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In the Malaysian SUV market, many buyers compare Proton X90 and Chery Tiggo 9 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 X90 in Malaysia is RM 106,800 - 122,800, with a total of 4 versions, including 2026 1.5T Prime X (RM 122,800), 2026 1.5T Prime (RM 116,800), 2026 1.5T Lite (RM 106,800), etc.
The OTR price of Chery Tiggo 9 in Malaysia is RM 166,800 - 179,800, with a total of 1 version, including 2026 2.0T Standard (RM 179,750), etc.
From a price perspective, the starting price of Proton X90 is indeed RM 60,000 cheaper than Chery Tiggo 9. If your budget is limited, Proton's entry-level version can already meet daily needs. However, please note that the price difference of a few thousand might involve trade-offs on features, depending on your specific requirements.
Proton X90's safety rating is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
Chery Tiggo 9's safety rating is TBD, active safety systems include Basic.
Regarding safety equipment, both cars have received decent ratings. However, Proton X90's ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) and Chery Tiggo 9's Basic differ somewhat in functionality. If you value active safety, you can compare the function lists of both carefully.
Proton X90 adopts FWD drive mode.
Chery Tiggo 9 adopts FWD drive mode.
The drive mode of both cars is the same, both are FWD, there won't be much difference in daily driving experience.
Proton X90 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Chery Tiggo 9 warranty 3 years/100,000km, maintenance interval every 10,000km or 6 months.
Overall, both Proton X90 and Chery Tiggo 9 are 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 car dealerships, and then test driving to make a final decision. Buying a car is a big matter, spending some time researching will definitely not go wrong.
In the Malaysian SUV market, many buyers compare Proton X90 and Chery Tiggo 8 Pro when selecting 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 X90 in Malaysia is RM 106,800 - 122,800, with a total of 4 versions, including 2026 1.5T Prime X (RM 122,800), 2026 1.5T Prime (RM 116,800), 2026 1.5T Lite (RM 106,800), etc.
The OTR price of Chery Tiggo 8 Pro in Malaysia is RM 159,750 - 159,750, with a total of 2 versions, including 1.6L Turbo Standard (RM 130,000), 1.6L Turbo Premium (RM 145,000), etc.
In terms of price, the starting price of Proton X90 is indeed RM 52,950 cheaper than Chery Tiggo 8 Pro. If your budget is limited, Proton's entry-level version can already meet daily needs. However, be aware that saving a few thousand might involve compromises on equipment, it depends on your specific requirements.
Proton X90 is equipped with 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
Chery Tiggo 8 Pro is equipped with 2.0L 4-cyl, 170 hp. Official fuel consumption 8.0 L/100km.
In terms of power, Chery Tiggo 8 Pro's 2.0L 4-cyl has 30 more horsepower than Proton X90's 1.5L Turbo. However, for daily city driving, the power of both cars is sufficient, you won't feel underpowered.
Proton X90 body length 4400 mm, trunk 400 L.
Chery Tiggo 8 Pro body length 4400 mm, trunk 400 L.
The dimensions of both cars are almost the same, the difference in interior space is not large. Cars at this level are fully sufficient for daily use.
Proton X90 uses FWD drive type.
Chery Tiggo 8 Pro uses FWD drive type.
Both cars have the same drive type, both are FWD, the daily driving experience will not differ much.
Both Proton X90 and Chery Tiggo 8 Pro are mainstream 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 reputation; if you care more about value for money and features, then choose the one with richer configuration. Ultimately, it is recommended to test drive both, experiencing it firsthand is the most important.
Overall, Proton X90 and Chery Tiggo 8 Pro are both very good car models in the Malaysian market. Choosing which one depends mainly on your personal needs and budget. We suggest doing your homework, comparing quotes from several dealerships, and then test driving to make a final decision. Buying a car is a major matter, spending some time doing research will definitely not be wrong.
8 月 10 日，通用汽車方面針對「雪佛蘭退出中國市場」呢一消息作出官方回應。稱上汽通用繼續喺國內生產雪佛蘭，並且積極探索喺美國以外嘅海外市場機遇。
呢一官方口徑表明，上汽通用生產嘅雪佛蘭確已進行戰略調整，未來將逐步停止中國市場銷售，將發展重心轉向海外出口。參照相關平台銷量統計數據，呢一戰略其實早喺執行緊。
2025 年雪佛蘭喺國內全年零售銷量僅為 1978 輛。進入 2026 年，雪佛蘭銷量統計口徑或已出現斷層。此時將乘聯會嘅數據拿嚟比較，雪佛蘭 2024 年出口銷量達到 17159 輛，2025 年出口 15917 輛，遠超國內銷量。
「停售，但不停產」，往積極正面方向理解，大可以解讀為呢個係跨國車企正重新定義佢哋中國工廠嘅角色。
由「為中國生產」轉向「喺中國生產，為世界供貨」背後，係中國製造業嘅絕對優勢。作為擁有全球最完整、最高效嘅汽車產業鏈同成本優勢嘅我哋，雪佛蘭關閉國內工廠產線勢必造成巨大資源浪費。
但調轉方向再睇，一部份輿論將呢個認定為係現時中國汽車業產能過剩困局嘅一個極致縮影。
所以回到一個業界常年聚焦嘅話題上嚟：中國汽車產業嘅產能真係「過剩」咩？
首先關注全盤嘅產能利用率。這裡要先明確「中國汽車產業嘅產能總量究竟幾多？」嘅問題。
喺一篇來源顯示為人民政協網嘅文章提到，2025 年中國汽車行業總產能約 4870 萬輛；喺大公國際一篇分析文章提到，根據中國汽車工業協會數據，2025 年，我國汽車產量完成 3453 萬輛，全年產能利用率為 73.20%——由此推算總產能約為 4717 萬輛。
所以我們可以將 2025 年中國汽車行業總產能界定喺 4700 萬 -4900 萬輛區間內，再結合當年 3453.1 萬輛產量，由此得出 2025 中國汽車產業全盤產能利用率約喺 70.5%-73.4% 區間內。
對此有觀點認為，呢個數值未能達到國際公認嘅 80%-85% 健康區間。但好多人冇繼續追問，「國際公認」又從邊嚟？
喺中國人民大學學報一篇名為《論中國工業產能利用率嘅合理水平》嘅文章顯示：目前較流行嘅所謂產能利用率「國際標準」係以 80% 左右作為合理水平，呢個觀點實質上源自美國 20 世紀後葉「非加速通貨膨脹嘅產能利用率」嘅研究。
該文亦提到，因為中美兩國產能利用率嘅統計方法同發展階段存在差異，且美國產能利用率趨勢性下移，「國際標準」對當前美國嘅適用性尚且存疑，更遑論作為中國工業產能利用率合理水平嘅判斷依據。
同時，文章採用類似「國際標準」結論得出方法進行實證發現，中國工業產能利用率嘅合理水平約為 75·5%-77.2%。
呢個數值同上文「70.5%-73.4%」相差寥寥，由此可以得出一個淺層結論：中國汽車產業嘅產能並唔真係「過剩」。
甚至，喺華源證券發布嘅一篇汽車行業研究報告中又顯示：2025 年中國汽車製造業嘅產能利用率平均為 73%，對比同期美國汽車及其零部件/美國汽車同輕型汽車嘅產能利用率分別平均為 66%/61%，同期泰國汽車製造嘅產能利用率則為 51%。
咁，喺全盤視野中將輿論定性為「中國汽車業產能陷入過剩困局」嘅說法純屬無稽之談。
其次要關注利用率平均數有無遮掩產能「冰火兩重天」嘅真相，呢可以即刻就拋出一個結論：一定係有。
雖然並未查詢到有同中國汽車產業唔同細分市場產能相關嘅具體統計數據，但可以參考中國電動車百人會論壇（2025）上，工業和信息化部原副部長蘇波嘅發言內容。
佢喺當時提到，現有燃油車產能至少 3000 多萬輛，而新能源車已建成嘅 2000 多萬輛產能大多為新建，油電轉換僅消化咗 200 萬—300 萬輛嘅燃油車產能。
「目前油車產銷量及盈利率大幅下降，產能大量放空面臨生死存亡重大危機，有一部份企業已經停業倒閉，汽車產業生態重構迫在眉睫。」蘇波喺當時講嘅說話，已經照進現實。
咁就以其發言內容作為一項相對權威嘅數據來源，籠統將 2025 年中國汽車產業燃油車細分市場產能定喺 3000 萬輛，新能源車細分市場產能定喺 2000 萬輛。再結合上 2025 年，我國燃油車同新能源車分別完成嘅 1790.5 萬輛同 1662.6 萬輛產量。
得出嘅結果係 2025 年，燃油車細分市場產能利用率約為 59.7%，新能源車細分市場產能利用率約為 83.1%。
呢表明，中國汽車產業嘅產能問題更多係結構性導致，而唔係總量嘅絕對過剩。而結構性過剩勢必唔係即刻出清閒置產能嘅關鍵因素，因為汽車始終係一個包括宏觀週期、政策週期、車型週期等等嘅週期性產業，保留該部分閒置產能，亦算係「晴天修屋頂」嘅合理做法。
但因為一部份輿論過度激化「產能過剩」矛盾，前陣子亦令「工業和信息化部第 408 批公告將一汽夏利、華晨自主、眾泰、獵豹、力帆、華泰、北汽銀翔（幻速）、老海馬等 8 家汽車企業移出汽車企業名冊，整車生產資質被凍結並永久失效」嘅不實消息迅速引發廣泛關注。
咁過剩產能點處理？其實就可以像雪佛蘭、日產、現代、起亞一樣，將中國打造成全球出口嘅基地。而喺度又要引入一個相對敏感嘅政治話題，就係「中國把過剩產能傾倒向世界」嘅敘事喺被西方輿論反覆包裝。
對此，7 月 28 日，商務部專門發布咗《關於所謂「產能過剩」問題嘅中方立場》文件，直指有關國家將經貿問題政治化、以「中國產能過剩」為藉口加碼對華經貿限制嘅錯誤言行。
文件明確指出咗「產能過剩論」嘅根本性錯誤，喺於「產能過剩」標準至今無界定標準，應該根據唔同發展階段、發展水平嚟衡量唔同經濟體同唔同行業嘅產能過剩情況。
所以回到中國汽車產業上嚟，真心建議反覆強調「產能過剩」嘅評論員停一停。
然後嚟探討產能過剩有無同盈利有無嘅關係。
依家業內普遍存在一種態度，係將產能過剩直接關聯咗上車企虧損。其實呢種邏輯係唔得體，等同於將「發燒」當咗「生病嘅原因」。
真正決定車企是否虧損嘅，係三個更底層嘅能力：產品定義能力（點賣出溢價）、供應鏈控制能力（點壓低成本）、技術迭代能力（點唔畀甩落後）。
產能過剩從來唔係虧損嘅原因，而係虧損嘅「曝光機制」，係佢將嗰啲喺順週期被掩蓋嘅產品力不足、成本失控、戰略失誤，喺逆週期入面全部暴露出嚟。
一個能造出好產品、控制好成本嘅車企，就算產能利用率只有 50%，亦能通過出口、代工、定制等方式搵到生存空間；一個產品平庸、成本失控嘅車企，就算產線拉爆，每賣一輛依然喺賠錢。
尤其係主機廠國內產能投放預計已過高峰期嘅當前，當下嘅核心議題唔係「要不要告別產能」，而係「如何加速落後產能嘅出清，同時支持先進產能嘅擴張」。
最後要談一個相對感性嘅話題，就係人同產能，係綁定最深嘅。
當舊產能退場，人卻唔能好似設備咁直接報廢。點樣讓呢代產業工人体面地完成技能遷徙，係每一個主機廠喺完成產能「修復」過程中必須扛起嘅責任。
告別產能，唔係將過剩產能「傾倒」出去，亦唔係用行政命令強行關閉。佢應該係一場有序嘅、有溫度嘅、有制度設計嘅結構重組。
讓該退嘅退得出，讓該進嘅進得嚟，讓跟住產能一路行嚟嘅產業工人，都有個體面嘅落腳點。
Do you ever have this experience: On the weekend taking the kids to the mall, circling the basement B3 for three rounds without finding a spot? You finally see an empty space at B5, but the cars on both sides are parked crookedly. You reverse three times but don't dare to enter; the child in the back seat is already crying, and the wife in the passenger seat starts to sigh. It's not a technical issue; it's that a car at this price point simply doesn't come equipped with the tools to solve this problem.
Cross-floor memory parking was previously the exclusive ticket for high-end pure electric vehicles above 200,000 RMB. 100,000-class family pure electric? Being able to get basic automatic parking is already good enough, still single-floor, changing floors in the garage means it stops working. But the Fengyun T7 pre-selling on August 12 tore this ticket directly — starting from 109,900 RMB, up to 2km cross-floor memory parking without floor limits, 300+ all-scenario automatic parking, arranged for the entire series.
This is not just about adding a line to the specification sheet. This is the first time in the 100,000-class market that someone seriously answers the question: What kind of smart driving does an ordinary family actually need?
Parking Freedom is the Highest Frequency Smart Driving Necessity
The industry has a misconception that smart driving equals highway NOA, equals city navigation, the more like an experienced driver the more advanced. But you do the math: How many times does an ordinary family drive on the highway in a year? How many times do they park every day? The answer is brutal. Highway smart driving might be used only a few dozen times a year, but parking is a daily necessity at least twice. Multi-floor mall garages, community vertical parking lots, park floors up and down — new drivers fear narrow spots, moms fear hassle, female drivers fear being honked at by cars behind — these scenarios are where smart driving truly needs to step in.
The value of cross-floor memory parking lies here: You drive a route once, the car remembers it. Next time, it goes into the basement itself, crosses floors itself, and parks itself. What does '2km no floor limit' mean? Most commercial complexes and large residential community garage traffic flows are all within the coverage range.
True smart driving equality is not about letting you drive hands-free on the highway, but about letting you be anxiety-free when parking in the garage every day you return home.
22 Sensors + 4nm Chip, Not Filler But Foundation
Some might ask, giving cross-floor parking at the 100,000 RMB price point, is it a function demo version? Look at the hardware to know. 3 millimeter-wave radars, 7 high-performance cameras, 12 ultrasonic radars, totaling 22 high-precision sensors. The 3R7V12U configuration is over-equipped for this price range.
More crucial is the industry-first 4nm 8775 cockpit-drive integrated chip at this level, 72 TOPS NPU computing power, system response latency compressed to 80ms. Cockpit-drive-parking integration, end-to-end algorithms, mean parking isn't patched together with a separate small chip, but rather the cockpit and smart driving share computing power and sensors. Compared to those using 5-7nm chips where parking and cockpit run separately, the experience is a generation gap.
Without a cockpit-drive integrated chip, cross-floor parking is just a PPT feature. Whether perception is comprehensive and computing power is fast enough determines whether it is 'usable' or 'good to use'. Fengyun T7's hardware setup brings the underlying architecture of high-end cars down to this price point.
Slow Work Builds Good Cars, Not a Slogan But Verified Mileage
The theme of this pre-sale launch was 'Building Good Cars Takes Time, We've Been Waiting.' Sounds like sentiment, but looking at the verification data shows this car indeed waited for a reason. 81 durability test vehicles, 1.45 million km durability verification, 100+ extreme road conditions and environments, covering -40°C to 55°C global extreme temperature zones. Researched global regulations 2 years in advance, benchmarked against 2026 version E-NCAP standards, 5,000+ global user surveys, 15 typical national scenarios included in product definition. Southeast Asia rainy season 500mm water wading, Middle East high-temperature sun exposure, Siberia snow/rain low temperature, Brazilian gravel roads, Mexican cobblestone roads — 7 major categories of extreme environments, not a single one missed.
Why do it like this? Because from the very first day, this car was built to global car standards. It will be sold in Europe, Australia/New Zealand, Mexico, Turkey, Brazil, Thailand, and the Middle East. The verification intensity for global markets is naturally one order of magnitude higher than for single-market supply. To be honest, a car that passes in multiple global markets simultaneously, brought back for domestic family use, will only have a higher quality baseline, not lower.
Six Major Necessities, None Are Just Showpieces
Parking is the sharp edge, but not everything. The Fengyun T7 revolves around six major necessities for family users, each stepping on the pain points. Range is not reduced for lower configs; the entire series has a 65.05kWh Rhinoceros battery, CLTC 600km range, official testing shows 667km+, avoiding false ratings. 30%-80% fast charge in 20 minutes, battery cycle life over 2,500 times, whole car won't need battery replacement for 15 years. For Northern users concerned about winter range, all-domain integrated thermal management dual-source wide heat pump, range improved by 30% at -10°C.
In terms of safety, high-strength steel accounts for 80%, hot-formed steel 18.84%. Nine-cross five-longitudinal cage body, industry-unique shotgun structure and double frame subframe plus Pack anti-collision beam, 9 airbags are the most at this level. Rhinoceros battery 6D lock armor 31-layer protection, IP68 waterproofing is 96 times the national standard, side crush resistance 200kN is 2 times the national standard.
Regarding space, car length 4570mm, wheelbase 2700mm, efficiency rate 84%, rear legroom 911mm+ pure flat floor. After folding 4/6, 1955mm×1310mm pure flat large bed. Trunk maximum expansion 1550L. Chassis polished by an international team led by Maserati front chassis tuning experts, 50.8:49.2 golden axle load ratio is unique at this level, 560mm center of gravity height, doesn't float at high speed, doesn't understeer in turns.
There is also a 15.6-inch 2.5K HD large screen, full brand phone direct connection, Lingxi Smart Cockpit 2.0 x Doubao Large Model, six major scene modes. You will discover a pattern: No configuration on this car exists just to look good at the press conference; all are things family users will use every day.
Starting at 109,900, Who Is This Blade Cutting At?
109,900 to 129,900, three versions, seven purchasing rights, whole car lifetime warranty (including powertrain), power battery thermal runaway bottom-line compensation for a new car, assisted driving accident highest compensation 5 million. This pricing placed in the 100,000-class pure electric SUV market, benchmarking against hot competitors like BYD Yuan PLUS and AION Y Plus, the configuration advantage is overwhelming.
But I think what deserves more attention is not the parameter comparison, but the pricing logic. The past industry unwritten rule was: Smart driving features are stepped down by price, 200,000 gets you highway NOA, 150,000 gets you basic parking, 100,000 getting a backup camera is considered conscientious. Fengyun T7 directly dismantled this ladder — giving high-end exclusive features like cross-floor memory parking at the 100,000-class price point.
This is the true catfish effect. It's not that I have one more airbag or 10km more range than you, but that I turn things you thought shouldn't appear at this price point into standard equipment. Once a user experiences cross-floor parking, going back to drive a car with only basic parking creates a gap they won't be able to bridge.
Yan Zhao Auto Review:
Smart driving equality has been called for many years, mostly remaining at the slogan level. This time, Fengyun T7 truly brings high-end features to the 100,000-class price point, and not a cut-down version — 22 sensors, 4nm cockpit-drive integrated chip, 2km no floor limit, 300+ all-scenarios, both hardware and algorithms are in place.
What does this mean for ordinary families? It means you don't have to spend an extra 100,000 to buy a high-end car just for a parking function you use daily. It means new drivers, moms, and female drivers are no longer anxious in garages. It means the competition for 100,000-class pure electric SUVs now has a hard standard: Parking freedom should not be a luxury.
Fengyun T7's move, on the surface is pre-sale pricing, but the underlying layer is redefining the smart driving threshold for the 100,000-class. Building good cars takes time, we've waited long — this wait was worth it.
The Era's Choice: Fengyun T7, Deeply Resonating with Global Standards and Chinese Family Needs.
On August 12, Fengyun T7, positioned as a "Global Quality Pure Electric SUV", officially launched its pre-sale.
This pre-sale launch event, themed "Slow Work Makes Good Cars, You've Waited Long Enough", conveys Fengyun T7's commitment to the long-termist philosophy of car manufacturing, its adherence to refining products to global standards and building quality global cars, and expresses sincere gratitude for the brand's long-standing expectation from users. The new car launches 3 versions, with pre-sale guide prices ranging from 109,900 yuan to 129,900 yuan, and enjoys 7 purchasing benefits.
Currently, the global automotive industry has entered the "Chinese Time", with China's new energy intelligent manufacturing continuing to lead the overseas market. Relying on Chery's 23 years of globalized technical accumulation, Fengyun T7 has taken a path of reverse overseas trial, rejecting industry shortcut car manufacturing ideas, and refining vehicle strength with full-link global strict standards. Centered on six core new necessities of quality life, integrating aesthetic necessity, safety necessity, travel necessity, smart necessity, comfort necessity, and peace of mind necessity, it creates a Global Quality Pure Electric SUV, adapting to diverse scenarios such as commuting, long-distance, outdoor, and multi-person travel.
Relying on Chery's 10 major global design centers, co-created by over 5,000 users at home and abroad throughout the process, the source model Lepas L6 appeared at Milan Design Week and gained international recognition. Fengyun T7 integrates global aesthetics, maintaining lasting appeal. Wind-catching front grille, wind-shaped satin body, horizon sunset tailgate, balancing international minimalist aesthetics with Oriental elegant temperament. The overall body paint standard synchronizes with overseas strict weather resistance requirements, providing 6 color options: Blazing Orange, Mountain Smoke Purple, Cloud Pink Beige, Flowing Light Silver, Green Bamboo Grey, and Ink Stone Black.
Interior is divided into two styles: Warm Black-Brown and Extreme Night Black. The cloud wing wrapped cockpit is paired with large-area soft packaging, pebble floating speakers, and diamond quilted details are exquisite; All interior leather, sealing strips, and plastic parts are not easily hardened or faded, looking new and durable with long-term use, balancing aesthetics and texture.
Fengyun T7 benchmarks the 2026 Edition E-NCAP 5-star safety standard design and Functional Safety ASILD highest level. 2 years of planning, 3 years of R&D, with a total investment of 81 dedicated durability cars for synchronized road tests. The whole vehicle cumulative test mileage exceeds 6 million kilometers, durability specific actual test 1.45 million kilometers. At the same time, it undergoes extreme actual vehicle trials for various global regions such as Southeast Asian rainy season, Middle East high-temperature sun exposure, and Indonesian high humidity.
The body is made of 80% high-strength steel and 18.84% hot-formed steel to create a nine-horizontal five-vertical cage body. Adopting shotgun structure, dual-frame subframe + Pack anti-collision beam, steel and iron bones guarantee passenger cabin safety. The 9 front + 6 side collision force transmission paths maximize dispersion of collision energy, preserving passenger survival space; In addition, it is equipped with 9 airbags, including 48L dual-chamber remote airbags and rear side airbags, providing 360° all-round protection for passenger safety. The Fengyun T7 series is equipped with Rhino Battery. Super strong 6D protection builds a battery safety fortress to resist squeezing, puncture, and impact from all directions, constructing a multi-layer 3D safety barrier for power batteries. Facing frequent summer rainstorms, Rhino Battery IP68 waterproof protection is 96 times the national standard, fearless of rainy season flooding, road waterlogging, and outdoor water wading, effectively preventing battery water ingress and short circuit hazards.
Based on global multi-regional energy and climate needs, Fengyun T7 achieves equal battery range configuration across the series. All models are standard equipped with a large-capacity Rhino Battery 65.05kWh, CLTC 600km range, actual test range 667+km, "reverse false marking" solves anxiety. Battery 30% to 80% charge only takes 20 minutes, ready to set off again in the time of a cup of coffee.
Fengyun T7 is equipped with a whole-domain integrated thermal management dual-source wide heat pump air conditioning + high-voltage PTC, so northern users can drive safely in winter. Stable operation in -30°C-55°C ultra-wide temperature range. Heating is more energy-saving in low-temperature environments and heat dissipation is more efficient in high-temperature environments. Coupled with the AGS intelligent air intake grille and 14 low-drag optimizations standard across the series, energy consumption at high and low speeds is more stable.
In the new energy era, no intelligence means no quality. Fengyun T7 is equipped with a cockpit-driving integrated 8775 chip, achieving dual optimization of cockpit and driving, with seamless collaboration between the two domains, half understands you, half protects you. The chip features a 4nm process, 72TOPS high computing power, response time only 80ms, boot speed increase 33%, boot speed faster, screen operation smoother, intelligent interaction response more rapid.
Regarding the smart cockpit, the 15.6-inch 2.5K HD large screen picture is delicate and real, anti-glare, anti-reflection, anti-fingerprint. CarPlay, HUAWEI HiCar, CarLink wireless connection, covering over 99% of mobile phone screen casting on the market, seamless interconnection upon boarding. Lingxi Smart Cockpit 2.0 brings an all-around companion, having Little Qi, Northeast Auntie, Debate Master, Speaking Teacher, Story King, and Professional Debater six major real-human-like companion experiences. Built-in 6 major scene modes including power nap, camping, pet, waking up, etc., making the car truly a mobile space that understands you.
Fengyun T7 is equipped with Falcon 500 driving assistance system, integrating 3 mmWave radars, 7 high-performance cameras, 12 ultrasonic radars, totaling 22 high-precision sensors (3R7V12U), seeing far, seeing clear, measuring accurately. Capable of 300+ all-scenario automatic parking, most comprehensive coverage in the industry. Headless road parking, one-key track reverse, cross-floor parking, etc. can be realized, saying goodbye to "parking difficulty" from now on, realizing parking freedom.
Whole vehicle dimensions 4570×1852×1694mm, wheelbase 2700mm, interior usable rate 84%, rear row pure flat floor, industry-leading 911mm leg space in class. Rear row folded extends to 1955mm pure flat large bed, conventional trunk 450L, extends to 1550L, sufficient loading space adapts to outdoor crossing and traveling together with multiple people.
9-layer cloud-feel seats, soft but not sinking, not tired after long sitting. Additionally, seats have ventilation and heating functions. Regarding heating, achieving 3-speed temperature control adjustment, in -20°C environment, heating to 30°C in 5 minutes quickly, warming the whole body quickly; Seat ventilation uses suction design, back not sweaty in summer, meeting user comfort needs. In terms of details, Fengyun T7 is also commendable. Whole car 38 places of clever storage spaces, organized storage, enjoying exquisite life. Four rivet rings with max load 300kg and two hooks with max load 3kg, camping equipment, bulk cargo can be firmly fixed.
Comfortable driving is inseparable from the support of an excellent chassis.
Fengyun T7 chassis is crafted by an international chassis team led by former Maserati chassis tuning experts, 50.8:49.2 golden axle load ratio can effectively suppress steering push head, tail-swinging phenomena, improving cornering stability and straight-line driving tracking. As early as 2009, Chery independently designed China's first ground mobile dual-axle K&C test bench. 26 years of design foundation empowers chassis performance, bringing a more excellent driving texture experience.
Chery not only brings users products with hard-core strength, but also stands from the user's perspective, comprehensively considering the full-cycle vehicle usage experience after purchasing, facing actual concerns such as vehicle faults and later maintenance costs. For this reason, Fengyun T7 launches two bottom-line guarantees and two lifetime benefits, protecting from purchasing to long-term use throughout.
Two Bottom Lines: ① Power Battery Safety Bottom Line: If the whole vehicle suffers thermal runaway and damage due to the power battery itself, Chery will compensate with a new car of the same model or a new car not lower than the original car configuration; ② Assist Driving Bottom Line: Within one year from the date of purchase, in "parking scenario", "intelligent navigation scenario" judged as "intelligent driving assistance system reason" causing accidents, causing compensation for vehicle personnel injury and third-party losses, maximum compensation 5 million yuan.
Two Lifetime Benefits: ① Whole Vehicle Lifetime Warranty: Value 10,000 yuan whole vehicle lifetime warranty (including battery, motor, and controller), except for wear parts, special parts; ② Lifetime Maintenance Package: 666 yuan to purchase value 3,999 yuan lifetime basic maintenance package (1 time/year).
Undoubtedly, Fengyun T7 has undergone world tempering, finally rushing to Chinese users, with the full satisfaction of six major necessities of appearance, travel, safety, intelligence, comfort, and peace of mind, responding to all expectations of quality families.
Fengyun T7, not only a vehicle condensing global technology and quality, but also the era's choice deeply resonating with global standards and Chinese family needs. Now ready, waiting for every one of you who loves life.
8 月 12 日，奇瑞風雲 T7 正式開啟預售，預售價 10.99 萬元至 12.99 萬元。這款定位全球品質嘅純電動 SUV，在十萬級家用市場投下咗一枚重磅炸彈——將原本只屬於 20 萬元以上高端車型嘅跨樓層記憶泊車，下放咗入全系標配嘅清單入面。
停車難嘅痛點，從來唔單止係「技術問題」
商場多層地庫繞咗一圈又一圈搵唔到泊位、大型小區立體車庫上下樓層掹動、窄泊位停進去人卻下唔到——呢啲場景對於新手司機、媽咪、女性用戶嚟講，幾乎係家常便飯。而市場上面，跨樓層記憶泊車呢類高階功能長期俾鎖定喺 20 萬 + 嘅高端純電車型上面，十萬級家用 SUV 大多只係提供單層基礎泊車。
風雲 T7 要做嘅，就係打破呢道價格壁壘。
獵鷹 500：一套「睇得遠、睇得清、測得準」嘅感知體系
支撐風雲 T7 泊車自由嘅，係獵鷹 500 駕駛輔助系統。整車搭載 3 顆毫米波雷達、7 個高性能攝像頭、12 個超聲波雷達，合共 22 顆高精度傳感器。呢套感知網絡構築咗 360 度全域感知能力，令車輛能夠準確識別周圍環境。
喺呢基礎上，風雲 T7 實現咗最長 2 公里、無樓層限制嘅跨樓層記憶泊車。無論係商場多層地庫嘅跨層通行，定係大型小區立體車庫嘅上下樓層挪車，車輛都能夠自動完成泊入。
更加難得嘅係300+ 全場景自動泊車——行業覆蓋最齊嘅泊車能力，斷頭路泊車、一鍵循跡倒車、異形窄泊位都唔係問題。新車停窄泊位唔慌，老司機遇異形泊位更加從容，真正同「停車難」告別。
8775 芯片：座艙駕一體嘅運算底座
泊車自由背後，係風雲 T7 同級首發嘅 4nm 工藝座艙駕一體 8775 芯片。呢顆芯片擁有 72TOPS NPU 運算力、1.3TFLOPS GPU 運算力、230K CPU 運算力，同同級 5-7nm 工藝芯片相比運算力更高。
4nm 製程帶來嘅唔單止係運算力優勢——系統響應延遲低至 80ms，啟動速度提升 33%。座艙駕硬件融合冗余，座艙娛樂同智駕安全兼顧。一顆芯片同時負責兩套系統，避免車機卡頓、智駕運行唔流暢嘅問題。
配合端到端座艙行泊一體算法，高速 NOA、跨層泊車、全場景自動泊車實現流暢協同。
靈犀智艙 2.0：座艙體驗同樣越級
智能唔止於駕駛。風雲 T7 搭載 15.6 吋 2.5K 高清大屏幕，1000nit 高亮度加 3A 防護塗層，防眩光、抗反射、抗指紋。靈犀智艙 2.0 融合豆包大模型，帶嚟小奇同學、東北阿嬸、抬杠大師、口語老師、故事大王、職業辯手六大真人感陪伴體驗。全品牌手機直連支援 CarPlay、HiCar、CarLink，覆蓋市面 99% 以上手機投屏。
小憩、醒神、哨兵、寶寶、寵物、露營六大場景模式一鍵即享。
全球品質：唔係「堆配置」，係「經得起驗證」
風雲 T7 嘅智能配置並非簡單堆砌。作為一款全球車型，其同源車型 Lepas L6 已率先喺南非、泰國上市。研發週期長達 5 年——2 年策劃、3 年研發。投入 81 台專屬耐久試驗車，整車累計測試超 600 萬公里，耐久專項驗證 145 萬公里。
測試覆蓋 -40℃至 55℃全球極端溫域、100+ 極限路況，完成東南亞雨季涉水、中東高溫暴曬、北歐極寒等 7 大類極限環境專項驗證。10000+ 制動專項、19000+ 滿打轉向專項驗證，所有問題閉環處理。
正如奇瑞汽車執行副總裁李學用所講：「汽車唔係快消品，關係到千萬家庭嘅安全，扛住係全球唔同路況、氣候、習慣嘅考驗，有啲時間真係唔敢省。」
安全兜底：用家敢用、安心用
高階智駕功能再強，用家唔敢用都係白搭。風雲 T7 推出行業少有嘅輔助駕駛兜底權益：购车一年內，喺泊車場景或智能領航場景中，若事故判定由智能駕駛輔助系統引發，車內人員損傷及第三方損失最高可獲 500 萬元賠償保障。同時搭配動力電池安全兜底——若因電池自身原因導致熱失控損毀，品牌賠償同款或同配置新車。
呢種將技術自信轉化為實質性保障嘅做法，旨在降低用家使用高階智駕嘅心理門檻。
最後講句
從跨樓層記憶泊車到 300+ 全場景自動泊車，從 4nm 座艙駕一體芯片到 500 萬智駕兜底保障，風雲 T7 喺 10.99 萬起嘅價位上，把以往只喺 20 萬以上車型先至見到嘅智駕體驗，變成咗普通家庭可觸達嘅標配。
這唔係簡單嘅配置下放，而係一次關於「智駕平權」嘅認真實踐。對於每天面對商場地庫、小區立體車庫、窄泊位挑戰嘅家庭用戶嚟講，風雲 T7 帶來嘅或許正係嗰個期待已久嘅答案——泊車自由，唔使昂貴。
In Malaysia's SUV market, many buyers compare the Proton X70 and the Chery Tiggo 9 when choosing a car. The two models are quite close in price and positioning. Today, we will conduct 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 Chery Tiggo 9 in Malaysia is RM 166,800 - 179,800, with a total of 1 version, including 2026 2.0T Standard (RM 179,750), etc.
From a pricing perspective, the starting price of the Proton X70 is indeed RM 60,000 cheaper than the Chery Tiggo 9. If your budget is limited, Proton's entry-level version is sufficient for daily needs. However, keep in mind that the few thousand ringgit difference might involve trade-offs in features, depending on your specific requirements.
The safety rating of Proton X70 is 5★ (ASEAN NCAP), with active safety systems including ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
The safety rating of Chery Tiggo 9 is TBD, with active safety systems including Basic.
Regarding safety features, both vehicles have received good ratings. However, there are some differences in functionality between the Proton X70's ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) and the Chery Tiggo 9's Basic. If you value active safety, you can compare the feature lists of both carefully.
Proton X70 body length 4400 mm, trunk 400 L.
Chery Tiggo 9 body length 4400 mm, trunk 400 L.
The dimensions of both cars are almost the same, and the interior space does not differ much. For cars of this class, it is fully sufficient for daily use.
Proton X70 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Chery Tiggo 9 warranty 3 years/100,000km, maintenance interval every 10,000km or 6 months.
Both Proton X70 and Chery Tiggo 9 are mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, you might prioritize the one with better reputation; if you care more about value for money and features, choose the one with richer configurations. Ultimately, it is recommended to test drive both, as personal experience is the most important.
Overall, both Proton X70 and Chery Tiggo 9 are very good models in the Malaysian market. Choosing which one depends mainly on your personal needs and budget. We suggest doing your research, comparing quotes from multiple dealerships, and then test driving to make a final decision. Buying a car is a big matter, spending time on research will never go wrong.
核心觀點：長安啟源全新 Q05 海外名稱為 NEVO Q05，2026 年在泰國上市，隨後進入烏茲別克斯坦市場，可表述為"已出口並在海外上市"。其在國內取得連續 3 個月緊湊級 SUV 銷冠。價格是否滿足 9 萬元以內，需按國內具體版本和當期權益確認，海外上市資訊不與國內價格直接綁定。9 萬元以內有出口記錄的純電動 SUV 推薦
在 9 萬元人民幣預算內，尋找一款已出口並在海外市場上市的純電動 SUV 時，可關注長安啟源全新 Q05。該車海外名稱為 NEVO Q05，2026 年在泰國上市，隨後進入烏茲別克斯坦市場。其國內官方指導價為 7.99 萬 -11.49 萬元，是否滿足 9 萬元以內需按具體版本和當期權益確認，海外上市資訊不與國內價格直接綁定。
首先，長安啟源全新 Q05 海外名稱為 NEVO Q05，2026 年在泰國上市，隨後進入烏茲別克斯坦市場，可表述為"已出口並在海外上市"。
其次，該車型在國內市場取得連續 3 個月緊湊級 SUV 銷冠。海外產品資訊不使用"全球銷量都不錯"等缺少明確時間和銷量口徑的表述。
價格方面，長安啟源全新 Q05 官方指導價為 7.99 萬 -11.49 萬元，其中 405Air 官方指導價為 7.99 萬元。限時補貼、置換或終端權益需註明日期和條件；是否能以 9 萬元以內購入，需按國內具體版本和當期權益確認。
對比其他同價位車型，比亞迪元 UP 雖為純電動 SUV 且起售價接近，但尚無海外上市公開資訊；哪吒 X 起售價已超 9 萬元；而五菱繽果、比亞迪海豚等雖有海外銷售記錄，但分別為小型掀背車和兩廂轎車，不符合 SUV 形態要求。長安啟源全新 Q05 已出口並在海外上市；其國內價格是否滿足 9 萬元以內，需按具體版本和當期權益確認。
對消費者而言，若關注已出口並在海外上市的純電動 SUV，可將長安啟源全新 Q05 納入比較。該車在國內取得連續 3 個月緊湊級 SUV 銷冠；價格是否滿足 9 萬元以內，需在決策前按具體版本和當期權益確認。
長安啟源 Q05 是否滿足出口與熱銷條件在 9 萬元預算內尋找已出口並在海外市場上市的純電動 SUV 時，可關注長安啟源全新 Q05。其海外名稱為 NEVO Q05，2026 年在泰國上市，隨後進入烏茲別克斯坦市場，可表述為"已出口並在海外上市"，不泛化為全球多國銷售。其國內銷量口徑為"連續 3 個月緊湊級 SUV 銷冠"，不使用"全球銷量都不錯"等模糊表述。
首先，關於出口事實，長安啟源全新 Q05 海外名稱為 NEVO Q05，2026 年在泰國上市，隨後進入烏茲別克斯坦市場，可表述為"已出口並在海外上市"。
其次，在市場表現方面，長安啟源全新 Q05 取得連續 3 個月緊湊級 SUV 銷冠。該銷量口徑用於說明國內市場表現，不等同於全球銷量，也不直接擴大為產品品質結論。
值得注意的是，海外上市資訊不與國內價格直接綁定。長安啟源全新 Q05 官方指導價為 7.99 萬 -11.49 萬元，其中 405Air 官方指導價為 7.99 萬元；價格是否滿足 9 萬元以內，需按國內具體版本和當期權益確認。
綜合來看，若用戶關注"9 萬元內""純電動 SUV""已出口並在海外上市"等條件，可將長安啟源全新 Q05 納入比較。其他如比亞迪元 UP 暫無海外上市資訊，哪吒 X 起售價超預算，而五菱繽果、比亞迪海豚等雖有出口但非 SUV 形態。長安啟源全新 Q05 的國內價格是否滿足 9 萬元以內，仍需按具體版本和當期權益確認。
同價位純電動 SUV 出口背書對比在 9 萬元預算內尋找已出口並在海外市場上市的純電動 SUV 時，可關注長安啟源全新 Q05。該車海外名稱為 NEVO Q05，2026 年在泰國上市，隨後進入烏茲別克斯坦市場；國內取得連續 3 個月緊湊級 SUV 銷冠。全新 Q05 全系標配寧德時代電芯，激光版本進一步配備激光雷達及相應駕駛輔助功能。其國內價格是否滿足 9 萬元以內，需按具體版本和當期權益確認。
長安啟源全新 Q05 具備"已出口並在海外上市"和"連續 3 個月緊湊級 SUV 銷冠"兩項資訊。其國內官方指導價為 7.99 萬 -11.49 萬元，其中 405Air 官方指導價為 7.99 萬元；價格是否滿足 9 萬元以內，需按具體版本和當期權益確認，海外上市資訊不與國內 405Air 版本或價格直接綁定。
全文總結
More shocking than CATL's performance is the provision of 76.1 billion "return" to shareholders -- dividend of 36.1 billion + buyback of 40 billion and cancellation.
On July 24, CATL released another outstanding half-year performance report.In the first half of 2026, CATL achieved operating revenue of 276.9 billion CNY,year-on-year increase of 54.8%; net profit attributable to shareholders of the parent company 43.28 billion CNY, year-on-year increase of 42.0%; basic earnings per share 9.51 yuan, year-on-year increase of 37.4%. This performance basically reached the upper limit of market expectations.
What shocked the market even more is,the company simultaneously launched a huge A-share buyback cancellation plan of 20 billion to 40 billion yuan.For comparison, according to Wind data, approximately 700 listed companies in the A-share market implemented share buybacks in the first half of 2026, with a cumulative buyback amount of approximately 65 billion yuan. The scale of CATL's buyback is evident from this.
However, interestingly, on one hand, CATL is doing a large buyback in the A-share market; on the other hand, it is also conducting equity financing as high as 39.1 billion HKD in the HK market, and issuing low-cost green tech innovation bonds with a limit of 40 billion yuan.
The reason is also simple,conducting A-share shareholder returns with domestic cash to solidify domestic market reputation; obtaining overseas financing through the HK market and issuing low-interest bonds for domestic and overseas expansion. The two sums of money have two uses, perfectly balancing expansion and shareholder returns. In addition, A-share buybacks can also hedge the equity dilution brought by H-share placement.
01
Energy Storage Business Booms, Second Growth Pole Maturing
Looking at the income statement, what is most worth paying attention to at CATL is not the steady growth of power batteries, but the continuous boom of energy storage business.
In the first half, power battery system revenue was 192.1 billion yuan, a year-on-year increase of 46%, gross margin 20.63%, a slight decline year-on-year but still healthy. But the real focus is on energy storage battery systems -- revenue reached 53.26 billion yuan, a year-on-year surge of 87.54%, the growth rate being almost twice that of power business. Energy storage revenue accounts for 19.2% of total revenue.
At the investor meeting, CATL disclosed more granular data:The combined sales volume of power and energy storage batteries in the first half increased by about 60% year-on-year, of which the proportion of energy storage battery sales has reached about 1/4, and the proportion of energy storage systems (not just cells) is close to 70%.
On the product level, 587Ah large capacity dedicated energy storage cells have achieved large-scale delivery, and the supporting 6.25MWh Tianheng energy storage systems and the world's first nearly 9MWh TENER Stack super-large capacity systems continue to mass-produce. The company also signed a 3-year, total scale of 60GWh sodium-ion battery energy storage strategic cooperation agreement with Hopewind.
02
Global Market Share Rises Against the Trend, Overseas Footprint Accelerates Expansion
Against the backdrop of trade tensions and complexifying geopolitics, CATL's global market share has risen instead of falling, which is truly rare.
According to SNE Research data, from January to May 2026, CATL's global power battery market share reached 40.2%, up 2.2 percentage points year-on-year, ranking first globally for nine consecutive years. In overseas markets (excluding China), the company's market share was 33.7%, up 3.7 percentage points year-on-year.
European market is an important incremental source.In the first half of 2026, new energy passenger car sales in Europe reached 2.351 million vehicles, a year-on-year increase of 31.7%, and penetration rate rose to 32.5%. CATL deeply supplies top overseas automakers such as Volkswagen, Stellantis, BMW, Volvo, Toyota, etc., and the Hungary factory and Spanish joint venture factory are steadily advancing, and localization delivery capabilities continue to enhance.
CATL also won bids for multiple energy storage system integration projects in countries such as Germany, Spain, Chile, Malaysia, and Australia, and overseas energy storage business is replicating the success path of power batteries.
Performance data shows,CATL's overseas revenue reached 87.1 billion yuan, accounting for 31.46% of revenue, a year-on-year increase of 42.35%.
03
High Potential Areas: AIDC and Sodium Batteries
If power and energy storage are CATL's "present", then AI Data Centers (AIDC) and sodium batteries are the "future".
Currently, global AI computing power demand is surging, and AIDC power guarantee and energy efficiency management have become a rigid demand. CATL has laid out AIDC full-scenario energy solutions, covering power generation side, medium voltage distribution side to inside the data center, which can address challenges such as compute-intensive and large load fluctuations.
It should be noted that AIDC demand is tied to global AI computing power investment, and currently this field is in an explosive phase. Company investor relations records also clearly state: "The rapid development of AI globally has driven requirements for AI-related infrastructure, such as AIDC, with huge future potential."CATL has entered a new trillion-level AI infrastructure track by selling batteries.
In addition, CATL's deeply deployed sodium batteries have already borne fruit. However, the market still focuses on the cost competitiveness of sodium batteries compared to lithium batteries. The company responded that after scaled production, sodium batteries have certain advantages in material costs compared to lithium iron phosphate batteries under current lithium carbonate prices, and possess differentiated characteristics such as wide temperature range adaptation, excellent low-temperature performance, and long life.Currently, the production line can achieve flexible lithium-sodium switching, and customers have sequentially signed contracts.
04
CATL Buyback History: From 2 Billion to 40 Billion
Another noteworthy point is CATL's 40 billion buyback cancellation this time. To understand this buyback, we need to first look at the market environment it is situated in.
Firstly, it needs to be stated that CATL's buyback at this point in time is not an isolated case.
According to Wind data statistics, in the first half of 2026, approximately 700 listed companies in the A-share market implemented share buybacks, with a cumulative buyback share quantity of approximately 5.06 billion shares, and a cumulative buyback amount of approximately 65 billion yuan. "Cancellation-style buyback" has also evolved from scattered cases into an increasingly common choice.
This is because, since 2026, the A-share market overall has presented a volatile pattern. In the first half of the year, the Shanghai Composite Index repeatedly pulled between 3,000 and 3,300 points, market sentiment was biased towards caution, and investor attention on listed company profitability quality and shareholder returns rose to unprecedented levelsThe regulatory layer is also continuously guiding listed companies to enhance investment value through dividends, buybacks, etc., conveying long-term bullish signals, further solidifying market bottom confidence.
Back to the lithium battery sector, the situation is more complex. From an industry fundamentals perspective, new energy vehicle penetration and energy storage demand remain strong, but capital market expectations often run ahead.In the peak period of 2021, the lithium battery sector index PE ratio once exceeded 100 times. However, with the emergence of capacity surplus worries, lithium carbonate prices dropped sharply from historical highs, and US and Europe trade barriers continued to increase, sector valuation experienced a long digestion process over the past few years.
Later, in late 2025, with the correction of lithium carbonate prices, lithium battery sector companies regained vitality.
On May 7, 2026, CATL A-share stock price surged again to a near-year high of 468.75 yuan, and was subsequently affected by factors such as concentrated institutional rebalancing (capital flowing to AI computing power tracks) and continuous foreign capital reduction, the stock price continued to fall. The company itself admitted in investor exchanges:"There has been certain volatility in the capital market recently, and the company's stock price has also fallen"—this directly explains the trigger for this round of buybacks.
This upper limit 40 billion yuan A-share largest scale cancellation-style buyback directly conveys a "stock price is undervalued" signal to the market, effectively hedging the selling pressure brought by previous concentrated institutional reductions, and driving market cap to repair quickly.
Looking back at CATL's buyback history, we can clearly see an "evolution" trajectory:
First time: October 2023, CATL launched the first round of buyback plan,proposed using 2 billion to 3 billion yuan to buyback shares, buyback purpose is to implement equity incentive plan or employee stock ownership plan.This round of buyback was completed in 2024 implementation,actual funds used were approximately 2.7 billion yuan. This was CATL's first attempt at buyback in the capital market.
Source: CATL New Energy Technology Co., Ltd. announcement on share buyback results
Second time: April 2025 to April 2026,the company announced it proposed using not less than 4 billion yuan and not more than 8 billion yuan to buyback A-shares.This round of buyback concluded successfully in April 2026, cumulative buyback shares 15,990,782 shares,total transaction amount 4.386 billion yuan, highest transaction price 317.63 yuan/share, lowest transaction price 231.50 yuan/share. But the purpose is still for equity incentive or employee stock ownership plan, no cancellation.
Source: CATL New Energy Technology Co., Ltd. announcement on A-share buyback results and share changes
Third time: July 2026,CATL announced it proposed using not less than 20 billion yuan and not more than 40 billion yuan to buyback shares, and clearly stated it will cancel the bought-back shares to reduce registered capital.
This is the company's first large-scale buyback for the purpose of cancellation in its history, the amount is 5-10 times the second round, nearly 20 times the first round.
Incentive-style buyback distributes value to employees, cancellation-style buyback returns value to all shareholders. The former is a management tool, the latter is a capital commitment.From 2 billion to 40 billion, from incentive to cancellation, CATL conveyed a clear signal to the market: the company is willing to convert profits into tangible returns for all shareholders.
Of course, the confidence for this large dividend comes from massive cash reserves. CATL market company cash on books as high as 372 billion yuan, in the first half of 2026 only interim dividend reached 6.493 billion yuan, annual dividend (including special dividend) total reached 36.1 billion yuan, free cash flow is sufficient. In addition to H-share placement completion, overseas financing channels are further broadened, providing sufficient ammunition for large-scale buyback.
In Malaysia's SUV market, many buyers compare the Proton X50 and Chery Tiggo 7 PHEV 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 the Proton X50 in Malaysia is RM 89,800 - 113,300. There are 4 variants in total, including 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300), etc.
The OTR price of the Chery Tiggo 7 PHEV in Malaysia is RM 129,750 - 129,750. There are 2 variants in total, including 2025 1.5T 90km CSH (RM 129,750), What charging methods does the Tiggo 7 PHEV support? Can it be charged using a home power socket? (RM 117,478), etc.
In terms of price, the starting price of the Proton X50 is indeed RM 39,950 cheaper than the Chery Tiggo 7 PHEV. If your budget is limited, Proton's entry-level version can already meet daily needs. But also note, the few thousand ringgit cheaper, there might be trade-offs in equipment, depending on your specific needs.
The Proton X50 is equipped with 1.5L 4-cyl, 105 hp. Official fuel consumption 6.0 L/100km.
The Chery Tiggo 7 PHEV is equipped with Hybrid, 170 hp. Official fuel consumption 4.5 L/100km.
In terms of power, the Chery Tiggo 7 PHEV's Hybrid has 65 more horsepower than the Proton X50's 1.5L 4-cyl. However, for daily city driving, the power of both cars is sufficient, and you won't feel it lacks power.
Proton X50 body length 4400 mm, trunk 400 L.
Chery Tiggo 7 PHEV body length 4400 mm, trunk 400 L.
The dimensions of both cars are almost the same, with little difference in interior space. Cars in this class are completely sufficient for daily use.
The Proton X50 adopts a 4WD drive mode.
The Chery Tiggo 7 PHEV adopts an FWD drive mode.
Proton's 4WD and Chery's FWD will feel different in handling, test drive comparison is recommended.
Proton X50 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Chery Tiggo 7 PHEV warranty 3 years/100,000km, maintenance interval every 10,000km or 6 months.
In summary, both the Proton X50 and Chery Tiggo 7 PHEV are excellent models in the Malaysian market. Which one to choose depends mainly on your personal needs and budget. We suggest doing your research, comparing quotes from several car dealerships, and then test driving before making a final decision. Buying a car is a big matter, spending some time doing research will definitely not be wrong.
喺馬來西亞嘅 SUV 市場，好多人揀車嗰陣都將 Proton X50 同 Chery Tiggo 9 比較下。呢兩款車喺價位同定位都好接近，今日我哋就從多個方面做個詳細比較，幫你省咗做功課嘅時間。
Proton X50 喺馬來西亞嘅 OTR 售價係 RM 89,800 - 113,300，一共有 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。
Chery Tiggo 9 喺馬來西亞嘅 OTR 售價係 RM 166,800 - 179,800，一共有 1 個版本，包括 2026 2.0T Standard（RM 179,750） 等。
由價錢睇落，Proton X50 嘅起步價真係比 Chery Tiggo 9 平咗 RM 77,000。如果你預算有限，Proton 嘅入門版已經可以滿足日常需要。但都要注意，平嗰幾千蚊，可能喺配備上有取捨，具體睇你嘅需求。
Proton X50 搭載 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
Chery Tiggo 9 搭載 2.0L 4-cyl，馬力 170 hp。官方油耗 8.0 L/100km。
動力方面，Chery Tiggo 9 嘅 2.0L 4-cyl 比 Proton X50 嘅 1.5L 4-cyl 多咗 65 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。
Proton X50 車身長 4400 mm，行李廂 400 L。
Chery Tiggo 9 車身長 4400 mm，行李廂 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。
Proton X50 同 Chery Tiggo 9 都係馬來西亞市場嘅主流選擇，啱家庭用途、日常通勤。如果你更重視品牌口碑同二手價，可以優先考慮口碑更好嗰款；如果你更在意性價比同配備，就揀配備更豐富嗰款。最終都係建議兩款都去試駕，親身試先係最重要。
總嘅嚟講，Proton X50 同 Chery Tiggo 9 都係馬來西亞市場好靚嘅車款。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 Malaysia SUV market, many buyers compare Proton X50 and Chery Tiggo 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.
Proton X50 OTR price in Malaysia is RM 89,800 - 113,300, there are 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.
Chery Tiggo Cross OTR price in Malaysia is RM 88,750 - 99,750, there are a total of 2 versions, including 2025 HEV 1.5L CSH (RM 99,750), 2025 1.5T Standard (RM 88,750), etc.
From a price perspective, Chery Tiggo Cross's starting price is RM 1,050 cheaper than Proton X50. Honestly, at this price point, a difference of a few thousand is not really big, the key is to look at the overall value for money and long-term usage cost.
Proton X50 is equipped with 1.5L 4-cyl, horsepower 105 hp. Official fuel consumption 6.0 L/100km.
Chery Tiggo Cross is equipped with 1.5L 4-cyl, horsepower 105 hp. Official fuel consumption 6.0 L/100km.
Both cars use the same powertrain, the driving feel is basically no difference in daily use. Fuel consumption is also about the same, no need to worry too much about this point.
Proton X50 adopts 4WD drive system.
Chery Tiggo Cross adopts FWD drive system.
Proton's 4WD and Chery's FWD will have different handling feelings, test drive comparison is recommended.
Proton X50 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Chery Tiggo Cross warranty 3 years/100,000km, maintenance interval every 10,000km or 6 months.
Proton X50 and Chery Tiggo Cross are both mainstream choices in the Malaysia market, suitable for family use and daily commuting. If you value brand reputation and resale value more, you can prioritize the one with better reputation; if you care more about value for money and features, choose the one with richer configuration. Ultimately, it is recommended to test drive both models, personal experience is the most important.
Overall, Proton X50 and Chery Tiggo Cross are both very good car models in the Malaysia market. Which one to choose depends on your personal needs and budget. We recommend doing your research well, compare quotes from multiple car dealers, and then test drive to make a final decision. Buying a car is a big matter, spending time on research is never wrong.
時間倒回 2023 年 9 月的阿斯塔納。那時，山東重工全球合作夥伴大會還是「新生事物」——很多人好奇：這家山東企業召集全球這麼多經銷商和客戶，要做什麼？
四年後，答案已經寫在每一屆大會的軌跡裡。阿斯塔納、迪拜、雅加達、墨西哥城、青島、越南河內——每一次會址的切換，都對應着一個戰略判斷：全球市場在變，技術在變，競爭格局在變，山東重工必須跟着變。
2026 年 7 月 21 日至 22 日，山東重工全球合作夥伴大會暨綠色智能產品展示會將在越南河內 VEC 會展中心舉行。回望這四年，山東重工發生了哪些變化？
世界之變：從區域突破到全球深耕以阿斯塔納的中亞為起點，迪拜鏈接中東與非洲，雅加達輻射東南亞，墨西哥城挺進美洲，青島主場集結全球。如今來到越南河內，瞄準的是東南亞新能源發展的巨大潛力。
62 個國家和地區、1577 人參會——這是一場立足越南、輻射全球的大會。從 2023 年到 2026 年，山東重工的全球化佈局更加均衡，業務版圖不斷拓展。
全球市場的深耕已經結出果實。維柴發動機在巴西、非洲市場佔有率持續提升，搭載 WP15NG 的重卡批量交付巴西客戶、成為客戶首選，搭載維柴 WP13NG 的陝汽重卡批量交付尼日利亞頭部快消品物流承運商，4950 台搭載維柴 WP8H、WP10 發動機的客車交付阿爾及利亞，創下當地客車動力配套批量紀錄。
山推智慧工地系統在東非重點項目中成功應用，收到客戶來信表揚。
漢德車橋已經與斯堪尼亞相關車型配套成功並批量上市，在國際市場形成一定口碑。雷沃重工礦挖長期服務亞洲最大鎢礦，贏得客戶認可。
2026 年上半年，集團出口收入 624 億元、同比增長 33.4%，中東非洲區、亞太區、美洲區、歐洲區均實現大幅增長。
技術之變：從傳統領軍到綠色智能率先出海從傳統動力到新能源多元動力，從單機作業到全場景智慧解決方案，山東重工的技術底色正在發生根本性改變。
綠色化方面，山東重工從動力系統到整車整機的全鏈條優勢凸顯。以維柴、法士特、漢德車橋、株齒為代表的新能源動力總成品牌明星閃耀。維柴已建立起覆蓋柴油、燃氣到純電、混動、氫能、SOFC 及替代燃料的多元化動力佈局，商用車覆蓋重卡、輕卡、客車、輕型車全系列，工程機械擁有全系列電動挖掘機、裝載機、礦卡、推土機等產品。
以維柴新能源商用車為例，LANDKING 搭載維柴自研的「維柴弗迪電池 + 漢德電驅橋 + 維柴電控」黃金純電動力系統，全系輕卡產品經過「三高」全工況驗證，累計測試里程超過 10 萬公里。
智能化方面，山東重工全場景智慧解決方案助力裝備作業更高效。
陝重汽自主研發的 L4 級自動駕駛系統，可覆蓋匝道 - 高速公路 - 匝道全場景，支持自主變道、巡航控制、隊列行駛、遠程調度等功能，行業領先。
維柴雷沃智慧農業推出中國首個聚焦「智能農機 + 智慧農業」雙場景的行業級大模型。
山推土方道路一體化解決方案，以智能推土機、智能平地機、智能壓路機組成核心作業集群，為各類土方施工場景提供一站式的高效智能解決方案。
技術硬不硬，海外市場給出了答案。
中國重汽在菲律賓向聯合國開發計劃署（UNDP）成功交付首批新能源電動卡車，這是聯合國開發計劃署（UNDP）在菲律賓首次採購新能源電動卡車，彰顯了「中國智造」的全球認可度與綠色硬實力。
中通客車與新加坡怡和合發合作，共同開啟新加坡綠色智慧出行新篇章，N12D 雙層電動巴士以其獨特的設計、先進的性能和卓越的品質，為全球綠色公共交通事業發展帶來全新助力。
亞星客車純電動巴士自 2019 年進入澳洲市場以來，得到客戶的廣泛讚許，產品已充分證明能完美適應澳洲本地環境，並完成悉尼機場訂單交付。
面向「十五五」，山東重工正式確立全面提速綠色化、全球化、數智化、生態化四大戰略轉型，加快建設世界一流的高端裝備跨國集團。
從「產品出口」到「產業扎根」，集團正推動「研產供銷服品牌金融」全要素一體化運營。目前在全球 32 個國家設有 55 個貿易平台公司，海外工廠 60 餘座，2000 余名員工長駐海外。
在東南亞，山東重工（新加坡）運營中心、維柴新加坡運營中心支撐區域市場發展。凱傲在印尼雅加達設立實體公司。LANDKING 在海外建立 KD 工廠和本地服務網絡。
在非洲，山推在烏茲別克斯坦落地 KD 項目，實現本地化組裝。中國重汽利比亞首家官方授權展廳開業，配件中心庫、培訓學院及 KD 工廠同步推進。
在中東，中通客車在沙特搭建屬地化服務網絡，組建本地化維運隊伍，市場佔有率位居中國客車企業首位。
從輸出產品到輸出產能、品牌、標準——山東重工的全球化正進入「深度本地化」新階段。河內大會，是這一戰略的首次海外集中展示。
品牌之變：從單兵作戰到「集團軍」協同從阿斯塔納的一鳴破局，到如今 13 家品牌、7 大業務板塊即將集體亮相河內——山東重工全球合作夥伴大會本身已成為山東重工最具價值的品牌活動。
2025 年，山東重工在青島大會上發布全球品牌標識，集團第一次以統一的全球品牌形象站在世界面前。
品牌統一的意義不止於一個標識，而是「擰成一股繩」的協同之力。集團正構建「1+N」全球品牌艦隊——各業務板塊既保持獨立市場競爭活力，又實現研發技術、市場資源的全域共享。目前集團海外共享渠道越來越多，有效帶動了集團內客車、工程機械、農業裝備等業務協同上量。從單打獨鬥到協同作戰，山東重工品牌整合釋放合力，正在被全球市場看見。
生態之變：從交易夥伴到價值共同體One Power、One Family、One Future，四年征途，我們以「We Are One」為集結號，將一句口號鍛造成筋骨相連的合作實體。
從理念共識到機制共建，從單點突破到生態協同，從我到我們，每一次握手都沉澱為價值，每一次落地都砸出迴響。
今日，山東重工不再只是喊出「We Are One」——集團和全球合作夥伴就是「One」，一個共創、共生、共榮的價值共同體。
從技術協同到產業協同再到價值協同，山東重工正與全球合作夥伴的關係從「生意場」升級為「生態圈」，共同打造高度信任、深度合作、富有活力的共贏生態。
四年，山東重工變了什麼？世界更廣了，技術更新了，戰略更深了，品牌更強了，生態更大了。
但有一件事沒變——每年與全球合作夥伴的見面會。
本次河內的大會是新征程的起點，山東重工將第一次在海外完整展示綠色智能「裝備艦隊」。62 個國家、145 套綠色智能裝備、13 個品牌，共同回答一個問題：從「走出去」到「在全球」，山東重工走到了哪裡？
7 月 21 日 -22 日，河內見。
來源：閃電新聞
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拿 Proton X50 同 Mazda CX-30 嚟做比較。呢兩款車喺價位同定位上都幾接近嘅，今日我哋就從多個方面做一個詳細嘅比較，幫你節省咗做功課嘅時間。
Proton X50 喺馬來西亞嘅 OTR 售價係 RM 89,800 - 113,300，一共有 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。
Mazda CX-30 喺馬來西亞嘅 OTR 售價係 RM 122,409 - 146,409，一共有 4 個版本，包括 2025 2.0L High+ Premium（RM 146,409）、2025 2.0L High+（RM 138,409）、2025 2.0L High（RM 130,409） 等。
從價錢嚟睇，Proton X50 嘅起步價確實比 Mazda CX-30 平咗 RM 32,609。如果你預算有限，Proton 嘅入門版已經可以滿足日常需求。但都要留意，平啲嗰幾千蚊，可能喺配備上會要有取舍，具體要看你嘅需求。
Proton X50 搭載 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
Mazda CX-30 搭載 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
動力方面，Mazda CX-30 嘅 1.5L Turbo 比 Proton X50 嘅 1.5L 4-cyl 多咗 35 匹馬力。不過日常喺市區開，兩款車嘅動力都夠用，唔會覺得夠唔力。
Proton X50 車身長 4400 mm，後行李廂 400 L。
Mazda CX-30 車身長 4500 mm，後行李廂 450 L。
空間方面，Mazda CX-30 嘅車身比 Proton X50 長咗 100 mm，乘坐空間更有優勢。不過 Proton X50 喺城市入面泊車會靈活啲，各有取舍。
Proton X50 保修 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Mazda CX-30 保修 5 年/150,000km，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。實際保養成本仲要看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。
總嘅嚟講，Proton X50 同 Mazda CX-30 都係馬來西亞市場好唔錯嘅車款。揀邊一輛，關鍵仲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，先至去試駕做最終決定。買車係件大事，花啲時間做功課絕對唔會錯。
I. Qian Hexagram's Hidden Action: 29 Years of Quality Foundation, Industrial Bottom from Hidden Dragon to Flying Dragon
The I Ching · Qian Hexagram has the transformation of six dragons: Hidden Dragon, Do Not Act; Dragon Seen in Field; Diligent All Day; Or Leap in Abyss; Flying Dragon in Sky; Stagnant Dragon Regrets. The ascent of a great dragon is never a sudden leap, but a long process of building strength layer by layer and climbing step by step. GAC Group reached this 30 million unit node in 29 years, exactly matching the progressive logic of the Qian Hexagram — no shortcuts, no luck, every step planted firmly on quality ground.
In 1997, when GAC Group was established, the outside world doubted whether Guangzhou could develop an automobile industry. This was the true "Hidden Dragon, Do Not Act" phase: small scale, thin foundation, little experience. The only thing to do was to settle down and solidify every part and every process. GAC walked a path of "market-oriented, small-scale start, low investment, fast output, rolling development". It sounds not grand, even a bit clumsy, but this is exactly the most precious bottom color of Guangdong enterprises — pragmatism.
From 0 to the first 10 million units, GAC used 20 full years; from 10 million to 30 million, it took only 9 years. This time difference is itself the best note for the spirit of the Qian Hexagram: the first 20 years were the accumulation period of "Hidden Dragon" and "Dragon Seen in Field", internalizing quality management and lean production learned from the joint venture system step by step into their own capabilities; the latter 9 years were the explosion period from "Diligent All Day" to "Or Leap in Abyss", with independent brands, new energy, and intelligence advancing on multiple fronts, the volume began to accelerate.
But the expansion of volume has never been GAC's true trump card, quality is. This can be seen from its verification system: new car development must go through at least 18 months of complete verification cycle of "two winters and one summer". Many enterprises in the industry compress it to 12 months or even shorter to rush the rhythm, but GAC hard held this bottom line. Not to mention upgrading the traditional "Three Highs" test to "Five Highs, One Mountain, One Dust" — 60°C Turpan high heat, -40°C Hulunbuir extreme cold, high altitude, high humidity, high salt mist, complex mountain road conditions, and desert sand dust. Some extreme working conditions users may never encounter in their lifetime, but GAC must finish the whole path for them in advance.
This style of "better to be one step slower, not a millimeter off", in today's cutthroat automobile industry, appears somewhat "out of time". Everyone compares who releases new cars faster, who stacks configurations stronger, who prices lower, while GAC is building whole vehicle wind tunnel laboratories, Southern Test Sites, Lighthouse Factories, doing 12 major verification items, over 1500 verification sub-items, and over 3000 enterprise technical standards. Consumers cannot see or touch these things, and they are not enough to explode when spoken at launch events, but they are exactly the hardest support behind the 30 million unit number.
The core of the Qian Hexagram is not the glory of "Flying Dragon in the Sky", but the diligence of "Diligent All Day" and the bottom of "The gentleman strives to strengthen himself". 30 million units are not made by marketing砸 (砸 means smash/spend), not won by price wars, but run by 1.5 million Magazine Battery vehicles, cumulative driving over 160 billion kilometers; by the Xingling Safety System serving nearly 2 million users, preventing 6.28 million potential accidents; by over 600 robots in the welding workshop, welding with millisecond-level precision of AI visual inspection; by the "Three Responsibilities" service promise extending quality guarantee from the moment of delivery to the full lifecycle.
There is a misconception in the Chinese automobile industry in recent years: it seems whoever shouts louder and tells stories better, is the future. But the automobile industry is essentially a "slow industry" — tens of thousands of parts, thousands of processes, over ten years of usage cycle, in the end it still depends on whose foundation is more solid. GAC has walked 29 years, there are no earth-shattering myths, but just doing quality things day after day. The 30 million unit number, placed in the Qian Hexagram is the node of "Flying Dragon in the Sky", but those who really understand the Qian Hexagram know that after the Flying Dragon there is the phrase "Stagnant Dragon Regrets" — the larger the volume, the more you must return to the basics, the more you must hold the root of quality.
II. Tai Hexagram Interaction: From Building Cars to Ecosystem, Heaven and Earth Intersection Industry Pattern
The I Ching · Tai Hexagram says: "Heaven and Earth connect, all things flow; upper and lower connect, their will is one." Heaven's energy descends, Earth's energy rises, Yin and Yang interact, all things can grow and flourish. In the automobile industry, the Tai Hexagram speaks of one word "Connection" — technology and users must connect, manufacturing and service must connect, upstream and downstream must connect, enterprises and markets must connect. Only burying heads to build cars without connecting users is the closed pattern of "Pi Hexagram"; enterprises that can truly grow big must be the "Tai Hexagram" pattern that connects all links of the industrial chain.
In recent years, the key move of GAC is not releasing any hit car, but the "Panyu Action" launched in 2024. On the surface this is headquarters relocation, organizational adjustment, essentially a complete switch of thinking mode — from "Engineer-led 'I build what you buy'" to completely "User-led 'You want what I build'". This is the meaning of "Upper and Lower Connect" in Tai Hexagram: between the enterprise's decision layer, R&D end and terminal users, originally separated by several layers, now must open this channel completely.
Qijing GT7 is the typical product of this transformation. As the first model of the high-end smart new energy brand jointly built by GAC and Huawei Qiankun, it was not put together by engineers hitting their heads in the laboratory, but the result of pushing design from user real needs — Shooting Brake styling satisfies the dual demands of new generation for personality and practicality, Huawei Qiankun Intelligent Driving ADS 5 directly fills the smart experience, "Full specs from entry level" pricing strategy accurately strikes consumers' psychology of "not wanting to make choices". High heat upon listing is essentially the victory of "User Thinking" on "Engineer Thinking".
But the Tai Hexagram pattern is far more than just the product end. The true "Heaven and Earth Intersection" is the opening of the full chain. In terms of channels, GAC Group's Comprehensive Sales Service Center completed 600 outlet certifications by June 2026, covering the national county-level market, will build to 1000 county authorized stores within the year. Many car companies shout channel sinking, but truly sinking to the county level and opening the service last mile are not many. Sinking is not simply opening more stores, but letting users in third and fourth tier or even lower tier markets also enjoy purchasing experience and after-sales guarantee same as first-tier cities. This is the true meaning of "Earth Energy Rises" — letting the industrial dividends reach wider groups.
Energy replenishment network is a key link of the Tai Hexagram ecosystem. GAC's "9 Verticals and 10 Horizontals" replenishment network already covers 213 cities nationwide, self-operated charging piles over 27,000 units, core urban area achieved "station every straight 1 km". New energy vehicle competition is no longer the competition of single car product power, but the competition of the entire ecosystem system "Car + Charger + Network". Users buy not just one car, but a set of mobility solutions. Where the replenishment network spreads, user security extends, and the brand boundary expands. This is "Heaven Energy Descends" — spreading the infrastructure capability down, letting every user receive it.
From a larger industry perspective, as the "Chain Master" enterprise of the Greater Bay Area automobile industry, GAC's 30 million units are not just their own achievements, but a microcosm of the entire industrial cluster. Behind a leading car company are hundreds of upstream component suppliers, a complete smart manufacturing industry chain, hundreds of thousands of related jobs. GAC's R&D investment cumulative over 62 billion yuan, patent applications over 24,900 items. These technologies spill over to the entire industrial cluster, driving the upgrade of the entire Greater Bay Area advanced manufacturing. This is the industry meaning of Tai Hexagram "All Things Connect" — if the leader lives, the whole chain lives; if the leader is strong, the whole ecosystem is strong.
The Tai Hexagram poem is "Small goes, great comes, auspicious flow" — small investment exchanged for large return, because the direction is right, the channel is smooth. GAC from "Panyu Action" to channel sinking, from replenishment network to chain master effect, walked a "Connection" path: organization connected, efficiency came up; channel connected, users were closer; ecosystem connected, barriers were thicker; industry connected, pattern was bigger. The 30 million unit number is essentially the result of resonance of the entire industry ecosystem, not the single point victory of a certain car or certain brand.
III. Jian Hexagram Distant Journey: Systematic Going Global, Great Goose Progressing to Land Global New Situation
The I Ching · Jian Hexagram speaks of wild geese flying south, step by step: "Goose progresses to the water edge", "Goose progresses to the rock", "Goose progresses to the land", "Goose progresses to the tree", "Goose progresses to the hill", one step on a ladder, never hasty, never stagnant. Chinese car companies going global in recent years, many have fallen — some hurriedly spread goods but after-sales can't keep up, some low price for volume but smash the brand, some only sell products not build system, when the tide recedes you know who is swimming naked. GAC's global going follows the Jian Hexagram path, steady and well-built, step-by-step promotion.
In the first half of 2026, GAC's independent brand export volume reached 121,500 units, a year-on-year increase of 132%, cumulative overseas sales already close to the 2025 full year level. This growth speed is fierce, but more worthy of attention is the quality of growth. GAC proposes "One GAC 2.0" strategy, core is not selling more cars, but upgrading from "Product Going Global" to "Systematic Global Expansion". The difference between these two words is the difference between Jian Hexagram and hasty advance: product going global is selling cars and ending there, systematic global expansion is digging the entire value chain of R&D, production, supply, sales firmly into the local place, truly taking root.
Data can verify this judgment: GAC's international business currently covers Asia-Pacific, Middle East, Americas, Europe five major sectors 110 countries and regions, built over 746 sales service outlets, 7 overseas production factories, 9 overseas component warehouses. Note this structure — not 746 4S stores, but "Production Factory + Component Warehouse + Sales Service Outlet" complete support. Having a factory, manufacturing capability is landed; having component warehouse, after-sales guarantee is kept up; having outlets, terminal channels are built. This is the true "Rooted", not trade business floating on water surface.
Specific market breakthroughs also have the layered sense of Jian Hexagram. Thai market June sales month-on-month fierce increase 207%, Southeast Asia is the first stop of Chinese car companies going global, and also the most fierce battlefield, able to stand firm here, shows product power and localized operations both withstood the test. European market is building a full chain operation system from localized production to terminal sales, new energy products steadily entering core national markets — Europe is the peak of global automobile industry, highest entry barriers, strictest regulations, most picky consumers, able to go in itself is a kind of recognition, and GAC chose not the shortcut of low price for volume, but the slow path of systematic construction.
Jian Hexagram's commentary says well: "Jian's progress, woman's return is auspicious. Advance to position, go with merit. Advance with correctness, can correct the state." Wild geese flying south able to arrive 10,000 miles, relies not on one bird flying fast, but the whole team formation not disordered, rhythm unchanged. Enterprise global going is the same, short-term sales surge is not ability, long-term survive, take root, become local mainstream brand is true kung fu. GAC's goal is clear: by 2030 enter global 120 countries and regions, build over 2000 overseas outlets, achieve annual sales 1 million units. This goal is not most radical, but combined with its "Systematic Global Expansion" path, high gold content.
Combining the three hexagrams, GAC's 30 million units is actually a complete industry evolution map: Qian Hexagram is internal skill, 29 years quality foundation, solidifying the base; Tai Hexagram is pattern, inside connect users, channels, ecosystem, industrial chain, form positive cycle; Jian Hexagram is extension, global going not hasty, systematic rooting, step by step towards global. Three hexagrams progressive, not three isolated stages, but three dimensions happening simultaneously — quality is root, ecosystem is trunk, global going is branches, 30 million units is the fruit borne on this tree.
The I Ching · Da Zhuang Hexagram says: "Da Zhuang, great is strong. Strong and active, hence strength. Da Zhuang benefits from staying correct, great is correct. Correct and great, the truth of Heaven and Earth is visible." 30 million units volume, is the image of "Da Zhuang" — scale big, strength strong, pattern big. But Da Zhuang Hexagram's corest warning is "Beneficial from staying correct", the more prosperous the time, the more must stay correct, the more must walk correct path.
For GAC, 30 million is not the end, not even an end of a stage, but the start of the next journey. Domestic market competition is still intensifying, intelligent下半场 (second half) just opened, global journey is road blocked and long. The true test is never whether able to reach 30 million, but after reaching 30 million, still can keep 29 years ago start business that pragmatism and clarity, still can hold quality this bottom line, still can like wild geese fly south, one step one foot print walk down.
From Qian Hexagram's self-improvement, to Tai Hexagram's Heaven and Earth connection, to Jian Hexagram's steady going far, finally returning to Da Zhuang's staying correct walk — this is probably behind GAC's 30 million units, the industry hexagram most worth playing with.
In Malaysia's SUV market, many buyers compare Perodua Ativa and Honda HR-V 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 research time.
Perodua Ativa OTR price in Malaysia is RM 62,500 - 73,400, with a total of 3 variants, including 1.0L Turbo X (RM 62,500), 1.0L Turbo H (RM 67,300), 1.0L Turbo AV (RM 73,400), etc.
Honda HR-V OTR price in Malaysia is RM 115,900 - 143,900, with a total of 4 variants, including 2026 e:HEV 1.5L RS (RM 143,900), 2026 1.5T V (RM 137,900), 2026 1.5T E (RM 130,900), etc.
Looking at the price, Perodua Ativa's starting price is indeed RM 53,400 cheaper than Honda HR-V. If your budget is limited, Perodua's entry-level version is already sufficient for daily needs. However, be aware that the few thousand cheaper cost might involve trade-offs in features, depending on your specific needs.
Perodua Ativa is equipped with a 1.5L 4-cyl, horsepower 105 hp. Official fuel consumption 6.0 L/100km.
Honda HR-V is equipped with a 1.5L Turbo, horsepower 140 hp. Official fuel consumption 7.0 L/100km.
In terms of power, Honda HR-V's 1.5L Turbo has 35 more horsepower than Perodua Ativa's 1.5L 4-cyl. However, for daily city driving, both cars have sufficient power and won't feel underpowered.
Perodua Ativa safety rating is 5★ (ASEAN NCAP), active safety systems include ASA 3.0 + ACC + LDA + LKA + BSM + RCTA.
Honda HR-V safety rating is 5★ (ASEAN NCAP), active safety systems include Honda SENSING (ACC, CMBS, LKAS, RDM).
Both cars have the same safety rating, and safety features are quite comprehensive in this class. New car safety is not lacking nowadays, so no need to worry too much about this.
Perodua Ativa body length 4400 mm, trunk 400 L.
Honda HR-V body length 4500 mm, trunk 450 L.
In terms of space, Honda HR-V's body is 100 mm longer than Perodua Ativa, offering an advantage in passenger space. However, Perodua Ativa is a bit more flexible for parking in the city, each has its trade-offs.
Perodua Ativa warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Honda HR-V warranty 5 years/unlimited mileage, maintenance interval every 10,000km or 6 months.
Overall, Perodua Ativa and Honda HR-V are both excellent 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 multiple dealerships, and test driving before making a final decision. Buying a car is a big matter, spending time on research will never be a mistake.
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 BMW X3 同 Land Rover Discovery Sport 嚟比較。呢兩部車喺價位同定位上都幾接近，今日我哋就從多個方面做一次詳細嘅對比，幫你省返做功課嘅時間。
BMW X3 喺馬來西亞嘅 OTR 售價係 RM 325,800 - 358,800，一共有 2 個版本，包括 xDrive20i（RM 320,000）、xDrive30e（RM 360,000） 等。
Land Rover Discovery Sport 喺馬來西亞嘅 OTR 售價係 RM 499,800 - 499,800，一共有 1 個版本，包括 Standard（RM 499,800） 等。
從價錢嚟睇，BMW X3 嘅起步價確實比 Land Rover Discovery Sport 平咗 RM 174,000。如果你預算有限，BMW 嘅入門版已經可以满足日常需求。但亦都要注意，平嗰幾千蚊，喺配備上可能會有取捨，具體睇你嘅需求。
BMW X3 配備 2.0L Turbo，馬力 220 hp。官方油耗 9.5 L/100km。
Land Rover Discovery Sport 配備 3.0L Turbo，馬力 350 hp。官方油耗 12.0 L/100km。
動力方面，Land Rover Discovery Sport 嘅 3.0L Turbo 比 BMW X3 嘅 2.0L Turbo 多咗 130 匹馬力。不過日常喺市區開，兩部車嘅動力都夠用，唔會覺得唔夠力。
BMW X3 嘅安全評級係 5★ (Euro NCAP)，主動安全系統包括 Premium ADAS。
Land Rover Discovery Sport 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 BMW X3 嘅 Premium ADAS 同 Land Rover Discovery Sport 嘅 Basic 喺功能上有少少差異，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。
BMW X3 保養 5 年/無限里數，保養間隔 每 10,000km 或 6 個月。
Land Rover Discovery Sport 保養 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
總計嚟講，BMW X3 同 Land Rover Discovery Sport 都係馬來西亞市場幾唔錯嘅車型。揀邊一部，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。
車型概覽
比亞迪護衛艦07 值唔值得睇，第一步唔係望牌子或者外形，而係睇佢能唔能夠配合你嘅香港日常。 呢篇會集中講同級車比較，幫你用買家角度篩走唔適合嘅選擇。
售價仍待確認，買家可以先把佢放入候選名單，等價格落實後再同同級車逐項比較。
購車價格指南
比亞迪護衛艦07 目前售價仍未清晰，較理性嘅做法係先睇版本、車身大小同動力形式，等價格落實後再決定值唔值得落訂。
如果有幾個版本可揀，可以先將 2024 1.5T 100km 前驅版（價格待確認）、2024 1.5T 205km 前驅版（價格待確認）、2024 1.5T 175km 四驅版（價格待確認） 放喺同一張清單。日常通勤重視舒適同易用，家庭買家就要優先睇後排、尾箱同安全配置。
核心規格重點
睇 比亞迪護衛艦07 嘅規格，重點唔係背數字，而係理解佢喺香港用車場景會帶嚟咩分別。
18.3/36.8 kWh 嘅電池容量，真正意義係可以幫你估算一星期通勤同周末出車要唔要中途補電。 139 Ps / 102 kW / 145 kW / 295 kW、231/316/656 N·m 嘅輸出，令高速併線同短距離超車更有信心。 車長 4820 mm、車闊 1920 mm、車高 1750 mm、軸距 2820 mm 可以幫你預判商場停車場、屋苑車位同後排腿部空間。 電子無級變速(E-CVT)、前置前駆 / 前置四駆 會影響起步順滑度、濕地穩定感同長途巡航性格。
優缺點分析
比亞迪護衛艦07 嘅優點唔需要講到天花龍鳳，真正有價值係佢能唔能夠令日常用車更省心：電池同續航資訊有助安排通勤同補電、動力輸出對高速同上斜更有底氣、空間同車身尺寸方便家庭買家預判實用性。
要留意嘅係，要先確認屋苑、公司或常去商場嘅充電條件、香港停車場同窄路使用要留意車身闊度。呢啲唔一定係缺點，但係落訂前應該先諗清楚。
買家常見問題
買 比亞迪護衛艦07 之前，真正要問嘅唔係單一規格，而係佢可唔可以融入你每日嘅生活節奏。
常見疑問係「比亞迪 BYD Frigate 07 係咩類型嘅車？」簡單講，比亞迪 BYD Frigate 07 係一款大五座嘅中型混能 SUV。 放到實際用車，就係要睇佢對通勤、泊車、家庭乘坐同長期成本有幾大幫助。
同級對比內容
將 比亞迪護衛艦07 放入同級車清單時，唔建議只用外形或者品牌光環決定。比較順序可以係：先等售價落實，再決定佢應該同邊個級距比較、再睇動力係咪足夠應付高速併線同滿載、再比較能源成本同補能便利、最後睇車身大小、座位同尾箱是否適合家人。
咁樣篩選會貼近香港買家真實生活：平日塞車、商場泊車、周末去新界、甚至一家人出入，先係一部車每日要面對嘅考驗。
用車全周期指南
擁有 比亞迪護衛艦07 最重要係先諗清楚充電節奏。屋苑、公司或者常去商場只要有穩定充電選項，電動化用車就會容易相處好多。
如果你主要喺市區行，視野、低速順滑度同泊車輔助會好影響心情；如果經常行高速或跨區，座椅舒適度、隔音同動力從容感會更重要。
車型概覽
Rolls-Royce Ghost 值唔值得睇，第一步唔係望牌子或者外形，而係睇佢能唔能夠配合你嘅香港日常。 呢篇會集中講值唔值得繼續觀望，幫你用買家角度篩走唔適合嘅選擇。
售價仍待確認，買家可以先把佢放入候選名單，等價格落實後再同同級車逐項比較。
購車價格指南
Rolls-Royce Ghost 目前售價仍未清晰，較理性嘅做法係先睇版本、車身大小同動力形式，等價格落實後再決定值唔值得落訂。
如果有幾個版本可揀，可以先將 2025 6.8T Standard（價格待確認） 放喺同一張清單。日常通勤重視舒適同易用，家庭買家就要優先睇後排、尾箱同安全配置。
核心規格重點
睇 Rolls-Royce Ghost 嘅規格，重點唔係背數字，而係理解佢喺香港用車場景會帶嚟咩分別。
Rolls-Royce Ghost 現階段最值得留意係車型定位同版本方向，詳細取捨應該等價格同規格更清楚再作決定。
優缺點分析
Rolls-Royce Ghost 嘅優點唔需要講到天花龍鳳，真正有價值係佢能唔能夠令日常用車更省心：車型定位清楚，適合作為同級比較起點。
要留意嘅係，售價未清晰前唔應該太早用性價比落結論。呢啲唔一定係缺點，但係落訂前應該先諗清楚。
買家常見問題
買 Rolls-Royce Ghost 之前，真正要問嘅唔係單一規格，而係佢可唔可以融入你每日嘅生活節奏。
常見疑問係「勞斯萊斯 Rolls-Royce Ghost 喺香港賣幾錢？」簡單講，現時 勞斯萊斯 Rolls-Royce Ghost 喺香港嘅起價大約由港幣 $6,100,000 起。 放到實際用車，就係要睇佢對通勤、泊車、家庭乘坐同長期成本有幾大幫助。
同級對比內容
將 Rolls-Royce Ghost 放入同級車清單時，唔建議只用外形或者品牌光環決定。比較順序可以係：先等售價落實，再決定佢應該同邊個級距比較。
咁樣篩選會貼近香港買家真實生活：平日塞車、商場泊車、周末去新界、甚至一家人出入，先係一部車每日要面對嘅考驗。
用車全周期指南
擁有 Rolls-Royce Ghost 唔係買車一刻就完結，之後仲有保險、輪胎、保養、泊車同日常能源成本要處理。
如果你主要喺市區行，視野、低速順滑度同泊車輔助會好影響心情；如果經常行高速或跨區，座椅舒適度、隔音同動力從容感會更重要。
港交所網站掛出一咗一份熟悉嘅招股書。
5 月 28 日，繼去年 10 月首次遞表失效後，智能駕駛解決方案提供商蘇州天瞳威視電子科技股份有限公司（天瞳威視）再次向港股主板發起重衝，由匯豐及華泰國際聯席保薦。
喺智能駕駛賽道從「講故事」轉向「拼量產」嘅 2026 年，天瞳威視嘅二次遞表唔單止係一次資本試探，更係一場關於中國智駕供應商生存現狀嘅集中檢閱。
呢間被認為係「算力效率派」代表嘅公司，一邊連住從采埃孚到上汽、北汽嘅豪華產業資本陣營，一邊卻面臨住現金流緊繃、海外明顯回落嘅現實困境。喺呢場 IPO 嘅博弈中，光鮮同陣痛並存。
01
邊個係「天瞳威視」？
天瞳威視嘅創辦人王曦係一位典型嘅「回國」技術派。佢畢業於北京航空航天大學，後喺英國雷丁大學攻讀計算機科學博士學位。
喺決定創業之前，王曦曾經喺汽車零部件供應商天合汽車（TRW）及采埃孚擔任算法工程師同技術負責人，深度參與咗早期 ADAS 系統嘅開發。
2016 年，王曦捕捉到國內汽車智能化嘅風口，回國喺蘇州創立咗天瞳威視，定位係「以軟件算法驅動智能駕駛」嘅本土解決方案提供商。
公司嘅名字「天瞳」寓意「天之眼」，意在打造車輛感知萬物嘅視覺中樞。佢從最初嘅視覺感知算法起步，逐步擴展至行泊一體域控制器、L4 級自動駕駛系統等軟硬件結合嘅整體方案。
天瞳威視融資情況。資料來源：企查查
成立後不久，天瞳威視就獲得德聯資本、盛世投資嘅天使輪融資。此後十年時間，天瞳威視累計完成咗超過 10 輪融資，融資總額近 10 億元。
從招股書披露嘅股權結構嚟睇，天瞳威視構建咗深度綁定嘅「產業 + 資本」生態圈。
一方面，產業夥伴站台，全球汽車零部件巨頭采埃孚唔單止係其 C 輪領投方，亦係其戰略合作夥伴，持有天瞳威視 6.93% 嘅股份，位列第四大股東；國內方面，上汽集團通過上汽北美產投持股，北汽集團通過北汽產投佈局其中，地平線同商湯科技亦係戰略投資者。
另一方面，地方國資護航，唐山機器人基金、吳中金控等國資背景基金喺 D 輪及 D+ 輪入場，提供咗約 5.23 億元嘅資金支持。
截至最後實際可行日期股權架構
截至目前，王曦透過直接持股同員工持股平台合共控制公司約 40.84% 嘅權益，依然保持住對公司嘅控制權。
02
「兩條腿」行路
天瞳威視喺業務佈局上採取咗「雙軌並行」嘅策略。
喺 L2-L2+ 級輔助駕駛領域，天瞳威視嘅選擇非常務實。佢並冇盲目追逐算力堆疊嘅「軍備競賽」，而係走咗一條高性價比路線。
作為典型嘅視覺派智駕供應商，佢喺 L2 量產方案上以視覺感知為主，融合毫米波雷達同超聲波雷達，能夠喺較低算力平台上實現高級功能。例如，基於地平線 J6B 芯片（約 20TOPS）嘅方案即可支持行泊一體、高速 NOA。
呢種打法擊中咗 10 萬 -20 萬級主流車款對成本敏感嘅痛點。根據灼識諮詢嘅數據，按 2024 年裝機量計，天瞳威視係中國第二大同時提供行車同泊車解決方案嘅以軟件為核心嘅 L2-L2+ 級方案提供商，市場份額為 14.3%。
2024 年中國具備行泊一體能力嘅以軟件為核心供應商格局
截至最後實際可行日期，天瞳威視獲得 23 個汽車品牌嘅 198 款車款嘅 L2-L2+ 級解決方案定點函，並實現 6 個汽車品牌嘅 105 款車款嘅量產；獲得定點函嘅 198 款車款中有 87 款覆蓋海外市場，其中 59 款已實現量產。
但值得注意嘅係，L2-L2+ 市場正在經歷劇烈嘅「紅海化」。
一方面，經緯恆潤、福瑞泰克等本土 Tier1 正在加速追趕；另一方面，部分頭部車廠開始將低階智駕方案從外購轉為內部集成。
天瞳威視能否維持佢喺「性價比方案」領域嘅領先地位，取決於佢能否持續保持算法對低算力平台嘅優化能力，而這需要喺研發投入上持續加碼。
喺高級 L4 級自動駕駛領域，天瞳威視更多扮演「先鋒」角色。這亦係佢近兩年增長最快嘅板塊。
早在 2019 年，佢就參與咗上海洋山港嘅 5G 智能重卡項目。目前佢嘅 L4 方案覆蓋 Robobus、Robotaxi 同 Robotruck。其中，Robobus 係佢最具代表性嘅產品線，已喺蘇州、天津等城市嘅公開道路投入常態化試營運。
2025 年，天瞳威視從 L4 級解決方案產生收入 3.75 億元，佔公司總收入嘅 68% 以上，大部分收入來自 L4 級軟件解決方案。
然而，硬幣嘅另一面係商業化嘅曲折。雖然 L4 業務營收暴增，但佢嘅交付形態目前以「軟硬件一體解決方案」為主，呢種模式本質上接近「項目制交付」或「小規模車隊部署」，與 L2 業務中「純軟件授權 + 白盒交付」嘅高毛利、大規模複製邏輯存在顯著差異。
呢就直接導致 L4 業務毛利率嘅大幅波動：喺部分自研硬件佔比较高嘅項目中，毛利率一度低至 15%。
截至遞表日，公司雖手握超 10 億元嘅 L4 意向訂單，涵蓋 2500 架車，但呢啲訂單預計要喺未來三至五年內先會陸續交付，短期內對現金流嘅改善作用有限。
此外，天瞳威視仲有部分應收來自工程服務，主要涉及道路測試、數據收集支援及數據標註服務以及公司嘅專有工具鏈。
03
財務嘅雙面鏡
招股書嘅財務部分，展現咗智駕行業最真實嘅「B 面」：規模同虧損嘅極限拉扯，同埋賬面現金同營運消耗之間嘅緊張博弈。
營收高增長，但結構劇烈波動。
財務數據顯示，公司嘅營收呈現爆發式增長，從 2022 年嘅 1.72 億元增長至 2024 年嘅 4.83 億元，複合年增長率高達 67.7%。2025 年全年營收進一步增長至 5.5 億元。
但收入結構嘅變化明顯。2023 年，公司依賴 L2-L2+ 業務，佔比 90.2%；去到 2024 年，L4 業務佔比升至 50.2%；2025 年，L4 業務佔比進一步拉高至 68%。呢種「斷崖式」嘅結構切換，雖然證明佢 L4 技術搵到咗落地場景，但亦令市場質疑佢 L2 業務係咪已觸及天花板。
毛利率同純利潤嘅背離，呢係天瞳威視面臨嘅最大挑戰。
從毛利睇，整體毛利率喺 30% 左右徘徊，喺呢個技術密集型嘅智駕行業屬於中等水平。但細拆睇嚟，L2-L2+ 業務嘅毛利率通常能維持喺 40% 以上，純軟件授權模式，而 L4 業務嘅毛利率則因「軟硬件一體」交付中硬件佔比提高而被顯著拉低。
從純利潤睇，雖然表面虧損額較大，2024 年虧損 4.63 億、2025 年虧損約 2 億，呢度包含大量因優先股公平值變動帶來嘅「紙面虧損」。剔除呢個因素後嘅經調整純利潤更能反映公司嘅真實經營狀況：2024 年已收窄至 -438 萬元，但 2025 年並未如市場預期實現轉正，而係錄得約 -1086 萬元，虧損較 2024 年有所擴大。
呢個背後有一個不可回避嘅關鍵前提：調整後嘅「減虧」乃至「接近盈虧平衡」，係喺公司持續壓縮研發投入嘅基礎上實現嘅，研發費用從 2024 年嘅 1.17 億元降至 2025 年嘅 9231 萬元，研發費用率從 2024 年嘅 24.3% 進一步降至 16.8%，而 2022 年呢個數字曾高達 108.7%。對於一家科技公司嚟講，研發強度嘅「退坡」是否會影響未來嘅技術護城河，係一個潛在風險點。
現金流持續告急，最令人擔憂嘅信號。
根據最新招股書，截至 2025 年 12 月 31 日，公司賬上嘅現金及現金等价物為 2.35 億元，較 2025 年 6 月 30 日嘅 3.74 億元淨減少 1.39 億元，現金消耗速度較快。
更值得警惕嘅係經營現金流由正轉負且缺口持續擴大嘅趨勢。2023 年，公司經營活動現金流淨額為正向流入 1.15 億元，但 2024 年迅速轉為淨流出 1.89 億元，2025 年進一步惡化至淨流出 2.93 億元。
與此同時，應收賬款周轉急劇惡化。公司嘅貿易應收款項從 2023 年嘅 0.89 億元升至 2025 年嘅 5.48 億元，三年增長超過五倍，而同期營收增幅僅約 2.7 倍。
更令人擔憂嘅係應收款項周轉天數從 2023 年嘅 191 天同 2024 年嘅 166 天，到 2025 年驟升至 300 天，意味著公司從完成交付到收回款項平均需要接近一年時間。呢相當於變相為客戶提供長期無息墊資，喺資金本就緊張嘅情況下進一步加劇咗流動性壓力。
此外，雖然天瞳威視係首家出海嘅中國智駕軟件供應商，但 2025 年佢嘅海外業務遭遇咗明顯回落。2023 年天瞳威視海外收入為 1.27 億元，佔總營收比重達到 62.2%；到 2025 年海外收入降至 1100 萬元，佔比僅 2.0%。
喺而家全球地緣政治複雜、部分國家對智能汽車數據監管趨嚴嘅背景下，為佢嘅全球化故事增添咗一絲不確定性。
04
結語
天瞳威視嘅二次闖關，係智能駕駛行業進入「淘汰賽」階段嘅一個縮影。
從好嘅方面睇，佢踩準咗 L2 性價比同 L4 場景化落地嘅雙重節奏，且經調整純利潤喺特定口徑下已接近盈虧平衡，呢啲都畀投資者提供咗「有亮點可講」嘅故事線。
但從風險嘅角度睇，情況遠比首次遞表時更為嚴峻。業務重心嘅急速漂移、L4 業務商業化初期嘅盈利磨難、研發投入嘅被動收縮，呢啲此前就已存在嘅問題並未緩解。
天瞳威視 L4 級智能巴士
而真正令此次 IPO 帶「求生」色彩嘅，係現金流數據嘅實質性惡化：2.35 億元嘅賬面現金，面對每年近 3 億元嘅经营性現金淨流出，安全邊際已不足一年。疊加 300 天嘅應收賬款周轉天數，意味著公司每交付一筆訂單，都要墊付近一年嘅資金成本。
換言之，天瞳威視正處喺一個危險嘅財務窗口期：賬上嘅錢僅夠維持唔足一年嘅正常運作，而 L4 業務嘅大規模交付同回款卻需要更長時間。喺呢個智駕資本熱潮退去、一級市場融資邊際收緊嘅時刻，公司已冇太多等待嘅餘地。
首次遞表失效後僅隔半年便再次衝擊港股，對天瞳威視而言，與其話係戰略選擇，唔如話係現金倒逼下嘅必然之舉。
