首頁BYD Tang
搜尋歷史
熱門搜尋
經銷商登入 / 註冊
In the SUV market in Malaysia, many buyers compare Perodua Aruz and Mazda CX-30 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 Perodua Aruz in Malaysia is RM 72,900 - 77,900, there are 2 versions in total, including 1.5L X (RM 72,900), 1.5L AV (RM 77,900) etc.
The OTR price of Mazda CX-30 in Malaysia is RM 122,409 - 146,409, there are 4 versions in total, including 2025 2.0L High+ Premium (RM 146,409), 2025 2.0L High+ (RM 138,409), 2025 2.0L High (RM 130,409) etc.
From a price perspective, Perodua Aruz's starting price is indeed RM 49,509 cheaper than Mazda CX-30. If your budget is limited, Perodua's entry version can already meet daily needs. However, be aware that the lower cost might involve trade-offs in features, depending on your specific needs.
Perodua Aruz safety rating is 5★ (ASEAN NCAP), active safety systems include.
Mazda CX-30 safety rating is 5★ (ASEAN NCAP), active safety systems include i-Activsense.
Both cars have the same safety rating, and safety features are quite complete in this class. New cars nowadays are generally safe, no need to worry too much about this.
Perodua Aruz warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Mazda CX-30 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Both cars have the same warranty conditions, no need to hesitate on this aspect. Actual maintenance costs depend on the brand's service network and parts prices. It is suggested to ask real owners in car owner groups for their experience.
Perodua Aruz and Mazda CX-30 are both 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, choose the one with richer configurations. Ultimately, it is suggested to test drive both, experiencing it personally is the most important.
Overall, Perodua Aruz and Mazda CX-30 are both very good models in the Malaysian market. Which one to choose, it mainly depends on your personal needs and budget. It is recommended to do your research, compare quotes from several dealerships, and then test drive to make the final decision. Buying a car is a big matter, spending time on research will never go wrong.
In Malaysia's SUV market, many buyers compare Perodua Ativa and Chery Tiggo Cross when choosing a car. These two models are quite close in price and positioning. Today, we will make a detailed comparison from multiple aspects to save you time on research.
The OTR price of Perodua Ativa in Malaysia is RM 62,500 - 73,400, with a total of 3 versions, including 1.0L Turbo X (RM 62,500), 1.0L Turbo H (RM 67,300), 1.0L Turbo AV (RM 73,400), etc.
The OTR price of Chery Tiggo Cross in Malaysia is RM 88,750 - 99,750, with 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, the starting price of Perodua Ativa is indeed RM 26,250 cheaper than Chery Tiggo Cross. If your budget is limited, Perodua's entry-level version can already meet daily needs. However, note that the few thousand difference might involve trade-offs in features, depending on your specific requirements.
Perodua Ativa is equipped with a 1.5L 4-cyl, 105 hp. Official fuel consumption 6.0 L/100km.
Chery Tiggo Cross is equipped with a 1.5L 4-cyl, 105 hp. Official fuel consumption 6.0 L/100km.
Both cars use the same powertrain, and the driving feel in daily use is basically the same. Fuel consumption is also similar, no need to worry too much about this point.
Perodua Ativa 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.
Perodua Ativa and Chery Tiggo Cross are both mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, consider the one with the better reputation first; if you care more about cost-performance ratio and features, choose the one with richer configurations. In the end, it is recommended to test drive both models, as personal experience is the most important.
In general, Perodua Ativa and Chery Tiggo Cross are both very good models in the Malaysian market. Which one to choose mainly depends on your personal needs and budget. It is recommended that everyone do their research, compare quotes from several car dealers, and then go for a test drive to make the final decision. Buying a car is a big matter, spending some time researching is never wrong.
GAC Group released a half-year performance report for 2026. The numbers are quite shocking — net loss for the first half estimated at 4.06 billion to 4.57 billion yuan. The net profit after deducting non-recurring gains and losses was even worse, with a loss of 4.8 billion to 5.6 billion yuan. More than 4 billion yuan, losing over 20 million yuan per day, it doesn't look very ideal.
But look at another set of numbers — GAC sold 773,100 vehicles in the first half, a year-on-year increase of 2.35%. New energy vehicle sales accounted for over 60%. Independent brands sold 346,000 vehicles, a surge of 35.69%. AION was even more fierce, 181,600 vehicles, a year-on-year increase of 67.08%. Overseas exports 121,500 vehicles, a year-on-year increase of 132%, the semi-annual export scale is already close to last year's full year level. Sales are up, new energy transformation is accelerating, and exports are doubling — but the books show an even bigger loss. How is this account calculated?
GAC Group
What does the official say?
GAC's announcement was very straightforward, three reasons:
First, domestic market competition intensified, independent brands continued to increase sales investment, plus changes in product sales structure, and rising upstream raw material costs, leading to a decline in independent brand profits.
Second, joint venture brands are facing operational pressure. Specifically, terminal sales decline, continued increase in sales investment, rising raw materials, etc., are all important factors, and the company's investment income decreased year-on-year.
Reason for Loss
Third, exchange rate fluctuations caused exchange losses, adding another blow. Obviously, GAC Group gave a relatively clear interpretation of the reasons for the loss in the first half.
To translate, it might be that independent brand profits are not as high as before, joint venture brands are under greater pressure, and exchange rates also caused a certain loss to profits.
Combining all the above factors, GAC Group is expected to incur a loss in the first half of 2026. Moreover, the loss amount is expected to reach 4.06 billion to 4.57 billion yuan, which is quite high.
However, Car Universe World believes that if you only focus on the word "loss", you might miss the real story.
Loss Forecast Announcement
Joint Ventures: One "Under Pressure", One "Steady"
GAC Group official data shows, GAC Honda sold 68,300 vehicles in the first half, a year-on-year decline of 55.82%, almost 60% down. June single month 14,000 vehicles, although it increased more than 50% month-on-month, it fell 53% year-on-year.
The joint venture giant that used to sell 700,000 annually, now the average monthly sales of the first half is over 10,000 units. Accord, Fit, Vezel, Integra these classic models, monthly sales generally not as high as before.
Obviously, from the sales perspective, in the first half of 2026, GAC Honda still declined significantly, reaching over 50%, bearing a certain amount of pressure.
Production and Sales Express
But the performance of GAC Toyota is different, the overall performance is still steady. Moreover, under the situation that domestic car market joint venture brands are under pressure overall, its sales volume is stable and rising.
GAC Group official data shows, in the first half of 2025 GAC Toyota sold 356,000 vehicles, monthly average sales close to 60,000 units. Year-on-year increase 3.29%. March, April, May for three consecutive months topped the sales list of joint venture car companies. July 2nd, GAC Toyota also welcomed the 10 millionth mass-produced vehicle rolling off the assembly line, joining the "million-unit level large factory".
Moreover, Car Universe World found, supporting GAC Toyota is not low-price volume-selling cars, but the Camry, Highlander, Sienna three major flagships continuing to exert effort, smart electric hybrid double engine vehicle proportion reached 54% . Boxi brand sold 52,000 units in the first half, Boxi 3X consecutive 10 months holding joint venture pure electric sales champion.
One continues to bear pressure, one steady, this joint venture card, GAC has not finished playing yet.
Boxi 7
Independent and Overseas Markets, The Real Highlights
Car Universe World believes, if there is anything eye-catching in GAC's first-half performance report, it must be the overseas market and the surge in independent sales.
Official data shows, first half of 2026, GAC Trumpchi cumulative sales 164,000 units. Compared to the same period last year, sales increased by 12.36%.
AION rose even harder. Official data shows, first half of 2026, GAC AION cumulative sales 181,000 units. Compared to the same period last year, sales increased by 67.08%.
In terms of overseas markets, first half independent brand exports 121,500 vehicles, year-on-year growth 132%, semi-annual export scale already close to last year's full year. Americas, Asia-Pacific, Middle East, Africa, Europe five major regions simultaneously achieved high-speed growth.
Trumpchi E8
Mexican market, AION ES and AION UT both entered the top ten in new energy BEV sales. Bolivia, GAC brand consecutive months holding China brand passenger car sales champion. Singapore, Thailand, Malaysia, Indonesia — GAC's overseas map is blossoming in multiple points.
GAC's overseas target set at the beginning of the year was 250,000 vehicles for the full year, striving for 300,000 vehicles. First half completed 121,500 vehicles, completion rate close to half. When the domestic market is too hard to compete, overseas became GAC's strongest growth curve.
AION N60
The Account of Transformation, Cannot Look Only at the Present
The "Panyu Action" launched in 2025 is being implemented step by step.
Headquarters moved to Panyu, closer to the production frontline. Feng Xingya said an interesting sentence — "We moved the office to the place closest to the gunfire, so that those who hear the gunfire can call for it." Business Unit (BU) restructuring finished, Hyper AION BU formed first, January 2026 Trumpchi BU also established. GAC independent brands have formed a new operating architecture centered on BU.
Cooperation with Huawei also produced results. Jointly created high-end brand "Qijing" first model GT7, launched in Hangzhou on June 26th. Price 209,900 to 329,900 yuan, launched 24 hours big deposit orders broke 5200 units, Post-90s, Post-00s user proportion over 60%. Pre-sale 5 hours orders broke 10,000. 90 cities nationwide 300 stores gradually launched.
Qijing GT7 is equipped with Huawei Qiankun Intelligent Driving ADS 5. This is GAC's first car with deep cooperation with Huawei, and also a hard battle facing the market after the "Panyu Action".
These moves are all "money" in the short term — R&D needs money, channels need money, brand building needs money. But looking at a longer time dimension, these investments are storing power for the next stage. GAC positioned 2026 as the "Internal Renovation" critical stage, likely this is the meaning — first solidify the foundation, then talk about building high-rise buildings.
AION N60
Conclusion of This Article:
GAC's full-year target set at the beginning of the year was 2 million vehicles, first half completion rate less than 40%. Second half needs to sell nearly 1.23 million vehicles, monthly average over 200,000 vehicles. Under the current situation of joint venture pressure and intensifying new energy competition, how hard this task is, no need to say more.
But Car Universe World believes, the cards GAC holds are not finished playing yet. Joint ventures have GAC Toyota stabilizing, independent brands have AION and Trumpchi rushing, overseas releasing volume, Qijing just started.
How to play these cards, when to play them, perhaps will become an important factor for GAC Group when to walk out of the pain of transformation. These, we still let time give an answer.
Transformation is always bitter first then sweet, and never looking only at the present. What do you think? Let's chat in the comments.
Statement: This article involves relevant events, originating from brand official or authoritative media messages, for reference only, specific based on official information. If there are information, data discrepancies caused by typos, based on official information. Hope everyone looks rationally, do not believe rumors, do not spread rumors.
Article Statement:
This article is original writing of Car Universe World, reviewed by Ling Qing/Liu Shuai, Total Issue 14186, some pictures from the internet, marked source data and related materials are all citations. Car Universe World original copyright owned, infringement will be investigated.
喺馬來西亞嘅 SUV 市場，好多買家揀車嘅時候都會拿 Perodua Ativa 同 Chery Tiggo Cross 嚟做比較。呢兩款車喺價位同定位上都幾接近，而家我哋就由多個方面做一个詳細嘅比較，幫你省返做功課嘅時間。
Perodua Ativa 喺馬來西亞嘅 OTR 售價係 RM 62,500 - 73,400，合共 3 個版本，包括 1.0L Turbo X（RM 62,500）、1.0L Turbo H（RM 67,300）、1.0L Turbo AV（RM 73,400） 等。
Chery Tiggo Cross 喺馬來西亞嘅 OTR 售價係 RM 88,750 - 99,750，合共 2 個版本，包括 2025 HEV 1.5L CSH（RM 99,750）、2025 1.5T Standard（RM 88,750） 等。
由價錢嚟睇，Perodua Ativa 嘅入手價確實比 Chery Tiggo Cross 平咗 RM 26,250。如果你預算有限，Perodua 嘅入門版已經可以滿足日常需求。但都要留意，平少少嘅幾千蚊，可能喺配備上會有取舍，具體要看你嘅需求。
Perodua Ativa 搭載 1.5L 4-cyl，動力 105 hp。官方油耗 6.0 L/100km。
Chery Tiggo Cross 搭載 1.5L 4-cyl，動力 105 hp。官方油耗 6.0 L/100km。
兩款車用咗同一套動力系統，日常開起嚟嘅感受基本冇分別。油耗方面都差不多，唔使太糾結呢一點。
Perodua Ativa 採用 FWD 驅動方式。
Chery Tiggo Cross 採用 FWD 驅動方式。
兩款車嘅驅動方式一樣，都係 FWD，日常駕駛感受唔會有太大分別。
Perodua Ativa 保修 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Chery Tiggo Cross 保修 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
Perodua Ativa 同 Chery Tiggo Cross 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更睇重品牌口碑同二手價，可以優先考慮口碑更好嗰一款；如果你更介意性價比同配備，嗰就揀配備更豐富嗰款。最後始終建議兩款都去試駕，親自體驗先係最重要。
總體嚟講，Perodua Ativa 同 Chery Tiggo Cross 都係馬來西亞市場幾唔錯嘅車型。揀邊一輛，關鍵都要睇你嘅個人需求同預算。建議大家做好功課，多比較幾間車行嘅報價，再去做試駕做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
In the Malaysian SUV market, many buyers compare Perodua Ativa and Mazda CX-30 when choosing a car. These two cars are quite close in price and positioning. Today we will compare them in detail from multiple aspects to help you save time on research.
Perodua Ativa's OTR price in Malaysia is RM 62,500 - 73,400, with a total of 3 versions, including 1.0L Turbo X (RM 62,500), 1.0L Turbo H (RM 67,300), 1.0L Turbo AV (RM 73,400), etc.
Mazda CX-30's OTR price in Malaysia is RM 122,409 - 146,409, with a total of 4 versions, including 2025 2.0L High+ Premium (RM 146,409), 2025 2.0L High+ (RM 138,409), 2025 2.0L High (RM 130,409), etc.
In terms of price, Perodua Ativa's starting price is indeed RM 59,909 cheaper than Mazda CX-30. If your budget is limited, Perodua's entry-level version is already sufficient for daily needs. But keep in mind, the few thousand dollars cheaper might mean trade-offs in features, it depends on your specific needs.
Perodua Ativa comes with a 1.5L 4-cyl, 105 hp. Official fuel consumption is 6.0 L/100km.
Mazda CX-30 comes with a 1.5L Turbo, 140 hp. Official fuel consumption is 7.0 L/100km.
In terms of power, Mazda CX-30's 1.5L Turbo has 35 more horsepower than Perodua Ativa's 1.5L 4-cyl. However, for daily driving in the city, both cars have sufficient power and will not feel underpowered.
Perodua Ativa's safety rating is 5★ (ASEAN NCAP). Active safety systems include ASA 3.0 + ACC + LDA + LKA + BSM + RCTA.
Mazda CX-30's safety rating is 5★ (ASEAN NCAP). Active safety systems include i-Activsense.
Both cars have the same safety rating. Safety features in this class are quite comprehensive. New car safety is generally good these days, so there is no need to worry too much about this.
Perodua Ativa has a 5-year/150,000km warranty, service interval every 10,000km or 6 months.
Mazda CX-30 has a 5-year/150,000km warranty, service interval every 10,000km or 6 months.
Both cars have the same warranty conditions, no need to stress over this aspect. Actual maintenance costs also depend on the brand's service network and parts prices. It is recommended to ask real owners in car owner groups for their experience.
Perodua Ativa and Mazda CX-30 are both mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, consider the one with the better reputation first; if you care more about value for money and features, choose the better-equipped model. Ultimately, it is recommended to test drive both, and hands-on experience is most important.
In general, Perodua Ativa and Mazda CX-30 are both very good 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 dealerships, and then test driving to make the final decision. Buying a car is a big matter, spending time on research will never go wrong.
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 Perodua Ativa 同 Toyota Yaris Cross 嚟比較。呢兩部車喺價位同定位上都好接近，今日我哋就由多個方面做一個詳細對比，幫你省下做功課嘅時間。
Perodua Ativa 喺馬來西亞嘅 OTR 售價係 RM 62,500 - 73,400，一共有 3 個版本，包括 1.0L Turbo X（RM 62,500）、1.0L Turbo H（RM 67,300）、1.0L Turbo AV（RM 73,400）等。
Toyota Yaris Cross 喺馬來西亞嘅 OTR 售價係 RM 99,900 - 109,900，一共有 2 個版本，包括 2026 1.5L Standard（RM 99,900）、2026 HEV 1.5L Standard（RM 109,900）等。
從價錢嚟睇，Perodua Ativa 嘅起步價確實比 Toyota Yaris Cross 平咗 RM 37,400。如果你預算有限，Perodua 嘅入門版已經可以滿足日常需要。但都要留意，平嘅嗰幾千蚊，可能喺配備上會有取捨，具體要看你嘅需要。
Perodua Ativa 搭載 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
Toyota Yaris Cross 搭載 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
兩部車用緊同一套動力系統，日常開起嚟嘅感覺基本冇分別。油耗方面都差唔多，唔使太糾結這一點。
Perodua Ativa 車身長 4400 mm，後備箱 400 L。
Toyota Yaris Cross 車身長 4400 mm，後備箱 400 L。
兩部車嘅尺寸幾乎一樣，車內空間差別唔大。呢個級別嘅車，日常使用完全夠用。
Perodua Ativa 保修 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Toyota Yaris Cross 保修 5 年/無限制里程，保養間隔 每 10,000km 或 6 個月。
總嘅嚟講，Perodua Ativa 同 Toyota Yaris Cross 都係馬來西亞市場好唔錯嘅車型。揀邊一部，關鍵仲要看你嘅個人需求同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試駕做最終決定。買車係件大事，花點時間做功課絕對唔會錯。
来源 | 伯虎财经（bohuFN）
作者 | 楷楷
百度为了“省钱”而做的副业，如今到了收获时刻——昆仑芯要上市了。
据外媒The Information报道，百度旗下AI芯片公司昆仑芯计划赴港上市，目标估值约500亿美元，折合人民币约3400亿元。
值得一提的是，在2025年7月昆仑芯完成D轮融资时，其投后估值还只有约210亿元人民币（约30亿美元），不到一年时间，昆仑芯估值飙升了近16倍。
而截至6月30日，百度港股总市值约为2983亿港元，约合380亿美元，也就是说，昆仑芯的目标估值已经超过了其控股母公司百度，可谓“子比母贵”。
这样的估值并不让人感到意外，放眼整个AI产业链，个股暴涨已是常态：算力芯片龙头寒武纪市值超过万亿，光模块龙头中际旭创更站上1.5万亿……
昆仑芯上市几乎是毫无悬念。
真正的考验在于，在收获了高于母公司的估值之后，昆仑芯能否将这份资本市场的狂热预期，转化为持续的商业变现能力。
百度，能否再一次迎来“高光时刻”？
01 要投资就要“配货”今年1月，百度宣布昆仑芯已通过其联席保荐人向香港联交所提交上市申请表；5月，中国证监会官网披露，昆仑芯已完成科创板上市辅导备案。
昆仑芯的IPO已是蓄势待发，但想要挤上这趟车，却没那么容易。
据外媒报道，昆仑芯给部分潜在投资者开出了一条相当罕见的认购条件——想要参与投资，就得先采购相当于认购金额3-7倍的芯片。
昆仑芯不只要钱，还要订单，这才是这场IPO最真实的底色。要理解这条规则背后的市场博弈，就得先回到2011年。
那一年，百度内部组建了AI加速计算团队，开始探索自研芯片的可能性。李彦宏曾在多个场合提及造芯的初衷，“买别人的芯片，毕竟太贵了。”
李彦宏比大多数人更早意识到：在数字时代，算力就是生产力。他曾公开算过一笔账，“买别人的芯片，每片要1万美元，而我们自己做，2万人民币就做下来了。”
来到AI时代，算力果然成了所有大厂的命门，而芯片，则扼住这道命门的咽喉。
于是，百度获得了一个比国内同行早至少5年的时间窗口，当大多数互联网公司还在讲故事、堆规模的时候，百度已经开始走上造芯之路。
2018年，百度展示了第一代自研AI芯片“昆仑”；2020年，一代系列产品开始大规模部署在百度业务中；2021年，昆仑芯正式从百度中独立出来。
百度选择了一条更难的路，却恰好押对了互联网行业增长逻辑的切换——从“流量叙事”转向“硬科技叙事”。
过去，互联网行业靠用户规模、市场份额、增长前景来撑起估值，故事讲得越大，市场给的定价就越高，大家赌的是规模最终能变成护城河。
但在AI时代，行业逻辑被彻底重构，不再是规模越大，边际成本越低；而是每增加一个DAU，都要多付一笔算力账，规模越大，成本反而越高。
在这一背景下，互联网大厂不能只讲长期投入，也要讲资本回报。于是，过去隐于大厂内部的科技硬资产，比如AI芯片，开始被市场重新定价。
它不再只是大厂内部一个只烧钱、不赚钱的部门，而是可以独立走向市场，拥有完整商业模式的一门生意。
据IDC数据，2025年，国产厂商在中国AI加速卡市场的合计出货量达到约165万张，其中，华为昇腾出货约81.2万张，阿里平头哥约26.5万张，昆仑芯和寒武纪均为约11.6万张，并列国产第三。
这就不难理解为何昆仑芯的股权要“配货”，昆仑芯缺的不是资金，而是让自己从“百度内部芯片部门”变成“独立AI芯片供应商”的证明。
它希望在其他大厂加速自研芯片之际，提前将昆仑芯导入客户的业务生态，绑定客户持续采购的意愿，形成“双向互惠”的战略同盟。
说到底，资本只是入场券，产业才是真正的筹码。
02 “卖铲子”更值钱有了昆仑芯这个新资产后，市场开始重新审视百度这个互联网老兵。
过去，谈及互联网大厂的AI战略，是每年百亿乃至千亿元的投入，却又不能立刻看到真金白银的回报，市场往往很难对业绩有乐观预期。
但现在，昆仑芯有了将“投入”变成“产出”的机会：有产品、有客户，还有能跟大模型、云业务绑定起来的新故事，百度也有了新的估值逻辑。
而且，在这场国产AI芯片突围战中，昆仑芯的位置颇为特殊。
首先，昆仑芯诞生于百度这个庞大的生态体系，自百度自研AI芯片以来，其在百度数据中心、自动驾驶系统等海量真实场景下，已经进行十余年的实战打磨。
其次，昆仑芯最大的特点，是百度自研的XPU架构，其专为AI而生，针对大模型训练与推理进行深度优化，而非追求图形渲染等全能型能力。
其他厂商走的是不同的技术路线：摩尔线程是通用GPU厂商；壁仞、沐曦等属于AI加速GPGPU厂商，它们的通用性更强，图形渲染+AI训推都能做。
寒武纪采用自研NPU架构，是中国最大的第三方独立AI芯片供应商；华为昇腾是全栈自主型选手，追求的是从芯片到软件到硬件的完整可控。
随着模型部署规模的扩大，推理算力需求将持续膨胀，而昆仑芯的XPU架构则能以更低成本跑更多的推理，这也是其在国产芯片混战中突围的底层逻辑。
目前，昆仑芯的主力产品是P800，已经拿下国家电网、中国钢研、招商银行、中国移动等客户订单。据外媒The Information报道，腾讯也已成为昆仑芯的重要客户。
当然，造出芯片只是第一关，昆仑芯能否拿下更多客户，才是决定它能否真正走出百度，成为一家可以单独计算收入、利润和市场份额的AI芯片公司。
路透社透露，昆仑芯2024年收入约20亿元，2025年预计超过35亿元，外部销售预计已经超过总收入的一半。摩根大通预计，其2026年的收入有望进一步提高至83亿元。
可以看到，昆仑芯收获了不错的成绩，而且，它能让竞争对手也愿意买单，这是比任何招股书都更有分量的背书。
不过，昆仑芯最值钱的地方，不仅仅在于它是一家“稀缺”的芯片公司，而是它能为百度带来一个新的估值锚点，讲一个比传统搜索更有想象力的，在AI时代“卖铲子”的故事。
芯片是根，模型是干，云是枝叶，百度的“芯片底座”足够稳，才能更好支撑大模型和智能云业务，芯片真正的价值，要放在百度“芯片-模型-云服务”的全栈AI布局里看。
这也是李彦宏提出的“倒金字塔”理论：芯片厂商不管赚多少钱，芯片之上的模型要能产生10倍的价值，基于模型开发的应用要能创造100倍的价值，才是一个健康的产业生态。
过去几个季度，百度AI业务收入占比也不断提高，继2025年三季度占比39%、四季度升至43%后，在2026年一季度提高至52%。李彦宏表示，AI已成为百度的核心驱动力。
商业逻辑跑通了，但昆仑芯面前仍有几座大山。
首先，是独立性。
昆仑芯生于百度，有技术积累，有内部订单，也有现成的应用场景，这是它最大的优势，但也意味着昆仑芯很难完全脱离百度。
虽然昆仑芯已独立运营多年，但百度仍是控股股东，持股比例约57.67%，也是最主要的客户之一。这种“背靠大厂”的关系，也让昆仑芯在政企客户那里处境微妙。
政企客户往往更强调“自主可控”，它们不希望将算力基础设施绑定在某一家互联网大厂的生态里，像寒武纪、摩尔线程等独立第三方供应商，反而更容易拿到入场券。
市场能否真正接受昆仑芯作为独立第三方供应商，将决定其未来的上限。据多家媒体报道，昆仑芯正与中芯国际洽谈合作，有意将部分产能转回本土生产，这会是关键的一步。
其次，是技术迭代。
目前，昆仑芯P800芯片已完成规模化验证，第四代P900已完成设计并流片，性能据称为P800的两倍。
不过，真正的困难在大规模训练场景里，这才是国产替代必须啃下的硬骨头。
据悉，针对大规模推理场景进行优化的昆仑芯M100已于2026年初上市；面向超大规模多模态模型的昆仑芯M300计划于2027年上市。
不过，在先进制程产能受限的当下，昆仑芯能不能在国内拿到足够的流片份额，将决定M100能否尽快放量，产能能否跟上订单的增长，还是个大问号。
最后，是软件生态。
生态影响力是决定芯片价值的关键，昆仑芯也很清楚这一点。
目前，华为已构建了一个从芯片到应用、软硬件垂直整合的生态级平台；寒武纪也有“云边端一体”的跨平台开发工具，工具链越成熟，跨平台迁移成本越低，客户才越不容易流失。
昆仑芯虽然在努力追赶，但在开发者社区和工具链的完备程度上，则还有很长的路要走，这才是真正难做的部分。
对于昆仑芯而言，IPO是一个阶段性的胜利，也是一个重要的起点。
诚如李彦宏所言，“抓住人工智能的机会，五到十年后，百度会变成一个完全不一样的公司。”
但不要忘记的是，马拉松的后半程，往往才是最考验耐力的地方。
文章封面首图及配图，版权归版权所有人所有。若版权者认为其作品不宜供大家浏览或不应无偿使用，请及时联系我们，本平台将立即更正。
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拿 Mazda CX-80 同 Volvo XC90 PHEV 嚟做比較。呢兩款車喺價位同定位上都幾接近，今日我哋就從多個方面做一個詳細嘅對比，幫你省咗做功課嘅時間。
Mazda CX-80 喺馬來西亞嘅 OTR 售價係 RM 296,610 - 296,610，合共有 1 個版本，包括 2025 2.5L 65km High Plus（RM 296,610）等。
Volvo XC90 PHEV 喺馬來西亞嘅 OTR 售價係 RM 434,888 - 434,888，合共有 2 個版本，包括 2025 2.0T 77km Ultra（RM 434,888）、Volvo XC90 PHEV 具備咩安全配備？（RM 362,888）等。
睇返價錢，Mazda CX-80 嘅起步價確實比 Volvo XC90 PHEV 平咗 RM 138,278。如果你預算有限，Mazda 嘅入門版已經可以滿足日常需求。不過都要注意，平嘅嗰幾千塊，可能喺配備上要有取舍，具體要看你嘅需求。
Mazda CX-80 嘅安全评分係 5★ (ASEAN NCAP)，主動安全系統包括 Brand ADAS。
Volvo XC90 PHEV 嘅安全评分係 5★ (Euro NCAP)，主動安全系統包括 Premium ADAS。
安全配備方面，兩款車都拿到唔錯嘅評分。不過 Mazda CX-80 嘅 Brand ADAS 同 Volvo XC90 PHEV 嘅 Premium ADAS 喺功能上有啲分別，如果你比較看重主動安全嘅話，可以仔細對比下兩者嘅功能列表。
Mazda CX-80 採用 FWD 驅動方式。
Volvo XC90 PHEV 採用 FWD 驅動方式。
兩款車嘅驅動方式一樣，都係 FWD，日常駕駛感受唔會有太大分別。
Mazda CX-80 保養 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Volvo XC90 PHEV 保養 5 年/無限里程，保養間隔 每 10,000km 或 6 個月。
Mazda CX-80 同 Volvo XC90 PHEV 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更看重品牌口碑同二手價，可以優先考慮口碑更好嗰一款；如果你更在意性價比同配備，那就揀配備更豐富嗰款。最後都建議兩款都去試駕，親身體驗先至最重要。
總括嚟講，Mazda CX-80 同 Volvo XC90 PHEV 都係馬來西亞市場好唔錯嘅車款。揀邊輛，關鍵始終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，再去試駕先至做最終決定。買車係件大事，花啲時間做功課絕對唔會錯。
喺馬來西亞嘅汽車市場，好多買家喺揀車嗰陣都會將 Mazda CX-9 同 Volvo XC90 嚟做比較。今日我哋從多個方面做一个詳細嘅對比，幫你節省咗做功課嘅時間。
Mazda CX-9 喺馬來西亞嘅 OTR 售價係 RM 328,810 - 345,810，一共有 2 個版本，包括 2023 2.5T 4WD（RM 345,810）、2023 2.5T 2WD（RM 328,810）等。
Volvo XC90 喺馬來西亞嘅 OTR 售價係 RM 418,888 - 418,888，一共有 1 個版本，包括 2025 2.0T Ultra（RM 418,888）等。
從價錢嚟睇，Mazda CX-9 嘅起步價確實比 Volvo XC90 平咗 RM 90,078。如果你預算有限，Mazda 嘅入門版已經可以滿足日常需要。但都要留意，平嗰幾千蚊，可能喺配備上會有取捨，具體要看你嘅需要。
Mazda CX-9 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 Brand ADAS。
Volvo XC90 嘅安全評級係 5★ (Euro NCAP)，主動安全系統包括 Premium ADAS。
安全配備方面，兩款車都拿到唔錯嘅評級。不過 Mazda CX-9 嘅 Brand ADAS 同 Volvo XC90 嘅 Premium ADAS 喺功能上有啲差異，如果你比較看重主動安全嘅話，可以仔細對比吓兩者嘅功能列表。
Mazda CX-9 保養 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Volvo XC90 保養 5 年/無限里程，保養間隔 每 10,000km 或 6 個月。
Mazda CX-9 同 Volvo XC90 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更看重品牌口碑同二手價，可以優先考慮口碑更好嗰一款；如果你更在意性價比同配備，就揀配備更豐富嗰款。最終都係建議兩款都去試車，親身體驗先係最重要嘅。
總體嚟講，Mazda CX-9 同 Volvo XC90 都係馬來西亞市場幾唔錯嘅車款。揀邊一輛，關鍵都要睇你嘅個人需求同預算。建議大家做好功課，多比較間間車行之報價，先至去試車做最終決定。買車係件大事，花啲時間做功課絕對唔會錯。
1.6月新能源车市火爆
7月1日，多家新能源车企集中发布6月交付数据，尽管国内车市步入传统淡季，但新能源整车市场走势依旧强劲。具体来看，零跑以9.34万辆断层式领跑，并再次刷新品牌单月交付记录。紧随其后的鸿蒙智行为5.06万辆，问界继续扛起销量大盘，单月交付3.02万辆。蔚来公司6月交付4.06万辆，创下本年度单月新高，其中蔚来品牌交付2.19万辆，乐道品牌1.17万辆，firefly萤火虫6946辆。
小鹏汽车交付4.01万辆，时隔数月重回4万辆阵营。理想汽车同环比均出现下滑，6月交付量为3.09万辆。小米汽车6月表现依旧稳定，交付超3万辆。此外，极氪6月交付3.52万辆，连续5个月实现同环比双增长。昊铂埃安BU的6月合计交付3.67万辆，奕派科技2.32万辆，岚图汽车1.42万辆。
2.史上最严电池安全法规来了
7月1日起，两项强制性国家标准《电动汽车安全要求》（GB18384—2025）（简称“电动汽车安全新国标”）和《电动汽车用动力蓄电池安全要求》（GB38031—2025）（简称“动力电池安全新国标”）将正式实施。电动汽车安全新国标要求实现整车高压回路或驱动系统与可充电储能系统之间高压回路的物理断开，并首次将“一键断电”装置定义为物理断电装置，彻底取代以往依赖软件控制的断电方式，提升了事故救援的可靠性和时效性。同时，要求车辆在静止非充放电工况下可通过驾驶员一个动作（点触、长按）响应此功能。
动力电池安全新国标进一步明确待测电池温度要求、上下电状态、观察时间、整车测试条件，热扩散测试要求从此前的“着火、爆炸前5分钟提供热事件报警信号”等，调整为不起火、不爆炸（仍需报警），烟气不对乘员造成伤害等；新增底部撞击测试，考察电池底部受到撞击后的防护能力；新增快充循环后安全测试，300次快充循环后进行外部短路测试，要求不起火、不爆炸等；完善绝缘电阻要求，增加包含交流电路电池系统绝缘电阻要求；提升挤压测试要求，增加绝缘电阻相关判定条件。动力电池安全新国标适用于电动汽车用动力电池，非驱动类电池不适用。
3.本田和日产又要牵手了
兜兜转转了一大圈，本田和日产又回到同一张谈判桌前。据外媒报道，本田汽车社长兼首席执行官三部敏宏近日表示，本田与日产汽车的合作已经接近正式公布，三菱汽车也在讨论之中。与去年底推进的整车经营合并方案不同，本次双方并未探讨股权并购，而是先把下一代汽车上最花钱、最需要规模的技术一起做。目前最接近落地的，是下一代车载电子控制单元（ECU）标准化开发，该套部件将适配软件定义汽车架构，同时覆盖混动、纯电动车型。
报道称，相关开发和采购框架仍在敲定中。如果进展顺利，搭载标准化ECU的新车最快2029年或2030年上市。去年合并谈判最终搁置，核心分歧在控制权、股权安排和日产重组力度上。本次合作谈判先绕开最难谈的资本整合问题，把重点放回软件、电子电气架构、电池和电驱等具体项目上，对本田和日产来说，是一种更现实的合作方式。
4.保时捷中国经销商网络大瘦身
近日，保时捷中国宣布将在中国市场进一步缩减经销商网络，以应对市场环境和汽车产业转型的挑战。6月30日，山东济宁、江苏淮安、广西南宁兴宁保时捷中心正式终止整车经销业务；安徽芜湖保时捷中心则将于7月31日停止销售业务，售后维保服务仍正常运营。
保时捷中国表示，面对市场环境与汽车产业转型带来的挑战，保时捷积极响应市场变化，持续深化“质大于量”的发展策略，进一步整合中国经销商网络。保时捷中国充分尊重合作伙伴基于自身发展所做出的决策，对于近期若干经销商的运营调整，将协同合作伙伴，保证客户服务的连续性和高品质。
5.全新坦克300即将开启预售
我们从长城汽车官方获悉，全新一代坦克300将在7月6日开启预售，首次搭载激光雷达和高阶智驾系统。外观在保留经典方盒子造型的基础上进行了细节优化，比如前脸换装熏黑蜂窝状格栅、大号“TANK”字母标识。车身尺寸也有升级，车长4886mm，轴距达到3010mm。内饰基本延续现款风格，比较明显的变化是换装新样式的三辐式方向盘，多功能按键布局也会有所调整。动力提供2.0T、3.0T燃油以及Hi4-T、Hi4-Z混动可选。
6.捷途汽车第二届方盒子大会启幕
近日，“向往 就前往”捷途汽车第二届方盒子大会暨新品发布落地敦煌，活动集中展示品牌全球化成果与全新方盒子产品矩阵。数据显示，捷途全球累计销量突破239万辆，覆盖100个国家和地区，海外多个市场拿下中国品牌SUV、方盒子车型销量榜首。
本次发布会核心看点是两款新车同步上市：捷途自由者7 PLUS推两款车型，限时焕新价11.99万元起，搭载高阶智驾、XWD四驱与2.0TD动力；混动车型全新山海T1四驱版推出3款配置，限时焕新价14.99万元起，三电机架构搭配220km纯电续航，满馈电均能实现四驱输出。现场还亮相旅行者8、环游者、2026款捷途旅行者等车型，覆盖燃油、混动双路线，兼顾城市通勤与户外越野场景。
7.特斯拉推出夏季专属权益
特斯拉宣布推出夏季专属权益，覆盖品牌旗下Model 3、Model Y以及Model Y L。在2026年7月31日（含）前下单，官方将提供5年0利息或1-5年超低利息方案。
以主推的5年0利息方案为例，Model 3后驱版、长续航后驱版、长续航全驱版首付7.99万元起，月供低至约2460元；Model Y全系（后驱、长续航后驱、长续航全驱）首付7.99万元起，月供低至约3060元；Model Y L首付9.99万元起，月供低至约3985元。
8.阿维塔二次递表港交所
6月30日晚间，香港联交所网站披露，阿维塔科技更新招股文件，二次递交港股上市申请。根据最新的招股书，2026年1月至5月，阿维塔总销量为2.02万辆。而当前新能源市场，新势力头部品牌单月销量门槛已经来到3万辆。这家由长安、华为、宁德时代三方联合打造的新能源汽车品牌，在累计亏损超过130亿元之后，与头部新势力车企的规模已形成数量级差距。
阿维塔方面表示，将加速产品扩容与产品力提升，覆盖中大型及大型SUV等增长强劲的细分市场。公司计划今年三季度发布大五座豪华SUV阿维塔07L，年内再加推旗舰大六座SUV。然而，大型SUV也是今年厮杀最激烈的细分市场之一，当下供给同质化严重。若新车无法拉动销量增长，公司的现金流将持续承压，可持续经营能力也将进一步受到市场的质疑。新产品能否成为阿维塔扭转销量颓势的关键，市场正拭目以待。
9.大众全球首款城市NOA轿车三季度上市
上汽大众发布了ID.ERA 5S的内饰官图。这款插混中型轿车是大众ID.ERA序列的第二款车型，也是大众全球首款搭载城市NOA高阶智驾能力的轿车。从图片来看，外观采用和ID.ERA 9X类似的设计语言，贯穿式日行灯与品牌标识融为一体；车身侧面搭载半隐藏式门把手，内凹式设计的车尾微微上翘并配备贯穿式尾灯。
内饰采用环抱一体式设计，车机搭载了本土化的UI界面，首页融合导航、天气、音乐等小组件。官方透露，这车将搭载“行云智行”高阶智能辅助驾驶系统，支持高速NOA与城市NOA功能。动力采用1.5L插混系统，CLTC纯电续航160km。
喺馬來西亞嘅汽車市場，好多買家喺揀車嗰陣都會拿 Volvo XC90 同 BMW X7 做比較。今日我哋由多個方面做一個詳細嘅比較，幫你節省做功課嘅時間。
Volvo XC90 喺馬來西亞嘅 OTR 售價係 RM 418,888 - 418,888，總共有 1 個版本，包括 2025 2.0T Ultra（RM 418,888）等。
BMW X7 喺馬來西亞嘅 OTR 售價係 RM 635,800 - 694,800，總共有 3 個版本，包括 1.5L Standard 2WD（RM 106,800）、1.5L Executive 2WD（RM 115,800）、1.5L Premium 2WD（RM 122,300）等。
由價錢睇，Volvo XC90 嘅起步價確實比 BMW X7 平咗 RM 216,912。如果你預算有限，Volvo 嘅入門版已經可以滿足日常需要。不過亦要注意，平咗嘅那幾千蚊，可能喺配備上有取舍，具體要睇你嘅需求。
Volvo XC90 嘅安全評級係 5★ (Euro NCAP)，主動安全系統包括 Premium ADAS。
BMW X7 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA)。
安全配備方面，兩款車都拿到唔錯嘅評級。不過 Volvo XC90 嘅 Premium ADAS 同 BMW X7 嘅 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) 喺功能上有少少分別，如果你比較重視主動安全嘅話，可以仔細比較一下兩者嘅功能清單。
Volvo XC90 車身長 4400 mm，行李廂 400 L。
BMW X7 車身長 4400 mm，行李廂 400 L。
兩款車嘅尺寸幾乎一樣，車內空間分別唔大。呢個級別嘅車，日常使用完全夠用。
Volvo XC90 同 BMW X7 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更重視品牌口碑同二手價，可以優先考慮口碑更好嗰款；如果你更在意性價比同配備，就揀配置更豐富嗰款。最後都建議兩款都去試駕，親身體驗先係最重要嘅。
總嚟講，Volvo XC90 同 BMW X7 都係馬來西亞市場好唔錯嘅車型。揀邊架車，關鍵仲係要睇你嘅個人需要同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試駕做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
Folks, today let's talk about big news on going global—not selling cars, but selling "drivers". On June 2, WeRide and Uber jointly announced a plan: to launch the country's first commercial Robotaxi pilot service in Madrid, Spain. In other words: Spanish residents will soon be able to hail a driverless taxi via Uber. This is the first time WeRide and Uber are partnering to enter the European market. Madrid also becomes the 12th city globally where WeRide's Robotaxi arrives.
According to official news, with the support of the Madrid regional government, this service will officially launch within this year. At that time, friends in Madrid can open the Uber App and call WeRide's Robotaxi with one click. It's just like calling an ordinary ride-hailing service, the difference is the arriving car has no driver—at least initially, there is still a difference. In the initial operation phase, a professionally trained safety monitor will be on board, as it's just launched, safety comes first.
This company, WeRide, you might have heard of it, or you might not. A brief introduction: Established in 2017, it has been dedicated to Robotaxi technology R&D and commercialization. Currently, its Robotaxis cover Guangzhou, Beijing, Singapore, Abu Dhabi, Dubai, Riyadh, Zurich... plus Madrid now, totaling 12 cities. Spain is also the 5th European market WeRide has entered—previously entered Switzerland, France, Belgium, Slovakia. According to the plan agreed by WeRide and Uber in May 2025, they plan to deploy Robotaxi services in 15 new international cities within five years, deploying tens of thousands of Robotaxis globally. With the Madrid launch, the deployment in 4 cities has been completed, and 11 more will be covered successively before 2030.
To be honest, it's not the first time Chinese autonomous driving companies are going global, but the combination of Chinese technology + global mobility platform + European market is quite interesting. Madrid is one of the European Robotaxi markets with the most commercial potential, with a large population, high travel demand, and friendly local policies. Being able to take root in this market is a significant milestone for WeRide. For Uber, introducing Robotaxis is also a way to reduce costs—after all, drivers don't need salaries. For Madrid residents, hailing a taxi might be cheaper in the future.
車型概覽
東風風行星海S7 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
東風風行星海S7 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 EREV 235km 後驅版（價格待確認）、2025 BEV 555km 後驅版（價格待確認）、2025 BEV 565km 後驅版（價格待確認）、2025 BEV 650km 後驅版（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 東風風行星海S7 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。
28.4/56.8/59.4/70.26 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。 235/555/565/650 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。 12.3/11.9/12.4 kWh/100km 嘅耗電表現，會影響你去快充站或者屋苑充電位嘅頻率。 105 Ps / 77 kW / 160 kW / 200 kW、310/320 N·m 嘅輸出，令高速併線同短距離超車更有信心。
優缺點分析
東風風行星海S7 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：日常能源成本有基本參考、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。
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 東風風行星海S7 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「東風風行 星海S7 適合後生仔嗎？」簡單講，非常適合，東風風行 星海S7 嘅顏值同科技配置都係針對後生市場。 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 東風風行星海S7 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 東風風行星海S7 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
Arcfox極狐 阿爾法T 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。 呢篇會集中講家庭乘坐、行李同舒適度，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
Arcfox極狐 阿爾法T 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 480km 前驅版 馬達160kW（價格待確認）、2023 480km 前驅版 馬達175kW（價格待確認）、2023 618km 前驅版 馬達175kW（價格待確認）、2023 688km 前驅版 馬達160kW（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 Arcfox極狐 阿爾法T 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。
65.6/81/94.5/93.6 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。 480/618/688/600 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。 160/175/320 kW、360/720 N·m 嘅輸出，令高速併線同短距離超車更有信心。 車長 4788 mm、車闊 1940 mm、車高 1683 mm、軸距 2915 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
Arcfox極狐 阿爾法T 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 Arcfox極狐 阿爾法T 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「極狐阿爾法 T 的車廂空間同實用性係點樣？」簡單講，極狐阿爾法 T 為大 5 座純電 SUV，車廆空間靈活，尾箱巨大，家庭實用性強。 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 Arcfox極狐 阿爾法T 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 Arcfox極狐 阿爾法T 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
吉利豪越Pro 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。 呢篇會集中講售價未落實前點樣先篩選，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
吉利豪越Pro 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 1.5T 雙離合版（價格待確認）、2024 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 吉利豪越Pro 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。
渦輪增壓、4 個 汽缸、1499 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。 181 Ps / 133 kW、290 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 4518 mm、車闊 1834 mm、車高 1715 mm、軸距 2666 mm 可以幫你預判商場停車場、屋苑車位同後排腿部空間。 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
吉利豪越Pro 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 吉利豪越Pro 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「吉利 Geely 豪越 Pro 係一款點樣嘅 SUV？」簡單講，吉利 Geely 豪越 Pro 係一款定位高性價比嘅緊湊型 5 座 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 吉利豪越Pro 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 吉利豪越Pro 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。
Folks, today let's talk about big news on going global—not selling cars, but selling "drivers". On June 2, WeRide and Uber jointly announced a plan: to launch the country's first commercial Robotaxi pilot service in Madrid, Spain. In other words: Spanish residents will soon be able to hail a driverless taxi via Uber. This is the first time WeRide and Uber are partnering to enter the European market. Madrid also becomes the 12th city globally where WeRide's Robotaxi arrives.
According to official news, with the support of the Madrid regional government, this service will officially launch within this year. At that time, friends in Madrid can open the Uber App and call WeRide's Robotaxi with one click. It's just like calling an ordinary ride-hailing service, the difference is the arriving car has no driver—at least initially, there is still a difference. In the initial operation phase, a professionally trained safety monitor will be on board, as it's just launched, safety comes first.
This company, WeRide, you might have heard of it, or you might not. A brief introduction: Established in 2017, it has been dedicated to Robotaxi technology R&D and commercialization. Currently, its Robotaxis cover Guangzhou, Beijing, Singapore, Abu Dhabi, Dubai, Riyadh, Zurich... plus Madrid now, totaling 12 cities. Spain is also the 5th European market WeRide has entered—previously entered Switzerland, France, Belgium, Slovakia. According to the plan agreed by WeRide and Uber in May 2025, they plan to deploy Robotaxi services in 15 new international cities within five years, deploying tens of thousands of Robotaxis globally. With the Madrid launch, the deployment in 4 cities has been completed, and 11 more will be covered successively before 2030.
To be honest, it's not the first time Chinese autonomous driving companies are going global, but the combination of Chinese technology + global mobility platform + European market is quite interesting. Madrid is one of the European Robotaxi markets with the most commercial potential, with a large population, high travel demand, and friendly local policies. Being able to take root in this market is a significant milestone for WeRide. For Uber, introducing Robotaxis is also a way to reduce costs—after all, drivers don't need salaries. For Madrid residents, hailing a taxi might be cheaper in the future.
車型概覽
嵐圖汽車知音 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。 呢篇會集中講續航、電池同補電安排，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
嵐圖汽車知音 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 901km 後驅版（價格待確認）、2024 650km 後驅版（價格待確認）、2024 625km 後驅版（價格待確認）、2024 570km 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 嵐圖汽車知音 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。
109/79/77/81 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。 901/650/625/570 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。 13.8/13.6/15.3 kWh/100km 嘅耗電表現，會影響你去快充站或者屋苑充電位嘅頻率。 230/215/320/405 kW、395/420/620/770 N·m 嘅輸出，令高速併線同短距離超車更有信心。
優缺點分析
嵐圖汽車知音 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：日常能源成本有基本參考、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。
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 嵐圖汽車知音 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「嵐圖汽車知音的純電續航里程大約係幾多？」簡單講，嵐圖汽車知音的純電續航最高可達 500 公里，日常代步與中短途出行都足夠。 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 嵐圖汽車知音 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 嵐圖汽車知音 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。
BYD officially released the May 2026 production and sales flash report, with new energy vehicles from all brands reaching a monthly sales volume of 383,453 vehicles, a slight increase of 0.26% year-on-year, achieving year-on-year positive growth in monthly sales after ten months; among them, passenger car deliveries reached 376,990 units, surging 19.4% month-on-month, wiping out the pain of previous model iterations, presenting a new pattern where the domestic base is stable, overseas sales are soaring, and high-end brands are scaling up across the board. Amidst the market environment of intensified competition in the domestic new energy sector, Tesla FSD entering China, and an intense launch of independent new products, it has forged a unique structural growth path.
The Dynasty and Ocean main brands combined sold 330,215 vehicles in May, accounting for over 80% of the group's total sales, remaining the stabilizer for BYD's sales volume. The full series had 8 models exceeding 20,000 units in monthly sales, covering products from 50,000 entry-level commuter to 200,000 home SUV.
Inside the Dynasty Network, the Yuan family sold 56,691 units, and the Song family 51,370 units. Both crossed the 50,000 threshold, becoming two major sales pillars for the brand, catering to home commuter and urban-rural travel needs; the Qin family followed closely with a stable performance of 28,360 units. The Han and Tang series maintained a volume in the six-thousand range, deeply cultivating the mid-to-large home sedan and SUV niche markets; the brand new model Xia is in the market cultivation phase, delivering 1,810 units monthly, with potential for steady volume growth as channels expand.
The Ocean Network's growth momentum is even more rapid, with 5 models entering the 20,000 club across the series: Sealion 42,615 units, Seal 34,117 units, Seagull 39,919 units, Dolphin 22,260 units, and Song PLUS 27,755 units. Among them, Seagull remains the best-selling entry-level commuter model thanks to its affordable pricing of 60,000-80,000. Sealion, as a new volume model, stands firm at the 40,000 level upon launch, filling the mid-size SUV product gap in the Ocean Network and perfecting the Ocean product tier layout. From commuter small cars to compact SUVs, the two main brands rely on DM-i hybrid and pure electric dual-line technologies to牢牢锁住 the mainstream home market share within 150,000 domestically.
Fang Cheng Bao Year-on-Year Surges 139.7%, Brand Upward Positioning Takes EffectThe high-end matrix of Denza, Fang Cheng Bao, and Yangwang sold a combined 46,489 vehicles in May, officially breaking away from the niche positioning to become a new pivot for BYD's brand premium and profit growth, breaking the industry curse of difficulty in high-end breakthrough for domestic brands.
The off-road brand Fang Cheng Bao sold 30,186 units monthly, surging 139.7% year-on-year, creating a new high in monthly sales since the brand launched. Its Titanium 7 model sold 18,280 units monthly, while Leopard 5 and Leopard 8 output remained stable, continuously squeezing the survival space for joint venture and imported models in the 250,000-400,000 hardcore off-road niche market.
Denza delivered 16,303 units in May, with the MPV benchmark D9 selling 6,721 units, and the Z9 series close to 6,000 units. MPV and mid-to-large sedan dual-line efforts helped them stand firm in the luxury new energy track; the million-level ultra-luxury brand Yangwang continued its steady climb, delivering 286 units that month, a year-on-year increase of 105.8%, completing market verification of the domestic brand ceiling product and forming a full price range product layout from 100,000+ home, 300,000-400,000 off-road, 500,000 luxury MPV to million-level flagship.
In May, BYD's overseas sales of passenger cars and pickup trucks reached 160,177 units, surging 80.7% year-on-year. Exports accounted for over 42% of the full series total sales, setting a new historical high for brand export and becoming the core driving force to stabilize May overall sales and achieve year-on-year positive growth.
Southeast Asia, Europe, and Latin America became the main incremental markets. Seagull, Song PLUS, and Yuan series continued to top new energy best-seller lists in multiple countries; the SHARK pickup truck exceeded 4,000 units in monthly exports for two consecutive months. Relying on the completion of localization production in Thailand, Brazil, Hungary, and Uzbekistan with four overseas vehicle factories, localized production continues to land, avoiding tariffs while rapidly penetrating terminal channels. Against the background of stock market competition in the domestic auto industry and normalized price wars, the rapidly expanding overseas market effectively counteracts sales volatility brought by domestic model iterations, officially upgrading from a supplementary market to BYD's core growth engine. As of now, BYD's global cumulative new energy vehicle sales have exceeded 16.5 million units, with the globalization map continuously broadening.
Intelligent Driving Empowers Product Iteration, H2 New Products Prepare to Surge VolumeMay marked a key node in BYD's intelligent driving landing, with the God's Eye intelligent driving system becoming a core bonus point for models: the number of vehicles with advanced intelligent driving across all brands exceeded 3.15 million, with daily road test data exceeding 200 million kilometers; that month, BYD implemented City Pilot and Smart Parking dual safety backup services, becoming the world's first auto manufacturer to achieve dual intelligent driving backups. Three days after policy implementation, the activation rate of models equipped with the God's Eye system in cities surged 50%. Intelligent driving experience upgrades directly drove in-store order conversion, solidifying product competitiveness for subsequent models to continue volume sales, and facing the intelligent driving market shock brought by FSD entering China.
From data details, BYD's cumulative sales from January to May 2026 were 1,405,039 units, down 20.32% year-on-year. The core reason is that the full series of main models were concentratedly iterated, and the capacity ramp-up of the 2nd Gen Fast Charge Blade Battery was restricted. The new Flash Charge Battery upgraded fast charging and low-temperature performance. Full series iteration models prioritized installing new batteries, but production line retrofitting dragged down capacity release. Order backlogs on popular models and delayed deliveries compressed the May delivery volume to a certain extent.
As the end of the second quarter approaches and the 2nd Gen Blade Battery capacity continues to release, coupled with new models such as Denza N8L, Fang Cheng Bao Titanium 7 Pure Electric Version, Sealion 05, and Xia L landing the market, the industry generally predicts that BYD's full brand sales in June are expected to exceed 400,000 vehicles. Relying on the four-dimension development logic of low-end volume locking share, high-end raising profit, overseas pushing volume, and intelligence improving product power, amidst the intensified new energy elimination round in the domestic market, BYD's full category layout advantage continues to amplify, securing its status as the domestic new energy leader, accelerating steadily towards global top auto manufacturers.
港交所網站掛出一咗一份熟悉嘅招股書。
5 月 28 日，繼去年 10 月首次遞表失效後，智能駕駛解決方案提供商蘇州天瞳威視電子科技股份有限公司（天瞳威視）再次向港股主板發起重衝，由匯豐及華泰國際聯席保薦。
喺智能駕駛賽道從「講故事」轉向「拼量產」嘅 2026 年，天瞳威視嘅二次遞表唔單止係一次資本試探，更係一場關於中國智駕供應商生存現狀嘅集中檢閱。
呢間被認為係「算力效率派」代表嘅公司，一邊連住從采埃孚到上汽、北汽嘅豪華產業資本陣營，一邊卻面臨住現金流緊繃、海外明顯回落嘅現實困境。喺呢場 IPO 嘅博弈中，光鮮同陣痛並存。
01
邊個係「天瞳威視」？
天瞳威視嘅創辦人王曦係一位典型嘅「回國」技術派。佢畢業於北京航空航天大學，後喺英國雷丁大學攻讀計算機科學博士學位。
喺決定創業之前，王曦曾經喺汽車零部件供應商天合汽車（TRW）及采埃孚擔任算法工程師同技術負責人，深度參與咗早期 ADAS 系統嘅開發。
2016 年，王曦捕捉到國內汽車智能化嘅風口，回國喺蘇州創立咗天瞳威視，定位係「以軟件算法驅動智能駕駛」嘅本土解決方案提供商。
公司嘅名字「天瞳」寓意「天之眼」，意在打造車輛感知萬物嘅視覺中樞。佢從最初嘅視覺感知算法起步，逐步擴展至行泊一體域控制器、L4 級自動駕駛系統等軟硬件結合嘅整體方案。
天瞳威視融資情況。資料來源：企查查
成立後不久，天瞳威視就獲得德聯資本、盛世投資嘅天使輪融資。此後十年時間，天瞳威視累計完成咗超過 10 輪融資，融資總額近 10 億元。
從招股書披露嘅股權結構嚟睇，天瞳威視構建咗深度綁定嘅「產業 + 資本」生態圈。
一方面，產業夥伴站台，全球汽車零部件巨頭采埃孚唔單止係其 C 輪領投方，亦係其戰略合作夥伴，持有天瞳威視 6.93% 嘅股份，位列第四大股東；國內方面，上汽集團通過上汽北美產投持股，北汽集團通過北汽產投佈局其中，地平線同商湯科技亦係戰略投資者。
另一方面，地方國資護航，唐山機器人基金、吳中金控等國資背景基金喺 D 輪及 D+ 輪入場，提供咗約 5.23 億元嘅資金支持。
截至最後實際可行日期股權架構
截至目前，王曦透過直接持股同員工持股平台合共控制公司約 40.84% 嘅權益，依然保持住對公司嘅控制權。
02
「兩條腿」行路
天瞳威視喺業務佈局上採取咗「雙軌並行」嘅策略。
喺 L2-L2+ 級輔助駕駛領域，天瞳威視嘅選擇非常務實。佢並冇盲目追逐算力堆疊嘅「軍備競賽」，而係走咗一條高性價比路線。
作為典型嘅視覺派智駕供應商，佢喺 L2 量產方案上以視覺感知為主，融合毫米波雷達同超聲波雷達，能夠喺較低算力平台上實現高級功能。例如，基於地平線 J6B 芯片（約 20TOPS）嘅方案即可支持行泊一體、高速 NOA。
呢種打法擊中咗 10 萬 -20 萬級主流車款對成本敏感嘅痛點。根據灼識諮詢嘅數據，按 2024 年裝機量計，天瞳威視係中國第二大同時提供行車同泊車解決方案嘅以軟件為核心嘅 L2-L2+ 級方案提供商，市場份額為 14.3%。
2024 年中國具備行泊一體能力嘅以軟件為核心供應商格局
截至最後實際可行日期，天瞳威視獲得 23 個汽車品牌嘅 198 款車款嘅 L2-L2+ 級解決方案定點函，並實現 6 個汽車品牌嘅 105 款車款嘅量產；獲得定點函嘅 198 款車款中有 87 款覆蓋海外市場，其中 59 款已實現量產。
但值得注意嘅係，L2-L2+ 市場正在經歷劇烈嘅「紅海化」。
一方面，經緯恆潤、福瑞泰克等本土 Tier1 正在加速追趕；另一方面，部分頭部車廠開始將低階智駕方案從外購轉為內部集成。
天瞳威視能否維持佢喺「性價比方案」領域嘅領先地位，取決於佢能否持續保持算法對低算力平台嘅優化能力，而這需要喺研發投入上持續加碼。
喺高級 L4 級自動駕駛領域，天瞳威視更多扮演「先鋒」角色。這亦係佢近兩年增長最快嘅板塊。
早在 2019 年，佢就參與咗上海洋山港嘅 5G 智能重卡項目。目前佢嘅 L4 方案覆蓋 Robobus、Robotaxi 同 Robotruck。其中，Robobus 係佢最具代表性嘅產品線，已喺蘇州、天津等城市嘅公開道路投入常態化試營運。
2025 年，天瞳威視從 L4 級解決方案產生收入 3.75 億元，佔公司總收入嘅 68% 以上，大部分收入來自 L4 級軟件解決方案。
然而，硬幣嘅另一面係商業化嘅曲折。雖然 L4 業務營收暴增，但佢嘅交付形態目前以「軟硬件一體解決方案」為主，呢種模式本質上接近「項目制交付」或「小規模車隊部署」，與 L2 業務中「純軟件授權 + 白盒交付」嘅高毛利、大規模複製邏輯存在顯著差異。
呢就直接導致 L4 業務毛利率嘅大幅波動：喺部分自研硬件佔比较高嘅項目中，毛利率一度低至 15%。
截至遞表日，公司雖手握超 10 億元嘅 L4 意向訂單，涵蓋 2500 架車，但呢啲訂單預計要喺未來三至五年內先會陸續交付，短期內對現金流嘅改善作用有限。
此外，天瞳威視仲有部分應收來自工程服務，主要涉及道路測試、數據收集支援及數據標註服務以及公司嘅專有工具鏈。
03
財務嘅雙面鏡
招股書嘅財務部分，展現咗智駕行業最真實嘅「B 面」：規模同虧損嘅極限拉扯，同埋賬面現金同營運消耗之間嘅緊張博弈。
營收高增長，但結構劇烈波動。
財務數據顯示，公司嘅營收呈現爆發式增長，從 2022 年嘅 1.72 億元增長至 2024 年嘅 4.83 億元，複合年增長率高達 67.7%。2025 年全年營收進一步增長至 5.5 億元。
但收入結構嘅變化明顯。2023 年，公司依賴 L2-L2+ 業務，佔比 90.2%；去到 2024 年，L4 業務佔比升至 50.2%；2025 年，L4 業務佔比進一步拉高至 68%。呢種「斷崖式」嘅結構切換，雖然證明佢 L4 技術搵到咗落地場景，但亦令市場質疑佢 L2 業務係咪已觸及天花板。
毛利率同純利潤嘅背離，呢係天瞳威視面臨嘅最大挑戰。
從毛利睇，整體毛利率喺 30% 左右徘徊，喺呢個技術密集型嘅智駕行業屬於中等水平。但細拆睇嚟，L2-L2+ 業務嘅毛利率通常能維持喺 40% 以上，純軟件授權模式，而 L4 業務嘅毛利率則因「軟硬件一體」交付中硬件佔比提高而被顯著拉低。
從純利潤睇，雖然表面虧損額較大，2024 年虧損 4.63 億、2025 年虧損約 2 億，呢度包含大量因優先股公平值變動帶來嘅「紙面虧損」。剔除呢個因素後嘅經調整純利潤更能反映公司嘅真實經營狀況：2024 年已收窄至 -438 萬元，但 2025 年並未如市場預期實現轉正，而係錄得約 -1086 萬元，虧損較 2024 年有所擴大。
呢個背後有一個不可回避嘅關鍵前提：調整後嘅「減虧」乃至「接近盈虧平衡」，係喺公司持續壓縮研發投入嘅基礎上實現嘅，研發費用從 2024 年嘅 1.17 億元降至 2025 年嘅 9231 萬元，研發費用率從 2024 年嘅 24.3% 進一步降至 16.8%，而 2022 年呢個數字曾高達 108.7%。對於一家科技公司嚟講，研發強度嘅「退坡」是否會影響未來嘅技術護城河，係一個潛在風險點。
現金流持續告急，最令人擔憂嘅信號。
根據最新招股書，截至 2025 年 12 月 31 日，公司賬上嘅現金及現金等价物為 2.35 億元，較 2025 年 6 月 30 日嘅 3.74 億元淨減少 1.39 億元，現金消耗速度較快。
更值得警惕嘅係經營現金流由正轉負且缺口持續擴大嘅趨勢。2023 年，公司經營活動現金流淨額為正向流入 1.15 億元，但 2024 年迅速轉為淨流出 1.89 億元，2025 年進一步惡化至淨流出 2.93 億元。
與此同時，應收賬款周轉急劇惡化。公司嘅貿易應收款項從 2023 年嘅 0.89 億元升至 2025 年嘅 5.48 億元，三年增長超過五倍，而同期營收增幅僅約 2.7 倍。
更令人擔憂嘅係應收款項周轉天數從 2023 年嘅 191 天同 2024 年嘅 166 天，到 2025 年驟升至 300 天，意味著公司從完成交付到收回款項平均需要接近一年時間。呢相當於變相為客戶提供長期無息墊資，喺資金本就緊張嘅情況下進一步加劇咗流動性壓力。
此外，雖然天瞳威視係首家出海嘅中國智駕軟件供應商，但 2025 年佢嘅海外業務遭遇咗明顯回落。2023 年天瞳威視海外收入為 1.27 億元，佔總營收比重達到 62.2%；到 2025 年海外收入降至 1100 萬元，佔比僅 2.0%。
喺而家全球地緣政治複雜、部分國家對智能汽車數據監管趨嚴嘅背景下，為佢嘅全球化故事增添咗一絲不確定性。
04
結語
天瞳威視嘅二次闖關，係智能駕駛行業進入「淘汰賽」階段嘅一個縮影。
從好嘅方面睇，佢踩準咗 L2 性價比同 L4 場景化落地嘅雙重節奏，且經調整純利潤喺特定口徑下已接近盈虧平衡，呢啲都畀投資者提供咗「有亮點可講」嘅故事線。
但從風險嘅角度睇，情況遠比首次遞表時更為嚴峻。業務重心嘅急速漂移、L4 業務商業化初期嘅盈利磨難、研發投入嘅被動收縮，呢啲此前就已存在嘅問題並未緩解。
天瞳威視 L4 級智能巴士
而真正令此次 IPO 帶「求生」色彩嘅，係現金流數據嘅實質性惡化：2.35 億元嘅賬面現金，面對每年近 3 億元嘅经营性現金淨流出，安全邊際已不足一年。疊加 300 天嘅應收賬款周轉天數，意味著公司每交付一筆訂單，都要墊付近一年嘅資金成本。
換言之，天瞳威視正處喺一個危險嘅財務窗口期：賬上嘅錢僅夠維持唔足一年嘅正常運作，而 L4 業務嘅大規模交付同回款卻需要更長時間。喺呢個智駕資本熱潮退去、一級市場融資邊際收緊嘅時刻，公司已冇太多等待嘅餘地。
首次遞表失效後僅隔半年便再次衝擊港股，對天瞳威視而言，與其話係戰略選擇，唔如話係現金倒逼下嘅必然之舉。
