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8月12日，2026拉丁美洲（巴拿马）国际汽车配件 & 轮胎展览会（Latin Auto Parts Expo & Latin American Caribbean Tyre）在巴拿马城盛大举行。
作为拉丁美洲与加勒比地区最具影响力的轮胎及汽配行业盛会，本次展会汇聚全球近600余家制造商和供应商参展，并吸引来自近百个国家的超5000名访客参会。
巴拿马素有“加勒比海的香港”之称，凭借其优越的地理位置和科隆自由贸易区的便利政策，贸易范围高效辐射周边20余个国家、超1.2亿人口的庞大市场。
在全球贸易不断推进的背景下，正新轮胎着眼于国际市场用户的需求，持续深耕市场、创新研发高品质轮胎，充分满足消费者的不同需求，现场展示的高品质产品吸引了来自多个国家和地区的海外采购商的关注和青睐，纷纷驻足交流并洽谈合作。
拉美地区地形复杂、气候多变，高温、复杂路况等特殊使用场景，对轮胎的耐磨性、稳定性、抗湿滑性等核心性能提出严苛要求。
立足本地化市场需求，正新轮胎推出适应多样化路况的全系列产品，以智能化、环保化解决方案赢得了海外的客户青睐与认可。
正新黑钻E▪X1
● 钻石切割高分子胶料混炼技术，有效提升10%湿地制动性能，操控性能更优异；滚动阻力降低5%，续航里程再升级；轮胎寿命提升3%；
● 钻石羽鳞空气动力胎边设计，轮胎表面空气流动速率提高5%，减少空气阻力、降低能耗；
● 钻石雕刻3D花纹设计，最适化接触面积，提升行驶的舒适及稳定性；进一步强化湿地排水性能；封闭式胎肩设计，高效降噪；
● 新一代钻石结构强化胎体，提高轮胎结构刚性15-20%，可有效抑制轮胎偏磨；
● 钻石蜂巢结构吸音棉技术，有效降低5dB 车内噪音。
SAHARA AT318
● 胎面独特卡锁型花纹块及粗犷排水沟设计，提高全地形适应性及牵引驱动性；
● 导入高效越野炭黑配方，大幅提升轮胎耐久耐磨性；
● 采用绝对防御型胎肩结合龙爪型咬合设计，提升防刺穿和抗撕裂性能；
● 采用双层耐隆高束缚性缠绕及高韧性三角胶设计，无惧挑战复杂严苛路况。
DRAGON CLAW CL24X
● 胎边连续性“龙爪造型”凸块花纹，使整胎具备全方位（70%）高牵引性能，搭配高强度胎体和创新胎面配方，低气压下也能保持强劲驱动力和胎侧支撑性；
● 胎面剃刀式阶梯花纹块，接地面积增加10%，提升轮胎攀爬抓地力，花纹边缘立体刀锋型设计，纵使陷入坑洼也能迅速脱困；
● 胎面直沟斜线分割设计搭配横沟弧线排布设计，强化排水、排泥、排雪性能，沟底刀刃型凸台设计，防止乱石、泥沙切割。
绿色通道专用胎 CR285
● 专为中长距离、高速行驶于高速公路、一、二级公路车辆设计，适合卡货车全轮位使用；
● 胎面中心特殊花纹设计，提供优异的防夹石性；
● 特殊胎体结构设计，操控稳定性及舒适性能佳；
● 新型胎面结构设计，可抵抗异常磨耗，延长使用寿命;
● 胎边低滚阻设计，更省油。
MIGRA CM-S3N
● 一款适用于街跑车及仿赛车款的钢丝运动胎新品；
● 运动胎体结构设计，高速行驶稳定性佳；
● 胎面“利刃”花纹设计，直线运动性能优异，操控性能强大；
● 采用双配方设计，保证直行稳定性及操控性。
C6559
● 一款公路&越野两用型摩托车胎；
● 胎肩部纵向沟宽窄设计，提供优异过弯稳定性，确保骑行安全；
● 采胎面中心花纹块交错设计，搭配主沟均匀沟宽设计，提供优异耐磨性及排水/排砂石能力；
● 导入不同配方技术，兼顾耐磨性与抓地性。
本次参展，正新轮胎以全球化营销视野展出的代表性明星产品，深受客户好评，印证了正新轮胎的雄厚实力和市场开拓的信心。
中南美洲为CST正新轮胎重点关注的市场。未来，正新轮胎将不断深化国际市场布局，持续开发适用当地市场的产品、提供更好的服务。
In the July new energy vehicle market, Deep Blue delivered a report card worth attention: global sales of 29,213 units, a year-on-year increase of 7.52%. Cumulative sales from January to July reached 193,369 units, a year-on-year increase of 13.48%. More critically, the brand's global cumulative sales have already surpassed 910,000 units, just one step away from the million milestone. S07 has cumulatively exceeded 300,000 units, S05 has cumulatively exceeded 250,000 units, breaking 30,000 units in a single month for 4 consecutive months. It is indeed rare for a new energy vehicle brand incubated within a central state-owned enterprise system to achieve such speed among Chinese brands. What did Deep Blue do right?
What does the state-owned enterprise system give Deep Blue?
To understand Deep Blue's growth path, one must look back to Changan's strategic layout. Deep Blue's predecessor can be traced back to Changan's "Shangri-La Plan" early exploration. In July 2022, the first model SL03 was launched, and Deep Blue thus became one of the first brands to land in Changan's new energy racing lane. In July 2025, Changan Automobile was officially elevated to Changan Automobile Group, becoming a new central state-owned enterprise. As one of the group's three major digital intelligence new energy brands, Deep Blue's positioning and resource allocation have gained new imaginative space.
The greatest advantage the state-owned enterprise system brings to Deep Blue is the room for error. The new energy vehicle industry is a long-distance race that requires continuous burning of capital. Private enterprises often have to pursue short-term returns in the face of patience in the capital market, while Deep Blue can make long-cycle investments in core technologies. The Origine Super Integrated Electric Drive has cumulatively produced over one million units, with working condition efficiency reaching 94.13%. This number is currently first in the world. The Golden Bell Cover battery won the Second Prize of the National Science and Technology Progress Award twice — this kind of technological breakthrough requiring long-term accumulation is hard to obtain such strong resource tilting in the decision-making logic of private enterprises.
It also did not miss the tactics of the new forces
With the confidence of the system, Deep Blue did not take the old path of traditional state-owned enterprises in products and marketing. The most obvious move was the cooperation with Huawei. Deep Blue S07 is equipped with Huawei Qiankun ADS SE intelligent driving system, becoming the only SUV in the 150,000 yuan-level segment equipped with Huawei intelligent driving. This positioning is very precise — the demand for intelligent driving among consumers in the 150,000 yuan-level segment is already very high, but there are almost none that can provide a Huawei intelligent driving solution at the same price level. Deep Blue made a layout here in advance, forming a differentiated advantage.
The all-new S05 was launched on August 6, with a starting price of 115,900 yuan. It comes standard with a LiDAR across the entire series. Equipping LiDAR starting from the entry-level version is rare in the same class. Deep Blue's thinking is very clear: not using configuration to create differences between high and low trims, but spreading intelligent driving capabilities as basic capabilities. In terms of technical reserves, in the second half of the year, pure electric models will be equipped with 800V high-voltage platforms and 6C supercharging technology.
Overseas layout is also accelerating. The Rayong factory in Thailand has officially started production. S05 ranked first in pure electric SUV registrations in Spain. The global map is advancing from Southeast Asia to Europe. There is also a detail easily overlooked: Deep Blue has announced achieving "phased profitability", being the first among state-owned new energy brands to do so. While most new energy vehicle companies are still struggling in the abyss of losses, Deep Blue has already run through the profitability model, indicating that its cost control and pricing strategy have found a balance point.
After one million, where is the ceiling?
910,000 units to one million units is just one step away, but after one million units, it is an even harder exam. Deep Blue's current main products are concentrated in the 100,000 to 200,000 yuan price range. This is the golden area for volume, but also the battlefield with the thinnest profits. The upward brand pull has not been truly established yet. In the high-end market above 300,000 yuan, Deep Blue has no cards to play. More subtly, within the Changan system, there is Avatr with a higher positioning, and cooperation with Huawei is deeper. How to maintain the brand distinction between Deep Blue and Avatr is a question that Changan Group needs to answer.
Final Thoughts
Looking back at Deep Blue's growth trajectory, its success is not accidental — the state-owned enterprise system's room for error gave the confidence for technical accumulation, the new force's product tactics ensured competitiveness on the market side, and the endorsement of Huawei intelligent driving supplemented the key short board of intelligence. With the superposition of the three, the achievement of today's 910,000 units was born. Deep Blue's sample value as a state-owned new force lies in proving one thing: the system is not a burden, the key lies in how to use it. After 910,000 units, one million units are within sight. What Deep Blue needs to do next is to build a deeper brand moat on top of the scale. On the road of state-owned new energy vehicles, Deep Blue has already walked out a sample worthy of reference.
（2026年8月6日，杭州）8月6日，smart品牌在杭州以一场别开生面的城市Live Show，正式迎来全新一代smart精灵1号的上市发布，限时权益价14.99万元起，5大权益至高价值超2.5万元。
新车推出535 Max与535 Ultra两个版型，作为smart全面电动化转型的里程碑之作，新车以”新奢品质、技术智能、灵动驾控"三大引领，携超200项整车体验升级、63项同级领先及20项同级唯一配置，重新定义豪华智能小车标杆。
问世四年来，初代smart精灵1号已登陆全球41国市场，陪伴超10万用户行驶十几亿公里，揽获德国iF、红点两项国际设计大奖及中欧双五星安全认证。面对已从蓝海变为红海的小车市场，全新一代smart精灵1号围绕"三电两智"全面进化，将四年间的引领势能、市场洞察与用户反馈，转化为一次脱胎换骨的升级，持续引领小车市场价值标准。
全新一代smart精灵1号上市，限时权益价14.99万元起，5大权益至高价值超2.5万元
超200项产品体验焕新升级，更新迭代总价值超过3万元
继初代精灵1号上市四年后，全新一代smart精灵1号全面进化，再树标杆
三电升级两智焕新，精灵1号全面刷新豪华智能小车技术上限
全新一代smart精灵1号，不仅搭载全球首个量子级AI电子电气架构EEA 4.0，更全系标配800V碳化硅高压平台。凭借同级领先的6C超快充技术，电量从10%充至80%仅需12分钟。配合雷霆16合一高效智能电驱，城市通勤一周一充，即便长途出行也不必担忧，高效的补能效率，10分钟便可补能300km以上，远途出行也无需担忧。其搭载的神盾金砖电池，以“军工级”安全标准满足电池新国标要求，为每一程提供可靠保障。
全系标配800V高压平台实现“三电”焕新，6C超快充仅需12分钟即可将电量从10%充至80%
智能驾驶辅助能力，越来越成为用户购车关注的关键点：全新一代smart精灵1号，搭载满血版千里浩瀚H5辅助驾驶系统，采用英伟达Orin Y高算力芯片，基于采用内置千亿参数WAM世界行为模型赋能的G-ASD 4.0解决方案。车辆依托包含激光雷达在内的31个感知硬件，智能辅助驾驶领航能力覆盖城市、高速等多元场景，有导航的地方都能辅助驾驶，全国都能开。在环岛通行，无保护左转，窄巷通行等20多个难点场景下，其决策更类人、更自然，后续还将通过OTA实现车位到车位功能。
同时，新车“天花板级”的智能泊车能力，将彻底打破“泊车难”：无论是窄小的机械车位还是无标线的空地，全新一代smart精灵1号都能轻松泊入。更有离车泊入、指尖泊车等功能，轻松搞定复杂、极端泊车场景，新手秒变“泊学家”。
“两智”全面升级，满血版千里浩瀚H5辅助驾驶系统上车，AI智舱贴心随行
智能座舱方面，新车大幅降低用户的学习与体验成本，实现“上车即上手”。同级唯一4nm制程龙鹰6P芯片提供高算力保障，实现功能操作毫秒级的响应，15.4英寸2.5K中控屏融合新一代smart OS，率先搭载深度定制最新版本Flyme Auto系统，屏幕更加清晰，色彩更加细腻，交互更加便捷，操作凭直觉，学习零成本。面对包含多地址、多顺序的复杂语音指令，“超级精灵”AI助手可以自主完成路线规划。AI空调可自主感知车内外环境，根据车内外的环境温度、湿度、空气良好度自动调节座舱温湿度、风力，舒适氛围随你所愿。算力高、响应快、听得懂、用得上，无论是日常休闲还是关键时刻，都是你的贴心随行好伙伴。
源自smart独特D.N.A. ，全新一代精灵1号新奢大不同
除了三电两智的焕新，全新一代smart精灵1号的全面升级，依然坚守smart无可替代的品牌D.N.A.——奔驰设计、安全至上、悦享驾乘，让新车“大不一样”。
Designed with Love——奔驰设计，每一款smart都由梅赛德斯-奔驰全球设计团队打造，精灵1号也不例外：经典四轮四角风格，让小车也有“大气场”。铂金版专属的日冕金车顶经典回归，与车身搭配出蓝金、白金两款全新配色组合，一眼难忘。同级唯一的D柱璀璨星辰发光Logo与Styled by Mercedes-Benz专属设计徽标，进一步强化了车侧辨识度。搭配19英寸旋翼动感轮毂与高定运动后扰流板，每一面都自带极强的视觉张力。
“紧凑于外，宽适于内”的空间理念，将更多空间留给座舱，2750mm轴距与同级领先的84%超大得房率，让小车身“藏”得下超大空间，配合全车28处分区储物格，从容舒展，气场十足。
日冕金车顶带来全新配色组合，奔驰原创设计让新奢“大有不同”
不只是空间，座舱内的舒适体验同样越级：新奢SPA舒享座椅采用12层舒适叠层结构，主副驾配备24种按摩组合，配合加热通风功能，长途出行也能随时舒缓身体。同级最多的车内软质包覆面积超5㎡，触之所及皆是柔软。门板扶手及杯托盖板等区域采用同级领先的环抱式3D Mesh工艺，承托恰到好处。森海塞尔典范音响系统与256色流光溢彩智能氛围灯，从听觉、触觉到视觉营造沉浸式座舱氛围，让每一次出行都成为感官的放松之旅。
新奢SPA舒享座椅，采用12层舒适叠层结构，配合丰富功能舒缓随行
No Compromise on Safety——安全至上，是smart始终坚持的造车标准：新车依旧按照中欧双五星标准打造，84%钢铝混合笼式车身筑起安全堡垒。新增19项主动安全辅助功能，包含自动紧急制动（AEB）、后方交叉紧急报警与制动（RCTA & RCTB）、爆胎稳定性控制、驾驶员失能辅助等多重能力，为每位乘员构建全域安全体系。
smart与奔驰联合完成新车底盘调教，让城市出行悦享驾乘
Amazing drives——悦享驾乘，是smart始终想要带给密友的出行体验：smart与奔驰联合对新车底盘进行调校，过弯时悬架支撑扎实有力，滤震干净利落，德系底盘兼具厚重感与韧性。穿行城市灵活自如，无论是狭窄掉头还是拥挤街道并线，都游刃有余。154mm离地间隙在保证城市穿梭灵活性的同时，也为周末郊野出行解锁了更多场景可能性，非铺装路面、轻越野路况都能从容应对。同时，新车搭载了CST智能舒适制动系统，能够有效抑制刹车点头，配合智能动态能量回收，兼顾能耗与平顺，起步、过弯、减速皆从容。
不玩套路，smart用灵感打造全新发布会风格
“天生爱不同”的smart，将全新一代smart精灵1号的新车发布，做成一场城市Live Show：全程都市街区里完成新车实测，让超200项升级体验，融入上班通勤、快充补能、周末短途的真实场景，用户看到即得到。
smart品牌全球公司CEO佟湘北
smart将发布会打造成一场都市Live Show，用“天生爱不同”的视角玩转城市出行
本场Live Show，由smart品牌全球公司CEO佟湘北、CMO康毅、明星密友侯佩岑联袂推进，将smart的独特性格与新车特质自然呈现。彩蛋环节，上海、墨尔本、布宜诺斯艾利斯、巴黎、香港、柏林六座城市依次“抢线”催更全新smart精灵2号，传递全球期待呼声。目前，全新smart精灵2号街头艺术涂鸦计划已在全球范围揭开神秘面纱，量产车计划于10月巴黎车展完成全球首秀。
四年前，精灵1号迈出smart全面电动化转型的第一步。正如smart品牌全球公司CEO佟湘北所言：“smart精灵1号始终是豪华小车的品类标杆，过去是，现在是，未来也是。”如今，全新一代smart精灵1号，以“三电两智”全面越级，让每种城市生活都拥有更聪明、更从容的答案。
而随着这次全新一代smart精灵1号的迭代，精准贴合当下纯电市场用户的需求，随着新车正式上市，smart品牌将进一步夯实高端城市纯电品牌定位，持续拓宽全球化、年轻化、轻奢化的品牌发展路径，为新能源汽车市场注入全新活力。
In Malaysia's SUV market, many buyers compare Proton X70 and Toyota Fortuner 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.
The OTR price of Proton X70 in Malaysia is RM 106,800 - 122,300, with a total of 3 versions, including 1.5L Standard 2WD (RM 106,800), 1.5L Executive 2WD (RM 115,800), 1.5L Premium 2WD (RM 122,300) etc.
The OTR price of Toyota Fortuner in Malaysia is RM 195,880 - 241,880, with a total of 3 versions, 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, the entry price of Proton X70 is indeed RM 89,080 cheaper than Toyota Fortuner. If your budget is limited, Proton's entry version can already meet daily needs. But note, the few thousand Ringgit saved might involve trade-offs in equipment, which depends on your specific needs.
Proton X70 is equipped with 1.5L Turbo, horsepower 140 hp. Official fuel consumption 7.0 L/100km.
Toyota Fortuner is equipped with 2.5L Diesel, horsepower 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, the power of both cars is sufficient, you won't feel underpowered.
Proton X70 body length 4400 mm, trunk 400 L.
Toyota Fortuner body length 4400 mm, trunk 400 L.
The dimensions of both cars are almost identical, with little difference in interior space. Cars of this level are more than enough for daily use.
Proton X70 adopts FWD drive mode.
Toyota Fortuner adopts FWD drive mode.
The drive modes of both cars are the same, both FWD, there won't be much difference in daily driving experience.
Proton X70 and Toyota Fortuner are both 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 equipment, then choose the one with richer configuration. Ultimately, it is recommended to test drive both, personal experience is the most important.
Overall, Proton X70 and Toyota Fortuner are both very good models in the Malaysian market. Choosing which one depends mainly on your personal needs and budget. It is recommended to do research, compare quotes from several car dealerships, then go for a test drive to make the final decision. Buying a car is a big matter, spending time on research will absolutely not be wrong.
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拿 寶騰 X50 同 長城 哈弗 H6 嚟做比較。呢兩部車喺價位同定位上都好接近，今日我哋就從多個方面做個詳細嘅對比，幫你節省咗做下功課嘅時間。
寶騰 X50 喺馬來西亞嘅 OTR 售價係 RM 89,800 - 113,300，共 4 個版本，包括 1.5T Executive（RM 89,800）、1.5T Premium（RM 101,800）、1.5T Flagship（RM 113,300） 等。
長城 哈弗 H6 喺馬來西亞嘅 OTR 售價係 RM 139,750 - 139,750，共 2 個版本，包括 1.5L Turbo Standard（RM 140,000）、1.5L Turbo Premium（RM 155,000） 等。
睇返價錢，寶騰 X50 嘅起步價確實比 長城 哈弗 H6 平咗 RM 49,950。如果你預算唔夠，寶騰嘅入門版已經可以應付日常需要。但亦都要注意，平嘅嗰幾千蚊，可能喺配備上面會有取捨，具體睇你嘅需要。
寶騰 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)。
長城 哈弗 H6 嘅安全評級係 TBD，主動安全系統包括 Basic。
安全配備方面，兩部車都拿到唔錯嘅評級。不過 寶騰 X50 嘅 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) 同 長城 哈弗 H6 嘅 Basic 喺功能上面有少少差異，如果你比較重視主動安全嘅話，可以仔細對比下兩者嘅功能列表。
寶騰 X50 車身長 4400 mm，後備廂 400 L。
長城 哈弗 H6 車身長 4400 mm，後備廂 400 L。
兩部車嘅尺寸差唔多，車內空間差別唔大。呢個級別嘅車，日常使用完全夠用。
寶騰 X50 採用 4WD 驅動方式。
長城 哈弗 H6 採用 FWD 驅動方式。
寶騰嘅 4WD 同 長城嘅 FWD 喺操控上面會有唔同嘅感覺，建議試駕對比下。
總嘅嚟講，寶騰 X50 同 長城 哈弗 H6 都係馬來西亞市場好唔錯嘅車型。揀邊一部，關鍵始終係睇你嘅個人需要同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試駕做最後決定。買車係件大事，花少少時間做功課絕對無錯。
In the Malaysian SUV market, many buyers compare Perodua Aruz and Toyota Corolla Cross 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.
Perodua Aruz's OTR price in Malaysia is RM 72,900 - 77,900, with a total of 2 versions, including 1.5L X (RM 72,900), 1.5L AV (RM 77,900), etc.
Toyota Corolla Cross's OTR price in Malaysia is RM 133,800 - 148,800, with a total of 3 versions, including 2026 HEV 1.8L GR Sport (RM 148,800), 2026 HEV 1.8L Standard (RM 140,800), 2026 1.8L Standard (RM 133,800), etc.
In terms of price, the starting price of Perodua Aruz is indeed RM 60,900 cheaper than Toyota Corolla Cross. If your budget is limited, Perodua's entry-level version can already meet daily needs. But keep in mind, that few thousand difference in price might involve trade-offs in features, depending on your specific needs.
Perodua Aruz is equipped with 1.5L 4-cyl, horsepower 105 hp. Official fuel consumption 6.0 L/100km.
Toyota Corolla Cross is equipped with 1.5L Turbo, horsepower 140 hp. Official fuel consumption 7.0 L/100km.
In terms of power, Toyota Corolla Cross's 1.5L Turbo has 35 more horsepower than Perodua Aruz's 1.5L 4-cyl. However, for daily city driving, the power of both cars is sufficient, and you won't feel underpowered.
Perodua Aruz's safety rating is 5★ (ASEAN NCAP), active safety systems include.
Toyota Corolla Cross's safety rating is 5★ (ASEAN NCAP), active safety systems include TSS (PCS, LDA, ACC, LTA).
Both cars have the same safety rating, and safety features are quite comprehensive for this class. New cars nowadays have good safety, so there's no need to worry too much about this.
Perodua Aruz adopts FWD drive mode.
Toyota Corolla Cross adopts FWD drive mode.
Both cars have the same drive mode, both are FWD, so there won't be much difference in daily driving experience.
Overall, both Perodua Aruz and Toyota Corolla Cross are excellent models in the Malaysian market. Choosing which one depends on your personal needs and budget. We recommend doing your research, comparing quotes from several dealerships, and going for a test drive before making a final decision. Buying a car is a big deal, spending time on research will definitely not go wrong.
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拿 Mazda CX-9 同 Audi Q7 嚟做比較。這兩款車喺價位同定位上都幾接近，今日我哋就從多個方面做一個詳細比較，幫你省返做功課嘅時間。
Mazda CX-9 喺馬來西亞嘅 OTR 售價係 RM 328,810 - 345,810，一共有 2 個版本，包括 2023 2.5T 4WD（RM 345,810）、2023 2.5T 2WD（RM 328,810）等。
Audi Q7 喺馬來西亞嘅 OTR 售價係 RM 462,222 - 462,222，一共有 1 個版本，包括 Standard（RM 462,222）等。
從價錢睇，Mazda CX-9 嘅起步價確實比 Audi Q7 平咗 RM 133,412。如果你預算有限，Mazda 嘅入門版已經可以滿足日常需求。但亦都要注意，平嗰幾千塊，可能喺配備上會有取舍，具體要看你嘅需求。
Mazda CX-9 配備 2.0L Turbo，馬力 220 hp。官方油耗 9.5 L/100km。
Audi Q7 配備 3.0L Turbo，馬力 350 hp。官方油耗 12.0 L/100km。
動力方面，Audi Q7 嘅 3.0L Turbo 比 Mazda CX-9 嘅 2.0L Turbo 多咗 130 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。
Mazda CX-9 保養 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Audi Q7 保養 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
兩款車嘅保養條件一樣，呢方面唔使計較。實際保養成本仲要看品牌嘅服務網絡同零件價格，建議去車友群組問問真實車主嘅經驗。
Mazda CX-9 同 Audi Q7 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更睇重品牌同二手價，可以優先考慮口碑好嗰款；如果你更在意性價比同配備，就揀配備更豐富嗰款。最後都建議兩款都去試駕，親自體驗先係最重要嘅。
總體嚟講，Mazda CX-9 同 Audi Q7 都係馬來西亞市場幾唔錯嘅車型。揀邊輛，關鍵仲係睇你嘅個人需求同預算。建議大家做好功課，多比較間車行嘅報價，先去試駕做最終決定。買車係件大事，花點時間做功課絕對唔會錯。
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 Hyundai Palisade 同 Porsche Macan 嚟做比較。這兩款車喺價位同定位上都幾接近，而家我就從多個方面做一個詳細嘅比較，幫晒你省下做功課嘅時間。
Hyundai Palisade 喺馬來西亞嘅 OTR 售價係 RM 368,838 - 399,838，一共有 4 個版本，包括 2023 3.8L 2WD Luxe 7 Seats Petrol（RM 399,838）、2023 2.2T 4WD Executive 7 Seats Diesel（RM 389,838）、2023 3.8L 2WD Luxe 8 Seats Petrol（RM 378,838） 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。
從價錢嚟睇，Hyundai Palisade 嘅起步價確實比 Porsche Macan 平咗 RM 100,162。如果你預算有限，Hyundai 嘅入門版已經可以滿足日常需求。但都要留意，便宜嗰幾千蚊，可能喺配備上會有所取捨，具體就要睇你嘅需求。
Hyundai Palisade 搭載 2.0L Turbo，馬力 220 hp。官方油耗 9.5 L/100km。
Porsche Macan 搭載 3.0L Turbo，馬力 350 hp。官方油耗 12.0 L/100km。
動力方面，Porsche Macan 嘅 3.0L Turbo 比 Hyundai Palisade 嘅 2.0L Turbo 多咗 130 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。
Hyundai Palisade 嘅安全評級係 TBD，主動安全系統包括 Basic。
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 Hyundai Palisade 嘅 Basic 同 Porsche Macan 嘅 InnoDrive 喺功能上啲分別，如果你比較重視主動安全嘅話，可以仔細比較下兩者嘅功能列表。
Hyundai Palisade 採用 FWD 驅動方式。
Porsche Macan 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。
Hyundai Palisade 同 Porsche Macan 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一款；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，親身體驗先係最重要嘅。
總括嚟講，Hyundai Palisade 同 Porsche Macan 都係馬來西亞市場幾唔錯嘅車型。揀邊一輛，關鍵都要睇你嘅個人需求同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試駕做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 BMW X5 PHEV 同 Land Rover Defender 來比較。呢兩款車喺價位同定位上都好接近，今日我哋就從多個方面做一個詳細嘅比較，幫你省返做功課嘅時間。
BMW X5 PHEV 喺馬來西亞嘅 OTR 售價係 RM 486,800 - 494,800，一齊共有 2 個版本，包括 xDrive20i（RM 420,000）、xDrive30e（RM 480,000） 等。
Land Rover Defender 喺馬來西亞嘅 OTR 售價係 RM 688,000 - 688,000，一齊共有 1 個版本，包括 Standard（RM 688,000） 等。
由價錢睇，BMW X5 PHEV 嘅起步價確係比 Land Rover Defender 平咗 RM 201,200。如果你預算有限，BMW 嘅入門版已經可以滿足日常需要。但都要注意，平啲嘅幾千蚊，可能喺配備上有取舍，具體要睇你嘅需要。
BMW X5 PHEV 裝嵌 Hybrid，馬力 170 hp。官方耗油 4.5 L/100km。
Land Rover Defender 裝嵌 3.0L Turbo，馬力 350 hp。官方耗油 12.0 L/100km。
動力方面，Land Rover Defender 嘅 3.0L Turbo 比 BMW X5 PHEV 嘅 Hybrid 多咗 180 匹馬力。不過日常喺市區行，兩款車嘅動力都夠用，唔會覺得唔夠力。
BMW X5 PHEV 嘅安全評級係 5★ (Euro NCAP)，主動安全系統包括 Premium ADAS。
Land Rover Defender 嘅安全評級係 TBD，主動安全系統包括 Basic。
安全配備方面，兩款車都拿到唔錯嘅評級。不過 BMW X5 PHEV 嘅 Premium ADAS 同 Land Rover Defender 嘅 Basic 喺功能上有啲分別，如果你比較睇重主動安全嘅話，可以仔細對比一下兩者嘅功能列表。
BMW X5 PHEV 保固 5 年/無限里程，保養間隔 每 10,000km 或 6 個月。
Land Rover Defender 保固 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
總嚟講，BMW X5 PHEV 同 Land Rover Defender 都係馬來西亞市場好唔錯嘅車款。揀邊一部，關鍵仲要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，再去試駕先做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
喺馬來西亞嘅汽車市場，好多買家喺揀車嗰陣都會拎 Perodua Aruz 同 Mazda CX-3 嚟做比較。今日我哋由多個方面做一個詳細嘅比較，幫你省返做功課嘅時間。
Perodua Aruz 喺馬來西亞嘅 OTR 售價係 RM 72,900 - 77,900，總共有 2 個版本，包括 1.5L X（RM 72,900）、1.5L AV（RM 77,900） 等。
Mazda CX-3 喺馬來西亞嘅 OTR 售價係 RM 126,159 - 139,159，總共有 2 個版本，包括 2023 2.0L High（RM 139,159）、2023 2.0L Plus（RM 126,159） 等。
從價錢睇落去，Perodua Aruz 嘅入場價確實比 Mazda CX-3 平咗 RM 53,259。如果你預算唔多，Perodua 嘅入門版已經可以滿足日常需要。但都要注意，平嗰幾千蚊，可能在配備上有取捨，具體要睇你嘅需要。
Perodua Aruz 配備 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
Mazda CX-3 配備 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
動力方面，Mazda CX-3 嘅 1.5L Turbo 比 Perodua Aruz 嘅 1.5L 4-cyl 多咗 35 匹馬力。不過日常喺市區開嘅話，兩款車嘅動力都夠用，唔會覺得唔夠力。
Perodua Aruz 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 。
Mazda CX-3 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 i-Activsense。
兩款車嘅安全評級一樣，喺呢個級距入面安全配備都算好齊全。而家嘅新車安全性都唔差，唔使太擔心呢一點。
Perodua Aruz 採用 FWD 驅動方式。
Mazda CX-3 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。
總嚟講，Perodua Aruz 同 Mazda CX-3 都係馬來西亞市場幾唔錯嘅車型。揀邊一輛，關鍵都要睇你嘅個人需要同預算。建議大家做好功課，多比較幾間車行嘅報價，先去做試駕做最終決定。買車係件大事，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愛用富豪 XC60 PHEV 同寶馬 X3 做比較。今日我哋由多個方面做一个詳細嘅比較，幫你省返做功課嘅時間。
富豪 XC60 PHEV 喺馬來西亞嘅 OTR 售價係 RM 362,888 - 362,888，總共一共有 2 個版本，包括 2025 2.0T 89km Ultra（RM 362,888）、具備咩安全配備？（RM 296,610） 等。
寶馬 X3 喺馬來西亞嘅 OTR 售價係 RM 325,800 - 358,800，總共一共有 2 個版本，包括 xDrive20i（RM 320,000）、xDrive30e（RM 360,000） 等。
由價錢睇落，寶馬 X3 嘅起步價比富豪 XC60 PHEV 平咗 RM 37,088。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埋長期使用成本。
富豪 XC60 PHEV 搭載 Hybrid，馬力 170 hp。官方油耗 4.5 L/100km。
寶馬 X3 搭載 2.0L Turbo，馬力 220 hp。官方油耗 9.5 L/100km。
動力方面，寶馬 X3 嘅 2.0L Turbo 比富豪 XC60 PHEV 嘅 Hybrid 多咗 50 匹馬力。不過日常喺市區開嘅話，兩款車嘅動力都夠用，唔會覺得唔夠力。
富豪 XC60 PHEV 車身長 4400 mm，行李箱 400 L。
寶馬 X3 車身長 4400 mm，行李箱 400 L。
兩款車嘅尺寸幾近一樣，車內空間差別唔大。呢個級別嘅車，日常使用完全夠用。
富豪 XC60 PHEV 保修 5 年/無限里程，保養間隔 每 10,000km 或 6 個月。
寶馬 X3 保修 5 年/無限里程，保養間隔 每 10,000km 或 6 個月。
兩款車嘅保修條件一樣，呢方面唔使糾結。實際保養成本仲要睇品牌嘅服務網絡同零件價格，建議去車友群問下真實車主嘅經驗。
總括嚟講，富豪 XC60 PHEV 同寶馬 X3 都係馬來西亞市場好唔錯嘅車款。揀邊一輛，關鍵仲係要睇你嘅個人需求同預算。建議大家做足功課，多比較幾間車行嘅報價，再去做試車做最終決定。買車係件大事，花啲時間做功課絕對唔會錯。
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.
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。
