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東江潮起兩岸闊，灣區風勁好揚帆。2026 年 8 月 3 日，一場隆重嘅交付儀式在中通客車廠區舉行，批量中通 H13E 超大電量純電動旅團客車正式交付東莞市溫馨旅遊客運有限公司（簡稱“東莞溫馨旅運”）。
此次交付，係東莞溫馨旅運的一次運力升級，更係其發展嘅關鍵戰略進階——以綠色高端運力為支點，將服務從“保障出行”升級為“高端體驗”，賦能多元出行場景綠色高效運營。
粵港澳大灣區，中國經濟最具活力嘅區域之一，人員跨城往來密集，旅遊包車、企業通勤、研學團建、景區接駁等業務疊加，對車輛續航能力、出勤穩定性、服務品質提出了更高要求。
東莞溫馨旅運深耕大灣區客運市場多年，業務涵蓋旅遊接待、企業通勤保障、學生研學旅行等領域，打造了“景區直達 + 跨城接駁 + 研學團建 + 政企通勤”全場景運營體系，並已成長為大灣區綜合性旅遊客運行業嘅代表性企業。
為適配區域多元化、高強度嘅運營需求，實現服務從“基礎出行保障”向“高端品質體驗”嘅升級躍遷，東莞溫馨旅運批量引入中通 H13E 車型，該車型搭載 650.19kWh 高性能電池，以超長續航嘅核心優勢破解行業運營痛點。
喺交付儀式上，東莞溫馨旅運負責人介紹，大灣區多場景交織嘅運營模式，對車輛續航與可靠性要求嚴苛，H13E 係中通客車針對灣區專屬工況量身打造出嘅 13 米級純電旅團標桿車型。超大電量配置帶來扎實長效嘅續航能力，可完美適配長線跨城、長時間駐場運營需求，有效減少車輛中途補能頻次，大幅提升單車出勤率與運營效率，同時以穩定嘅行駛品質全面優化乘客出行體驗，為企業高端客運服務賦能。
伴隨“雙碳”戰略深入推進，零排放、高能效嘅新能源車型，已成為客運行業轉型升級、高質量發展嘅核心抓手。
喺依托產品硬核實力實現運力升級、降本增效嘅基礎上，本次中通 H13E 嘅批量落地，正係東莞溫馨旅運緊跟行業趨勢、深耕綠色客運嘅重要戰略佈局。
相較於傳統燃油車型，中通 H13E 節能降耗優勢突出，以日均運營 300 公里嘅行業常規工況測算，車輛純電驅動可實現單公里能耗成本降低 60% 以上，維修保養費用減少約 40%，喺全生命週期運營中，能為企業節省大量運營開支，切實以低成本、高出勤嘅優勢，轉化為企業核心市場競爭力。
市場嘅選擇，係對產品最直接嘅驗證。2026 年 1-7 月份，中通旅團客車市場份額持續攀升，8 米以上大中型旅團客車銷量同比大幅增長。其中，中通 H 系以高舒適、高安全、高節能等核心優勢，已成為國內頭部旅運企業運力煥新嘅主力車型之一。
依托持續迭代嘅產品技術與覆蓋全球嘅服務保障體系，多元動力嘅中通 H 系客車不僅喺國內重要旅遊和通勤市場持續獲得客戶復購，更出口至智利、葡萄牙、新加坡、阿聯酋等多個國家和地區，成為中國客車綠色出海嘅重要力量。
交付只係序章！批量中通純電動客車奔赴東莞，係合作嘅深化，更係價值共創嘅又一次啟程。以此為新起點，中通客車將持續精進產品、深耕服務，以綠色智慧出行方案賦能產業升級，聚力駛向更清潔、更高效、更美好嘅未來。
In the Malaysian SUV market, many buyers compare the Proton X70 and Mazda CX-30 when choosing a car. These two models are quite close in price and positioning. Today, we will make a detailed comparison from multiple aspects to help you save time on research.
The 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.
The Mazda CX-30 OTR price in Malaysia is RM 122,409 - 146,409, with a total of 4 versions, including 2025 2.0L High+ Premium (RM 146,409), 2025 2.0L High+ (RM 138,409), 2025 2.0L High (RM 130,409), etc.
In terms of price, the Proton X70 entry price is indeed RM 15,609 cheaper than the Mazda CX-30. If your budget is limited, the Proton entry-level version can already meet daily needs. However, note that the savings of a few thousand may involve trade-offs in features, depending on your specific requirements.
The Proton X70 safety rating is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
The Mazda CX-30 safety rating is 5★ (ASEAN NCAP), active safety systems include i-Activsense.
Both cars have the same safety rating; safety features are quite comprehensive in this class. New car safety standards are generally good nowadays, so there is no need to worry too much about this.
The Proton X70 uses FWD drive type.
The Mazda CX-30 uses FWD drive type.
Both cars use the same drive type, both are FWD, so daily driving feel will not differ much.
Proton X70 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Mazda CX-30 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Both cars have the same warranty conditions, no need to fuss about this. Actual maintenance costs depend on the brand's service network and parts prices; it is recommended to ask real owners in car clubs for their experiences.
Overall, both Proton X70 and Mazda CX-30 are excellent 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 multiple dealers, and test drive before making a final decision. Buying a car is a major commitment; spending time on research will never be wrong.
In the Malaysian SUV market, many buyers compare Proton X50 and Mitsubishi Xforce 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 for Proton X50 in Malaysia is RM 89,800 - 113,300, with a total of 4 versions, including 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300), etc.
The OTR price for Mitsubishi Xforce in Malaysia is RM 109,930 - 119,930, with a total of 2 versions, including 2026 1.5L Ultimate (RM 119,930), 2026 1.5L Urban (RM 109,930), etc.
In terms of price, the starting price of Proton X50 is indeed RM 20,130 cheaper than Mitsubishi Xforce. If your budget is limited, Proton's entry-level version can already meet daily needs. But also note that the few thousand cheaper might involve trade-offs in specifications, depending on your needs.
Proton X50 is equipped with 1.5L 4-cyl, 105 hp. Official fuel consumption 6.0 L/100km.
Mitsubishi Xforce is equipped with 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
In terms of power, the 1.5L Turbo of Mitsubishi Xforce has 35 hp more than the 1.5L 4-cyl of Proton X50. However, for daily city driving, the power of both cars is sufficient, you won't feel a lack of power.
The safety rating of Proton X50 is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
The safety rating of Mitsubishi Xforce is 5★ (ASEAN NCAP), active safety systems include MI-PILOT.
The safety ratings of both cars are the same. In this segment, safety features are quite comprehensive. New cars nowadays do not lack in safety, no need to worry too much about this.
Proton X50 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Mitsubishi Xforce warranty 3 years/100,000km, maintenance interval every 10,000km or 6 months.
Proton X50 and Mitsubishi Xforce 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 features, choose the one with richer configuration. Ultimately, we recommend test driving both models, personal experience is the most important.
Overall, Proton X50 and Mitsubishi Xforce are both very good car models in the Malaysian market. Which one to choose mainly depends on your personal needs and budget. We suggest doing your homework, comparing quotes from multiple dealerships, and then test driving to make the final decision. Buying a car is a big matter, spending some time doing research will definitely not be wrong.
盖世汽车获悉，理想汽车首款全球车型——具身智能旗舰SUV全新理想L9已在哈萨克斯坦正式上市。其中，理想L9 Livis售价51,900,000坚戈，理想L9 Ultra售价43,990,000坚戈。
理想汽车在7月24日官宣，理想L9累计交付量已突破300,000辆，累计上险量位列中国全尺寸SUV第一。这也就意味着，在理想L9持续刷新国内销量纪录的同时，理想汽车也正将这款旗舰产品的影响力向全球延伸。
近日，理想汽车出席在上海举办的哈萨克斯坦-中国圆桌会议。活动期间，理想汽车与哈萨克斯坦头部汽车集团Allur达成战略合作。双方将在Allur科斯塔奈工厂启动理想汽车本地化组装生产，哈萨克斯坦成为中国以外首个量产理想汽车的国家。从首款海外专属车型上市到本地化生产开启，理想汽车在海外市场完整构建起覆盖研发、产品、生产、销售服务的综合能力体系。
图片来源：理想汽车
理想汽车联合创始人、总裁兼首席工程师马东辉表示：“中亚是我们全球化的重要起点，全新理想L9以更先进的技术强化了旗舰价值。通过官方渠道和本地合作伙伴，我们致力于为哈萨克斯坦家庭用户提供长期、全面的用车服务。与Allur的战略签约由托卡耶夫总统见证，标志着我们从产品出口迈向本地化生产的新阶段。这一里程碑将使我们能够更好地长期服务当地用户。”
自2025年全球化战略元年启动以来，理想汽车已进入乌兹别克斯坦、哈萨克斯坦、阿塞拜疆、埃及、中国澳门市场，并将于今年进一步拓展柬埔寨、老挝、缅甸等东南亚市场，同时通过签约阿联酋、沙特头部经销商，加速中东市场落地。
面向未来，理想汽车将持续深化全球化布局，进一步完善海外生态。中东、中亚市场以理想L系列增程车型为主力深耕家庭用户市场，下半年将在欧洲推出纯电车型，年底理想MEGA右舵版本将进入中国香港、新加坡等亚太核心区域。从中亚到中东，从东南亚到欧洲，理想汽车正以体系化的全球布局能力，持续为全球家庭用户创造高品质的智能出行体验。
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拎 Perodua Ativa 同 Chery Tiggo Cross 嚟做比較。呢兩款車喺價位同定位上都幾接近，今日我哋就由多個方面做一個詳細嘅對比，幫你省下做功課嘅時間。
Perodua Ativa 喺馬來西亞嘅 OTR 售價係 RM 62,500 - 73,400，一共有 3 個版本，包括 1.0L Turbo X（RM 62,500）、1.0L Turbo H（RM 67,300）、1.0L Turbo AV（RM 73,400） 等。
Chery Tiggo Cross 喺馬來西亞嘅 OTR 售價係 RM 88,750 - 99,750，一共有 2 個版本，包括 2025 HEV 1.5L CSH（RM 99,750）、2025 1.5T Standard（RM 88,750） 等。
由價錢嚟睇，Perodua Ativa 嘅入門價確實比 Chery Tiggo Cross 平咗 RM 26,250。如果你預算有限，Perodua 嘅入門版已經可以滿足日常需求。但都要注意，平嗰幾千蚊，可能喺配備上會有取捨，具體要睇你嘅需求。
Perodua Ativa 搭載 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
Chery Tiggo Cross 搭載 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
兩款車用住同一套動力系統，日常開起來嘅感覺基本冇差別。油耗方面都差唔多，唔使太糾結呢一點。
Perodua Ativa 車身長 4400 mm，後備箱 400 L。
Chery Tiggo Cross 車身長 4400 mm，後備箱 400 L。
兩款車嘅尺寸幾乎一樣，車內空間差別唔大。呢個級別嘅車，日常使用完全夠用。
Perodua Ativa 保修 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Chery Tiggo Cross 保修 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
總嘅嚟講，Perodua Ativa 同 Chery Tiggo Cross 都係馬來西亞市場幾唔錯嘅車型。揀邊輛，關鍵始終要睇你個人需求同預算。建議大家做足功課，多比較幾間車行嘅報價，先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 SUV 市場，好多買家喺揀車嘅時候都會拿梅賽德斯奔馳 GLE 同路虎 發現運動版 嚟做比較。這兩款車喺價錢同定位上都幾接近，今日我哋就由多個方面做一個詳細比較，幫大家節省做功課嘅時間。
梅賽德斯奔馳 GLE 喺馬來西亞嘅 OTR 售價係 RM 544,888 - 544,888，總共係 1 個版本，包括 Standard（RM 544,888） 等。
路虎 發現運動版 喺馬來西亞嘅 OTR 售價係 RM 499,800 - 499,800，總共係 1 個版本，包括 Standard（RM 499,800） 等。
由價錢嚟睇，路虎 發現運動版 嘅起售價比梅賽德斯奔馳 GLE 平咗 RM 45,088。老實講，喺呢個價錢位，幾千蚊嘅差距其實唔算大，關鍵依然係睇整體性價比同長期使用成本。
梅賽德斯奔馳 GLE 配用 3.0L Turbo，馬力 350 hp。官方油耗 12.0 L/100km。
路虎 發現運動版 配用 3.0L Turbo，馬力 350 hp。官方油耗 12.0 L/100km。
兩款車用同一套動力系統，日常開起嚟嘅感覺基本冇分別。油耗方面都差唔多，唔使太糾結這一點。
梅賽德斯奔馳 GLE 嘅安全評級係 5★ (Euro NCAP)，主動安全系統包括 Premium ADAS。
路虎 發現運動版 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。不過梅賽德斯奔馳 GLE 嘅 Premium ADAS 同路虎 發現運動版 嘅 Basic 喺功能上有些差異，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。
梅賽德斯奔馳 GLE 保固 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
路虎 發現運動版 保固 3 年/100,000km，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，建議去車友群問吓真實車主嘅經驗。
梅賽德斯奔馳 GLE 同路虎 發現運動版 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，嗰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，梅賽德斯奔馳 GLE 同路虎 發現運動版 都係馬來西亞市場幾唔錯嘅車型。揀邊一部，關鍵依然係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，先去試駕先至做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
港交所網站掛出一咗一份熟悉嘅招股書。
5 月 28 日，繼去年 10 月首次遞表失效後，智能駕駛解決方案提供商蘇州天瞳威視電子科技股份有限公司（天瞳威視）再次向港股主板發起重衝，由匯豐及華泰國際聯席保薦。
喺智能駕駛賽道從「講故事」轉向「拼量產」嘅 2026 年，天瞳威視嘅二次遞表唔單止係一次資本試探，更係一場關於中國智駕供應商生存現狀嘅集中檢閱。
呢間被認為係「算力效率派」代表嘅公司，一邊連住從采埃孚到上汽、北汽嘅豪華產業資本陣營，一邊卻面臨住現金流緊繃、海外明顯回落嘅現實困境。喺呢場 IPO 嘅博弈中，光鮮同陣痛並存。
01
邊個係「天瞳威視」？
天瞳威視嘅創辦人王曦係一位典型嘅「回國」技術派。佢畢業於北京航空航天大學，後喺英國雷丁大學攻讀計算機科學博士學位。
喺決定創業之前，王曦曾經喺汽車零部件供應商天合汽車（TRW）及采埃孚擔任算法工程師同技術負責人，深度參與咗早期 ADAS 系統嘅開發。
2016 年，王曦捕捉到國內汽車智能化嘅風口，回國喺蘇州創立咗天瞳威視，定位係「以軟件算法驅動智能駕駛」嘅本土解決方案提供商。
公司嘅名字「天瞳」寓意「天之眼」，意在打造車輛感知萬物嘅視覺中樞。佢從最初嘅視覺感知算法起步，逐步擴展至行泊一體域控制器、L4 級自動駕駛系統等軟硬件結合嘅整體方案。
天瞳威視融資情況。資料來源：企查查
成立後不久，天瞳威視就獲得德聯資本、盛世投資嘅天使輪融資。此後十年時間，天瞳威視累計完成咗超過 10 輪融資，融資總額近 10 億元。
從招股書披露嘅股權結構嚟睇，天瞳威視構建咗深度綁定嘅「產業 + 資本」生態圈。
一方面，產業夥伴站台，全球汽車零部件巨頭采埃孚唔單止係其 C 輪領投方，亦係其戰略合作夥伴，持有天瞳威視 6.93% 嘅股份，位列第四大股東；國內方面，上汽集團通過上汽北美產投持股，北汽集團通過北汽產投佈局其中，地平線同商湯科技亦係戰略投資者。
另一方面，地方國資護航，唐山機器人基金、吳中金控等國資背景基金喺 D 輪及 D+ 輪入場，提供咗約 5.23 億元嘅資金支持。
截至最後實際可行日期股權架構
截至目前，王曦透過直接持股同員工持股平台合共控制公司約 40.84% 嘅權益，依然保持住對公司嘅控制權。
02
「兩條腿」行路
天瞳威視喺業務佈局上採取咗「雙軌並行」嘅策略。
喺 L2-L2+ 級輔助駕駛領域，天瞳威視嘅選擇非常務實。佢並冇盲目追逐算力堆疊嘅「軍備競賽」，而係走咗一條高性價比路線。
作為典型嘅視覺派智駕供應商，佢喺 L2 量產方案上以視覺感知為主，融合毫米波雷達同超聲波雷達，能夠喺較低算力平台上實現高級功能。例如，基於地平線 J6B 芯片（約 20TOPS）嘅方案即可支持行泊一體、高速 NOA。
呢種打法擊中咗 10 萬 -20 萬級主流車款對成本敏感嘅痛點。根據灼識諮詢嘅數據，按 2024 年裝機量計，天瞳威視係中國第二大同時提供行車同泊車解決方案嘅以軟件為核心嘅 L2-L2+ 級方案提供商，市場份額為 14.3%。
2024 年中國具備行泊一體能力嘅以軟件為核心供應商格局
截至最後實際可行日期，天瞳威視獲得 23 個汽車品牌嘅 198 款車款嘅 L2-L2+ 級解決方案定點函，並實現 6 個汽車品牌嘅 105 款車款嘅量產；獲得定點函嘅 198 款車款中有 87 款覆蓋海外市場，其中 59 款已實現量產。
但值得注意嘅係，L2-L2+ 市場正在經歷劇烈嘅「紅海化」。
一方面，經緯恆潤、福瑞泰克等本土 Tier1 正在加速追趕；另一方面，部分頭部車廠開始將低階智駕方案從外購轉為內部集成。
天瞳威視能否維持佢喺「性價比方案」領域嘅領先地位，取決於佢能否持續保持算法對低算力平台嘅優化能力，而這需要喺研發投入上持續加碼。
喺高級 L4 級自動駕駛領域，天瞳威視更多扮演「先鋒」角色。這亦係佢近兩年增長最快嘅板塊。
早在 2019 年，佢就參與咗上海洋山港嘅 5G 智能重卡項目。目前佢嘅 L4 方案覆蓋 Robobus、Robotaxi 同 Robotruck。其中，Robobus 係佢最具代表性嘅產品線，已喺蘇州、天津等城市嘅公開道路投入常態化試營運。
2025 年，天瞳威視從 L4 級解決方案產生收入 3.75 億元，佔公司總收入嘅 68% 以上，大部分收入來自 L4 級軟件解決方案。
然而，硬幣嘅另一面係商業化嘅曲折。雖然 L4 業務營收暴增，但佢嘅交付形態目前以「軟硬件一體解決方案」為主，呢種模式本質上接近「項目制交付」或「小規模車隊部署」，與 L2 業務中「純軟件授權 + 白盒交付」嘅高毛利、大規模複製邏輯存在顯著差異。
呢就直接導致 L4 業務毛利率嘅大幅波動：喺部分自研硬件佔比较高嘅項目中，毛利率一度低至 15%。
截至遞表日，公司雖手握超 10 億元嘅 L4 意向訂單，涵蓋 2500 架車，但呢啲訂單預計要喺未來三至五年內先會陸續交付，短期內對現金流嘅改善作用有限。
此外，天瞳威視仲有部分應收來自工程服務，主要涉及道路測試、數據收集支援及數據標註服務以及公司嘅專有工具鏈。
03
財務嘅雙面鏡
招股書嘅財務部分，展現咗智駕行業最真實嘅「B 面」：規模同虧損嘅極限拉扯，同埋賬面現金同營運消耗之間嘅緊張博弈。
營收高增長，但結構劇烈波動。
財務數據顯示，公司嘅營收呈現爆發式增長，從 2022 年嘅 1.72 億元增長至 2024 年嘅 4.83 億元，複合年增長率高達 67.7%。2025 年全年營收進一步增長至 5.5 億元。
但收入結構嘅變化明顯。2023 年，公司依賴 L2-L2+ 業務，佔比 90.2%；去到 2024 年，L4 業務佔比升至 50.2%；2025 年，L4 業務佔比進一步拉高至 68%。呢種「斷崖式」嘅結構切換，雖然證明佢 L4 技術搵到咗落地場景，但亦令市場質疑佢 L2 業務係咪已觸及天花板。
毛利率同純利潤嘅背離，呢係天瞳威視面臨嘅最大挑戰。
從毛利睇，整體毛利率喺 30% 左右徘徊，喺呢個技術密集型嘅智駕行業屬於中等水平。但細拆睇嚟，L2-L2+ 業務嘅毛利率通常能維持喺 40% 以上，純軟件授權模式，而 L4 業務嘅毛利率則因「軟硬件一體」交付中硬件佔比提高而被顯著拉低。
從純利潤睇，雖然表面虧損額較大，2024 年虧損 4.63 億、2025 年虧損約 2 億，呢度包含大量因優先股公平值變動帶來嘅「紙面虧損」。剔除呢個因素後嘅經調整純利潤更能反映公司嘅真實經營狀況：2024 年已收窄至 -438 萬元，但 2025 年並未如市場預期實現轉正，而係錄得約 -1086 萬元，虧損較 2024 年有所擴大。
呢個背後有一個不可回避嘅關鍵前提：調整後嘅「減虧」乃至「接近盈虧平衡」，係喺公司持續壓縮研發投入嘅基礎上實現嘅，研發費用從 2024 年嘅 1.17 億元降至 2025 年嘅 9231 萬元，研發費用率從 2024 年嘅 24.3% 進一步降至 16.8%，而 2022 年呢個數字曾高達 108.7%。對於一家科技公司嚟講，研發強度嘅「退坡」是否會影響未來嘅技術護城河，係一個潛在風險點。
現金流持續告急，最令人擔憂嘅信號。
根據最新招股書，截至 2025 年 12 月 31 日，公司賬上嘅現金及現金等价物為 2.35 億元，較 2025 年 6 月 30 日嘅 3.74 億元淨減少 1.39 億元，現金消耗速度較快。
更值得警惕嘅係經營現金流由正轉負且缺口持續擴大嘅趨勢。2023 年，公司經營活動現金流淨額為正向流入 1.15 億元，但 2024 年迅速轉為淨流出 1.89 億元，2025 年進一步惡化至淨流出 2.93 億元。
與此同時，應收賬款周轉急劇惡化。公司嘅貿易應收款項從 2023 年嘅 0.89 億元升至 2025 年嘅 5.48 億元，三年增長超過五倍，而同期營收增幅僅約 2.7 倍。
更令人擔憂嘅係應收款項周轉天數從 2023 年嘅 191 天同 2024 年嘅 166 天，到 2025 年驟升至 300 天，意味著公司從完成交付到收回款項平均需要接近一年時間。呢相當於變相為客戶提供長期無息墊資，喺資金本就緊張嘅情況下進一步加劇咗流動性壓力。
此外，雖然天瞳威視係首家出海嘅中國智駕軟件供應商，但 2025 年佢嘅海外業務遭遇咗明顯回落。2023 年天瞳威視海外收入為 1.27 億元，佔總營收比重達到 62.2%；到 2025 年海外收入降至 1100 萬元，佔比僅 2.0%。
喺而家全球地緣政治複雜、部分國家對智能汽車數據監管趨嚴嘅背景下，為佢嘅全球化故事增添咗一絲不確定性。
04
結語
天瞳威視嘅二次闖關，係智能駕駛行業進入「淘汰賽」階段嘅一個縮影。
從好嘅方面睇，佢踩準咗 L2 性價比同 L4 場景化落地嘅雙重節奏，且經調整純利潤喺特定口徑下已接近盈虧平衡，呢啲都畀投資者提供咗「有亮點可講」嘅故事線。
但從風險嘅角度睇，情況遠比首次遞表時更為嚴峻。業務重心嘅急速漂移、L4 業務商業化初期嘅盈利磨難、研發投入嘅被動收縮，呢啲此前就已存在嘅問題並未緩解。
天瞳威視 L4 級智能巴士
而真正令此次 IPO 帶「求生」色彩嘅，係現金流數據嘅實質性惡化：2.35 億元嘅賬面現金，面對每年近 3 億元嘅经营性現金淨流出，安全邊際已不足一年。疊加 300 天嘅應收賬款周轉天數，意味著公司每交付一筆訂單，都要墊付近一年嘅資金成本。
換言之，天瞳威視正處喺一個危險嘅財務窗口期：賬上嘅錢僅夠維持唔足一年嘅正常運作，而 L4 業務嘅大規模交付同回款卻需要更長時間。喺呢個智駕資本熱潮退去、一級市場融資邊際收緊嘅時刻，公司已冇太多等待嘅餘地。
首次遞表失效後僅隔半年便再次衝擊港股，對天瞳威視而言，與其話係戰略選擇，唔如話係現金倒逼下嘅必然之舉。
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.
對於追求「輕越野」生活方式嘅家庭嚟講，購車成本同日常使用開支係兩大核心考慮。北汽 BJ30 旅行家以超級置換價 6.99 萬元起嘅極低門檻，配合百公里綜合油耗唔超 5 升嘅出色經濟性，畀咗一個令人信服嘅答案。
購車成本：6.99 萬起，加埋多重禮遇
BJ30 旅行家全系推出 3 萬元置換政策，置換後起售價僅 6.99 萬元。新上市嘅年度型號「高光版」置換後起售價為 8.29 萬元。喺此基礎上，首任非營運車主可獲贈價值 6000 元嘅整車終身質保，仲有 0 首付金融方案、終身 OTA 免費升級、基礎流量終身免費等五重尊享禮遇，進一步降低購車同後續使用成本。
油耗表現：實測低於 5 升，一箱油跑 1000+ 公里
BJ30 旅行家搭載北京越野自研嘅「三擎四驅六模 HEV 混動架構」，係中國方盒子 SUV 類別首款 HEV 混動車型。由 41% 熱效率混動專用發動機、前後雙電機組成嘅混動系統，可根據路面情況自動切換六種工作模式，始終保持高效運作。
近期，來自南非、印尼、阿聯酋、波蘭、墨西哥五國嘅汽車博主實測，BJ30 旅行家喺每個國家都跑咗百公里唔超 5 升嘅油耗，一箱油續航超過 1000 公里。相比傳統燃油 SUV，每萬公里可節省油費上千元；同時唔需要搵充電樁，加油即走，每年可節省數十小時補能時間。
品質保證：15 萬公里拆解見證耐久性
低成本唔等於低品質。喺央視直播拆解中，一輛行駛 15 萬公里（相當於一般家庭近十年使用里程）嘅 BJ30 旅行家展現出優異狀態：引擎渦輪積碳極少、動力充沛；波箱無漏油、齒輪無磨損；電池包無鼓包衰退；底盤無銹蝕滲油。北汽株洲超級工廠嘅焊接、沖壓、噴塗工序實現 100% 機械人自動化，塗膠誤差不超過一根頭髮絲，從源頭保證每台車嘅耐久可靠。
總結：BJ30 旅行家以 6.99 萬元起嘅超低購車門檻、唔到 5 升嘅百公里油耗，以及 15 萬公里驗證嘅耐久品質，真正實現咗「買得省、開得省、用得耐」，係輕越野 SUV 市場中唔可忽視嘅質價比之選。
May 28, all-new Geely Xingyuan officially launched. The venue for this press conference was quite unique — without a traditional stage and spotlights, instead, it collaborated with Xiaohongshu to create the nation's first mobile "Immersive Journey" car launch event. Harbor families, Alley families, Rainforest families, Silk Road families, Nomadic families, five major life scenarios were laid out in sequence at the launch venue, as if bringing the daily hustle and bustle of transportation into the spotlight of the automotive industry. Geely Xingyuan spokesperson Joey Yung also attended the site, she spoke about real segments of her time with this little car, her tone was gentle yet firm. Sitting in the audience were not only media and dealers, but also many ordinary people who have become or will become Xingyuan owners. At this moment, a pure electric car priced from 61,800 yuan seemed to no longer be just a commuting tool, but a possibility of accompanying life.
The all-new Geely Xingyuan launches four models this time: 410km Longing Edition, 410km Riding Wind Edition, 480km Exploration Edition, 480km Exploration+ Edition, launch limited-time benefit price is 61,800 yuan to 91,800 yuan. The range of the entire series has undergone a comprehensive upgrade, the 310 km version jumped to 410 km, the 410 km version increased to 480 km. At the same time, to cater to the actual needs of different users, the official retained the right to select 310 km range on the 410 km version, the price can be reduced by another 7,000 yuan after selection.
But what truly made this little car attract widespread attention goes far beyond price. The all-new Geely Xingyuan's slogan is "Advancement Beyond Classics", officially claimed to have over 100 product power upgrades and over 25 class-exclusive features. These numbers might sound a bit abstract, but when you truly break down its five core advancement directions, you will find this is not just a pile of marketing jargon, but a thorough evolution from inside to outside, from hardware to software.
Let's start with the most basic driving control. Geely Xingyuan is the first pure electric car in its class to adopt a native architecture, and the first model to come standard with rear independent suspension across the entire series. To tune this chassis, Geely's engineering team ran through over 30 countries worldwide, conducting all-round verification for extreme road conditions. The final result is, the all-new Geely Xingyuan achieved a qualitative leap in three core experiences: driving, steering, and braking. G-TCS 2.0 all-weather anti-slip system while retaining the fun of rear-wheel drive flexibility, ensuring no slip, no swing, no roll on flat roads, slopes, and corners, new drivers can also drive with ease. The all-new brushless steering system's response speed is twice as fast as the previous generation, supporting three steering modes and center position self-learning. While G-CST 2.0 all-scenario comfort braking system simulates the foot feel of experienced drivers, braking doesn't nod, driving doesn't cause motion sickness. What is more impressive is, Geely Xingyuan is the only pure electric car in its class to successfully challenge the Moose test at 130 km/h, The Moose test result also reached 80.7 km/h, handling performance is enough to compare with 200,000 level sports coupes. In other words, driving this little car is no longer just "sufficient", but "fun".
Of course, for pure electric little cars, range and three-electric system performance are the most direct user anxiety points. The all-new Geely Xingyuan standardizes CATL batteries, liquid cooling temperature control and 11-in-1 high-integrated electric drive, the three-electric system has been regarded as the ceiling of its class since launch. New car equipped with CATL new generation battery cells energy density up to 190Wh/kg, maximum CLTC range reaches 480 km, enough to cover daily commuting and weekend outings. Cooperating with the class-exclusive active grille and low drag wheels, drag reduced by 15 counts, actual range increased by another 10 km. Regarding energy replenishment, 30% to 80% fast charging takes only 19 minutes, full charge ready to go in the time of a cup of coffee. Combination of liquid cooling system and new BMS battery management system, ensures full speed charging regardless of cold or hot weather, and will not come at the cost of battery life. More StarRui AI Cloud Power 2.0 achieves full-link energy management, covering smart charge/discharge, off-peak electricity price identification, battery temperature maintenance, energy consumption diagnosis and battery maintenance functions, making every charge efficient, every trip worry-free.
Walking into the car, you will find the all-new Geely Xingyuan's intelligent cockpit is completely different from the simple impression of traditional small cars. It is equipped with Galaxy Flyme Auto 2 intelligent cockpit system, based on 7nm automotive-grade Longying No. 1 chip and 16G+128G large storage, fast response, smooth operation, easy to learn. Users can switch maps or favorite wallpaper desktops at will, cute animal wallpapers even support interactive functions, adding a lot of fun to the cockpit. All-new AI Eva is the car's smart voice assistant, supporting fuzzy instruction understanding and context memory, can complete car control, Q&A, entertainment, etc. You just need to say "Hi Eva, I want to go home", the vehicle will automatically call the latest Amap 850 version to select the optimal route. Car machine also newly supports CarPlay phone connectivity, compatible with iOS devices for seamless connection. Invisibility mode, car wash mode, one-click car search and other thoughtful scenarios, and thousand people thousand faces custom assistant, making every boarding full of exclusive ritual sense. From navigation to entertainment, from life to surprise, this smart cockpit covers all aspects of user daily needs.
In terms of assisted driving, the all-new Geely Xingyuan is equipped with the Qianli Haohan assisted driving H3 solution, originating from high-end models, currently safely driven 1.38 billion km, user usage growth rate first. Highway Viaduct NOA is not limited by road and rain/fog weather, supports voice lane change, multi-scenario avoidance and automatic on/off ramps, users only need to lightly hold the steering wheel to easily drive long distances. Full-scenario MPI takeover rate over 200 km, equivalent to continuous driving 3 hours, need takeover only 1 time. Parking aspect also achieved full-scenario adaptation: APA parking assist function supports one-click parking, finger tip parking, remote control parking, covering over 300 types of parking scenarios. Aiming at practical pain points such as new drivers parking difficulty, female drivers parking tension, HPA memory parking supports 2 km ultra-long memory, cm-level precise positioning, learn route once then can fully automatic parking throughout the process, equipped with smart following car, autonomous finding spot, obstacle avoidance functions, temporary route change also no need to relearn. DMS active fatigue detection will timely remind drivers to rest, sentry mode guards parking safety 24/7 all-weather, once abnormal, record video immediately and send to user phone. From departure to arrival, from driving to parking, this system makes complex driving simple and reassuring.
Safety is the gene Geely carved into its bones. Regardless of big car or small car, all brands under Geely adopt the same safety philosophy and strict standards. Geely has built a global domain safety center with investment over 2 billion yuan, and released "Human, Car, Road, Cloud, Star" integrated domain safety 2.0 system. All-new Geely Xingyuan also follows this high standard, upholding the philosophy "Small Car, Must Have Big Safety". Passive safety aspect, it created five vertical eight horizontal star armor cage body, front end three force transmission paths cooperate with double "Clover" force release structure, side battery to threshold spacing 149mm and added double anti-collision longitudinal beams, rear 750mm long rear suspension and double "Well" shaped rear subframe form a solid barrier. roof compression strength increased to 3.4 times vehicle weight, AB pillar and roof crossbeam etc core area materials upgrade, even encountering rollover or heavy weight pressing on roof, cabin remains unharmed, side curtain airbag pressure maintenance technology can also continuously protect head during rollover. Regarding battery life, Geely Xingyuan's verification standard increased to 2 times national standard, after 1000 cycles battery capacity still maintains 90.72%. Also Xingyuan actually driven 84,000 km successfully challenged sea water corrosion, mud water scouring, bad road scraping bottom, extreme fire burning etc six series limit tests, this belongs to the first in the industry. Worth mentioning is, May 12, Geely partnered with CCTV to complete the first and only class-exclusive front and side continuous crash test, high voltage system powered off in time, battery pack did not smoke or catch fire, occupant compartment structure intact, airbags accurately detonated, non-collision side door can open normally. In addition, all-new Geely Xingyuan also equipped with tire pressure direct display, DOW door opening warning, sentry mode, more AEB active braking and AES emergency steering dual insurance, successfully passed 120 km/h static vehicle stop and 130 km/h "Vanishing Front Car" active avoidance test, performance far exceeds industry mainstream level.
All these upgrades and hardcore strength, finally point to one fact: Geely Xingyuan is no longer an ordinary little car. Since launch in October 2024, it cumulative delivery has broken 700,000 units, equivalent to one sold every minute. It is not only the star model in the whole industry to reach this goal fastest, but also won the 2025 Chinese car market sales champion at once. Entering 2026, Geely Xingyuan still continues to lead, firmly stays at top. This year first quarter, in global new energy vehicle sales ranking, Geely Xingyuan for the first time enters global top three, achieved a new milestone for China A0 level electric car. While exploding in domestic market, it has also landed in over 30 countries and regions globally. In Brazil launch two months sales broke 2300 units, In Thailand auto show single week orders grabbed 3300 units, and won "Brazil Annual Best Compact Electric Car" and "Indonesia Auto Show Most Loved Electric Car" dual international awards. On the streets all over the world, Geely Xingyuan is becoming "China Smart Manufacturing" mobile new business card.
From a commuting little car, to 700,000 user's choice, from China champion to global top three, Geely Xingyuan's advancement road is actually not complex — it just seriously did the little car well, done fully, done exceeding expectations. And after this renewed launch, Geely Galaxy brand on pure electric small car track again raised the "High Quality Good Price" benchmark. Future, Geely Galaxy will continue to uphold "Building Smart Boutique Cars for Everyone" original intention, bringing products and services exceeding expectations to users in various sub-markets. For consumers, this might be the greatest happiness: a good car, need not be expensive, need not be flamboyant, but can honestly accompany you to go to every place you want to go.
