proton X70's 1.5L Turbo. However, for daily city driving, both cars have enough power, and you won't feel underpowered.
Proton X70's safety rating is 5★ (ASEAN NCAP). Active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
Toyota Fortuner's safety rating is 5★ (ASEAN NCAP). Active safety systems include .
Both cars have the same safety rating. Safety features in this class are considered very comprehensive. New cars nowadays generally have good safety, so there is no need to worry too much about this.
Proton X70 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Toyota Fortuner warranty 5 years/unlimited mileage, maintenance interval every 10,000km or 6 months.
Overall, Proton X70 and Toyota Fortuner are both very good models in the Malaysian market. Which one to choose mainly depends on your personal needs and budget. We recommend doing your research, comparing quotes from several dealerships, and then test-driving to make a final decision. Buying a car is a major decision, so spending some time on research will never be wrong.
In the Malaysian SUV market, many buyers compare Proton X50 and Kia Sportage when choosing a car. These two cars are quite close in price and positioning. Today we will do a detailed comparison from multiple aspects to help you save time on research.
Proton X50's OTR price 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.
Kia Sportage's OTR price in Malaysia is RM 129,639 - 179,320, with a total of 4 versions, 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 a price perspective, Proton X50's starting price is indeed RM 39,839 cheaper than Kia Sportage. If your budget is limited, Proton's entry-level version can already meet daily needs. But also note, the few thousand ringgit difference, there might be trade-offs in equipment, it depends on your needs.
Proton X50 is equipped with 1.5L 4-cyl, horsepower 105 hp. Official fuel consumption 6.0 L/100km.
Kia Sportage is equipped with 1.5L Turbo, horsepower 140 hp. Official fuel consumption 7.0 L/100km.
In terms of performance, Kia Sportage's 1.5L Turbo has 35 horsepower more than Proton X50's 1.5L 4-cyl. However, for daily driving in the city, both cars have enough power, you won't feel it's lacking.
Proton X50's safety rating is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
Kia Sportage's safety rating is 5★ (ASEAN NCAP), active safety systems include Drive Wise.
Both cars have the same safety rating. Safety equipment is quite complete in this class. New car safety is generally not poor nowadays, no need to worry too much about this point.
Proton X50 body length 4400 mm, trunk 400 L.
Kia Sportage body length 4400 mm, trunk 400 L.
The dimensions of both cars are almost the same, interior space difference is not significant. Cars in this class are completely sufficient for daily use.
Proton X50 Warranty 5 years/150,000km, Service interval every 10,000km or 6 months.
Kia Sportage Warranty 5 years/300,000km, Service interval every 10,000km or 6 months.
Overall, Proton X50 and Kia Sportage are both very good models in the Malaysian market. Which one to choose depends on your personal needs and budget. We recommend doing research, comparing quotes from several car dealers, and then test driving to make the final decision. Buying a car is a major decision, spending time on research is never wrong.
In Malaysia's SUV market, many buyers compare the Proton X50 and Mazda CX-30 when choosing a car. These two vehicles are quite close in price and positioning. Today, we will make a detailed comparison from multiple aspects to save you time doing 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 Mazda CX-30 in Malaysia is RM 122,409 - 146,409, with a total of 4 versions, including 2025 2.0L High+ Premium (RM 146,409), 2025 2.0L High+ (RM 138,409), 2025 2.0L High (RM 130,409), etc.
In terms of price, the starting price of the Proton X50 is indeed RM 32,609 cheaper than the Mazda CX-30. If your budget is limited, the entry-level version of Proton can already meet daily needs. However, note that the few thousand cheaper might involve compromises in features, depending on your specific requirements.
Proton X50 body length is 4400 mm, trunk 400 L.
Mazda CX-30 body length is 4500 mm, trunk 450 L.
In terms of space, the Mazda CX-30 body is 100 mm longer than the Proton X50, offering an advantage in passenger space. However, the Proton X50 is slightly more flexible for parking in the city, each has its trade-offs.
Proton X50 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Mazda CX-30 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
The warranty conditions for both cars are the same, no need to worry about this. Actual maintenance costs also depend on the brand's service network and parts prices, it is recommended to ask real owners in car enthusiast groups for their experiences.
Both the Proton X50 and Mazda CX-30 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 cost-performance and features, choose the one with richer configuration. Ultimately, it is recommended to test drive both, personal experience is the most important.
Overall, both the Proton X50 and Mazda CX-30 are quite good models in the Malaysian market. Which one to choose mainly depends on your personal needs and budget. We suggest doing your research, compare quotes from several dealerships, and then test drive to make a final decision. Buying a car is a major matter, spending some time doing research will never be wrong.
吉利汽车控股有限公司上半年收获颇丰：1-6月累计销量142万辆，创下同期历史新高；6月单月销量超24万辆，实现连续4个月同环比双增长。更关键的是，吉利汽车上半年的新能源占比近六成、海外出口单月销量破10万，高端品牌极氪更是稳占高端顶流，种种数据勾勒出吉利汽车正在发生的结构性质变。
与之相对应的，是吉利汽车近期在股市中逆势上涨的态势。从年初至今，吉利汽车股价波段上升，多次创下近四年新高，4月初股价一度触及23.82港元。6月中上旬股价则在18至19.5港元区间震荡。在整个港股汽车板块，吉利汽车属于少数实现正涨幅的标的，上半年累计涨幅约4%-8%。
这与吉利汽车的销量表现相互支撑。在国内乘用车市场整体承压、利润率削弱的背景下，吉利这份成绩单的分量远不止于数字本身，它体现的是一家企业强大的抗周期性能力。
那么，这份成绩单的含金量在整个行业处于什么水平，又是什么动力，持续支撑吉利顶住行业逆势、连续增长？
01
稳居第一梯队，
高端化与全球化双轮驱动成就行业标杆
6月，吉利销量同比小幅稳增2个百分点，而乘联会数据显示，全国乘用车厂商批发237.6万辆，同比去年同期下降4%，吉利跑赢行业大盘6个百分点。在大盘整体下滑环境下，能实现正增长的集团已经跑赢绝大多数车企。
并且，传统自主品牌中，吉利上半年以142万辆的总销量稳固位列Top3第一梯队，仅次于比亚迪和上汽自主板块，小幅领先奇瑞、长安。
更重要的是，拆解这142万辆的销量构成，最引人注目也最核心的变化就是吉利新能源已经从增量补充完成了到绝对主力的转换。
吉利上半年新能源累计销量79.95万辆，占比达到56%，显著高于长安（约40%）、奇瑞（约35%）以及长安（约25%），处于传统自主品牌新能源转型的第一梯队。6月，吉利的新能源销量更是以16.14万辆的成绩，实现67%的新能源渗透率，同比大涨32%。抛开比亚迪，吉利单月占比位居传统自主品牌首位。
吉利也是头部车企中新能源结构升级速度最快的品牌之一。与新势力品牌相比，吉利新能源的总规模远超零跑、小鹏理想等单一品牌，这得益于吉利对10万元-50万元价格带的全覆盖，旗下吉利银河、领克、极氪多个品牌协同发力，在6月同步放量。
只谈数量不提质量属于空谈，而吉利在高端化的表现上也同样出色，堪称自主阵营中体系化向上的典型代表。
极氪与领克两大独立高端品牌上半年合计交付32.26万辆，占据集团总销量的22.7%。两大品牌6月单月合计交付了5.42万辆。其中极氪销量增长最为迅猛，依靠极氪009、9X、8X等高端旗舰车型的强势拉动，上半年交付量同比猛增97%，6月单月更是实现111%的同比增长。
这一成绩帮助吉利大幅领先比亚迪、长城的高端品牌矩阵，在传统自主阵营中实现断层领先。
如果说新能源转型与高端化尚且属于吉利的上半场，那么全球化出海就是决定下半场位次的关键战役。而吉利这份半年报里另一个标志性的信号，是海外出口的爆发式增长。
6月吉利海外出口销量同比暴涨157%，环比增长21%。这已经是吉利连续第六个月实现同环比双增长，并首次跻身单月出口10万辆俱乐部。
在出口增速上，吉利6月实现了头部集团的断层领先，在六大自主车企中增速第一，并且远高于比亚迪、奇瑞等品牌。
目前，吉利上半年的累计出口量达到47.42万辆，这一数字已经超过了其2025年全年的出口总量，并占据集团总销量比重达到33.3%。海外市场的扩张不仅帮助吉利有效对冲了国内市场的下行压力，也使其成为行业内第二增长曲线兑现最为彻底的头部车企。
同样，上半年吉利出海车型中新能源的占比达到了58.5%，6月进一步提升至61%，新能源出口占比仅次于比亚迪，远高于奇瑞、上汽、长城等以燃油车为主的出海结构，单车均价与盈利性显著优于传统燃油出海模式，其出海质量领跑行业。
从整体销量到新能源占比、高端化与全球化的细分结构，吉利上半年的成绩表明集团已经摆脱转型期的销量摇摆，进入稳定增长阶段，它也是头部车企中，国内基本牌稳定、新能源结构升级与海外市场拓展表现最为积极的一大样本。
02
增长拆解：
销量持续向好的四重逻辑
这不禁让人想要探究，在市场需求持续走低的大环境下，吉利是如何实现质与量齐飞的呢？
可以确定的是，这份成绩绝非是单一产品或营销能够实现的拉动，而是“一个吉利”战略落地后，从产品、技术到组织、全球化全维度协同作战的结果。
自2024年《台州宣言》提出“战略聚焦、整合协同”的核心方向后，吉利用近两年时间完成了从多品牌分散扩张到体系化集约竞争的转向，此前分散的资源与积累的技术，逐步形成合力。
这其中，最为直观的成效就是终结了此前多品牌定位重叠、资源重复投入的内耗局面，形成了从吉利中国星、吉利银河、领克再到极氪四梯度品牌，10万-50万不同价格带产品矩阵的全覆盖。
具体来看，吉利中国星系统守住燃油车基本盘，通过混动技术迭代延长生命周期，提供稳定现金流；吉利银河锚定10-20万主流家用新能源市场，承担走量基本盘。几何品牌整体并入后，银河产品矩阵快速完善，上半年贡献超52万辆销量，成为集团新能源增长的核心底座；领克则聚焦15-30万运动赛道，同时依托沃尔沃渠道深耕欧洲市场，承担全球化先锋角色；极氪则冲击30万以上新能源豪华市场，目前已累计交付82万辆，9系旗舰车型交付近15万辆，扛起了品牌溢价与高端化大旗。
品牌边界的厘清，让资源得以向核心主线集中。凭借清晰的定位，这些品牌彼此互补，共同推动吉利实现销量的高速增长。
技术作为增长的第二重逻辑，也是在“一个吉利”的理念贯彻下，使核心技术从品牌专属转为集团共用，借助统一的技术平台，整个集团的研发成本得以摊薄，加速产品迭代。
如今，浩瀚SEA架构、神盾金砖电池、雷神电混、i-hev智能双擎、千里浩瀚辅助驾驶方案成为全集团共享的技术资产。模块化架构的普及，让新车开发周期大幅压缩，高阶智驾、三电技术得以快速下放至10万级主流车型。
与此同时，同一平台不同架构的分级也形成差异化产品竞争力。浩瀚SEA架构属于全球首个开源智能电动架构，覆盖A级到E级，支持高续航、高智能和OTA升级。豪华电混专属的浩瀚-S架构则是全球首个全栈900V高压电混架构，支持混动电驱功率突破兆瓦，兼容超级电混、AI数字底盘，支持极氪高端纯电车型的快速落地。这些高端车型也能依托成熟平台控制成本，保持价格竞争力。
不过，“一个吉利”更像是吉利此前十余年在架构、三电、海外工厂上技术与资产积累的放大器，战略整合帮助吉利把分散的资源攥成“拳头”，最大化释放原本价值，实现销量与产品结构的加速升级。
全球化作为第三重逻辑，既是结果，也是原因。
在集团的统一布局之下，吉利已经形成了网格化的全球脉络：东南亚依托宝腾马来西亚工厂构建右舵车生产基地，辐射东盟市场；拉美通过与雷诺合作推进本地化量产，从贸易模式转向本土化深耕；欧洲依托沃尔沃成熟渠道降低拓展成本，领克采取订阅与直销协作的模式持续跑通；中东针对当地消费偏好定制车型，下半年即将迎来极氪高端车型的集中导入。
这让出口增长具备了可持续性。事实上，连续6个月同环比双增的平稳曲线也反映出这是吉利统一出海体系下的规模化释放，而新能源出口占比近六成的高质量结构，也正是集团层面统一规划产品出海节奏的结果。
供应链与组织协同是最为核心的增长逻辑，而吉利的实践充分验证了规模效应的力量，在降本增效的同时，也让吉利在行业价格战中保持了战略韧性。这也是吉利能够在国内存量市场增长平缓时，让其海外市场与高端市场同步接棒，形成国内稳盘、海外增量的双循环，实现上半年总销量创同期新高的成就。
03
下半年展望：
产品攻势密集，新品与出海双线并行
进入下半年，吉利的提速信号十分明确，新品投放与高端出海双线并行，进一步放大“一个吉利”的体系优势。
国内市场方面，产品矩阵将进一步丰富各细分市场。
全新车型吉利银河战舰700和吉利银河TT官图已曝光，上市计划稳步推进：银河战舰700定位AI全地形硬核SUV，基于SEA-R原生新能源越野架构打造，瞄准28-35万硬派越野市场；银河TT定位运动C级纯电轿跑，锚定20万级中高端纯电轿车市场。两款新品分别切入硬派越野与运动轿车赛道，将填补银河品牌的细分市场空白。极氪8X千里浩瀚G-ASDH9版型也即将开启交付，巩固30万以上中大型SUV市场优势。
海外市场方面，高端新能源车型将成为出海主力，拉升品牌天花板。
极氪爆款车型极氪9X预计将在三季度正式出海，首站登陆中东地区，未来将进入欧洲、拉美、中亚等全球主要市场；四季度极氪009光辉版还将登陆中国香港，加速完善高端市场布局。高端车型的规模化出海，将持续优化出口产品结构，提升海外市场的品牌溢价。
从全年维度看，随着多款新能源新车落地叠加极氪海外放量，吉利全年新能源渗透率有望突破60%，全年出口量则有望冲击百万台大关，海外市场的权重将进一步提升。
总体来看，吉利的上半年成绩单展现出其均衡化、高韧性的实力，通过“一个吉利”核心战略、多品牌分层、全品类覆盖、海内外协同的模式，吉利正在加速实现体系化上升。但这还仅仅是中场答卷。
车市的淘汰赛还在加速，下半场的胜负手，仍在考验各大车企的内部整合能力、体系效率。从这个意义上来说，“一个吉利” 的整合故事，才刚刚进入高潮。
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 BMW X5 同 Porsche Macan 做比較。這兩款車喺價位同定位上都好相近，今日我哋就從多個方面做一個詳細嘅對比，幫你省卻做功課嘅時間。
BMW X5 喺馬來西亞嘅 OTR 售價係 RM 470,800 - 470,800，一共有 3 個版本，包括 1.5L Standard（RM 86,300）、1.5L Executive（RM 95,300）、1.5L Premium（RM 103,300） 等。
Porsche Macan 喺馬來西亞嘅 OTR 售價係 RM 469,000 - 469,000，一共有 4 個版本，包括 2025 55 quattro S line（RM 467,285）、2025 50 quattro Advanced（RM 361,135）、PMT 1874, Lorong IKS BukitTengah 14000 Bukit Mertajam（RM 296,610） 等。
由價錢睇落，Porsche Macan 嘅起步價比 BMW X5 平咗 RM 1,800。老實講，喺呢個價位段，幾千蚊嘅差距其實唔算大，關鍵仲係睇整體嘅性價比同長期使用成本。
BMW X5 搭載 3.0L Turbo，馬力 350 hp。官方油耗 12.0 L/100km。
Porsche Macan 搭載 3.0L Turbo，馬力 350 hp。官方油耗 12.0 L/100km。
兩款車用咗同一套動力系統，日常開嘅感受基本上冇咩分別。油耗方面都唔差，唔使太糾結呢一點。
BMW X5 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA)。
Porsche Macan 嘅安全評級係 5★ (Euro NCAP)，主動安全系統包括 InnoDrive。
安全配備方面，兩款車都拿到唔錯嘅評級。不過 BMW X5 嘅 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) 同 Porsche Macan 嘅 InnoDrive 喺功能上有少少差異，如果你比較睇重主動安全嘅話，可以仔細對比下兩者嘅功能列表。
BMW X5 保修 5 年/無限里程，保養間隔 每 10,000km 或 6 個月。
Porsche Macan 保修 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
總括嚟講，BMW X5 同 Porsche Macan 都係馬來西亞市場好正嘅車型。揀邊一個，關鍵仲係要睇你嘅個人需求同預算。建議大家做足功課，多對比間間車行嘅報價，再去試車做最後決定。買車係一件大件事，花少少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 Honda CR-V 同 Subaru Crosstrek 嚟做比較。今日我哋從多個方面做一個詳細嘅比較，幫你省下做功課嘅時間。
Honda CR-V 喺馬來西亞嘅 OTR 售價係 RM 178,200 - 195,900，一共有 4 個版本，包括 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）等。
Subaru Crosstrek 喺馬來西亞嘅 OTR 售價係 RM 145,000 - 160,000，一共有 1 個版本，包括 2.0L e-Boxer（RM 150,000）等。
從價錢嚟睇，Subaru Crosstrek 嘅起步價比 Honda CR-V 平咗 RM 33,200。實講，喺呢個價位段，幾千蚊嘅差距其實唔算大，關鍵仲係睇整體嘅性價比同長期使用成本。
Honda CR-V 採用 FWD 驅動方式。
Subaru Crosstrek 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分別。
Honda CR-V 保養 5 年/無限制里程，保養間隔 每 10,000km 或 6 個月。
Subaru Crosstrek 保養 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
Honda CR-V 同 Subaru Crosstrek 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更重視品牌口碑同二手價，可以優先考慮口碑更好嗰款；如果你更在意性價比同配備，那就揀配置更豐富嗰款。最終都係建議兩款都去試駕，親身體驗先至最重要。
總嘅嚟講，Honda CR-V 同 Subaru Crosstrek 都係馬來西亞市場幾唔錯嘅車款。揀邊一輛，關鍵仲係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，先去試駕先做最後決定。買車係件大事，花少少時間做功課絕對唔會錯。
Recently, an announcement from Geely Auto stirred ripples in the market: acquiring Radar Automotive (Shandong) Co., Ltd. and three other core entities wholly for approximately 218 million RMB. Upon completion of the transaction, the Radar brand will be integrated entirely under the Geely Auto China Star Brand.
On the surface, this is a routine operation to fill gaps, but if you strip away the business facade and delve into the core of Geely's "Return to One Geely" strategy, you will discover that this 218 million RMB is not buying production capacity, but the "risk of loss of control".
In a key year for establishing the "One Geely" strategic main line, this acquisition is by no means a simple addition of peripheral business, but a precise implementation of the "Strategic Integration" and "Strategic Synergy" spirit of the "Taizhou Manifesto". It marks that Geely Holding's governance model is turning from the laissez-faire era of "encouraging internal entrepreneurship" to the aircraft carrier era of "listed company intensive control".
· Strategic Deep Meaning: Governance Dimension Upgrade from "External Incubation" to "Internal Circulation"
The Radar brand is not an outsider, but a new energy project incubated by Geely Holding outside the system previously. The core logic of this acquisition is to formally bring "external assets" into "internal business", completing the closed loop of the governance structure.
Looking back at the "Taizhou Manifesto", it explicitly requires "reducing conflicts of interest and duplicate investments". Previously, as an independent operating entity, Radar inevitably had implicit competition and resource waste with Geely's main brand in R&D, channels, and supply chain. By wholly acquiring and merging into the China Star Brand system, Geely achieves sole command over the Radar business line. The "improving operational efficiency, controlling costs" emphasized in the announcement is a direct response to the Manifesto's "promoting deep integration of internal resources". The 218 million RMB spent may save more "billions of yuan" in future R&D and marketing.
Geely Holding system is vast, clarifying complex equity and business boundaries is the cornerstone of the "One Geely" strategy. Descending Radar from the holding level into the Geely Auto listed company body means its financial performance and management structure will be fully included in Geely Auto's standardized control system. This clear operation of "who operates, who holds" is a landmark event of Geely saying goodbye to extensive expansion and moving towards refined governance.
· Synergy Value: "Two-Way Empowerment" of Technical Foundation and Overseas Channel
The merger of Radar is not a simple brand collection, but a "capillary" level transfusion of Geely's systematic capability.
The core of the "One Geely" strategy is technical foundation sharing. Although Radar brand belonged to the Geely system previously, independent operation might have led to the risk of "starting from scratch" in underlying technologies such as electrical/electronic architecture and smart cockpit. After merging, Radar will be mandatorily aligned with Geely Auto's modular architecture (such as CMA, SEA), sharing the "Ground-and-Space Integrated" technology ecosystem. This not only reduces Radar's R&D costs but also guarantees the purity and consistency of Geely's technology route.
The announcement specifically mentioned acquiring Radar's Thai subsidiary, this move is significant. Geely is building a global R&D, manufacturing, and sales network. Radar Thailand, as an existing Southeast Asia bridgehead, can immediately access Geely's global logistics and distribution system. The efficiency of "leveraging an existing entity to expand overseas" is far higher than building a new base from scratch, which is the embodiment of "Strategic Synergy" in the international dimension.
· Strategic Implications: Geely's Restraint and Focus
It is not hard to see that this acquisition conveys three clear signals to the market.
First, Geely no longer pursues brand incubation of the "casting a wide net" type, but concentrates resources on this core platform of the listed company. Any business must serve the overall strategy of "One Geely", rather than fighting on their own.
Second, having the courage to take back external projects internally proves that Geely has established strong mid and back-office integration capability. This confidence stems from the maturity of the "Two Horizontal and Seven Vertical" organizational structure, capable of digesting the management complexity brought by multiple brands.
Finally, it embodies the determination of long-termism. The cost of 218 million RMB is more of a symbolic internal asset transfer, its true intention lies not in short-term financial statement beautification, but in building a long-term combat system without internal friction. This is the reconstruction of the underlying logic for Geely to traverse the cycle and fight industry involution.
Radar's "Return Home" is a microcosm of Geely's "One Geely" strategy. It tells us that Geely's future is no longer a simple addition of multiple brands, but a highly synergistic, deeply coupled value community. When the industry is still trapped by the "internal friction" of multi-brand operation, Geely demonstrated its strategic determination with this 218 million RMB transaction: true strength is not how many brands one owns, but being able to make all brands dance to the same rhythm.
車型概覽
三菱L200 值唔值得睇，第一步唔係望牌子或者外形，而係睇佢能唔能夠配合你嘅香港日常。 呢篇會集中講高速巡航、併線同超車信心，幫你用買家角度篩走唔適合嘅選擇。
售價仍待確認，買家可以先把佢放入候選名單，等價格落實後再同同級車逐項比較。
購車價格指南
三菱L200 目前售價仍未清晰，較理性嘅做法係先睇版本、車身大小同動力形式，等價格落實後再決定值唔值得落訂。
如果有幾個版本可揀，可以先將 2025 2.3T Standard（價格待確認） 放喺同一張清單。日常通勤重視舒適同易用，家庭買家就要優先睇後排、尾箱同安全配置。
核心規格重點
睇 三菱L200 嘅規格，重點唔係背數字，而係理解佢喺香港用車場景會帶嚟咩分別。
渦輪增壓、4 個 汽缸 嘅動力底子，重點係市區跟車夠唔夠順、高速巡航會唔會吃力。 148 Ps / 108.8 kW、400 N·m 嘅輸出，對滿載、上斜同超車都比單睇馬力數字更有意思。 車長 5305 mm、車闊 1815 mm、車高 1775 mm 可以幫你預判商場停車場、屋苑車位同後排腿部空間。 自動(AT)、前置四駆 會影響起步順滑度、濕地穩定感同長途巡航性格。
優缺點分析
三菱L200 嘅優點唔需要講到天花龍鳳，真正有價值係佢能唔能夠令日常用車更省心：動力輸出對高速同上斜更有底氣、空間同車身尺寸方便家庭買家預判實用性。
要留意嘅係，香港停車場同窄路使用要留意車身闊度、售價未清晰前唔應該太早用性價比落結論。呢啲唔一定係缺點，但係落訂前應該先諗清楚。
買家常見問題
買 三菱L200 之前，真正要問嘅唔係單一規格，而係佢可唔可以融入你每日嘅生活節奏。
常見疑問係「Mitsubishi L200 嘅動力系統係點？」簡單講，Mitsubishi L200 搭載一副 2.2 公升直四渦輪增壓柴油引擎，符合歐盟 Euro 6d-TEMP 排放標準。最大馬力 150 至 154 匹，峰值扭力高達 400 牛頓米（約 40.8 kgm），喺 2,000 轉已經可以完全釋放，低轉扭力好充沛，無論係市區起步定係載重上斜都綽綽有餘。 放到實際用車，就係要睇佢對通勤、泊車、家庭乘坐同長期成本有幾大幫助。
同級對比內容
將 三菱L200 放入同級車清單時，唔建議只用外形或者品牌光環決定。比較順序可以係：先等售價落實，再決定佢應該同邊個級距比較、再睇動力係咪足夠應付高速併線同滿載、最後睇車身大小、座位同尾箱是否適合家人。
咁樣篩選會貼近香港買家真實生活：平日塞車、商場泊車、周末去新界、甚至一家人出入，先係一部車每日要面對嘅考驗。
用車全周期指南
擁有 三菱L200 唔係買車一刻就完結，之後仲有保險、輪胎、保養、泊車同日常能源成本要處理。
如果你主要喺市區行，視野、低速順滑度同泊車輔助會好影響心情；如果經常行高速或跨區，座椅舒適度、隔音同動力從容感會更重要。
車型概覽
Acura ADX 值唔值得睇，第一步唔係望牌子或者外形，而係睇佢能唔能夠配合你嘅香港日常。 呢篇會集中講版本取捨，幫你用買家角度篩走唔適合嘅選擇。
售價仍待確認，買家可以先把佢放入候選名單，等價格落實後再同同級車逐項比較。
購車價格指南
Acura ADX 目前售價仍未清晰，較理性嘅做法係先睇版本、車身大小同動力形式，等價格落實後再決定值唔值得落訂。
如果有幾個版本可揀，可以先將 2026 1.5T 兩驅標準版（價格待確認）、2026 1.5T 兩驅A-Spec組合版（價格待確認）、2026 1.5T 兩驅A-Spec先進版（價格待確認）、2026 1.5T 四驅標準版（價格待確認） 放喺同一張清單。日常通勤重視舒適同易用，家庭買家就要優先睇後排、尾箱同安全配置。
核心規格重點
睇 Acura ADX 嘅規格，重點唔係背數字，而係理解佢喺香港用車場景會帶嚟咩分別。
渦輪增壓、4 個 汽缸 嘅動力底子，重點係市區跟車夠唔夠順、高速巡航會唔會吃力。 190 Ps、179 N·m 嘅輸出，對滿載、上斜同超車都比單睇馬力數字更有意思。 車長 4719 mm、車闊 1842 mm、車高 1621 mm、軸距 2654 mm 可以幫你預判商場停車場、屋苑車位同後排腿部空間。 無級變速(CVT)、前置前駆 會影響起步順滑度、濕地穩定感同長途巡航性格。
優缺點分析
Acura ADX 嘅優點唔需要講到天花龍鳳，真正有價值係佢能唔能夠令日常用車更省心：動力輸出對高速同上斜更有底氣、空間同車身尺寸方便家庭買家預判實用性。
要留意嘅係，香港停車場同窄路使用要留意車身闊度、售價未清晰前唔應該太早用性價比落結論。呢啲唔一定係缺點，但係落訂前應該先諗清楚。
買家常見問題
買 Acura ADX 之前，真正要問嘅唔係單一規格，而係佢可唔可以融入你每日嘅生活節奏。
常見疑問係「Acura ADX 有冇提供四驅？」簡單講，係呀，Acura ADX 提供前驅同四驅版本供海外買家選擇。 放到實際用車，就係要睇佢對通勤、泊車、家庭乘坐同長期成本有幾大幫助。
同級對比內容
將 Acura ADX 放入同級車清單時，唔建議只用外形或者品牌光環決定。比較順序可以係：先等售價落實，再決定佢應該同邊個級距比較、再睇動力係咪足夠應付高速併線同滿載、最後睇車身大小、座位同尾箱是否適合家人。
咁樣篩選會貼近香港買家真實生活：平日塞車、商場泊車、周末去新界、甚至一家人出入，先係一部車每日要面對嘅考驗。
用車全周期指南
擁有 Acura ADX 唔係買車一刻就完結，之後仲有保險、輪胎、保養、泊車同日常能源成本要處理。
如果你主要喺市區行，視野、低速順滑度同泊車輔助會好影響心情；如果經常行高速或跨區，座椅舒適度、隔音同動力從容感會更重要。
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。
On June 12, the BJ30 Traveler 150,000 units off the line and High-Light Edition Launch Press Conference, themed "150,000 Loves, High-Light Arriving", was grandly launched at the BAIC Zhuzhou Super Factory. As the model that fastest achieved 150,000 sales in the Chinese light off-road SUV market, the BJ30 Traveler refreshes industry speed again. At the same time, the annual new version -- BJ30 Traveler High-Light Edition officially launched, unlocking new light off-road travel experiences with comprehensively advanced product power. To implement the off-road equality concept, the official released a heavy-weight 30,000 yuan replacement policy for the entire series. The BJ30 Traveler Super Replacement Price starts from 69,900 yuan, the High-Light Edition Super Replacement Price starts from 82,900 yuan, allowing thousands of families to embrace a high-quality travel life that is both city and wild with an affordable threshold.
This press conference was not only a glory ceremony for the BJ30 Traveler 150,000 users' reputation, but also an open witness to the strength of Chinese light off-road SUV manufacturing intelligence. At the event site, Beijing Off-road partnered with CCTV Finance to complete the first online disassembly live stream of the real vehicle with 150,000 km driven. Through transparent, visible solid testing, it fully displayed vehicle durability quality and solid craftsmanship, allowing the market and consumers to intuitively witness the hard strength of Chinese manufacturing intelligence.
150,000 Unit Sales Becomes Legendary, Casting a Benchmark for Chinese Light Off-Road Quality
For 15 years of deep digging in the off-road field, and over 60 years of professional technology accumulation, Beijing Off-road relied on extreme product power and user thinking, allowing the BJ30 Traveler to achieve leapfrog breakthrough, achieving the bright achievement of fastest 150,000 sales in Chinese light off-road SUV. BAIC Group VP and Beijing Off-road Chairman Zhang Guofu stated on site: "The delivery of 150,000 BJ30 Travelers is not only a market speed breakthrough, but also a quality monument built by 150,000 units of user trust. It is both an excellent answer sheet of Chinese HEV technology delivered to the world, and also a firm declaration of Chinese car manufacturing intelligence moving upward."
To quickly gain global 150,000 user recognition, the core stems from the BJ30 Traveler's three hardcore core advantages of "Super Wild, Super Big, Super Saving", redefining the standard for household light off-road SUVs.
At the Super Wild performance level, the BJ30 Traveler is the first HEV hybrid model in China's Box-style SUV category, equipped with the industry-leading Three-Engine Four-Wheel Drive Six-Mode HEV hybrid architecture. The three-engine power system composed of a 41% ultra-high thermal efficiency hybrid dedicated engine and front and rear dual drive motors can precisely adapt to different travel scenarios such as long-distance energy saving, real-time energy replenishment, and instant power burst. With 30-millisecond level intelligent four-wheel drive response and 0.5-second peak torque burst ability, matched with electronic center differential lock, four-wheel electronic limited slip, and intelligent electric ATS all-terrain control system, it can easily conquer complex road conditions such as mud, sand, and steep slopes, balancing urban commute smoothness and outdoor off-road passability.
At the Super Big space level, the new car relies on a 2,820mm ultra-long wheelbase and 66% ultra-high space utilization ratio to create a flexible practical three-row seven-seat layout. With a 1,496-liter super large trunk matching rear seats that can fold pure flat, it can expand to a 1.92-meter super large flat space, turning into a mobile big bed in seconds. The spacious B-class ultra-wide third row can easily accommodate a 1.8-meter adult passenger. The whole car has 38 refined storage locations, fully satisfying diverse needs such as family multiple-person travel, camping travel, and material loading, achieving calm and unhurried all-scene travel.
At the Super Saving experience level, the BJ30 Traveler gains global recognition for its extreme energy saving strength. Car bloggers from five countries -- South Africa, Indonesia, UAE, Poland, and Mexico -- jointly verified actual tests. The vehicle's fuel consumption per 100 km does not exceed 5 liters, and one tank range exceeds 1,000 km. The convenient attribute of not needing to rely on charging piles and driving away after refueling greatly saves energy replenishment time. Matching the first owner whole-vehicle lifetime warranty policy, with no high-voltage battery pack safety hazards, convenient maintenance, and sufficient parts, it brings a long-term travel experience of worry-free, money-saving, and time-saving for users from the three dimensions of time, cost, and safety.
High-Light Edition Comprehensively Advanced, Appearance, Performance, Experience Triple Leap
Relying on 150,000 user reputation accumulation, Beijing Off-road released a heavy-weight annual new version BJ30 Traveler High-Light Edition. On the basis of the original hardcore product, it realizes appearance, performance, and intelligent experience comprehensive upgrades, perfectly adapting to diverse travel needs for all age groups.
High-Light Appearance Reshapes Light Off-Road Aesthetics. The new car continues the classic Box-style hard look, merging exquisite fluid lines. Matching exclusive Five-Gate Star Ring through light group, Star Ring custom wheels, full set of inductive fashion modification kits, and same-color sports bumper, it possesses both aura and fashion identity. Inside, the new exclusive orange interior matches metal texture trim plates. Texture layers are full, taking into account sports vitality and home warmth, adapting to multi-scene style needs such as daily commute, outdoor travel, and business shuttle.
High-Light Performance Realizes Power Comprehensive Strengthening. The High-Light Edition targeted upgrades core hardware, equipped with high-performance AGM dedicated batteries with triple cycle life, and Porsche same-model turbocharging technology. Whole-vehicle charging efficiency is as high as 99%. Rear motor power increases from 55kW to 70kW. In scenarios such as start acceleration, ramp merge, and emergency avoidance, the response is faster and power output is more abundant, bringing a steadier and more agile handling experience, making every travel confident.
High-Light Experience Creates Mobile Comfortable Living Room. The new car brings an open panoramic view thanks to the high body design. At the same time, it is fully equipped with comfort configurations such as seat heating, seat ventilation, and steering wheel heating, adapting to four-season travel. It is equipped with thoughtful configurations such as intelligent raindrop sensing automatic window close and 64-color music rhythm atmosphere lamps. Balancing practicality and atmosphere, it perfectly merges the comfort and leisure of city commute with the freedom and ease of outdoor travel.
CCTV Witness Hardcore Quality, Super Factory Interprets Chinese Manufacturing Intelligence
Real quality fears no strict disassembly inspection. At the press conference site, Beijing Off-road combined with CCTV Finance conducted a whole-process live disassembly of a BJ30 Traveler with 150,000 km driven. 150,000 km mileage is equivalent to nearly 10 years of car use cycle for an ordinary family. The disassembly result fully verifies the model's extreme durability quality: Engine turbo carbon accumulation is extremely low, power output is still full. Gearbox has no oil leak, gears have no wear, power system state is comparable to a new car. Battery pack has no bulging, liquid leak, decay, or quality change issues, long-term use is safe and stable. Chassis subframe, suspension control arms have no rust or oil seepage phenomenon. Overall flatness and neatness are basically the same as a new car. Passive safety protection is always online, fully showing the model's solid material usage and reliable durability strength.
At the same time, the lens went deep into the BAIC Zhuzhou Super Factory, revealing the roots of the BJ30 Traveler's high-quality manufacturing intelligence. The factory welding workshop realizes full-robot automation operation. Glue error does not exceed a hair, building a strong and safe car body skeleton. The 5,000-ton level giant stamping equipment molds car body plates in one time, creating smooth and exquisite car body lines. Fully automatic robot spraying matching eco-friendly water paint greatly reduces harmful volatiles, achieving new car no odor, paint surface sun-resistant and corrosion-resistant. Whole-process strict quality control checkpoints guard the excellent quality of every vehicle from the production source, letting users worry-free about buying cars and peace of mind about using cars.
Heavyweight Benefits Arrive, Multiple Courtesies Pay Tribute to User Love
To repay the trust and support of 150,000 owners and help more consumers unlock light off-road life, Beijing Off-road released a heavy-weight 30,000 yuan super replacement policy, which both new purchase and replacement users can enjoy. At the same time, adding five layers of exclusive limited-time courtesies, sincerity full: Warranty gift gifts value 6,000 yuan first owner non-business owner whole-vehicle lifetime warranty; Finance gift provides 0 down payment and other diverse finance schemes, lowering car buying threshold; Calling friends gift supports old customer referrals, up to top can get 800 yuan JD card; Upgrade gift enjoys whole-series lifetime OTA free upgrade; Traffic gift gifts basic traffic lifetime free, entertainment traffic 2 years unlimited free use.
Coinciding with the World Cup event node, the brand synchronously started the "Passionate World Cup, High-Light Win Grand Prize" limited-time activity. Consumers who buy cars at any authorized store nationwide can participate in event guessing. Accurately hitting the World Cup champion and final score, they can additionally enjoy a 50,000 yuan car buying subsidy. Ultra-high benefits sincerity return to the market.
From the glory coronation of the 150,000 unit sales milestone, to the comprehensive renewal of the High-Light Edition model, to the public and transparent quality witness, the BJ30 Traveler breaks the homogenization deadlock of light off-road SUVs with strength, truly realizing "City and Wild, All-round Capable". In the future, Beijing Off-road will continue to deep-dig the civil off-road track, persisting the off-road equality concept. With higher quality, better experience, and more approachable products, it will accompany thousands of users to rush towards mountain and sea love, unlocking every travel high-light journey.
車勢 Auto-First｜李德喆
豐田汽車日前官方宣佈進一步擴大海外產能削減規模，將今年 6 月至 11 月嘅海外減產總量從先前規劃嘅 3.8 萬輛大幅上調至 8.3 萬輛，減產幅度翻倍。再加今年一季嘅日本本土工廠面向中東市場 4 萬輛嘅前期減產，豐田喺半年內整車產能計劃收縮規模已超過 12 萬輛。
豐田此次產能調整針對性極強，主要鎖定疲軟市場與滯銷車型，包括泰國、印度、馬來西亞等亞洲海外工廠，以及專供中東市場嘅海外生產線，主力減產車型集中喺燃油版 RAV4、凱美瑞、Fortuner、Innova 等傳統燃油 SUV 與家用轎車，混動車型及純電車型產能則基本維持不變。
單睇表面，短期地緣危機與供需失衡或係豐田本輪減產嘅主要原因，但實際上，亦反映出方針死守燃油車基本盤，喺全球新能源浪潮中已經陷入戰略被動。
長久以來，豐田堅持混動技術路線，純電車型研發與投放節奏緩慢，倚靠耐用性、保值率優勢深耕全球燃油車藍海市場。尤其喺中東、東南亞等新興市場長期佔據絕對龍頭地位。然而，近幾年，全球汽車行業格局徹底重構，中國、歐洲等核心市場全面加速電動化替代，東南亞、中東等傳統燃油車「避風港」開始逐步推出新能源扶持政策，本土新能源車型快速崛起，分流燃油車市場份額。
豐田持續收縮海外產能，亦折射出而家跨國車企全球化佈局嘅新邏輯。過去車企追求全域佈局、產能全覆蓋，以規模效應降低成本；而家全球地緣衝突頻繁、區域貿易壁壘加高、市場區域分化加劇，盲目擴張全球化產能風險陡增。跨國車企開始由「全域擴張」轉向「精準佈局」，关停低效、滯銷燃油車產能，將資金與產能集中投放向高增長電動化賽道，成為行業共性操作。
可以講，呢場由豐田掀起嘅全球產能收縮潮，亦畀而家全速出海嘅中國自主品牌敲響咗警鐘。
近年來國內車市內捲加劇，頭部車企紛紛加碼海外建廠、整車出口，中東、東南亞正係中國車企出海嘅核心增量市場，2025 年我國對中東汽車出口量已突破 140 萬輛，正逢豐田受物流中斷、地緣動盪被動讓出市場份額，唔少國內車企順勢加大區域產能投放與庫存備貨。但豐田嘅困境直接暴露咗全球化造車嘅共性風險：單一區域地緣政治動盪、海運航道阻斷、區域需求突变，都能瞬間重創重資產海外產能佈局。
與此同時，中國車企出海而家亦暗藏兩大隱患：一係部分車企盲目複製日系過往重資產建廠模式，喺新興市場快速落地整車工廠，產能擴張節奏遠超當地新能源滲透速度，極易重蹈豐田燃油車產能过剩覆轍；二係部分出海產品結構單一，過度依賴燃油車或低價入門級新能源車，缺乏適配唔同區域政策、路況嘅多元化產品矩陣，抗市場波動能力不足。
此外，豐田而家面對嘅地緣供應鏈風險亦喺提醒中國車企，出海唔可以淨係追求銷量規模，必須同時搭建多元化海運路線、分散區域市場佈局，加快海外供應鏈本土化配套，減少外部突發風險帶來嘅衝擊。
統籌全局，豐田海外減產係全球燃油車時代落幕嘅另一個重磅訊號。汽車行業存量競爭嚟到，地緣風險、能源變革、電動化浪潮三重變數正在重塑全球汽車產業新規則。對於所有跨國車企嚟講，倚靠燃油車躺贏嘅時代已經徹底終結，唯有加速推進產能結構改革，先至能夠適配全新嘅全球汽車市場格局。
