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In the Malaysian SUV market, many buyers compare Proton X70 and Mazda CX-3 when choosing a car.
Proton X70 OTR price in Malaysia is RM 106,800 - 122,300, with a total of 3 versions, including 1.5L Standard 2WD (RM 106,800), 1.5L Executive 2WD (RM 115,800), 1.5L Premium 2WD (RM 122,300), etc.
Mazda CX-3 OTR price in Malaysia is RM 126,159 - 139,159, with a total of 2 versions, including 2023 2.0L High (RM 139,159), 2023 2.0L Plus (RM 126,159), etc.
In terms of price, Proton X70's starting price is indeed RM 19,359 cheaper than Mazda CX-3. If your budget is limited, Proton's entry-level version already meets daily needs. But note, the few thousand difference in price might mean trade-offs in features, depending on your specific needs.
Proton X70 is equipped with a 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
Mazda CX-3 is equipped with a 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
Both cars use the same powertrain system, the driving experience feels basically the same in daily use. Fuel consumption is also similar, no need to worry too much about this point.
Proton X70 safety rating is 5★ (ASEAN NCAP), active safety system includes ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
Mazda CX-3 safety rating is 5★ (ASEAN NCAP), active safety system includes i-Activsense.
Both cars have the same safety rating, safety features are quite comprehensive in this class. New cars nowadays are generally safe, no need to worry too much about this point.
Proton X70 body length 4400 mm, trunk 400 L.
Mazda CX-3 body length 4500 mm, trunk 450 L.
In terms of space, Mazda CX-3 body is 100 mm longer than Proton X70, offering better seating space. However, Proton X70 is more flexible for parking in the city, each has its trade-offs.
Both Proton X70 and Mazda CX-3 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 ratio and features, choose the one with richer configurations. Ultimately, it is recommended to test drive both, personal experience is the most important.
Overall, Proton X70 and Mazda CX-3 are both very good models in the Malaysian market. Which one to choose depends mainly on your personal needs and budget. It is recommended to do your research, compare quotes from several dealerships, and then test drive to make the final decision. Buying a car is a major matter, spending some time doing research will definitely not go wrong.
In the Malaysian SUV market, many buyers compare Perodua Aruz and GWM Haval H6 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 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.
GWM Haval H6 OTR price in Malaysia is RM 139,750 - 139,750, with a total of 2 versions, including 1.5L Turbo Standard (RM 140,000), 1.5L Turbo Premium (RM 155,000), etc.
From a price perspective, the starting price of Perodua Aruz is indeed RM 66,850 cheaper than GWM Haval H6. If your budget is limited, Perodua's entry-level version can already meet daily needs. But keep in mind, the few thousand ringgit saved might involve trade-offs in features, it depends on your specific requirements.
Perodua Aruz body length is 4400 mm, trunk capacity 400 L.
GWM Haval H6 body length is 4400 mm, trunk capacity 400 L.
The dimensions of both cars are almost identical, and the interior space is not significantly different. Cars in this class are more than enough for daily use.
Perodua Aruz warranty 5 years / 150,000 km, service interval every 10,000 km or 6 months.
GWM Haval H6 warranty 7 years / 150,000 km, service interval every 10,000 km or 6 months.
Both Perodua Aruz and GWM Haval H6 are popular choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, you can prioritize the one with better reviews; if you care more about value for money and features, choose the one with richer configurations. In the end, it is suggested to test drive both, personal experience is the most important.
In general, both Perodua Aruz and GWM Haval H6 are quite good models in the Malaysian market. Which one to choose depends mainly on your personal needs and budget. We recommend doing your research, comparing quotes from several dealerships, and then test driving to make the final decision. Buying a car is a big deal, spending time on research will never be wrong.
The first stock in Physical AI, Momenta officially rings the bell on the Hong Kong Stock Exchange, market cap close to 70 billion HKD. Public offering oversubscribed 414 times, international capital such as Singapore Government Investment Corporation, Fidelity International, Oaktree Capital followed the investment. This subscription heat is quite rare in the Hong Kong stock market in recent years.
Many people might not be very familiar with this company yet. Simply put: Momenta was founded in 2016, one of the earliest companies in China to do high-level intelligent assisted driving. You might not have heard its name, but the intelligent driving system in the car you drive is likely the solution provided by Momenta.
How strong is Momenta's industry status? Look at July 8th, nearly 20 automakers applauded its IPO together, you can feel the company's industry recognition is not to be underestimated.
Cumulative deployments exceeded 1 million units, 9 of the top 10 global automakers cooperate, third-party city NOA market share 65%, firmly ranking first in the industry, landed in over 10 countries including Asia, Europe, Oceania, etc.
In the global intelligent driving track, a competitive pattern of FSD, Momenta, and Huawei advancing together has formed. Relying on proprietary underlying technology + deep adaptation to Chinese road conditions, Momenta has become one of the only two Chinese intelligent driving forces with global competitiveness.
But the relationship between Momenta and these OEMs is far more than supplier and customer. SAIC, Mercedes-Benz, BYD have upgraded from customers to shareholders, SAIC, Mercedes-Benz, BYD all appear in the investor list. At the same time, Momenta deeply binds intelligent driving business with SAIC, GAC, the two parties form an industrial community of risk sharing and value sharing, at the technical level even deeper co-creation, cooperation almost covers the whole series of models. This forms a virtuous cycle — automakers use Momenta's solution, make money, and in turn continue to invest in Momenta.
The result is Momenta's revenue tripled in three years, reaching 2.413 billion in 2025, compound growth rate exceeding 80%, gross profit margin rose from 17.5% to 71.6%. CEO Cao Xudong said: The "GPT moment" of Physical AI has arrived. The next decade, what Momenta wants to do is General Physical AI — not just cars, but also Robovan, Robotaxi and robots.
A sample of Chinese AI going global, Momenta is already in the lead.
Have you ever seen the roads in India?
I've seen them online.
The scene is usually like this: a sedan blocked behind a cow, motorcycles running wild nearby, even milk tea vendors nearby, so "clean and hygienic".
However, in a place where many feel physically uncomfortable after watching, Toyota, Suzuki, Honda and other Japanese car companies decided to bet on India.
According to the Indian "Brand Quality Foundation" website, the three car companies will invest nearly $11 billion to build factories, increase capacity, and develop exports in India.
Some netizens commented: Did the three Japanese car companies have too much money?
In fact, they didn't have endless money to spend, nor were they bewildered by Indian curry. These Japanese car executives are much clearer than us.
Current Japanese car revenue and market share are declining. Raw material costs are soaring. Looking at the world map, finding a market that can accommodate capacity, expand share, and has gentle competition is not easy.
So, it wasn't that Japanese car companies chose India, but because they had no choice.
The Pain of Japanese Car Companies
Past Japanese cars were truly the envy of others.
Ask old drivers who drove Japanese cars over ten years ago, talking about Japanese cars, almost no one doesn't give a thumbs up, cheap price, fuel saving, durable...
Even many Japanese cars needed to be bought at a markup, but who would think this iron fortress would be beaten out of sight in a few short years.
With the wave of new energy vehicles coming, electrification and intelligence became the goal for many domestic car companies to "leapfrog". Relying on China's strong new energy vehicle industry chain advantages and car companies' own persistence on R&D and technology, Chinese independent brands quickly achieved "leapfrogging".
Domestic cars once criticized are now becoming more and more common on the roads, even surpassing joint ventures in share.
According to CPCA data, in April 2026, the share of independent brands reached as high as 62.5%, far exceeding Japan's 13.1%.
You need to know, the Chinese car market is the largest car market in the world. Losing speed in the Chinese market is like losing a huge piece of cake.
Meanwhile, the main theme of the Chinese market in recent years is still price wars. Racing on configuration, price, and service has become a normal state, which also had a huge impact on Japanese cars' profits.
Apart from China, Japanese cars are also not doing well in the US.
On January 20, 2025, Trump swore in as the 47th US President, starting a series of chaotic operations, including imposing additional car tariffs in the name of national security, causing the tariff rate for imported Japanese cars to reach as high as 27.5% at one point. Although it decreased later, it was still far higher than the initial tax rate.
This operation directly led to a tariff loss of over 2 trillion yen for seven Japanese car companies in fiscal year 2025.
Looking at Japan itself, it is actually not easy either.
Middle East geopolitical conflicts blocked shipping in the Strait of Hormuz, transportation costs and raw material costs soared, Japanese car companies also had to suffer in silence.
Executives looking at the reports, their backs went cold, only to find a new growth curve.
So, Japanese car companies didn't fall in love with India, there was nowhere else to go.
Deep Thought on Choosing India
So, what magic does India have, to make Japanese car companies invest heavily?
The first advantage is big. In 2025, the Indian car market achieved 5.517 million new car sales, up 6% year-on-year, breaking the historical record, ranking as the third largest car market in the world, exceeding Japan for four consecutive years, second only to China and the United States.
The value of this doesn't need me to say much. India achieved this result mainly because India has been promoting tax reduction policies to promote consumption, which led to a significant increase in domestic consumption willingness.
The second advantage is close, meaning it is close to places where Japanese cars sell well, such as Africa.
So, India for Japanese car companies is more like a convenience store built in the center of a crossroad. You don't need to ship cars to eight countries separately, just build well at this stop in India, then unload ship by ship, and you can save a lot of costs.
The Nikkei also believes that India is expected to become its global car supply center.
The third advantage is stability. You know, Japanese cars' advantage is fuel cars, after all, the three major components of engines, gearboxes, and chassis, they have played for many years, technology accumulation is number one in the world.
But the Chinese car market has fully promoted electrification and intelligence development, leading to Japanese cars' advantage becoming weaker and weaker, impossible to play out. But India is different, it has the characteristics of few charging piles and slow electrification process. Indian old people buying cars still look for cheap, fuel saving, easy to fix, and these three points are exactly Japanese cars' old trade.
Especially Suzuki, always been India's car market evergreen, almost always sitting on the best-selling model throne, reputation of being worry-free, better than any advertisement.
So, Japanese car companies' vigorous layout of the Indian market is obviously carefully considered.
But, is the Indian market really that easy to mix?
The Hard-to-Bite Indian Market
Of course, India is not perfect like a hot commodity, its disadvantages are as obvious as its advantages, and every one is enough for Japanese car companies to face a hard time.
First talk about electrification. Yes, right now India has few charging piles and electric cars don't sell well, it is indeed a shelter for Japanese fuel cars. But you have to think, how long can this "shelter" avoid?
India previously shouted the slogan of 30% of new cars being electric vehicles by 2030. Although it sounds like bragging, but can't help but they really give subsidies, really build charging stations.
Imagine, what if one day India suddenly wakes up, starts vigorously promoting electrification, doing infrastructure, charging piles popping out like mushrooms after rain, then Japanese cars will be dumbfounded?
Isn't this a version of the Thai market?
Back then Japanese cars in Thailand won easily. The entire Southeast Asian market was called Japanese cars' backyard. Result Thailand took the lead in promoting electrification. Chinese electric vehicles came in, directly became a hot commodity. Look at Japanese cars again, share in Thailand falling down rapidly.
If India accelerates electrification, history will likely repeat, and this time, Japanese cars don't even have a place to flee, how to prevent will become the first problem for Japanese car companies.
Next talk about policy. India's policy is like a pot of curry, you never know if you will eat chicken or potato next time.
This magical country, today low tariff encourages building factories, tomorrow may fine you a huge amount. What's more annoying is mandatory joint venture. Foreign car companies want to sell cars in India, have to find local partners to partner up. When your factory is built, supply chain is done, India directly backstabs you. At that time whether adding money or withdrawing capital, what you get is heartache.
So you see, this market like India is like a mango that looks very sweet, bite the first mouth it's okay, chew two more mouths hit the hard core.
Japanese cars now is calculating, while the core hasn't bit the tooth, hurry up to nibble a few more mouths, but the core will bite sooner or later, just don't know which day.
Epilogue
Japanese cars this trip to India, not go for tourism, is go to make a living.
Chinese and Southeast Asian dining tables are more crowded, production and transportation costs have risen. Looking around the world, only this pot in India is still steaming, even if what is boiling inside is curry-flavored stones, have to bite hard and chew down.
Japanese car companies want to expand market, India wants to pull economy, solve employment, both sides have their own thoughts.
As for the ending is Japanese cars in India regain their glory, or like past competitors shamefully walk away, then is not known.
But no matter how, this play just started, we slowly watch is okay.
Anyway India's story, never bored.
May 28, SAIC Motor Group delivered its 100 millionth vehicle, becoming the first domestic automotive group to have cumulative production and sales volume exceeding 100 million. Among these, SAIC-GM-Wuling contributed more than 32 million units. On the same day, SAIC-GM-Wuling's global model EKSION was delivered to its first batch of users in Jakarta, Indonesia.
"Whatever the people need, Wuling will build it." This saying is not empty talk. Wuling always grasps users' real needs and launches hit models. For example, Wuling Hongguang, which can carry cargo and passengers, is durable and tough, becoming a reliable helper for countless entrepreneurs and families. Later, as living standards improved, Baojun 730 broke the monopoly of joint venture brands in the MPV market with its flexible space and affordable price. In 2020, catching the window of opportunity for new energy transition, Hongguang Mini EV went viral and became one of the pioneers among domestic small electric commuter cars. This May, Wuling partnered with Huawei Qukun to launch the first technological flagship large six-seater SUV — Huajing S, breaking down the price threshold for high-end intelligent driving.
Wuling is not only accelerating its layout in new energy and intelligence, but its overseas market is also going deeper. Currently, Wuling's cumulative overseas sales have exceeded 1.5 million units, covering business in over 110 countries and regions worldwide.
The reason Wuling has come this far lies in three "skills": First, the globally first intelligent island manufacturing system, simply put, is "vehicles find workstations, materials find vehicles", using flexible production methods to improve efficiency and reduce costs; Second, launching different models for different countries, such as EKSION (Starlight 560), DARION (Starlight 730), BINGO (Wuling Bingo), BINGO S (Bingo S), etc., covering SUVs, MPVs, and sedans to meet the diverse needs of users in various places; Third, the unique "moving supply chain overseas" model, deeply binding the five chains of manufacturing, supply, sales, finance, and talent, no longer simply selling cars, but pushing the entire system and standards of Chinese smart manufacturing to the globe.
This global car EKSION delivered in Indonesia this time is the latest achievement of Wuling's globalization strategy. Taking Indonesia as the core, Wuling continues to deeply cultivate the "Indonesia-Malaysia-Thailand" integrated regional strategy, gradually covering new energy products and localized supply chains to Malaysia and Thailand, and will radiate to ASEAN countries such as Vietnam and the Philippines in the future, forming a globalization pattern of regional linkage and common development.
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。
[Vanguard Auto/Original] Recently, the live test of the BJ30 Traveler fuel-saving challenge gave us a new perspective on this 70,000 RMB-class light off-road SUV.
Besides domestic real-road condition support, earlier it collaborated with automotive bloggers from five countries: South Africa, Poland, Indonesia, UAE, and Mexico for cross-border long-distance trials, completing verification of the whole vehicle and hybrid system across different climates and terrains. Domestic and overseas two-way testing closed the loop, honestly measuring fuel consumption dropping below 5L per 100km across multiple road conditions. Real-world verification confirms low fuel consumption; the three-engine hybrid builds a fuel-saving benchmark.
The entire test followed GLTC Global Life Test, OLTC Off-road Life Test dual-circuit standards. The live stream split into three real driving scenarios: urban congestion, highway long-distance, country road off-roading, comprehensively testing the vehicle's "Ultra-Economical, Ultra-Spacious, Ultra-Wild" three product attributes. First, let's talk about the fuel consumption performance everyone cares about most. Urban congestion is a major fuel consumption disaster zone for fuel vehicles; frequent start-stop, low-speed crawling easily increase energy consumption. The BJ30 Traveler is equipped with an exclusive three-engine HEV hybrid system, adopting three-engine six-mode + electric four-wheel drive combination. Driving prioritizes motor drive, engine intervenes to do work as needed, avoiding idle fuel consumption problems from the root. Model two-wheel drive official combined fuel consumption 5.85L/100km, four-wheel drive 6.45L/100km, real-world urban congestion test directly broke the 5L threshold, changing the stereotype of hard-core box SUVs with high fuel consumption, daily commuting can save a substantial amount on car maintenance costs.
In terms of space, relying on the 2820mm extra-long wheelbase, the BJ30 Traveler optimizes the whole vehicle cabin space across classes, with no sense of crowding for front and rear passengers when fully loaded. The boxy body maximizes storage capacity, large items like camping tents and cookware can be easily put in the trunk. With rear seats folded down, it forms a 1.92-meter flat large bed. Previously, Polish overseas bloggers performed real-world vehicle loading tests; even after fully loading outdoor supplies, one can still lie flat in the trunk, perfectly adapting to family self-driving and near-suburban camping loading needs.
For unpaved off-road sections, the BJ30 Traveler's 215mm super-high ground clearance, paired with the ATS All-Terrain Control System and professional four-wheel drive chassis, can reasonably distribute four-wheel power by switching terrain modes with one key when facing potholed country roads, gravel rough roads, and mild uphill climbs. It easily completes light off-road crossings, accommodating both city commuting and outdoor fun dual needs.
Priced at the 70,000 RMB level, gathering the three advantages of hybrid fuel saving, large space, and all-scenario off-roading, this BJ30 Traveler model has ranked first in domestic light hybrid SUV sales for 23 consecutive months. The 72% retention value over three years stays firmly at the top of the same price range, and the nationwide dense after-sales network also safeguards owners' daily car use.
Finally, highlighting the key points, on June 12, the BJ30 Traveler Highlight Edition will be launched. The new car's power, interior, and smart configurations are comprehensively upgraded, and the high-spec release also adds exclusive custom car paint. After enduring five-country long-distance trials and strict domestic all-road real-world tests, the BJ30 Traveler relies on the hard power of the three-engine hybrid to firmly secure the benchmark position for 70,000 RMB-level fuel-saving box SUVs.
