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6月11日，中国香港演员吴镇宇前往东风风行生产基地，参观总装车间、研发试验中心与试验场，在最近距离感受东风风行品牌在智能制造与品质验证环节的严苛标准，亲身感受到用户的产品是如何成功制造的。同时，他还对刚刚上市的2027款星海V9进行深度体验，与东风风行共同完成一次关于“可靠”与“温度”的双向奔赴。
探秘生产基地见证硬核体系力铸就可靠品质
作为东风风行智能制造的核心环节，总装车间按照工艺结构分为内饰、底盘、整车、调试四大工艺段，拥有122个生产工位，设计极限节拍可达50台/小时。在东风风行星海V9产品总监陈正宇的讲解中，吴镇宇近距离观摩了AGV自动牵引车精准配送物料、动力总成合装、五轴拧紧机对轮胎螺母进行扭矩检测等关键工序。
东风风行完整的体系力，不仅体现于高效的总装线，也离不开总投资超5亿元、国内领先的自主研发测试基地。在研发试验中心，吴镇宇走进消声室、四通道道路模拟试验室等专业试验室，体验2027款星海V9极致静谧、出色耐久背后的技术沉淀，并表示：“以后收音，想借用风行的消声室。”
东风风行占地460亩的研发试验场同样令吴镇宇印象深刻，他评价说：“这么大的场地，很适合电影取景。”该研发试验场是国内极少数由车企自建、能同时满足全系列商用车与乘用车的综合型专业试验场，场内建有性能路、动态广场、强化坏路、NVH评价路、坡道等7大类55种特殊路面，可开展整车在动力性、经济性、可靠性、环保噪声及主观评价等领域的全面道路测试。
在试验场，吴镇宇亲自体验了20度冲坡、30度下坡，驶过鹅卵石路和商用车测试规格的涉水路，对2027款星海V9在复杂路况下的底盘滤震、通过性及车身稳定性表示认可。内部测试道路上，2027款星海V9加速到160km/h以上，提速快、加速稳的表现赢得吴镇宇连连点赞。
2027款星海V9再升舱星海V6智慧启程
走出试验场，吴镇宇坐进刚刚上市的2027款星海V9。使用星海V9老友高定版半年有余，吴镇宇对星海V9的豪华感与专属体验早已了然于心，但刚刚上市的2027款星海V9，依然带给他新的惊喜。
通透明亮的超广角全景天窗让吴镇宇感到满意，他表示“能让我晒到太阳”。车内的小桌板与车载冰箱，被习惯在车上品尝美食的他评价为“非常实用”。2027款星海V9的85.2%得房率、220mm二排通道和第三排4/6比例下沉放平设计，让吴镇宇想到剧组转场时的真实需求：“2027款星海V9的空间大，特别是第三排，非常宽敞。”此外，他还关注到产品的外放电功能：“这个功能很实用，如果以后有机会去内蒙古拍戏，可以用来吃火锅。”
智能化方面，在升级后的自动泊车、遥控泊车和50米循迹倒车功能辅助下，2027款星海V9在柳州市区穿行、泊车时灵活从容。智能座舱层面，新车搭载高通骁龙8295P芯片、双15.6英寸大屏，以及百度文心一言与DeepSeek双AI大模型，人机交互流畅自然。 
东风风行的智能化步伐始终向前。体验期间，吴镇宇看到了即将上市的风行星海V6。这款“亲民智慧大六座”产品搭载华为乾崑智驾系统，拥有10个摄像头、12个超声波雷达和3个毫米波雷达，满足跨城出行、市区代步所需，结合2900mm轴距和第三排座椅下沉式收纳，实现华为智驾能力与家庭空间需求的深度融合。
从智能制造到研发验证，从星海V9到星海V6，东风风行用二十余年的专注，构建起覆盖高端商务与家庭出行的丰富产品矩阵。2027款星海V9以17.99万元起的指导价，将豪华配置与智电体验带入更广阔的市场；即将上市的星海V6依托华为乾崑智驾，进一步满足家庭用车的智能化需求。品质为根、用户为本，东风风行正以扎实的产品力，为更多中国用户带去安心可靠的出行体验。
Announced last week that it will start using brand new race cars starting in 2027, this week the event kicks off its season.
May 22, Lamborghini Super Trofeo Asian Challenge is about to welcome the competition of the second round of the 2026 season. This is also the first time the Lamborghini Asian Challenge visits the Ningbo International Circuit. Although the grade is slightly lower compared to the Sepang International Circuit in Malaysia where the season opened in April, the challenge difficulty level of the Ningbo track is actually higher than the former.
The Lamborghini Super Trofeo Asian Challenge 2026 season opening round — Malaysia Sepang International Circuit is an FIA Grade 1 certified track. In comparison, the Ningbo International Circuit is an FIA/FIM Grade 2 certified track. Although the grade is slightly lower, the Ningbo track designed by the team of world-renowned designer Alan Wilson, the challenge difficulty is not low.
Sepang track is 5.543 km long, clockwise layout, max elevation difference 30 meters, total 15 corners (including a 927-meter hairpin turn), 8 straights; The Ningbo International Circuit put into use in 2017 is a counter-clockwise layout, max elevation difference 24 meters, total 22 corners (including 13 left turns, 9 right turns), changing corners combined with terrain drops, creates a big difference compared to the Sepang track which emphasizes high speed.
More corner challenges do not affect the drivers' confidence in competing. As the second round of the Lamborghini Super Trofeo Asian Challenge 2026 season, the main highlight is currently the Super Trofeo European race champion team Vincenzo Sospiri Racing (VSR) who leads the Pro championship. Drivers Liam Sceats and Gustaw Wisniewski from New Zealand, after winning the overall championship at the Sepang International Circuit, will face strong opponents from the PRO group such as Batmobile Racing, Bundang by Racegraph, Busan by Racegraph teams.
Among them, it is worth mentioning the Lamborghini Busan by Racegraph team lineup. Chinese driver Liu Zexuan will partner with 2000 Macau Grand Prix Champion André Couto, replacing the previous Qian Long and Kim Sangho combination. Liu Zexuan, since starting his racing career at age 26, has already achieved remarkable results in Asian GT events and Formula racing series.
Compared to the more exciting PRO group, the other two groups: PRO-AM group, AM group also each have highlights. Drivers who won the PRO-AM group championship in the first round will also face challenges from Adam Putera and Kumar Prabakaran who won the 2025 Lamborghini Super Trofeo European championship; The AM group highlights the solo driver Bertram Lau from the KAM LUNG Racing team, who tops the points table, and whether he can continue to maintain his form.
The Lamborghini Super Trofeo Asian Challenge second round will officially kick off on May 22. The first day is official practice. Qualifying starts at 10:20 AM on Saturday. The first race begins at 2:55 PM. The second race begins at 11:15 AM on Sunday.
After the Lamborghini Super Trofeo Asian Challenge lands at the Ningbo track for the first time, the 2026 season will have two rounds held in China. After competing at the Ningbo track, from September 4 to 6, the fifth round will start at the Shanghai International Circuit, followed by the sixth race and World Finals at the Monza circuit in Italy.
Author: Lu Jia
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 May 28, 2026, SAIC held a "Global 100 Millionth User Vehicle Handover Ceremony" at the North Bund in Shanghai. Over a dozen brands under its umbrella and 19 car models handed over vehicles in relay from domestic to overseas markets. SAIC has become the first automotive group in China to exceed 100 million cumulative production and sales, making history in China's automotive industry.
From "Phoenix" to "IM", the history of Chinese automotive struggle behind 100 million vehicles
The story of SAIC begins in 1955, when it was called Shanghai Internal Combustion Engine Parts Manufacturing Company. In 1958, workers hammered out the first "Phoenix" sedan, and Shanghai finally could make sedans on its own. For more than 70 years, SAIC has witnessed China's automotive industry starting from zero and becoming increasingly strong: The Santana rolled off the assembly line in 1983, opening the joint venture era; Shanghai GM was established in 1997 and completed construction and production in just 23 months, known as the "Shanghai Speed"; The independent brand Roewe was launched in 2006; In 2016, the world's first Internet car Roewe RX5 was made; In 2020, the high-end smart electric brand IM was established.
Throughout this journey, SAIC has always adhered to a concept: "Knows cars better, understands you even better". Simply put, technology must be solid, but more importantly, users must enjoy driving and using it comfortably. From Santana localization to Joint Venture 2.0 technology cooperation, from Internet cars to full-by-wire chassis, solid-state batteries, and AI large models on board, every progress is to turn high technology into tangible driving experiences. 100 million vehicles are also 100 million units of user trust.
The 100 Millionth Vehicle is IM LS9 Hyper, combining over 70 years of SAIC technology
This IM LS9 Hyper is considered the culmination of SAIC technology, representing the arrival of the "New Three Major Components" era for new energy vehicles. It is equipped with next-generation chassis technology; full-by-wire four-wheel steering is the first in its class; in terms of intelligent driving, it features a 520-line LiDAR + NVIDIA Thor chip; the three-electric system uses a full-domain 800V high-voltage platform and Stellar Super Range Extender. It also reserves upgrade capability for L3+ advanced intelligent driving in advance. In addition, it debuts the "SAIC Gold Label Hurricane Three-Motor", easily entering the 3-second club for 0-100 km/h acceleration. Even better, in cooperation with Purple Mountain Laboratories, it globally debuted "Intrinsic Security" technology, extending safety from the physical level to information and system security, which is an essential guarantee for driving in the AI era.
The 100 Millionth user is Cao Xudong, CEO of Momenta, and Momenta happens to be SAIC's core partner in the intelligent driving field. The intelligent driving technology developed by both sides has been used in multiple brands of both independent and joint ventures. "Partners become car owners", this is not just about selling cars, but also deep resonance in the intelligent automotive ecosystem.
Behind 100 million vehicles is SAIC's full-brand, global hard power
SAIC has six major sectors: whole vehicles, parts, mobility services, finance, international operations, and innovation technology, forming a complete industrial chain. In the first four months of 2026, SAIC sold a cumulative 1.302 million units, ranking first among Chinese automakers for four consecutive months. Among them, independent brands sold 910,000 units, accounting for nearly 70%; new energy vehicles sold 412,000 units; overseas sales reached 459,000 units, a year-on-year surge of 50.2%.
At the vehicle handover ceremony, SAIC's independent and joint venture brands all participated. On the independent brand side: Shangjie Z7, Huajing S, Roewe M7, MG4 Semi-Solid State Battery Edition, Wuling Xingguang 560, Maxus eDeliver5, Hongyan Heavy Truck, Yuejin Dan T1, Sunwin Pure Electric Bus, Iveco Juxing EV, etc., covering scenarios such as personal mobility, home use, commercial use, logistics, etc. Joint venture brands also showcased the achievements of "Joint Venture 2.0": Volkswagen ID. ERA 9X globally debuted the Momenta R7 Reinforced Learning World Model, delivering over 7,000 units one month after launch; AUDI E7X plans to become the first model for L3-level autonomous driving landing globally for Audi; Buick Zhijing E7 is based on the "Xiao Yao" Super Fusion Architecture, delivering over 10,000 units one month after launch.
The ceremony held Shanghai as the main venue, with the relay extending to Nanjing, Liuzhou, Taiyuan, and places like the UK, Indonesia, Singapore, etc., creating a new way for Chinese automotive brands. Behind this is SAIC's foundation of multi-year global layout: Overseas have more than 100 parts production bases, more than 3,000 dealer networks, built 3 major R&D centers such as London, and 4 manufacturing bases in Thailand, Indonesia, India, and Pakistan; Anji Logistics has 42 Ro-Ro ships, 8 international routes covering Southeast Asia, Europe, and the Americas. Currently, SAIC's products and services are distributed in over 170 countries and regions, and cumulative overseas sales have exceeded 7 million units. MG has been the European sales champion of Chinese brands for 11 consecutive years; in 2025, it sold more than 300,000 units in Europe, becoming the first Chinese brand to exceed 1 million cumulative sales in Europe and the UK. In March this year, MG held a technology day in Frankfurt, Germany, globally debuting semi-solid-state batteries and Hybrid+ hybrid technology, and the Hybrid+ family's overseas monthly sales have exceeded 20,000. In 2025, SAIC released the overseas "Glocal Strategy" (Global + Local), shifting from "Product Going Overseas" to "Value Chain Going Overseas", letting "Made in China Intelligence" go further.
100 million vehicles is the answer sheet of the past, and even more so a new starting line
100 million vehicles is a stage achievement of SAIC's 70+ years of development, and also a new starting point for the "second entrepreneurship" towards the future of intelligent electrification. In 2014, SAIC actively responded to "Developing new energy vehicles is the only way for car countries to move towards powerful countries", taking the lead in comprehensive transformation. 12 years later today, from the "leading in the pack" in intelligent electric transformation, to "ten thousand horses galloping" in independent vs joint venture, passenger vs commercial, domestic vs overseas, SAIC will continue to adhere to the concept of "Knows cars better, understands you even better", letting technological innovation truly benefit every user.
From 1955 to 2026, from the first user to the 100 millionth user, from grope start to industry leadership — SAIC will continue to accompany global users and partners on this "billion-mile journey", creating a better future for mobility together.
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。
Folks, today let's talk about big news on going global—not selling cars, but selling "drivers". On June 2, WeRide and Uber jointly announced a plan: to launch the country's first commercial Robotaxi pilot service in Madrid, Spain. In other words: Spanish residents will soon be able to hail a driverless taxi via Uber. This is the first time WeRide and Uber are partnering to enter the European market. Madrid also becomes the 12th city globally where WeRide's Robotaxi arrives.
According to official news, with the support of the Madrid regional government, this service will officially launch within this year. At that time, friends in Madrid can open the Uber App and call WeRide's Robotaxi with one click. It's just like calling an ordinary ride-hailing service, the difference is the arriving car has no driver—at least initially, there is still a difference. In the initial operation phase, a professionally trained safety monitor will be on board, as it's just launched, safety comes first.
This company, WeRide, you might have heard of it, or you might not. A brief introduction: Established in 2017, it has been dedicated to Robotaxi technology R&D and commercialization. Currently, its Robotaxis cover Guangzhou, Beijing, Singapore, Abu Dhabi, Dubai, Riyadh, Zurich... plus Madrid now, totaling 12 cities. Spain is also the 5th European market WeRide has entered—previously entered Switzerland, France, Belgium, Slovakia. According to the plan agreed by WeRide and Uber in May 2025, they plan to deploy Robotaxi services in 15 new international cities within five years, deploying tens of thousands of Robotaxis globally. With the Madrid launch, the deployment in 4 cities has been completed, and 11 more will be covered successively before 2030.
To be honest, it's not the first time Chinese autonomous driving companies are going global, but the combination of Chinese technology + global mobility platform + European market is quite interesting. Madrid is one of the European Robotaxi markets with the most commercial potential, with a large population, high travel demand, and friendly local policies. Being able to take root in this market is a significant milestone for WeRide. For Uber, introducing Robotaxis is also a way to reduce costs—after all, drivers don't need salaries. For Madrid residents, hailing a taxi might be cheaper in the future.
Connecting smart green transportation, enjoying a wonderful journey! On May 22, the ceremony for the batch delivery of Zhongtong New Energy Tourist Coaches to Macao China Travel Service Co., Ltd. under the Southlight Group (hereinafter referred to as "Southlight Macao Travel") was successfully held in Macao. Wang Zhijian, Party Secretary and Chairman of Shandong Heavy Industry Group, and Fu Jianguo, Chairman of Southlight Group, attended the event and cut the ribbon.
The delivery of this batch of range-extended new energy coaches is a landmark achievement of the deep collaboration between Zhongtong Bus and Macao's culture, tourism, and transportation sectors to jointly build a green and low-carbon Greater Bay Area. It is also a vivid practice of Zhongtong Bus using core technologies to create green application cases for the global high-end market and promoting the high-quality development of global green transportation.
Deeply Cultivating Core New Energy Technologies
Empowering Macao's Low-Carbon Transportation Development
As a high-end window for China's opening up and an important node city of the Greater Bay Area, Macao sets strict standards for the safety, stability, comfort, and regional environmental adaptability of passenger vehicles. It is a "high-end trial field" to test the smart manufacturing strength of new energy coaches.
Southlight Macao Travel is Macao's largest land passenger transport service provider. As a leading enterprise in Macao's tourism industry and a core operating entity for transportation, culture, and tourism, it has deeply cultivated Macao's entire industry chain of "eating, living, traveling, entertainment, sightseeing, and shopping". It is the backbone force of Macao's public transportation and cultural tourism passenger transport services.
To actively respond to the Macao Special Administrative Government's "Macau Long-term Decarbonization Strategy" and "Green Transition of Land Transportation" deployment, and implement the national "Dual Carbon" goals, in recent years, Southlight Macao Travel has comprehensively launched the new energy upgrade of its passenger fleet, accelerating the construction of a green, smart, and efficient modern passenger transport system. Zhongtong Bus has become its core partner for new energy development.
Zhongtong Bus has deepened its focus on new energy technology R&D and possesses the capability for full-series new energy coach product solutions, including pure electric, hybrid, and range-extended technologies. At the same time, with deep exploration of the global market, Zhongtong Bus has accumulated a massive amount of complex road conditions and multi-scenario operation data. Technology iterations continue to lead the industry.
Relying on hardcore technology and extreme adaptability, Zhongtong Bus's cooperation with Southlight Group covers cross-border, urban, and tourist passenger transport fields. The total cooperation scale reached 600 units, effectively boosting the quality improvement and upgrade of the local transportation industry.
Deeply Adapting to Macao Scenarios
Customizing to Build Green Travel Benchmarks
Macao has a special regional environment, complex road conditions, congested traffic, and limited charging resources, facing challenges in new energy transition. Based on a deep understanding of Macao's local operation scenarios, Zhongtong Bus has tailored a range-extended product solution for the local area.
Zhongtong range-extended coaches combine the dual advantages of pure electric models (quiet and comfortable, zero idling pollution) and fuel vehicle models (worry-free range, convenient refueling/recharging), precisely solving Macao's pain points of insufficient charging infrastructure, limited long-distance range, and high operating costs.
At the same time, the vehicle has undergone comprehensive upgrades in comfort details and intelligent safety. High-end configurations such as ergonomic seats and healthy environmental interior decoration improve the quality standards of cultural tourism passenger transport. Deeply optimized vehicle passability and turning radius make the vehicle better adapt to Macao's street conditions, improving operational flexibility and safety. At the same time, the vehicle integrates intelligent systems such as collision warning, automatic emergency braking, tire pressure monitoring, and driving assistance, achieving a dual upgrade in safety and intelligence.
Relying on refined customization and all-dimensional comfort experiences, Zhongtong range-extended coaches have now become the main model for Macao tourism transfer and commuter services. Delivered in three batches to the Macao market, it has won high recognition from passengers and users.
Leading the Global Green Track
Zhongtong Manufacturing Empowers Global High-Quality Development
Currently, the global carbon neutrality process is accelerating, and the green public transportation system is iterating and upgrading. New energy coaches have become a winning track for China's automotive industry development.
As a representative enterprise in China's coach industry, Zhongtong Bus closely follows the national "Going Global" strategy and the "Belt and Road" Initiative deployment. It takes new energy going overseas as a core development strategy, continuously increasing investment in overseas markets. Against diverse global market needs, it adheres to localization strategies, tailoring solutions for the market and enhancing product adaptability.
In Chile, over 1,000 Zhongtong pure electric coaches have become the backbone of local green public transportation; in Denmark, Zhongtong coaches on Bornholm Island have become a green landscape for the local area; in Dubai, Zhongtong Bus pioneered the entry of Chinese coach brands into the Dubai public transportation system; in Singapore, Zhongtong new energy coaches continue to provide innovative solutions for public transportation in Singapore's high-density cities...
Currently, more than 100,000 Zhongtong new energy coaches are roaming around the world. They not only bring green, intelligent, and efficient travel experiences to the world but also demonstrate the quality standards and innovative strength of Chinese manufacturing to the globe. With high-quality, highly intelligent, and low-energy-consumption green coach product solutions, they contribute Chinese wisdom and Chinese solutions to the development of global green transportation.
2026 年 6 月 10 日，5 月國內緊湊型 SUV 銷量榜單，深藍 S05 強勢霸榜登頂，成功實現 3-5 月銷量三連冠，持續領跑 15 萬內新能源 SUV 細分市場。自上市以來，深藍 S05 始終保持月均破萬的強勁勢頭，5 月全球銷量達 18,866 輛，同比增長 102.71%，截至 5 月底全球累計銷量已突破 22 萬輛，成為中國新能源汽車市場名副其實的現象級“全球大單品”。
國內市場，深藍 S05 用連續三個月的銷量領跑，在 15 萬內純電緊湊型 SUV 這個競爭最為激烈的細分市場確立了絕對領先地位；全球市場，其已成功進入 70 多個國家和地區，未來將進一步拓展至 150+ 國家，成為中國新能源汽車技術出海的標杆之作。這種“國內領跑、全球開花”的雙線熱銷態勢，在 15 萬級純電 SUV 市場獨樹一幟。區別於行業慣常的出海路徑，深藍 S05 堅持全球統一標準、統一品質，在欧洲、東南亞、中南美等多個市場都獲得了消費者的高度認可。
從“價格戰”到“價值戰”：深藍 S05 的破局之道
過去一年，15 萬內新能源 SUV 市場曾陷入激烈的價格博弈。面對行業的普遍內捲，深藍 S05 選擇了一條更具韌性的發展道路：不參與單純的低價競爭，而是依托技術創新與產品進化，為用戶提供超越期待的“越級體驗”，贏得了市場的廣泛認可。
深藍 S05 的成功，核心在於精準把握了主流家庭用戶的真實需求。對於大多數家庭用戶而言，純電汽車的核心訴求遠非“低價”，而是“續航是否紮實、補能是否高效、低溫是否可靠、安全是否硬核”。深藍 S05 正是圍繞這些本質，打造了全面無短板的產品力。
在續航與補能方面，深藍 S05 全系搭載寧德時代電芯 + 金鐘罩電池，CLTC 純電續航最高可達 620km，充分滿足日常通勤與長途出行需求。同時，全系標配 3C 超充技術，SOC 30%-80% 充電時間僅需 15 分鐘，真正實現了“充電一刻鐘，暢行百公里”，從根本上解決了純電車主的里程焦慮。
針對北方用戶最為關注的低溫續航問題，深藍 S05 採用了獲得中國專利金獎及聯合國知識產權組織認可的全球首創微核高頻脈衝加熱技術。該技術可在 -30℃極端低溫環境下，將電池溫度提升 20℃，動力性提升 50%，充電時間縮短 15%。配合標配的熱泵空調系統，相比傳統加熱方式效率提升 1.8-2.4 倍，最大可節能 38%，有效保障冬季續航的真實性與穩定性。
在安全與車身結構方面，深藍 S05 的動力電池率先通過了 2025 版新國標安全檢測，並獲得了中汽中心 NESTA 六維電安全認證。同時，全車高強度鋼鋁佔比達 78%，最高鋼材強度 1700MPa，配合 7700T 大壓鑄一體式鑄鋁技術，車身扭轉剛度達 35000N・m/deg，全方位守護出行安全。
從“產品出海”到“品牌出海”：中國汽車的全球化新征程
深藍 S05 的全球化征程，不是簡單的產品出口，而是技術標準與品牌價值的全面輸出。在欧洲這個全球汽車工業發源地，深藍 S05 展現出了強大的競爭力，2-3 月連續斬獲西班牙緊湊型純電 SUV 註冊量第一名；在東南亞市場，深藍 S05 巴基斯坦上市即熱銷，首月收穫 2000+ 首發大訂，後續月均訂單穩定在 500+；5 月，深藍 S05 正式登陸波蘭市場，進一步完善了其在歐洲的戰略佈局。
市場的認可與專業的獎項形成了雙向印證。國內，深藍 S05 在 J.D.Power2026 中國新能源汽車新車質量研究中斬獲緊湊型純電動 SUV 第一名，這是行業對其產品品質最權威的背書；海外，它先後拿下泰國年度最佳後驅緊湊型電動 SUV、智利 Autocosmos 2026 最佳推薦車型、FIPA 美洲汽車記者聯合會年度混動車型大獎，證明其产品力能夠適配不同國家的用車需求和消費偏好。同時，德國 iF 設計大獎、都靈汽車設計獎最佳智能人機融合獎、世界綠色設計組織綠色設計國際大獎的獲得，更從設計美學、智能交互和可持續發展等多個維度，印證了深藍 S05 已經達到國際一流產品水準，重塑全球市場對中國汽車的認知。
值得一提的是，深藍汽車近日還成為了葡萄牙國家隊全球官方合作伙伴，將借助體育 IP 的影響力，進一步提升品牌的全球影響力。此前，深藍 S05 已正式交付葡萄牙國家隊，將與 C 羅等世界級球星攜手，共同傳遞“滿電上場，全球主場”的競技精神。這種跨界聯動，不僅是頂尖智造實力與冠軍精神的共鳴，更向世界展示了中國汽車品牌的自信與實力。
結語
從國內市場的持續領跑，到全球 70 多個國家和地區的熱銷，再到斬獲多項國際權威大獎，深藍 S05 用實打實的成績證明：中國汽車品牌已經具備了打造全球爆款的能力。它的成功，不僅為中國新能源汽車產業樹立了價值標杆，更為中國品牌高質量出海提供了可借鑑的發展樣本。
三連冠不是終點，而是深藍 S05 新征程的起點。未來，隨著深藍汽車全球化佈局的持續深化，我們有理由相信，深藍 S05 將繼續領跑緊湊型 SUV 市場，書寫中國汽車品牌的新篇章。
日前，比利時鋼簾線巨頭貝卡爾特披露經營快報。今年第一季度，公司實現營業額 9.17 億歐元（約合人民幣 72.4 億元），同比下降 7%。
營業額下跌主要受匯率波動、產品定價及品類結構等多重因素拖累。具體而言，銷量增長為營業額帶來 3200 萬歐元之正面貢獻，但產品定價與品類結構拖累 3000 萬歐元，匯率因素造成 4500 萬歐元損失，拉丁美洲地區資產剝離亦產生 3100 萬歐元之負面影響。銷量增長部分抵銷上述利空。
按業務劃分，橡膠增強板塊內，亞洲市場銷量大幅增長，北美市場亦有所提升，成功填補歐洲市場需求疲弱之缺口。貝卡爾特表示，在激烈競爭下，公司持續鞏固高端輪胎簾線之市場地位。同時，本季度內貝卡爾特完成對普利司通位於泰國及中國鋼簾線工廠之收購，該交易已於 4 月底正式交割。
此外，貝卡爾特宣布由 2026 年起調整橡膠增強業務之財報統計範圍，將原歸類於特種業務板塊之膠管、輸送帶細分行業併入該板塊。公司稱，此舉源於簾線製造環節之營運與技術協同效應，旨在更好地匹配終端市場佈局。
就外部環境而言，受中東局勢影響，能源及原材料價格上升擠壓利潤空間。貝卡爾特指出，地緣政治與貿易局勢之不確定性，叠加通脹與供應鏈壓力，或將拖累全球需求並推高原材料成本，加劇利潤承受壓力。目前公司已有效對沖中東局勢帶來之直接衝擊，並持續推行降本增效措施以應對挑戰。
展望全年，貝卡爾特表示，在可比基準下，預計公司全年營業額與利潤率將與去年大致持平。
比亞迪正式發布 2026 年 5 月產銷快報，全品牌新能源汽車單月銷量 383453 輛，同比微增 0.26%，時隔十個月實現單月銷量同比轉正；其中乘用車交付 376990 輛，環比大漲 19.4%，一掃前期車型換代陣痛，呈現國內基本盤穩固、海外銷量狂飆、高端品牌全線放量的全新格局，在國內新能源內捲加劇、特斯拉 FSD 入華、自主新品密集上市的市場環境中，走出獨有的結構性增長路線。
王朝 + 海洋兩大主力品牌 5 月合計售出 330215 輛，佔據集團總銷量超八成，仍是比亞迪銷量壓艙石，全系列共 8 款車型單月銷量突破 2 萬台，產品從 5 萬入門代步到 20 萬家用 SUV 實現全覆蓋。
王朝網內部，元家族 56691 輛、宋家族 51370 輛。雙雙跨過五萬門檻，成為品牌兩大銷量支柱，兼顧家用代步與城鄉出行需求；秦家族緊隨其後交出 28360 台穩定表現，漢、唐系列月銷維持六千級體量，深耕中大型家用轎車、SUV 細分市場；全新車型夏處於市場培育期，單月交付 1810 台，後續隨渠道鋪開有望穩步上量。
海洋網增長勢頭更為迅猛，全系五款車型跨入兩萬俱樂部：海獅 42615 台、海豹 34117 台、海鷗 39919 台、海豚 22260 台、宋 PLUS 27755 台。其中海鷗憑藉 6-8 萬親民定價穩居入門代步銷冠，海獅作為全新走量車型上市即站穩四萬量級，補齊海洋網中型 SUV 產品空白，完善海洋產品梯隊佈局。從代步小車到緊湊 SUV，兩大主品牌依托 DM-i 混動與純電雙線技術，牢牢鎖住 15 萬以內國內主流家用市場份額。
方程豹同比暴漲 139.7% 品牌向上落地見效騰勢、方程豹、仰望組成的高端矩陣 5 月合計銷售 46489 輛，正式擺脫小眾定位，成為比亞迪品牌溢價與利潤增長新支點，打破自主品牌高端化難破局的行業魔咒。
越野品牌方程豹單月 30186 輛，同比暴漲 139.7%，創下品牌上市以來月度銷量新高，旗下鎦 7 單月 18280 台，豹 5、豹 8 穩定輸出，在 25-40 萬硬派越野細分市場持續擠壓合資、進口車型生存空間。
騰勢 5 月交付 16303 台，MPV 標桿 D9 售出 6721 台，Z9 系列近 6000 台，MPV、中大型轎車雙線發力，站穩豪華新能源賽道；百萬元級超豪華品牌仰望穩步爬坡，當月交付 286 台，同比增幅 105.8%，完成自主品牌天花板產品的市場驗證，形成從十幾萬家用、三四十萬越野、五十萬豪華 MPV 到百萬元級旗艦的全價格帶產品佈局。
5 月比亞迪乘用車和皮卡海外銷量 160177 輛，同比大漲 80.7%，出口佔全系總銷量突破 42%，創下品牌出海歷史新高，成為穩住 5 月整體銷量、實現同比轉正的核心驅動力。
東南亞、歐洲、拉美成為主力增量市場，海鷗、宋 PLUS、元系列持續登頂多國新能源熱銷榜單，SHARK 皮卡連續兩月單月出口突破 4000 台；依托泰國、巴西、匈牙利、烏茲別克斯坦四大海外整車工廠落地投產，本地化生產持續落地，規避關稅同時快速下沉終端渠道。在國內車市存量競爭、價格戰常態化背景下，高速擴容的海外市場有效對沖國內車型換代帶來的銷量波動，正式從補充市場升級為比亞迪核心增長引擎。截至當前，比亞迪新能源汽車全球累計銷量已經突破 1650 萬輛，全球化版圖持續拓寬。
智駕賦能產品迭代 下半年新品蓄力衝量5 月比亞迪智能化落地迎來關鍵節點，天神之眼智駕系統成為車型核心加分項：全品牌搭載高級智駕車型保有量突破 315 萬輛，日均路測數據超 2 億公里；當月比亞迪落地城市領航、智能泊車雙安全兜底服務，成為全球首家實現兩項智駕兜底的車企，政策落地三天後，搭載天神之眼系統車型的城市 NOA 激活率暴漲 50%，智能化體驗升級直接拉動終端到店訂單轉化，為後續車型持續走量築牢產品競爭力，直面 FSD 入華帶來的智駕市場衝擊。
從數據細節來看，2026 年 1-5 月比亞迪累計銷量 1405039 輛，同比下滑 20.32%，核心誘因是全系主力車型集中換代、第二代閃充刀片電池產能爬坡受限。新款閃充電池升級快充與低溫性能，全系換代車型優先換裝新電池，但產線改造拖累產能釋放，熱門車型訂單積壓、交付延後，一定程度壓縮 5 月交付體量。
隨著二季度末二代刀片電池產能持續釋放，疊加騰勢 N8L、方程豹鎦 7 純電版、海獅 05、夏 L 等多款新車陸續登陸市場，業內普遍預判比亞迪 6 月全品牌銷量有望突破 40 萬輛。依托低端走量鎖份額、高端提利潤、海外衝增量、智能化提產品力的四維發展邏輯，在國內新能源淘汰賽加劇的當下，比亞迪全品類佈局優勢持續放大，坐穩國內新能源龍頭，加速向著全球頭部車企穩步邁進。
BYD officially released the May 2026 production and sales flash report, with new energy vehicles from all brands reaching a monthly sales volume of 383,453 vehicles, a slight increase of 0.26% year-on-year, achieving year-on-year positive growth in monthly sales after ten months; among them, passenger car deliveries reached 376,990 units, surging 19.4% month-on-month, wiping out the pain of previous model iterations, presenting a new pattern where the domestic base is stable, overseas sales are soaring, and high-end brands are scaling up across the board. Amidst the market environment of intensified competition in the domestic new energy sector, Tesla FSD entering China, and an intense launch of independent new products, it has forged a unique structural growth path.
The Dynasty and Ocean main brands combined sold 330,215 vehicles in May, accounting for over 80% of the group's total sales, remaining the stabilizer for BYD's sales volume. The full series had 8 models exceeding 20,000 units in monthly sales, covering products from 50,000 entry-level commuter to 200,000 home SUV.
Inside the Dynasty Network, the Yuan family sold 56,691 units, and the Song family 51,370 units. Both crossed the 50,000 threshold, becoming two major sales pillars for the brand, catering to home commuter and urban-rural travel needs; the Qin family followed closely with a stable performance of 28,360 units. The Han and Tang series maintained a volume in the six-thousand range, deeply cultivating the mid-to-large home sedan and SUV niche markets; the brand new model Xia is in the market cultivation phase, delivering 1,810 units monthly, with potential for steady volume growth as channels expand.
The Ocean Network's growth momentum is even more rapid, with 5 models entering the 20,000 club across the series: Sealion 42,615 units, Seal 34,117 units, Seagull 39,919 units, Dolphin 22,260 units, and Song PLUS 27,755 units. Among them, Seagull remains the best-selling entry-level commuter model thanks to its affordable pricing of 60,000-80,000. Sealion, as a new volume model, stands firm at the 40,000 level upon launch, filling the mid-size SUV product gap in the Ocean Network and perfecting the Ocean product tier layout. From commuter small cars to compact SUVs, the two main brands rely on DM-i hybrid and pure electric dual-line technologies to牢牢锁住 the mainstream home market share within 150,000 domestically.
Fang Cheng Bao Year-on-Year Surges 139.7%, Brand Upward Positioning Takes EffectThe high-end matrix of Denza, Fang Cheng Bao, and Yangwang sold a combined 46,489 vehicles in May, officially breaking away from the niche positioning to become a new pivot for BYD's brand premium and profit growth, breaking the industry curse of difficulty in high-end breakthrough for domestic brands.
The off-road brand Fang Cheng Bao sold 30,186 units monthly, surging 139.7% year-on-year, creating a new high in monthly sales since the brand launched. Its Titanium 7 model sold 18,280 units monthly, while Leopard 5 and Leopard 8 output remained stable, continuously squeezing the survival space for joint venture and imported models in the 250,000-400,000 hardcore off-road niche market.
Denza delivered 16,303 units in May, with the MPV benchmark D9 selling 6,721 units, and the Z9 series close to 6,000 units. MPV and mid-to-large sedan dual-line efforts helped them stand firm in the luxury new energy track; the million-level ultra-luxury brand Yangwang continued its steady climb, delivering 286 units that month, a year-on-year increase of 105.8%, completing market verification of the domestic brand ceiling product and forming a full price range product layout from 100,000+ home, 300,000-400,000 off-road, 500,000 luxury MPV to million-level flagship.
In May, BYD's overseas sales of passenger cars and pickup trucks reached 160,177 units, surging 80.7% year-on-year. Exports accounted for over 42% of the full series total sales, setting a new historical high for brand export and becoming the core driving force to stabilize May overall sales and achieve year-on-year positive growth.
Southeast Asia, Europe, and Latin America became the main incremental markets. Seagull, Song PLUS, and Yuan series continued to top new energy best-seller lists in multiple countries; the SHARK pickup truck exceeded 4,000 units in monthly exports for two consecutive months. Relying on the completion of localization production in Thailand, Brazil, Hungary, and Uzbekistan with four overseas vehicle factories, localized production continues to land, avoiding tariffs while rapidly penetrating terminal channels. Against the background of stock market competition in the domestic auto industry and normalized price wars, the rapidly expanding overseas market effectively counteracts sales volatility brought by domestic model iterations, officially upgrading from a supplementary market to BYD's core growth engine. As of now, BYD's global cumulative new energy vehicle sales have exceeded 16.5 million units, with the globalization map continuously broadening.
Intelligent Driving Empowers Product Iteration, H2 New Products Prepare to Surge VolumeMay marked a key node in BYD's intelligent driving landing, with the God's Eye intelligent driving system becoming a core bonus point for models: the number of vehicles with advanced intelligent driving across all brands exceeded 3.15 million, with daily road test data exceeding 200 million kilometers; that month, BYD implemented City Pilot and Smart Parking dual safety backup services, becoming the world's first auto manufacturer to achieve dual intelligent driving backups. Three days after policy implementation, the activation rate of models equipped with the God's Eye system in cities surged 50%. Intelligent driving experience upgrades directly drove in-store order conversion, solidifying product competitiveness for subsequent models to continue volume sales, and facing the intelligent driving market shock brought by FSD entering China.
From data details, BYD's cumulative sales from January to May 2026 were 1,405,039 units, down 20.32% year-on-year. The core reason is that the full series of main models were concentratedly iterated, and the capacity ramp-up of the 2nd Gen Fast Charge Blade Battery was restricted. The new Flash Charge Battery upgraded fast charging and low-temperature performance. Full series iteration models prioritized installing new batteries, but production line retrofitting dragged down capacity release. Order backlogs on popular models and delayed deliveries compressed the May delivery volume to a certain extent.
As the end of the second quarter approaches and the 2nd Gen Blade Battery capacity continues to release, coupled with new models such as Denza N8L, Fang Cheng Bao Titanium 7 Pure Electric Version, Sealion 05, and Xia L landing the market, the industry generally predicts that BYD's full brand sales in June are expected to exceed 400,000 vehicles. Relying on the four-dimension development logic of low-end volume locking share, high-end raising profit, overseas pushing volume, and intelligence improving product power, amidst the intensified new energy elimination round in the domestic market, BYD's full category layout advantage continues to amplify, securing its status as the domestic new energy leader, accelerating steadily towards global top auto manufacturers.
