車型概覽

奇瑞風雲T6 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。 呢篇會集中講整體購車判斷，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

奇瑞風雲T6 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 120km 前驅版（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 奇瑞風雲T6 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。

18.32 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。 120 km 嘅續航參考，對住喺新界、九龍同港島之間跨區行車嘅用家會更實際。 156 Ps / 115 kW / 150 kW、220/310 N·m 嘅輸出，令高速併線同短距離超車更有信心。 車長 4540 mm、車闊 1865 mm、車高 1670 mm、軸距 2672 mm 可以幫你預判商場停車場、屋苑車位同後排腿部空間。

優缺點分析

奇瑞風雲T6 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 奇瑞風雲T6 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「奇瑞 Chery Fulwin T6 係咪純電動 SUV？」簡單講，唔係，奇瑞 Chery Fulwin T6 係一款插電式混能（PHEV）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 奇瑞風雲T6 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 奇瑞風雲T6 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

SWM斯威汽車 G05 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

SWM斯威汽車 G05 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 2023 2.0L 手動版（價格待確認）、2023 1.5T 手動版（價格待確認）、2023 1.5T 雙離合版（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 SWM斯威汽車 G05 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。

自然進氣 / 渦輪增壓、4 個 汽缸、1988/1498 mL 排量 嘅動力底子，重點係市區跟車夠唔夠順、高速巡航會唔會吃力。 143 Ps / 105 kW / 156 Ps / 115 kW、190/220/212 N·m 嘅輸出，對滿載、上斜同超車都比單睇馬力數字更有意思。 車長 4750 mm、車闊 1860 mm、車高 1780 mm、軸距 2750 mm 可以幫你預判商場停車場、屋苑車位同後排腿部空間。 手動(MT) / 濕式雙離合(DCT)、前置前駆 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

SWM斯威汽車 G05 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：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，香港停車場同窄路使用要留意車身闊度、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 SWM斯威汽車 G05 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「斯威 G05 適合家庭代步嗎？」簡單講，斯威 G05 空間實用、價格親民、養車成本低，入門家用首選。 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 SWM斯威汽車 G05 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、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 SWM斯威汽車 G05 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。

May 28, the all-new Geely Xingyuan officially launched. The new car launches four models: 410km Aspiration Edition, 410km Soaring Edition, 480km Explorer Edition, 480km Explorer+ Edition. To meet different user needs, on the 410km version, a 310km range selection option is still provided. After selection, the price can be reduced by 7,000 yuan. The launch limited-time rights price is 61,800 yuan - 91,800 yuan. Worth mentioning, the new Geely Xingyuan all-series range is fully upgraded: 310km upgraded to 410km, 410km upgraded to 480km.

In addition, for users who place a firm order and lock the order before June 30, 2026, they can enjoy a Super Trade-in Allowance benefit of 3,000 yuan. Besides this, the new Geely Xingyuan also has Financial Gift (Limited-time 2 years 0% interest), Charging Gift (Limited-time 3,300 yuan charging pile and installation service value), Boutique Gift (Limited-time 400 yuan Xingyuan merchandise discount rights), and so on.

Worth mentioning, Geely Xingyuan deliveries exceeded 700,000 units in 573 days. It ranked in the top 3 of global new energy vehicle sales in the first quarter of this year. It is the only Chinese brand model to enter the top 3 of global new energy vehicle sales. At the same time, the Geely Galaxy brand became the fastest new energy brand to reach 2 million vehicles.

Five Major Upgrades of the New Geely Xingyuan

The first major upgrade: Geely All-Weather Traction Control System 2.0. The new Geely Xingyuan is fully upgraded in three core driving experiences: Driving, Steering, Braking. It is equipped with the latest Geely G-TCS 2.0 All-Weather Anti-Slip System. It focuses on millisecond-level (officially stated as approx. 2ms) torque intervention, which can reduce slip by over 50% on slippery roads, and supports anti-skid and anti-rollaway in scenarios such as slopes, curves, and start-ups.

The TCS 2.0 All-Weather Anti-Slip System adds intelligent corner recognition and steering linkage, which can well balance the agility of rear-drive vehicles with the safety of novices. The new brushless steering system responds 1 time faster, supporting three steering modes and steering center position self-learning. In addition, Geely Xingyuan is the only vehicle in its class to successfully challenge the Fishhook Test at 130km/h, and the first in its class to successfully pass the Moose Test at 80.7km/h with a pure electric compact car.

The second major upgrade: CLTC Pure Electric Range Upgraded to 480km. The new Geely Xingyuan upgrades 310km to 410km, 410km to 480km, and is equipped with exclusive customized CATL all-new generation battery cells. Energy density reaches 190Wh/kg, with a maximum CLTC range of 480km.

Additionally, the new Geely Xingyuan optimizes the overall vehicle design, equipped with the only active front grille and low-drag wheels in its class. Drag is reduced by 15 counts, and actual range is further improved by 10km.

Regarding charging, the new Geely Xingyuan requires only 19 minutes for fast charging from 30% to 80%. The liquid cooling system and new BMS ensure full-speed charging in cold and hot weather.

The third major upgrade: Galaxy Flyme Auto 2 Smart Cockpit System + Eva Large Model. The new Geely Xingyuan is equipped with the Galaxy Flyme Auto 2 Smart Cockpit System. Based on the 7nm automotive-grade Dragon Eagle No.1 chip and 16G+128G large storage, response speed is faster, and operation is more convenient.

At the same time, the new AI Eva is the user's portable intelligence partner. Voice assistant Hi EVA supports fuzzy command understanding and context memory, and can perform car control, Q&A, entertainment, and other operations. Additionally, the car machine newly added support for CarPlay phone interconnection, as well as stealth mode, car wash mode, one-key car search, and other thoughtful scenarios.

The fourth major upgrade: Qianli Haohan Assistive Driving H3 Solution. The new Geely Xingyuan is equipped with the Qianli Haohan Assistive Driving H3 system. The system has safely driven 1.38 billion kilometers, supports highway and elevated NOA, all-scenario parking, etc.

Highway and elevated NOA is not limited by roads and rainy/foggy weather. It supports voice lane changing, multi-scenario avoidance, and automatic on/off ramps. For parking, it can achieve full scenario adaptation. APA parking assist function supports one-key parking, finger-tip parking, remote parking, covering over 300 parking scenarios. At the same time, HPA Memory Parking supports 2km ultra-long memory and cm-level precise positioning. After learning the route once, it can automatically park throughout the entire process, with intelligent car following, autonomous spot finding, and obstacle avoidance detour functions.

In addition, if the DMS active fatigue detection detects that the driver has fatigue behavior or is distracted driving, it will promptly remind the driver.

The fifth major upgrade: Three-Electric Safety + Active and Passive Safety. In terms of passive safety, the new Geely Xingyuan has built a Five Longitudinal, Eight Transverse Star Armor Cage Body. Like a strong and light armor, it has carefully reinforced front, back, left, and right. The front end three-force transmission path matches the dual clover force release structure. The side battery to sill distance is 149mm with added double anti-collision longitudinal beams. The rear 750mm long overhang and double well-shaped rear subframe form a strong barrier. The roof crush resistance is increased to 3.4 times the vehicle weight. Core area materials such as A/B pillars and roof crossbeams are upgraded. Even in case of rollover or heavy object pressing on top, the cabin remains unharmed. Side curtain airbag pressure retention technology can continuously protect the head during rollovers.

Regarding battery life, Geely Xingyuan's verification standard is increased to 2 times the national standard. After completing 1000 cycles, the battery capacity still maintains 90.72%. There is also a Xingyuan that has actually driven 84,000 kilometers, successfully challenging salt water corrosion, mud water flushing, bad road scraping, extreme fire, and other six serial extreme tests, achieving an industry first.

To further improve battery safety protection, the new Geely Xingyuan adopts the industry-leading BDMU high-voltage device deep integration technology. It combines the BMS battery management system and BDU high-voltage distribution unit into two-in-one, significantly reducing interfaces, and raising reliability to a new level. It reduces the risk of battery sealing failure from the source.

Worth mentioning, on May 12, Geely cooperated with CCTV to complete the first and only continuous frontal and side collision in its class. The high-voltage system powered off in time. The battery pack did not smoke or catch fire. The passenger cabin structure was intact. Airbags were precisely deployed. The non-collision side doors could be opened normally. In addition, the new Geely Xingyuan is fully equipped with tire pressure direct display, DOW door opening warning, and Sentry mode. It also has AEB active braking and AES emergency steering dual insurance. It successfully passed the 120km/h static vehicle stop and 130km/h disappearing lead vehicle active avoidance tests. Performance far exceeds the industry mainstream level.

Final Words

Since officially launched in October 2024, Geely Xingyuan cumulative deliveries exceeded 700,000 units. Market heat not only swept domestic but also fully bloomed overseas. It has successfully entered more than 30 countries and regions globally. In Brazil, sales exceeded 2,300 units in just two months since launch. At the Thailand Auto Show, single week order volume reached 3,300 units. It won the two international heavy honors of Brazil Best Compact Electric Vehicle of the Year and Indonesia Auto Show Most Loved Electric Vehicle, becoming a vivid business card of Chinese Smart Manufacturing going global.

The advancement of the new Geely Xingyuan has lifted the benchmark of High Quality and Good Price again on the pure electric compact car track for the Geely Galaxy brand. In the future, Geely Galaxy will continue to stick to the original intention of making intelligent boutique cars for everyone. It will precisely grasp users' most real needs and bring products and services exceeding expectations to users in various market segments.

In May, China's automotive market overall presented a gentle recovery trend, with domestic brands still being the sales backbone of the market. Recently, BYD, Geely, Chery, Changan, and Great Wall, the top 5 domestic automakers, successively released their monthly performance reports. From the data, these five companies show a general characteristic of "stable total growth, divergence between domestic and international markets, and accelerated new energy penetration". Overseas exports and new energy vehicles have become the most core growth engines; export business has evolved from a "bonus item" to the "core foundation" for some companies. BYD's "dominant leader" status is further consolidated, Chery achieved high growth via exports, Geely's new energy penetration rate broke 56%, Changan focused steadily on balanced development, while Great Wall appeared slightly under pressure during structural transformation.

BYD: Export Hits New High Becomes Biggest Highlight

In May, BYD stood firmly at the top of domestic brands with a monthly sales volume of 383,500 vehicles, maintaining positive growth both year-on-year and month-over-month under a large base. Its two main brands, Dynasty and Ocean, sold a combined 330,200 vehicles, contributing 86.1% of total sales; Fangchengbao's monthly sales broke 30,000 units to reach 30,200, a year-on-year increase of 139.7%, setting a new high for the year; Denza sold 16,300 vehicles, and Yangwang delivered 286 vehicles. From a model perspective, BYD had eight models in May with monthly sales exceeding 20,000 vehicles. The Song Family and Yuan Family both broke 50,000 units, selling 51,370 and 56,691 vehicles respectively. The Sea Lion Family followed closely with 42,615 vehicles, and Seagull sales were also close to 40,000 vehicles.

BYD's biggest highlight in May was exports. Overseas new energy vehicle sales reached 160,600 units, an 80.4% year-on-year increase, accounting for about 42%. The sharp expansion of export scale effectively countered the phased weakness in domestic demand. Cumulative exports from January to May exceeded 620,000 vehicles. High export growth mainly benefited from continued ramping up of overseas factory capacity, improved ocean shipping capacity, and accelerated channel network expansion. In the domestic market, BYD promoted Megawatt Super Charging and intelligent strategies simultaneously—Megawatt charging achieved about 90% charge in 9 minutes; 20,000 super charging stations are planned to be built by 2026; all series models are available with Sky Eye B intelligent driving solutions and city navigation safety fallback plans, accelerating the popularization of high-level intelligent driving. As Gen 2 Blade Battery capacity gradually releases, the company's orders are expected to continue rising.

Chery: Sales Growth Leads the Top 5

Chery Group's total sales volume in May was 247,800 vehicles, a significant year-on-year increase of 20.5%, ranking first in growth speed among the top 5. Exports remained its most core growth engine—May exports reached 181,900 vehicles, an 80.5% year-on-year increase, accounting for 73.4% of total sales that month, continuously breaking the single-month export record for Chinese brands for three months. In terms of new energy, Chery New Energy sold 100,300 vehicles, a 58.8% year-on-year increase. April and May consecutively saw monthly new energy sales breaking 100,000 vehicles.

The strong performance in exports benefited from Chery's long-term deep cultivation of overseas channel advantages and localized operation capabilities. While overseas orders continued to rise, high export growth formed a sharp contrast with domestic sales—Chery's domestic sales in May were only 60,000 vehicles, accounting for one-quarter of total sales. From cumulative data, Chery Group accumulated 1.101 million sales from January to May, but against the annual goal of 3.2 million vehicles, monthly averages need to reach about 420,000 vehicles later, and pressure remains significant.

Geely: New Energy Penetration Rate Breaks 56%

Geely Auto's total sales volume in May was 237,600 vehicles, a 1% year-on-year increase, achieving month-over-month double growth for three consecutive months. In terms of structure, Geely's "New Four Transformations" transformation showed significant results: new energy vehicle sales reached 133,400 units, accounting for 56% of total sales, with new energy share exceeding 50% for four consecutive months.

From sub-brands, performance was significantly divergent. Zeekr brand sales in May reached 34,400 vehicles, a 82% year-on-year increase; Zeekr 9 Series and 8 Series models combined sales approached 50% of total sales, showing bright performance in the high-end market; Galaxy brand sales were 81,700 vehicles; Geely brand sales were 182,500 vehicles, among which China Star Series sales reached 100,800 vehicles; Lynk & Co brand sales were 20,700 vehicles, with new energy vehicle sales share rising to 71%.

In terms of exports, Geely's overseas vehicle exports in May reached 85,100 vehicles, a explosive 184% year-on-year increase, setting a brand single-month export record high. Among exported products, new energy vehicles reached 40,800 units, accounting for nearly half; hybrid and pure electric products have successively landed in Southeast Asia, Middle East, Latin America, and other markets, highlighting the results of global strategy implementation.

Changan: Multi-brand Matrix Balanced Effort

Changan Auto's delivery volume in May was 209,100 vehicles, among which new energy deliveries were 92,400 vehicles, a 5.8% year-on-year increase, with new energy share about 44%. In terms of exports, overseas deliveries reached 70,700 vehicles, a 38% year-on-year increase, becoming another major growth highlight for Changan in May.

In the sub-brand matrix, Changan Qiyuan delivered 34,500 vehicles in May; All-New Q05 delivered 15,800 units, with orders breaking 3,000 units within three days of listing in Thailand; Deepal sales in May were 33,200 vehicles, a 30% year-on-year increase; January to May overseas cumulative sales were 28,700 vehicles, a significant 167% year-on-year increase; Avatr delivered 7,336 vehicles in May; Changan Auto (Gravity) delivered nearly 49,000 vehicles in May.

Changan Auto's balanced layout was fully reflected in May: the fuel car base remained stable, new energy brands Deepal and Qiyuan accelerated volume growth, high-end brand Avatr continued to break through in technical cooperation, and overseas markets simultaneously achieved breakthrough growth. The pattern of five brands working together, driven by both new energy and exports, is initially taking shape.

Great Wall: Overseas Sales Growth Year-on-Year 46.75%

Great Wall Motor's sales in May were 100,400 vehicles, slightly down compared to last May's 102,200 vehicles, making it the only company among the top 5 to show a year-on-year negative growth. From sub-brands, Haval brand sales in May were 55,500 vehicles, remaining Great Wall's most important sales pillar; Tank brand sales were 17,100 vehicles; both Haval and Tank brand sales showed year-on-year declines; Wey brand sold 8,119 vehicles, a 31.78% year-on-year increase, achieving growth against the trend; Ora brand performance was most stunning, with sales of 6,018 vehicles, a significant 206.88% year-on-year increase. In terms of new energy, Great Wall sold 30,400 new energy vehicles in May, with new energy vehicle transformation gradually accelerating.

The overseas market became Great Wall's biggest highlight in May, with overseas sales growing 46.75% year-on-year. Against the background of pressure on the domestic market, strong growth in overseas business effectively made up for the decline in the domestic market. Great Wall Motor's current core contradiction lies in: Haval and Tank, the two traditional main-selling brands, face weak growth, while Wey and Ora brands, although growing notably, have relatively small volume and are not yet enough to support overall growth. How to complete the "relay" between old and new brands is the key issue Great Wall must solve subsequently.

Final Thoughts

From May data, the growth pattern of the top 5 domestic brands has clearly diverged, but there are three common trends worth noting: First, exports have become a key engine for domestic brands to seek stability and growth. Second, new energy transformation is still accelerating, but paths differ among enterprises. Third, technological innovation continues to deepen brand moats. Looking ahead to the second half of the year, competition in the automotive industry will continue to upgrade around these three trends. Although everyone has a common direction, these three trends are all competing for the entire enterprise's industrial chain strength, and the strong will remain strong, which has almost become an inevitable outcome.

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。

May 28, the all-new Geely Xingyuan officially launched, the entire series range has been comprehensively upgraded: 310 km upgraded to 410 km, 410 km upgraded to 480 km. The new car offers four versions: 410km Yearning Edition, 410km Riding Wind Edition, 480km Exploration Edition, 480km Exploration + Edition, launch limited-time benefits price 61,800 yuan - 91,800 yuan. To meet the needs of different users, for the 410km version, it still offers a 310km range reverse-select right, the price can be reduced by 7,000 yuan after selection. Starting today, users can place orders via Geely Galaxy APP, WeChat Mini Program, enjoy ten layers of purchase gifts and limited-time super trade-in cash and other rich benefits. In addition, for those who make a large deposit and lock the order before June 30, 2026, can enjoy a super trade-in cash right of 3,000 yuan.

Experts make another move, this all-new Geely Xingyuan officially launched, advanced further on the classic, comprehensively refreshed with five major upgrades, bringing users over 100 product power upgrades, achieving over 25 industry-exclusive features, providing users with cross-level experiences with generationally leading technology. As the 2025 China auto market sales champion across all categories, Geely Xingyuan delivery volume broke 700,000 units in 573 days, ranked in the top 3 global new energy sales in the first quarter of this year, it is the only Chinese brand model to enter the top 3 global new energy vehicle sales, continuously releasing champion momentum. At the new car launch event, the all-new Geely Xingyuan spokesperson Joey Yung also arrived on site, sharing her true stories with Geely Xingyuan with everyone, backing the new car with a gentle yet firm power, witnessing the refresh moment of this champion pure electric small car with 700,000+ users together.

At the same time, the new car joined hands with Xiaohongshu to create the country's first mobile 'Immersive Travel' car launch event, taking everyone to feel beauty together, enjoying beauty. Not only that, Geely Xingyuan also collaborates with CATL, Capybara, Colorkey, Goodbaby, Myfoodie and other cross-boundary brands, innovatively creating five major life scenarios: 'Harbor Family, Alley Family, Rainforest Family, Silk Road Family, Nomad Family', focusing on core daily travel scenarios, directly hitting users' real vehicle usage needs, redefining the pure electric small car value benchmark with champion strength.

Champion Strength One: Ultimate Driving Control Advanced — First Global Native Architecture + Sino-German Joint Tuning

Geely Xingyuan brings a calm, free, light, and agile driving experience for every user trip. This champion strength comes from Geely's first global native architecture and track-level tuning: Geely Xingyuan is the first in its class to adopt a native architecture, the first to standardize rear-wheel drive independent suspension, and the first pure electric small car to undergo global tuning, giving users the first time feeling that pure electric small cars can also have ultimate driving control!

Good driving control must stand the test. Currently, Geely Xingyuan has entered more than 30 countries globally, the R&D team gathered global resources, conducting comprehensive verification against different extreme road conditions globally, making the all-new Geely Xingyuan comprehensively upgraded on three core experiences: 'Driving, Steering, Braking', leading the small car driving control into the 2.0 era again. The G-TCS 2.0 All-Weather Anti-Slip System, while retaining rear-wheel drive flexible fun, ensures no slipping, no tail-swinging, no rolling on flat roads, slopes, and curves, even beginners can drive calmly; New brushless steering system responds 1x faster, supports three steering modes and steering center self-learning; G-CST 2.0 All-Scene Comfort Braking System simulates the feel of an old driver, braking no nodding, driving no carsickness. In addition, Geely Xingyuan is the only one in its class to successfully challenge the Fish Hook Test at 130km/h and the first in its class to successfully pass the Moose Test at 80.7km/h, handling performance compares favorably with 200,000-class sports sedans.

Champion Strength Two: Efficient Three-Electrical Advanced — Standard CATL across entire series + 480km Range + 19-minute Fast Charge

310 km upgraded to 410 km, 410 km upgraded to 480 km, the all-new Geely Xingyuan achieves full series range upgrade. Range is sufficient, not fake; charging is fast, lasts long; using electricity is saving, not wasting money, whether daily commute or occasional long-distance travel, the all-new Geely Xingyuan can handle it easily. The new car is the only pure electric small car in its class to standardize CATL cells, liquid-cooled temperature control, and 11-in-1 high-integrated electric drive across the entire series, three-electrical strength has been the ceiling in its class since launch. The new car is equipped with exclusive customized CATL new generation cells, energy density up to 190Wh/kg, max CLTC range 480km, sufficient for daily commute and weekend outings; Cooperating with the class-exclusive active front grille and low wind-resistance wheels, wind resistance reduced by 15 counts, actual range increased by another 10km.

Range is solid, energy replenishment efficiency also needs to continue upgrading. Regarding replenishment, 30%-80% fast charging takes only 19 minutes, a cup of coffee time is enough to depart with full power; Liquid cooling system and new BMS ensure full-speed charging whether cold or hot, and charging speed increase does not come at the cost of battery life. At the same time, the class-exclusive Star-Rui AI Cloud Power 2.0 achieves full-link energy management, covering smart charge/discharge, valley electricity price identification, battery temperature maintenance, energy consumption diagnosis, and battery maintenance functions, making every charge efficient, every journey using electricity worry-free.

Champion Strength Three: AI Smart Cockpit Advanced — Galaxy Flyme Auto 2 Smart Cockpit System + Eva Large Model

The all-new Geely Xingyuan puts warmth and wisdom into the cockpit, making the vehicle better to use, more understanding of people, and more comprehensive. The all-new Geely Xingyuan is equipped with Galaxy Flyme Auto 2 Smart Cockpit System, based on 7nm automotive grade Dragon Eagle 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 pet wallpaper supports interactive functions, adding fun to the cockpit.

New AI Eva is even more the user's mobile smart partner, voice assistant Hi EVA supports fuzzy instruction understanding and context memory, can complete vehicle control, Q&A, entertainment, etc., good at everything. User says 'Hi Eva, I want to go home', vehicle can automatically call latest Amap 850 version to select optimal route. At the same time, the car machine adds support for CarPlay phone interconnection, compatible with iOS devices seamless connection, local common apps are all available, cloud has 200+ massive apps for free selection. Also has stealth mode, car wash mode, one-key car find, etc., thoughtful scenarios, and personalized custom assistants, automatically open navigation and adjust AC after getting off work, full of ritualistic welcome feeling. From navigation to entertainment, from life to surprises, the smart cockpit of the all-new Geely Xingyuan comprehensively covers user daily needs.

Champion Strength Four: Assist Driving Advanced — Qianli Haohan Assist Driving H3 Solution

All-new Geely Xingyuan is equipped with the Qianli Haohan Assist Driving H3 Solution derived from high-end models, can cover multiple driving scenarios, every function is truly helping users improve driving experience. The system has safely driven 1.38 billion kilometers, user usage volume growth rate is first, relying on G-ASD Smart Driving Bottom Layer and Star-Rui AI Large Model, bringing 'better to use the more you drive, smarter the more you drive' smart experience.

Highway/Overpass NOA is not limited by roads 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 distance. All-scenario MPI takeover rate exceeds 200 kilometers, equivalent to continuous driving 3 hours requiring takeover only 1 time. At the same time, parking aspect can achieve all-scenario adaptation, APA parking assist function supports one-key parking, fingertip parking, remote control parking, covering 300+ parking scenarios. Targeting new driver parking difficulty, female driver parking anxiety, etc., actual pain points, HPA Memory Parking supports 2km ultra-long memory, cm-level precise positioning, after learning the route once, can automatically park for the whole journey, has intelligent car following, autonomous space finding, obstacle avoidance functions, temporary route change also does not require relearning, effectively reducing parking operation difficulty. In addition, DMS active fatigue detection if detects driver appears fatigue behavior or distracted driving, will timely remind the driver; Sentry mode can protect parking safety 24 hours all-day, if abnormal, immediately record video and send to user's mobile phone. From departure to arrival, from driving to parking, the all-new Geely Xingyuan makes complex driving simple and reassuring, letting users leave more energy to the scenery on the road and laughter of fellow travelers.

Champion Strength Five: Full-Dimensional Safety Advanced — Three-Electrical Safety + Active Passive Safety

Safety is the gene carved into Geely's bones! For Geely, whether big car or small car, whether luxury model or mainstream model, all brands under it adopt the same safety concept and strict standards. Geely has built a global full-domain safety center investing over 2 billion yuan, and released 'Person, Vehicle, Road, Cloud, Star' integrated full-domain safety 2.0 system, covering four core safety domains: Life Safety, Health Safety, Property Safety, Privacy Safety. All-new Geely Xingyuan also follows this high standard, and adheres to the concept 'Small Car, Must Have Big Safety', taking small car safety to the extreme.

In terms of passive safety, the all-new Geely Xingyuan created five longitudinal and eight transverse Star Armor Cage Body, like a solid yet light armor, front, back, left, right are all carefully reinforced — front end three force transmission paths cooperate with double 'Clover' relief structure, side battery to sill spacing 149mm and added double anti-collision longitudinal beams, rear 750mm long rear suspension and double '井' shaped rear subframe form a solid barrier; Roof pressure intensity increased to 3.4 times vehicle weight, A/B pillar and roof crossbeam etc. core area material upgraded, even if encountering rollover or heavy object pressing top, cockpit remains unharmed, side curtain airbag pressure holding technology can further protect head continuously during roll.

In terms of battery life, Geely Xingyuan's verification standard increased to 2 times national standard, after completing 1000 cycles, battery capacity still remains 90.72%. Moreover, Xingyuan that has actually driven 84,000 km, successfully challenged seawater corrosion, mud water flushing, bad road scraping bottom, extreme fire, etc. six large series limit tests, completed industry first.

In order to further improve battery safety protection, all-new Geely Xingyuan puts hard work in places users can't see, adopting industry-leading BDMU high voltage device deep integration technology, combining BMS battery management system and BDU high voltage distribution unit into one, greatly reducing interfaces, reliability steps up another tier, reducing battery sealing failure risk from the root. Worth mentioning, May 12, Geely joined hands with CCTV completed the first time in this class, and also the only continuous frontal and side collision in this class, high voltage system powered off in time, battery pack did not smoke or catch fire, passenger compartment structure intact, airbags accurately deployed, non-collision side door can open normally. In addition, all-new Geely Xingyuan equipped with direct tire pressure display, DOW Door Opening Warning, Sentry mode, more AEB Active Braking and AES Emergency Steering double insurance, successfully passed 120km/h static vehicle braking stop and 130km/h 'disappearing front car' active avoidance test, performance far exceeds industry mainstream level.

700,000 Users Trust, From China Champion to Global Top 3, Champion Path Never Stops

Always being imitated, never surpassed. Relying on high standards from R&D to manufacturing and generational leading product power, Geely Xingyuan has always won industry recognition and user love. Since October 2024 launch, Geely Xingyuan cumulative delivery has broken 700,000 units, equivalent to selling one unit per minute, it is not only the fastest star model in the whole industry to reach this goal, but also won the 2025 China auto market sales champion in one go. Entering 2026, Geely Xingyuan still continues to lead, stably staying at the top, in this year's first quarter global new energy vehicle sales ranking, Geely Xingyuan first time ranked in global top 3, achieved a new milestone for China A0-class electric cars.

Geely Xingyuan not only hot sales in domestic market, in overseas market also widely praised, currently has landed in more than 30 countries and regions globally. In Brazil launch two months sales volume broke 2,300 units; In Thailand auto show single week orders captured 3,300 units, and won 'Brazil Best Compact Electric Car of the Year' and 'Indonesia Auto Show Favorite Electric Car' double international awards. On the streets of the world, Geely Xingyuan is becoming a flowing new card of 'Made in China'.

The advancement of all-new Geely Xingyuan, let Geely Galaxy brand on the pure electric small car track again raised the 'High Quality Good Price' benchmark. In the future, Geely Galaxy will continue to adhere to 'Making Smart Premium Cars for Everyone' original intention, accurately grasp user's most real needs, bring products and services beyond expectations for users in all sub-markets.

兄弟姐妹們，今日講一個出海嘅大新聞——唔係賣車，係賣「司機」。6 月 2 號，文遠知行同 Uber 聯合宣佈咗一件事：計劃喺西班牙馬德里推出該國首個商業化 Robotaxi 試點服務。意思就係：西班牙人好快就可以用 Uber 叫到一台冇司機嘅出租車。呢次係文遠知行同 Uber 第一次一齊進入歐洲市場。馬德里亦成為文遠知行 Robotaxi 駛入嘅全球第十二個城市。

官方消息話，喺馬德里自治區政府嘅支持下，呢項服務今年內就會正式啟動。到嗰陣，馬德里嘅朋友哋打開 Uber App，就有一鍵呼叫文遠知行嘅 Robotaxi。同叫普通網約車一樣，分別係嚟嘅車冇駕駛員——至少喺初期，仲係有分別嘅。運營初期，車入面會配備經過專業培訓嘅安全員，終究係剛上線，穩妥第一。

文遠知行呢間公司，你可能聽過，也可能冇聽過。簡單介紹下：2017 年成立，一直埋頭搞 Robotaxi 技術研發同商業化。而家佢嘅 Robotaxi 已經覆蓋咗廣州、北京、新加坡、阿布達比、迪拜、利雅得、蘇黎世……加埋而家嘅馬德里，一共 12 個城市。西班牙亦係文遠知行進入嘅第五個歐洲市場——之前已經入咗瑞士、法國、比利時、斯洛伐克。按照文遠知行同 Uber 喺 2025 年 5 月達成嘅規劃，佢哋要喺五年內新增 15 個國際城市部署 Robotaxi 服務，全球部署數萬輛 Robotaxi。隨著馬德里落地，目前已經完成咗 4 個城市嘅佈局，仲有 11 個會喺 2030 年前陸續覆蓋。

講真嘅，中國自動駕駛公司出海唔係頭一回，但中國技術 + 全球出行平台 + 歐洲市場呢個組合，定係好有意思。馬德里係歐洲最具商業潛力嘅 Robotaxi 市場之一，人口多、出行需求大，當地政策都好友善。喺呢個市場站穩腳根，對文遠知行嚟講係個唔小嘅里程碑。對 Uber 嚟講，引進 Robotaxi 都係為咗降低成本——終究司機唔使發人工。對馬德里市民嚟講，以後打車可能更平。

比亞迪正式發布 2026 年 5 月產銷快報，全品牌新能源汽車單月銷量 383453 輛，同比微增 0.26%，時隔十個月實現單月銷量同比轉正；其中乘用車交付 376990 輛，環比大漲 19.4%，一掃前期車型換代陣痛，呈現國內基本盤穩固、海外銷量狂飆、高端品牌全線放量的全新格局，在國內新能源內捲加劇、特斯拉 FSD 入華、自主新品密集上市的市場環境中，走出獨有的結構性增長路線。

八大車型月銷破兩萬 宋元雙車站穩 5 萬

王朝 + 海洋兩大主力品牌 5 月合計售出 330215 輛，佔據集團總銷量超八成，仍是比亞迪銷量壓艙石，全系列共 8 款車型單月銷量突破 2 萬台，產品從 5 萬入門代步到 20 萬家用 SUV 實現全覆蓋。

王朝網內部，元家族 56691 輛、宋家族 51370 輛。雙雙跨過五萬門檻，成為品牌兩大銷量支柱，兼顧家用代步與城鄉出行需求；秦家族緊隨其後交出 28360 台穩定表現，漢、唐系列月銷維持六千級體量，深耕中大型家用轎車、SUV 細分市場；全新車型夏處於市場培育期，單月交付 1810 台，後續隨渠道鋪開有望穩步上量。

海洋網增長勢頭更為迅猛，全系五款車型跨入兩萬俱樂部：海獅 42615 台、海豹 34117 台、海鷗 39919 台、海豚 22260 台、宋 PLUS 27755 台。其中海鷗憑藉 6-8 萬親民定價穩居入門代步銷冠，海獅作為全新走量車型上市即站穩四萬量級，補齊海洋網中型 SUV 產品空白，完善海洋產品梯隊佈局。從代步小車到緊湊 SUV，兩大主品牌依托 DM-i 混動與純電雙線技術，牢牢鎖住 15 萬以內國內主流家用市場份額。

方程豹同比暴漲 139.7% 品牌向上落地見效

騰勢、方程豹、仰望組成的高端矩陣 5 月合計銷售 46489 輛，正式擺脫小眾定位，成為比亞迪品牌溢價與利潤增長新支點，打破自主品牌高端化難破局的行業魔咒。

越野品牌方程豹單月 30186 輛，同比暴漲 139.7%，創下品牌上市以來月度銷量新高，旗下鎦 7 單月 18280 台，豹 5、豹 8 穩定輸出，在 25-40 萬硬派越野細分市場持續擠壓合資、進口車型生存空間。

騰勢 5 月交付 16303 台，MPV 標桿 D9 售出 6721 台，Z9 系列近 6000 台，MPV、中大型轎車雙線發力，站穩豪華新能源賽道；百萬元級超豪華品牌仰望穩步爬坡，當月交付 286 台，同比增幅 105.8%，完成自主品牌天花板產品的市場驗證，形成從十幾萬家用、三四十萬越野、五十萬豪華 MPV 到百萬元級旗艦的全價格帶產品佈局。

海外爆發：單月 16.06 萬輛，佔總銷量超四成 成第二增長曲線

5 月比亞迪乘用車和皮卡海外銷量 160177 輛，同比大漲 80.7%，出口佔全系總銷量突破 42%，創下品牌出海歷史新高，成為穩住 5 月整體銷量、實現同比轉正的核心驅動力。

東南亞、歐洲、拉美成為主力增量市場，海鷗、宋 PLUS、元系列持續登頂多國新能源熱銷榜單，SHARK 皮卡連續兩月單月出口突破 4000 台；依托泰國、巴西、匈牙利、烏茲別克斯坦四大海外整車工廠落地投產，本地化生產持續落地，規避關稅同時快速下沉終端渠道。在國內車市存量競爭、價格戰常態化背景下，高速擴容的海外市場有效對沖國內車型換代帶來的銷量波動，正式從補充市場升級為比亞迪核心增長引擎。截至當前，比亞迪新能源汽車全球累計銷量已經突破 1650 萬輛，全球化版圖持續拓寬。

智駕賦能產品迭代 下半年新品蓄力衝量

5 月比亞迪智能化落地迎來關鍵節點，天神之眼智駕系統成為車型核心加分項：全品牌搭載高級智駕車型保有量突破 315 萬輛，日均路測數據超 2 億公里；當月比亞迪落地城市領航、智能泊車雙安全兜底服務，成為全球首家實現兩項智駕兜底的車企，政策落地三天後，搭載天神之眼系統車型的城市 NOA 激活率暴漲 50%，智能化體驗升級直接拉動終端到店訂單轉化，為後續車型持續走量築牢產品競爭力，直面 FSD 入華帶來的智駕市場衝擊。

從數據細節來看，2026 年 1-5 月比亞迪累計銷量 1405039 輛，同比下滑 20.32%，核心誘因是全系主力車型集中換代、第二代閃充刀片電池產能爬坡受限。新款閃充電池升級快充與低溫性能，全系換代車型優先換裝新電池，但產線改造拖累產能釋放，熱門車型訂單積壓、交付延後，一定程度壓縮 5 月交付體量。

隨著二季度末二代刀片電池產能持續釋放，疊加騰勢 N8L、方程豹鎦 7 純電版、海獅 05、夏 L 等多款新車陸續登陸市場，業內普遍預判比亞迪 6 月全品牌銷量有望突破 40 萬輛。依托低端走量鎖份額、高端提利潤、海外衝增量、智能化提產品力的四維發展邏輯，在國內新能源淘汰賽加劇的當下，比亞迪全品類佈局優勢持續放大，坐穩國內新能源龍頭，加速向著全球頭部車企穩步邁進。

天氣越嚟越熱，係時候帶家人去山入面避暑啦，一台裝得下一家三代嘅 MPV 亦都成為家庭用戶嘅剛需。咁 MPV 點解揀？大家都揀嘅車肯定唔會錯，最新數據顯示，魏牌高山攞咗 2026 年前四個月細分市場嘅累計銷量冠軍，累計獲得超過 10 萬 + 家庭用戶嘅認可，而且 84% 都係個人家庭用戶。除咗國內熱賣，魏牌高山喺泰國、馬來西亞等地同樣反響熱烈，連巴西總統都試乘讚好，真係令人唔禁感慨：以前總覺進口先高級，而家輪到中國車令老外叫好！不知不覺間，魏牌高山唔單止成為家庭 MPV 買車首選，亦令 MPV 成為一種新時尚。

從國內銷冠到圈粉全球，魏牌高山點樣做對咗啲咩？其實答案就藏喺實際用車嘅細節入面：

智能體驗夠慳心，安全配備夠放心，空間設計又令全家人坐得舒心，每一處都令人安心。

魏牌高山嘅含金量，首先來自每日都用得著嘅智能體驗。好多人對輔助駕駛嘅態度係「有也好，冇都好」，可魏牌高山偏偏係佢變成每日出門都會用到嘅功能。早晚高峰接送細路，走走停停之間自動跟車同主動煞車讓你唔使一直緊繃住神經；週末帶全家跨城自駕，車道維持配合自適應巡航，一個人開三四個鐘都唔會太累。佢唔玩花巧嘅噱頭，就踏踏實實幫你分擔最累嗰部分操作，令開車嘅人能夠慳返不少精力，呢種輕鬆感，恰恰係家庭用戶最在意嘅。

而除咗令開車更省力，家用 MPV 嘅安全性能更加係重中之重。魏牌高山用高強度車身、全維主被動安全，再加埋 Hi4 性能版，構築起一套實打實嘅防護牆。遇上濕滑路面或者需要緊急避讓嗰陣，呢啲平時唔顯眼嘅安全配備就會出嚟幫你分憂，揀魏牌高山，圖就係一份由出發到抵達嘅全程安心。

更加難得嘅係，魏牌高山將呢份貼心延續咗去每一排座位入面，真係做到令全家人都有好位置。二三排共軌搭配純平地板，細路喺車入面輕鬆走動，老人家上車都唔使費力彎腰；零重力座椅一鍵就能瞓平，後排娛樂屏幫手哄細路，長途落嚟都唔會覺得累；Hi4 性能版嘅動力輸出特別平順，連平時容易暈車嘅家人，坐喺車入面都唔咁難受啦。唔論係日常接送、週末露營定係假期自駕，魏牌高山基本上實現咗「細路唔鬧、老人家唔累、大人唔崩」。一台車輕鬆搞定三代人嘅需求，將家庭友好做到呢份上，賣得好亦都順理成章啦。

由今年前四個月嘅累計銷量冠軍，到 10 萬 + 家庭嘅口碑驗證，再到海外市場嘅成功，魏牌高山冇去卷價格、卷配備表，而係踏踏實實將「全場景安心體驗」做成自己嘅專屬標籤。如果你而家正為一家人搵一部邊個坐都滿意、開去到邊度都安心嘅車，不妨去體驗下魏牌高山，開上你就能感受到佢家用 MPV 人氣王嘅魅力，唔止舒服仲型，全家人都鍾意！

5 月 28 日，全新吉利星願正式上市，全系續航全面升級：310 公里升級至 410 公里，410 公里升級至 480 公里。新車推出 410km 嚮往版、410km 乘風版、480km 探索版、480km 探索 + 版四款車款，上市限時優惠價 6.18 萬元 -9.18 萬元。為滿足唔同用家需求，喺 410km 車型上，仍提供 310km 續航反選權益，反選後價格可減 7000 元。即日起，用家可透過吉利銀河 APP、微信小程序落定，可享十重買車好禮及限時超級換車津貼等豐厚權益。此外，凡喺 2026 年 6 月 30 日前，大定同鎖定嘅用家，可享超級換車津貼權益 3000 元。

高手再出招，本次全新吉利星願正式上市，經典之上再進階，以五大升級全面煥新，為用家帶嚟超 100 項產品力升級，實現超 25 項同級唯一，以代際領先嘅技術為用家帶嚟越級體驗。作為 2025 年中國車市全品類銷量冠軍，吉利星願 573 日交付量突破 70 萬輛，今年一季度躋身全球新能源銷量前三，係中國品牌唯一進入全球新能源汽車銷量前三嘅車型，持續釋放冠軍勢能。新車發佈會，全新吉利星願代言人容祖兒亦親臨現場，同大家分享佢同吉利星願嘅真實故事，用溫柔而堅定嘅力量為新車撐場，同 70 萬 + 用家共同見證呢款冠軍純電小车嘅煥新時刻。

同時，新車攜手小紅書打造出全國首個流動式嘅「沉浸旅行」汽車發佈會，帶住大家一齊感受美好，享受美好。唔止如此，吉利星願亦聯動寧德時代、卡皮巴拉、珂拉琪、好孩子、麥富迪等跨界品牌，創新性打造「海港人家、小巷人家、雨林人家、絲路人家、游牧人家」五大生活場景，聚焦日常出行核心場景，直击用家真實用車需求，以冠軍實力重新定義純電小车價值標杆。

冠軍實力一：極致駕控進階——首個全球化原生架構 + 中德聯合調校

吉利星願為用家嘅每一次出行，都帶嚟從容自在、輕盈靈動嘅乘駕感受。呢款冠軍實力，源自吉利首個全球化原生架構同賽道級調校：吉利星願係同級第一個採用原生架構、第一個標準配備後驅獨懸、第一個經過全球化調校嘅純電小车，讓用戶第一次感受到純電小车亦都能有極致嘅駕控！

好嘅駕控要經得起檢驗。目前，吉利星願已進入全球 30 多個國家，研發團隊集結全球資源，針對全球唔同極端路況進行咗全維嘅驗證，讓全新吉利星願喺「行駛、轉向、煞車」三大核心體驗上，進行全面升級，再一次引領小车駕控進入 2.0 時代。G-TCS 2.0 全天候防滑系統喺保留後驅靈活樂趣的同時，確保平路、坡道、彎道唔打滑、唔甩尾、唔溜車，新手亦都能開得從容；全新無刷轉向系統反應快 1 倍，支援三種轉向模式及轉向中位自學習；G-CST 2.0 全場景舒適制動系統模擬老司机腳感，煞車唔點頭、行車唔暈車。此外，吉利星願係同級唯一以 130km/h 成功挑戰魚鉤測試，及同級第一以 80.7km/h 成功通過麋鹿測試嘅純電小车，操控表現媲美 20 萬級運動轎跑。

冠軍實力二：高效三電進階——全系標準配備寧德時代 +480km 續航 +19 分鐘快充

310 公里升級為 410 公里，410 公里升級為 480 公里，全新吉利星願實現全系續航升級。續航夠實唔玩虛、充電快用得耐、用電節省唔費錢，不管日常通勤定偶爾跑長途，全新吉利星願都能輕鬆應對。新車係同級唯一全系標準配備寧德時代電芯、液冷溫度控制及 11 合一高集成電驅嘅純電小车，三電實力自上市起便係同級天花板。新車搭載專屬定制嘅寧德時代全新一代電芯，能量密度達 190Wh/kg，最高 CLTC 續航 480km，足夠日常通勤同週末郊遊；配合同級唯一嘅主動式進氣格柵同低風阻輪轂，風阻降低 15counts，實際續航再提升 10km。

續航紮實，補能效率亦要持續升級。補能方面，30%-80% 快充僅需 19 分鐘，一杯咖啡嘅時間就能滿電出發；液冷系統同全新 BMS 保障天冷天熱都能滿速充電，且充電提速唔以犧牲電池壽命為代價。同時，同級獨有嘅星睿 AI 雲動力 2.0 實現全鏈路能量管理，涵蓋智能充放電、波谷電價識別、電池維溫、能耗診斷同電池養護等功能，讓每一次充電都高效，每一程用電都省心。

冠軍實力三：AI 智艙進階——銀河 Flyme Auto 2 智能座艙系統 + Eva 大模型

全新吉利星願把溫暖同智慧裝進座艙，讓車輛更好用、更懂人、更全面。全新吉利星願搭載銀河 Flyme Auto 2 智能座艙系統，基於 7nm 車規級龍鷹 1 號芯片及 16G+128G 大儲存，反應迅速，操作順滑，上手識得。用戶可隨心切換地圖或鍾意嘅壁紙桌面，萌寵壁紙支援互動功能，為座艙增添趣味性。

全新 AI Eva 更是用戶嘅隨身智慧夥伴，語音助手 Hi EVA 支援模糊指令理解及上下文記憶，可完成車控、問答、娛樂等操作，樣樣在行。用戶僅喺一句「Hi Eva，我要返傢」，車輛即可自動調用最新高德 850 版揀選最優路線。同時，車機新增支援 CarPlay 手機互聯，兼容 iOS 設備無縫連接，本地常用應用應有盡有，雲端更有 200+ 海量應用程式隨心揀。仲有隱形模式、洗車模式、一鍵尋車等貼心場景，同千人千面嘅自定義助手，下班自動開導航調冷氣，專屬迎賓儀式感滿滿。由導航到娛樂，由生活至驚喜，全新吉利星願嘅智能座艙全面覆蓋用家日常所需。

冠軍實力四：輔助駕駛進階——千里浩瀚輔助駕駛 H3 方案

全新吉利星願搭載同高端車型同源嘅千里浩瀚輔助駕駛 H3 方案，可覆蓋多種行車場景，每一個功能都係真真切切喺幫用戶提升駕駛體驗。該系統已安全行駛 13.8 億公里，用戶使用量增速第一，倚靠 G-ASD 智駕底層同星睿 AI 大模型，帶嚟「越開越好用、越開越聰明」嘅智能體驗。

高速高架 NOA 唔受道路同雨霧天氣限制，支援語音變線、多場景避讓同自動上下匝道，用戶只需輕扶方向盤就能輕鬆跑長途。全場景 MPI 接管率超 200 公里，相當於連續開 3 小時僅需接管 1 次。同時，泊車方面可做到全場景適配，APA 泊車輔助功能支援一鍵泊入、指尖泊車、遙控泊車，覆蓋 300 多種泊車場景。針對新手司機泊車難、女性司機泊車易緊張等實際痛點，HPA 記憶泊車支援 2km 超長記憶、cm 級精準定位，學習一次路線後即可全程自動泊入，具備智能跟車、自主搵位、遇障繞行功能，臨時改道都無需重新學習，有效降低泊車操作難度。此外，DMS 主動式疲勞檢測若檢測到駕駛員出現疲勞行為或分心駕駛，將及時提醒駕駛員；哨兵模式可 24 小時全天候守護泊車安全，有異常即刻錄製影片同發送用戶手機入面。由出發至抵達，由行車至泊車，全新吉利星願把複雜嘅駕駛變得簡單安心，讓用家把更多精力留俾路上嘅風景同同行嘅歡笑。

冠軍實力五：全維安全進階——三電安全 + 主被動安全

安全係吉利刻入骨子嘅基因！對於吉利而言，無論大車定小车，無論豪華車型定主流車型，旗下所有品牌都採咗相同嘅安全理念同嚴苛標準。吉利已建成投資超 20 億元嘅全球全域安全中心，同發布「人、車、路、雲、星」一體化全域安全 2.0 體系，覆蓋生命安全、健康安全、財產安全、私隱安全四大核心安全域。全新吉利星願同樣遵循呢個高標準，同秉承「小车，更要有大安全」理念，將小车安全做到極致。

被動安全方面，全新吉利星願打造咗五縱八橫星甲籠式車身，好似一件堅固又輕盈嘅鎧甲，前後左右都做咗精心加固——前端三傳力路徑配合雙「三葉草」洩力結構，側面電池至門檻間距 149mm 同增加雙重防撞縱樑，後端 750mm 長後懸同雙「井」字形後副車架形成堅固屏障；車頂抗壓強度提升至 3.4 倍車重，AB 柱及頂蓋橫樑等核心區材料升級，即使遇到側翻或重物壓頂，座艙依然安然無恙，側氣簾保壓技術更係喺翻滾時持續保護頭部。

喺電池壽命方面，吉利星願嘅驗證標準提升至國標嘅 2 倍，完成 1000 次循環後電池容量仍保持 90.72%。更有實際行駛 8.4 萬公里嘅星願，成功挑戰海水腐蝕，泥水沖刷、爛路刮底、極限燒火等六大串行極限測試，完成行業首創。

為咗進一步提升電池安全防護，全新吉利星願喺用家睇唔到嘅地方同樣下硬功夫，採用業界領先嘅 BDMU 高壓器件深度集成技術，把 BMS 電池管理系統同 BDU 高壓分配單元二合一，大幅減少介面，可靠性再上一個台階，從根源上降低電池密封失效嘅風險。值得提嘅係，5 月 12 日，吉利攜手央視完成咗同級首次，亦係同級唯一嘅正面同側面連續碰撞，高壓系統即時落電，電池包未冒煙起火，乘員艙結構完整，氣囊精準點爆，非碰撞側車門可正常開啟。此外，全新吉利星願配齊胎壓直顯、DOW 開門預警、哨兵模式，更有 AEB 主動煞車同 AES 緊急轉向雙保險，成功通過 120km/h 靜態車輛煞停同 130km/h「消失嘅前車」主動避讓測試，性能遠超行業主流水平。

70 萬用戶信賴，從中國冠軍到全球前三，冠軍之路永不止步

一直被模仿，從未俾人超越。憑藉由研發至製造嘅高標準同代際領先嘅產品力，吉利星願一直贏得行業同用家鍾愛。自 2024 年 10 月上市以來，吉利星願累計交付已經突破咗 70 萬輛，相當於每分鐘賣出一台，佢不僅係全行業最快達成呢一目標嘅明星車型，更加係一舉斬獲咗 2025 年中國車市銷量冠軍。進入 2026 年，吉利星願依然持續領跑，穩居榜首，今年一季度嘅全球新能源汽車銷量排行榜中，吉利星願首次躋身全球前三，達成咗中國 A0 級電車嘅全新里程碑。

吉利星願不僅喺國內銷售火爆，喺海外市場同樣廣受好評，目前已登陸全球 30 多個國家同地區。喺巴西上市兩個月銷量突破 2300 台；喺泰國車展單週訂單斬獲 3300 台，並拿下「巴西年度最佳緊湊型電動車」同「印尼車展最受鍾愛電動車」嘅雙重國際大獎。喺全世界嘅街頭，吉利星願正喺成為「中國智造」流動嘅新名片。

全新吉利星願嘅進階，令吉利銀河品牌喺純電小车嘅賽道上再次拉高咗「高質優價」嘅標杆。未來，吉利銀河將繼續堅守「造每個人的智能精品車」嘅初心，精準把握用家最真實嘅需求，喺各個細分市場都為用家帶嚟超越期待嘅產品同服務。

唔知有幾多朋友最近期關注 10 萬內純電 SUV 市場？近段時間睇嚟，呢個細分市場好熱鬧。就講長安啟源全新 Q05 同零跑 A10，上個月銷量分別達 15814 輛同 14372 輛，全部挺進 2026 年 4 月銷量排行全品類前 10，長安啟源全新 Q05 甚至奪得緊緊湊型純電 SUV 市場嘅銷冠。

（長安啟源全新 Q05）

值得留意係，兩款大熱門產品亮點亦唔少，9 萬級可以得到 500km+嘅續航，零跑 A10 甚至配備激光雷達，有高級智駕輔助需求嘅朋友嚟講，呢架車吸引力的確唔低。但係喺價格上，同為高配嘅長安啟源全新 Q05 506Max+ 同零跑 A10 505 激光雷達版，終端價格分別係 9.59 萬同 8.68 萬，手握 9 萬左右預算嘅朋友都可以考慮。明顯係，又去到決賽圈二揀一環節。

（零跑 A10）

如果對預算比較敏感，咁喺長安啟源全新 Q05 同零跑 A10 之間，後者可能更受歡迎，畢竟終端價格實打實平咗幾千元。而且，高配 A10 配有激光雷達，市區/高速情況均能啟動領航輔助駕駛，呢個就係佢嘅優勢所在。當然，如果預算允許，揀長安啟源全新 Q05 高配，都有帶激光雷達嘅高級輔助駕駛。

（長安啟源全新 Q05）

但既然係買車前嘅橫評，唔少全方位對比。首先從尺寸睇，作為緊湊型 SUV，長安啟源全新 Q05 長寬高分別係 4435*1855*1595mm，軸距為 2735mm。而零跑 A10 車型級別就係小型 SUV，長寬高分別係 4270*1810*1635mm，軸距為 2605mm。

（零跑 A10）

如果只係考慮代步、通勤，零跑 A10 嘅細個嘅略有優勢，方便行街串巷。但實際上，好多人買車都要兼顧家用，10 萬內預算也多以剛需用車群體為主。既然係剛需，且有家用需求，嗰空間自然唔好掉鏈子。

（長安啟源全新 Q05）

（零跑 A10）

講返日常家庭出行嚟講，兩車之間 130mm 軸距差異，直接反映喺後排體驗。坐入長安啟源全新 Q05 後排，腿部空間平整兼寬敞，一齊坐 3 位成年人都唔會太擠；但係坐入零跑 A10 後排，無論坐寬定係腿部空間都會細少少。媽咪喺後排照顧孩子，長安啟源全新 Q05 後排更加寬敞嘅空間會更加方便佢操作，孩子都能有更大嘅活動空間。

（長安啟源全新 Q05）

（零跑 A10）

除咗空間，通勤黨同家庭用戶對舒適配置都比較關注。睇嚟對比，兩車都有配電動尾門、無匙進入、自適應遠近光等外部配置。但係從車廂內睇，零跑 A10 副駕無法電動調節，後排靠背都唔支援角度調節，同埋缺少後排空調出風口、車內 PM2.5 過濾裝置等。

（長安啟源全新 Q05）

（零跑 A10）

反觀長安啟源全新 Q05，除咗副駕支持電動調節，前排仲集成咗加熱/通風/按摩/副駕腿托功能，對比零跑 A10 只提供前排座椅加熱，佢嘅品質無疑更上一層樓。包括後排乘員都有少少照顧，例如靠背角度可調、配有後排空調出風口、後排中央扶手/杯架等，更加適合家人同行呢類場景。

（長安啟源全新 Q05）

（零跑 A10）

除咗舒享體驗，行駛系統嘅對比我哋都唔好忽略。首先從大家關注嘅續航睇，長安啟源全新 Q05 同零跑 A10 分別搭載 51.9kWh、53kWh 電池，CLTC 純電續航做到 506km、505km，差異大可忽略。但從電芯供應鏈睇，前者出自寧德時代，後者就係國軒高科/江蘇正力，若論品牌含金量，“寧王”順位自然靠前，更值得信賴。另外，兩車都有全球品質，按照全球嚴苛嘅標準打造，零跑 A10 符合國內、歐盟雙標準，長安啟源全新 Q05 已經喺泰國上市，未來仲會相繼落地多個國家地區，最終開拓歐洲區域，此外仲有央企背書，質量品質都好可靠。

因為本文討論嘅係 A10 嘅 505 版本，採用電池液冷技術，溫控較好，而如果係 403 版本，採用成本低嘅風冷技術，散熱效果較差。呢點上，全新 Q05 做得更好，入門就採用電池直冷技術，高配用嘅係液冷技術，能更好地實現熱管理，保證電池安全。

（長安啟源全新 Q05）

（零跑 A10）

動力方面，長安啟源全新 Q05 同零跑 A10 都係前置單電機佈局，電機最大動力輸出分別係 120kW/190N·m、90kW/150N·m，0-100km/h 加速時間分別做到 8.9 秒同 10.6 秒。坦率嚟講，兩款車喺純電陣營加速性能都中規中矩；但係相對嚟講，長安啟源全新 Q05 嘅 8 秒級零百加速，喺山路行駛、高速超車等情況下會比零跑 A10 更加分。

（長安啟源全新 Q05）

（零跑 A10）

總結嚟講，零跑 A10 505 激光雷達版優勢突出：價格更低、智駕輔助覆蓋範圍更廣，適合預算優先 + 科技嘗鮮嘅消費者。而長安啟源全新 Q05 更強調“全面”二字：加少少預算同樣可以獲得高級輔助駕駛，而且尺寸更大、舒適配置更高、採用頭部電芯供應鏈，動力亦更強，綜合表現更全能。總括嚟講，預算 9 萬級追求面面俱到嘅家用體驗，長安啟源全新 Q05 506Max+ 更加值得考慮。

May 28, 2026, SAIC Motor Milestone Celebration grandly opened at the Shanghai North Bund World Living Room, with the world's 100 millionth user officially completing delivery. With over 70 years of dedicated effort, SAIC Motor successfully became the first automotive manufacturer in China to achieve cumulative production and sales exceeding 100 million units, setting a new height for the development of China's automotive industry. This delivery event involved over ten full-vehicle brands and nineteen main models under SAIC Motor, marking a new milestone in the development of China's automotive industry through a global relay delivery format linking domestic and international regions and continents.

Seventy Years of Legacy Continuation: From Domestic Market Breakthrough to Leading the Era of Intelligent Electrification

SAIC Motor's development trajectory is a condensed history of China's automotive industry rising. The company traces its origins to the Shanghai Internal Combustion Engine Parts Manufacturing Company in 1955, with the first "Phoenix" sedan handcrafted in 1958, achieving a breakthrough in Shanghai's independent car manufacturing and starting the curtain on domestic car production. For over 70 years of hard work, SAIC Motor has always resonated with China's automotive industry, witnessing and promoting the industry's leap-and-bound transformation from nothing to something, from weak to strong, from following joint ventures to independent leadership.

Looking back on the development journey, every iteration of SAIC Motor has anchored industrial opportunities and closely tied to the pulse of the times: In 1983, the Santana went off the assembly line officially, opening a new era of domestic automotive joint ventures; In 1997, SAIC-GM went into production, creating a 23-month industry miracle of factory construction to vehicle output, casting the nationally renowned "Shanghai Speed"; In 2006, the independent high-end brand Roewe was heavily launched, blowing the horn for independent brands to break through upward; In 2016, the world's first mass-produced internet car Roewe RX5 was launched, leading the way for intelligent automotive transformation; In 2020, the high-end intelligent electric brand IM Motors was established, fully developing the new intelligent electric track, completing a strategic transformation to New Quality Productive Forces.

Cultivating the industry for decades, SAIC Motor has always adhered to the core brand concept of "Understands Cars, Knows You Better", insisting on dual empowerment through technical deep-dive and user-first. From joint efforts in Santanna localization to technology co-creation and win-win in the joint venture 2.0 era; from pioneering new internet car forms to the implementation and application of cutting-edge technologies such as full wire-control chassis, solid-state/semi-solid-state batteries, and in-car AI large models, SAIC Motor continues to convert hardcore technology into perceivable, implementable, and inclusive mobility experiences. The eye-catching performance of 100 million units of production and sales is the highest recognition of billions of users for SAIC Motor's quality and service, and the best witness of the brand's original intention and strength.

Million-Level Benchmark Heavy Delivery: IM LS9 Hyper Carries the Accumulation of Seventy Years of Technology

The 100 millionth vehicle delivered at this celebration is SAIC Motor's high-end flagship model, IM LS9 Hyper. This vehicle concentrates SAIC Motor's 70 years of car manufacturing technology accumulation, reconstructs the core configuration system for new energy vehicles, and opens a new era of the industry's "New Three Major Components", representing the culmination of SAIC Motor's technological iteration and quality upgrade.

In terms of core hardware and intelligent configuration, the IM LS9 Hyper is equipped with multiple first-in-class technologies: The full lineup comes standard with a full wire-control four-wheel steering system, paired with a 520-line Super-View LiDAR and NVIDIA Thor top-tier intelligent driving chip. It also carries a global 800V high-voltage platform and the Stellar Super Range-Extending System, with hardware pre-embedded for L3 and higher-level intelligent driving upgrade redundancy capabilities, bringing users a full-scenario, high-safety, and evolutive intelligent mobility experience. In terms of performance, the model is the first to be equipped with SAIC Gold Badge Hurricane Three-Motor, successfully entering the 3-second supercar performance tier. In the safety field, SAIC Motor partnered with Purple Mountain Laboratory to globally launch "Endogenous Security" technology for the first time, breaking traditional automotive safety boundaries and building a dual security system of physical protection + information protection, consolidating the security foundation of the AI intelligent mobility era.

It is worth noting that SAIC Motor's global 100 millionth owner is Momenta CEO Cao Xudong. As a core strategic partner in SAIC Motor's intelligent driving field, the two parties have long collaborated deeply and co-created technology, with jointly developed intelligent driving technology widely empowering the implementation of multiple brand models for SAIC Motor. This time, an industry partner changing into a brand user is not only a vivid demonstration of the results of their ecological co-building, but also interprets SAIC Motor's brand core of being technology-based and value symbiosis.

Full-Chain Synergy Global Layout: Hardcore Strength Fortifies Industry Leading Position

Behind the 100 million units production and sales milestone is SAIC Motor's hardcore strength of synergy across six business sectors and full value chain closed-loop operations. Relying on the linkage empowerment of six core sectors: complete vehicle manufacturing, core parts, mobility, automotive finance, global operations, and technological innovation, SAIC Motor has built a stable, complete, and sustainable industrial ecosystem system, providing solid support for continuously leading the industry.

Market data validates strong development momentum: In January to April 2026, SAIC Motor's cumulative sales reached 1.302 million units, ranking first in Chinese automaker sales for four consecutive months. Among them, domestic brand sales reached 910,000 units, accounting for nearly 70%, with a significant trend of domestic rise; New energy vehicle sales reached 412,000 units, highlighting the results of electrification transformation; Overseas market performance was particularly impressive, with cumulative sales of 459,000 units, a year-on-year significant growth of 50.2%, with rapid momentum of global development.

This delivery celebration had a complete lineup and numerous highlights, with SAIC Motor's domestic and joint venture brands fully launching and appearing together. Domestic brands Shangjie Z7, Huajing S, Roewe M7, MG4 Semi-Solid State Battery Version, Wuling Starlight 560, and other models comprehensively cover diverse mobility scenarios such as family, commuting, performance, and business; Joint venture brands Volkswagen ID. ERA 9X, AUDI E7X, Buick Zhijing E7, and other new models made a collective appearance, fully showcasing the new results of SAIC Motor joint venture 2.0 era technology co-creation and value upgrade. This delivery took Shanghai as the main venue, coordinating with domestic core production bases such as Nanjing and Liuzhou, synchronously linking key overseas markets such as the UK, Indonesia, and Singapore, launching global synchronous relay delivery, comprehensively highlighting SAIC Motor's deep foundation and systemic strength in global layout.

As a pioneer and leader in China's automotive going global, SAIC Motor has long established a perfect global industry system. Currently, it has laid out over 100 parts production bases, 3,000 terminal distribution outlets, built 3 overseas R&D centers, 4 overseas complete vehicle manufacturing centers, achieving full-chain localization operations of R&D, production, sales, and service. Relying on Anjie Logistics' 42 ro-ro ships and 8 international routes global logistics network, products and services cover over 170 countries and regions worldwide, with overseas cumulative sales breaking 7 million units. Among them, the MG brand has consecutively won the China Brand Europe sales champion for 11 years; In 2025, annual European sales broke 300,000 units, becoming the first Chinese automotive brand with cumulative sales exceeding one million in the UK and Europe markets, promoting China's automotive industry from single product export to technology export, brand export, and value chain export comprehensive upgrade.

Starting with a Billion for Second Entrepreneurship: Original Intention Reaches Far, Building a New Mobility Future Together

This delivery celebration always centered on users, with diverse guests including tech bloggers, industry experts, public welfare representatives, and domestic and overseas veteran car owners gathering on site; Every user's trust and choice is a vivid interpretation of SAIC Motor's original intention "Understands Cars, Knows You Better". For many years, SAIC Motor has always taken user demand as the core orientation, deep diving into technological innovation, refining product quality, and optimizing mobility services, allowing cutting-edge technology to walk out of the laboratory and truly benefit the public's mobility life.

The 100 million units production and sales achievement is SAIC Motor's glorious answer sheet of over 70 years of continuous cultivation, and more importantly, a brand new starting point for the brand moving towards a new journey. Standing at a new trend in industry development, SAIC Motor will take this milestone as an opportunity, launching a new journey of second entrepreneurship in the intelligent electrification era, and continuing to deep dive into the core tracks of automotive intelligence and electrification. In the future, SAIC Motor will rely on full value chain core strength, partner with global users and billion-strong partners to move forward together, continue to lead the transformation and upgrading of China's automotive industry, go global, and write a brand new chapter for the high-quality development of China's automotive industry.

In May, China's automotive market overall presented a gentle recovery trend, with domestic brands still being the sales backbone of the market. Recently, BYD, Geely, Chery, Changan, and Great Wall, the top 5 domestic automakers, successively released their monthly performance reports. From the data, these five companies show a general characteristic of "stable total growth, divergence between domestic and international markets, and accelerated new energy penetration". Overseas exports and new energy vehicles have become the most core growth engines; export business has evolved from a "bonus item" to the "core foundation" for some companies. BYD's "dominant leader" status is further consolidated, Chery achieved high growth via exports, Geely's new energy penetration rate broke 56%, Changan focused steadily on balanced development, while Great Wall appeared slightly under pressure during structural transformation.

BYD: Export Hits New High Becomes Biggest Highlight

In May, BYD stood firmly at the top of domestic brands with a monthly sales volume of 383,500 vehicles, maintaining positive growth both year-on-year and month-over-month under a large base. Its two main brands, Dynasty and Ocean, sold a combined 330,200 vehicles, contributing 86.1% of total sales; Fangchengbao's monthly sales broke 30,000 units to reach 30,200, a year-on-year increase of 139.7%, setting a new high for the year; Denza sold 16,300 vehicles, and Yangwang delivered 286 vehicles. From a model perspective, BYD had eight models in May with monthly sales exceeding 20,000 vehicles. The Song Family and Yuan Family both broke 50,000 units, selling 51,370 and 56,691 vehicles respectively. The Sea Lion Family followed closely with 42,615 vehicles, and Seagull sales were also close to 40,000 vehicles.

BYD's biggest highlight in May was exports. Overseas new energy vehicle sales reached 160,600 units, an 80.4% year-on-year increase, accounting for about 42%. The sharp expansion of export scale effectively countered the phased weakness in domestic demand. Cumulative exports from January to May exceeded 620,000 vehicles. High export growth mainly benefited from continued ramping up of overseas factory capacity, improved ocean shipping capacity, and accelerated channel network expansion. In the domestic market, BYD promoted Megawatt Super Charging and intelligent strategies simultaneously—Megawatt charging achieved about 90% charge in 9 minutes; 20,000 super charging stations are planned to be built by 2026; all series models are available with Sky Eye B intelligent driving solutions and city navigation safety fallback plans, accelerating the popularization of high-level intelligent driving. As Gen 2 Blade Battery capacity gradually releases, the company's orders are expected to continue rising.

Chery: Sales Growth Leads the Top 5

Chery Group's total sales volume in May was 247,800 vehicles, a significant year-on-year increase of 20.5%, ranking first in growth speed among the top 5. Exports remained its most core growth engine—May exports reached 181,900 vehicles, an 80.5% year-on-year increase, accounting for 73.4% of total sales that month, continuously breaking the single-month export record for Chinese brands for three months. In terms of new energy, Chery New Energy sold 100,300 vehicles, a 58.8% year-on-year increase. April and May consecutively saw monthly new energy sales breaking 100,000 vehicles.

The strong performance in exports benefited from Chery's long-term deep cultivation of overseas channel advantages and localized operation capabilities. While overseas orders continued to rise, high export growth formed a sharp contrast with domestic sales—Chery's domestic sales in May were only 60,000 vehicles, accounting for one-quarter of total sales. From cumulative data, Chery Group accumulated 1.101 million sales from January to May, but against the annual goal of 3.2 million vehicles, monthly averages need to reach about 420,000 vehicles later, and pressure remains significant.

Geely: New Energy Penetration Rate Breaks 56%

Geely Auto's total sales volume in May was 237,600 vehicles, a 1% year-on-year increase, achieving month-over-month double growth for three consecutive months. In terms of structure, Geely's "New Four Transformations" transformation showed significant results: new energy vehicle sales reached 133,400 units, accounting for 56% of total sales, with new energy share exceeding 50% for four consecutive months.

From sub-brands, performance was significantly divergent. Zeekr brand sales in May reached 34,400 vehicles, a 82% year-on-year increase; Zeekr 9 Series and 8 Series models combined sales approached 50% of total sales, showing bright performance in the high-end market; Galaxy brand sales were 81,700 vehicles; Geely brand sales were 182,500 vehicles, among which China Star Series sales reached 100,800 vehicles; Lynk & Co brand sales were 20,700 vehicles, with new energy vehicle sales share rising to 71%.

In terms of exports, Geely's overseas vehicle exports in May reached 85,100 vehicles, a explosive 184% year-on-year increase, setting a brand single-month export record high. Among exported products, new energy vehicles reached 40,800 units, accounting for nearly half; hybrid and pure electric products have successively landed in Southeast Asia, Middle East, Latin America, and other markets, highlighting the results of global strategy implementation.

Changan: Multi-brand Matrix Balanced Effort

Changan Auto's delivery volume in May was 209,100 vehicles, among which new energy deliveries were 92,400 vehicles, a 5.8% year-on-year increase, with new energy share about 44%. In terms of exports, overseas deliveries reached 70,700 vehicles, a 38% year-on-year increase, becoming another major growth highlight for Changan in May.

In the sub-brand matrix, Changan Qiyuan delivered 34,500 vehicles in May; All-New Q05 delivered 15,800 units, with orders breaking 3,000 units within three days of listing in Thailand; Deepal sales in May were 33,200 vehicles, a 30% year-on-year increase; January to May overseas cumulative sales were 28,700 vehicles, a significant 167% year-on-year increase; Avatr delivered 7,336 vehicles in May; Changan Auto (Gravity) delivered nearly 49,000 vehicles in May.

Changan Auto's balanced layout was fully reflected in May: the fuel car base remained stable, new energy brands Deepal and Qiyuan accelerated volume growth, high-end brand Avatr continued to break through in technical cooperation, and overseas markets simultaneously achieved breakthrough growth. The pattern of five brands working together, driven by both new energy and exports, is initially taking shape.

Great Wall: Overseas Sales Growth Year-on-Year 46.75%

Great Wall Motor's sales in May were 100,400 vehicles, slightly down compared to last May's 102,200 vehicles, making it the only company among the top 5 to show a year-on-year negative growth. From sub-brands, Haval brand sales in May were 55,500 vehicles, remaining Great Wall's most important sales pillar; Tank brand sales were 17,100 vehicles; both Haval and Tank brand sales showed year-on-year declines; Wey brand sold 8,119 vehicles, a 31.78% year-on-year increase, achieving growth against the trend; Ora brand performance was most stunning, with sales of 6,018 vehicles, a significant 206.88% year-on-year increase. In terms of new energy, Great Wall sold 30,400 new energy vehicles in May, with new energy vehicle transformation gradually accelerating.

The overseas market became Great Wall's biggest highlight in May, with overseas sales growing 46.75% year-on-year. Against the background of pressure on the domestic market, strong growth in overseas business effectively made up for the decline in the domestic market. Great Wall Motor's current core contradiction lies in: Haval and Tank, the two traditional main-selling brands, face weak growth, while Wey and Ora brands, although growing notably, have relatively small volume and are not yet enough to support overall growth. How to complete the "relay" between old and new brands is the key issue Great Wall must solve subsequently.

Final Thoughts

From May data, the growth pattern of the top 5 domestic brands has clearly diverged, but there are three common trends worth noting: First, exports have become a key engine for domestic brands to seek stability and growth. Second, new energy transformation is still accelerating, but paths differ among enterprises. Third, technological innovation continues to deepen brand moats. Looking ahead to the second half of the year, competition in the automotive industry will continue to upgrade around these three trends. Although everyone has a common direction, these three trends are all competing for the entire enterprise's industrial chain strength, and the strong will remain strong, which has almost become an inevitable outcome.

At the beginning of June, all car companies announced their May sales data. Since entering the second quarter of 2026, sales for each brand have generally been steadily increasing.

It is still the familiar two giants, BYD and Geely. May sales figures were respectively383,453 units and237,637 units.But in my personal opinion, their export data is even more worth our attention.

First, looking at BYD's part, in May their passenger cars and pickupsold 160,177 units overseas, an increase of 80.7% year-on-year; cumulative sales from January to May reached 614,470 units.

Geely similarly performed excellently,May overseas export sales volume was 85,144 units, a year-on-year growth of 184%.

Actually, many readers should know, BYD's 'ATTO 3' which is the overseas version of the Yuan PLUS, and their pickup model 'BYD SHARK' sold quite well overseas.

But in fact, BYD sells more than just these products overseas, and BYD's big weapon 'Flash Charging Technology' is also still in the initial layout stage overseas.

They plan to scale up about 6,000 megawatt flash charging stations overseas by the end of 2026, simultaneously exporting flash charging models equipped with second-generation Blade Batteries.

As for Geely, their premium brand Zeekr has recently been shining overseas, not only is Zeekr 9X very popular in the Middle East market, but the video of 'Zeekr 8X Beating Ferrari' is also widely circulated on the foreign internet.

Including in some lower-tier markets, models like Emgrand, Xing Yuan are also opening up recognition, Chinese car exports can be said to be welcoming a new stage.

According to data released by CPCA,in 2025 China's car exports reached 8.32 million units, a year-on-year growth of 30%; new energy vehicle exports in 2025 totaled 3.43 million units, a year-on-year growth of 70%.

Time has come to 2026, January to March China's car exports reached 2.34 million units, year-on-year growth of 53% compared to the same period in 2025. Combining this data and the current situation, see,I think China's car export volume in 2026 is expected to break through 10 million units.

Everyone says the economy is bad now and no money to buy cars, so why are car companies constantly launching new cars? Yes, one important reason is that Chinese car export business is growing rapidly.

Although the domestic car market has already tended towards saturation, the overseas market is still very vast, and Chinese cars are very competitive.

From CPCA's Cui Dongshu's article we can see, Chinese cars are exported in large quantities to countries such as Russia, Brazil and Mexico, and like the UK, Belgium and Italy in Europe, are also important export regions for Chinese cars.

Besides new cars, exporting used cars is also a big trend.

Domestically, the penetration rate of new energy vehicles long exceeded 50%, but it is not so overseas. In recent one or two years, while domestic consumers use replacement subsidies to buy new cars, a large number of fuel cars flowed into the used car market.

But the market cannot timely digest this part of inventory, therefore many used car merchants chose to export some 'Global Models' with relatively good condition to overseas, especially Asian, African, and Latin American countries, they have a huge demand for such products.

It is not hard to see, in the long term in the future, Chinese car exports will be a very big trend. If friends are interested, they might try to enter this industry, maybe there will be good development prospects.

So how are the major car companies laying out? If friends pay attention to this side should know, new force car companies actually attach great importance to export business.

Take the familiar 'NIO, XPeng, and Li Auto' as an example, NIO had already laid out the overseas market as early as 2021, and also built charging swap stations in parts of Europe and the Middle East.

But NIO's current main focus is still on consolidating the domestic market. Indeed NIO just recently 'got better', there is not enough financial strength and energy to cope with overseas challenges, so NIO's going global speed slowed down in 2026.

But with the help of ES8 and ES9, NIO basically passed the most difficult moment. I think it is time for them to work harder on new car going overseas.A car like Firefly is very suitable for the European market, at the same time, it is already being sold overseas, I think more can be done with it.

And XPeng Motor, for example, 2025 delivered over 45,000 new cars overseas, business covering 60 countries and regions globally.

At the same time, they have also set up 3 production bases overseas, to cope with challenges in tariffs and manufacturing costs. As early as July 2025, the Indonesia base was completed and started production; September Graz, Austria factory started European localization production; December Malaysia base was also completed.

Even they set such a grand goal as 'achieving half of sales from overseas by 2033', believe XPeng has the opportunity and ability to complete it.

But among new force brands, the one with the biggest potential I think is still Leapmotor.

Nowadays Leapmotor in the domestic market can be said to be on a strong trend, continuously gaining the title of sales champion among new force car companies,and in the overseas market it relies on Stellantis Group's sales network, at extremely cost-effective prices achieved good results in the European market.

2025 Leapmotor export volume reached 67,052 units, and in 2026 I think this data is expected to improve further, after all, if they want to achieve the goal of 'millions of annual sales', overseas market naturally cannot be ignored.

Of course, there are also some new force car companies whose export business started relatively slowly.

For example, Li Auto officially started export business only in 2025, but their products were sold overseas via 'parallel export' very early, and also received good reviews.

For example, Xiaomi Motor which sold very well domestically, plans to start export business only in 2027, but according to Xiaomi Tech's layout and influence overseas, I think Xiaomi Motor also has the opportunity to sell hotly.

However, the continuous increase of Chinese car export volume is not entirely the credit of 'Chinese brands', many joint venture brands' models produced in China exported overseas also counts as Chinese car export.

This includes products produced by Tesla China factory, and models from brands under SAIC like MG, Chevrolet, etc.Some joint venture brands' products may not be welcome domestically, but placed in the overseas market that is a 'blockbuster'.

This also explains why some brands' presence domestically is not quite high, but when statistics sales data is not considered bad.

Overall, the increase in Chinese car export volume is very beneficial for promoting economic circulation, can promote the inflow of foreign exchange, provide support for reviving the economy.

And independent brand car companies should also attach more importance to export business, only then can they open up a larger market.So which car company is the biggest winner now? I think some readers should be able to guess, it is Chery Motor.

May 2026, Chery Group sold 247,823 cars, year-on-year increase of 20.5%. Among them, group new car exports were 181,871 units, year-on-year growth of 80.5%, and broke Chinese car single-month export record for three consecutive months.

In the full year of 2025, Chery Motor exported new cars totaling 1,344,020 units, a year-on-year growth of 17.4%; cumulative car exports 5.85 million units, ranked first in Chinese brand passenger car exports for 23 consecutive years.

Although I often criticize Chery's product sequence is chaotic, it is precisely the sufficiently rich product sequence that allows Chery to do well in different countries, plus early layout, let Chery Group become the unquestionable 'Chinese Brand Car Company Export No. 1'.

Nowadays the iteration speed of new cars has become incredibly fast, many friends might think 'Why are there so many people wanting to buy cars'? But after understanding this car export matter, everyone should have a new understanding.

Car companies releasing new cars is not just for the domestic market, it is also a layout for overseas business.

The domestic new car market indeed has already tended towards saturation, but if we look further and wider, from a global perspective, isn't the market very vast?

Everyone can perceive that now is no longer the period of economic upward trend, in the situation where the real estate industry has cooled down, we need a new pillar industry.

For the domestic market, the automotive consumption industry is the choice made by the 'Invisible Hand'. So in your opinion, will car export business be a new trend?

((The above content represents only personal opinion))