喺馬來西亞嘅汽車市場，好多買家喺揀車嘅時候都會拿 Mazda CX-5 同 Hyundai Santa Fe 嚟做比較。今日我哋由多個方面嚟做一個詳細嘅比較，幫你省返做功課嘅時間。

價錢同版本

Mazda CX-5 喺馬來西亞嘅 OTR 售價係 RM 135,469 - 166,760，一共有 3 個版本，包括 2025 2.0L AT 35th Anniversary（RM 316,154）、2025 2.0L AT（RM 296,154）、2025 2.0L MT（RM 294,154）等。

Hyundai Santa Fe 喺馬來西亞嘅 OTR 售價係 RM 225,000 - 270,000，一共有 3 個版本，包括 2025 2.5T DCT 4WD Calligraphy 6 Seats（RM 270,000）、2025 HEV 1.6T AT 2WD Prestige 7 Seats（RM 245,000）、2025 HEV 1.6T AT 2WD Prime 7 Seats（RM 225,000）等。

由價錢睇，Mazda CX-5 嘅起步價確實比 Hyundai Santa Fe 平咗 RM 89,531。如果你預算有限，Mazda 嘅入門版已經可以滿足日常需要。但亦要留意，平嗰幾千蚊，可能喺配備上會有取舍，具體要看你嘅需要。

動力同油耗

Mazda CX-5 配備 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。

Hyundai Santa Fe 配備 2.0L 4-cyl，馬力 170 hp。官方油耗 8.0 L/100km。

動力方面，Hyundai Santa Fe 嘅 2.0L 4-cyl 比 Mazda CX-5 嘅 1.5L Turbo 多咗 30 匹馬力。不過日常喺市區開嘅話，兩部車嘅動力都夠用，唔會覺得唔夠力。

安全配備

Mazda CX-5 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括。

Hyundai Santa Fe 嘅安全評級係 TBD，主動安全系統包括 Basic。

保養同維護

Mazda CX-5 保養 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。

Hyundai Santa Fe 保養 5 年/300,000km，保養間隔 每 10,000km 或 6 個月。

總結

總括嚟講，Mazda CX-5 同 Hyundai Santa Fe 都係馬來西亞市場幾唔錯嘅車型。揀邊一部，關鍵仲係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。

On June 12, the BJ30 Traveler 150,000 units off-line ceremony and Highlight Edition new car launch event was successfully held at the BAIC Zhuzhou Super Factory. To promote the popularization of light off-road life nationwide and achieve off-road equality, the official launch offers a 30,000 yuan high-value trade-in benefit. The starting price for trading in the entire series is only 69,900 yuan. The annual new BJ30 Traveler Highlight Edition debuted simultaneously, with comprehensive upgrades in appearance, performance, and driving experience. The trade-in price starts at 82,900 yuan. At the event site, Beijing Off-road jointly launched a live vehicle teardown with CCTV. A BJ30 Traveler with 150,000 kilometers driven was torn down on-site, intuitively showcasing the model's solid quality.

Zhang Guofu, Deputy General Manager of BAIC Group and Chairman of Beijing Off-road, stated on-site that the BJ30 Traveler has created a new domestic light off-road SUV record, becoming the model in this sub-market to break the 150,000 unit sales volume fastest. The achievement of 150,000 units is the result of mutual recognition from the market, industry, and global consumers. It is not only a breakthrough in brand development speed but also a quality reputation forged by 150,000 users' choices. This car not only represents the mature strength of China's hybrid technology but is also a powerful card for China's automobile intelligent manufacturing going global.

Relying on BAIC Off-road's 60-plus years of technical accumulation in the off-road field, the BJ30 Traveler has won the favor of 150,000 global owners with its three core advantages of strong passability, large space, and low energy consumption, becoming a benchmark product in domestic light off-road SUVs.

In terms of off-road performance, the vehicle is equipped with the industry's first three-engine four-wheel drive six-mode HEV hybrid architecture, and is also the domestic's first square box SUV equipped with a hybrid system. This architecture consists of a hybrid dedicated engine with a thermal efficiency of 41% and front and rear dual drive motors, each playing their part while balancing long-distance range, instant recharging, and instantaneous explosive power. The intelligent four-wheel drive system responds in only 30 milliseconds, releasing peak torque within 0.5 seconds; coupled with energy central lock, four-wheel electronic limited slip, and intelligent electric ATS all-terrain control system, six driving modes can be intelligently switched, making it easy to handle complex road conditions such as mud and sand, giving full confidence for off-road travel.

In terms of space performance, the whole vehicle is positioned with a three-row seven-seat layout. The 2820mm long wheelbase brings a 66% high space utilization rate. The trunk maximum volume can reach 1496 liters. After the rear seats are folded flat, a 1.92-meter flat space can be formed. Even for passengers with a height of 1.8 meters, sitting in the third row has no cramped feeling. There are a total of 38 storage points in the whole car, and daily sundry storage is organized in an orderly manner. The spacious interior space easily meets various needs for the whole family to travel long distances and for multiple people to travel.

Regarding usage costs, this hybrid model has achieved fuel saving, time saving, and worry-free. Previously, five overseas car bloggers from South Africa, Indonesia, UAE, Poland, and Mexico jointly conducted practical tests. The vehicle's fuel consumption per 100 kilometers was controlled within 5L, and the full tank range easily exceeded 1,000 kilometers. The vehicle does not need to rely on charging piles, just refuel and set off, greatly saving charging time. At the same time, the first non-operating owners can enjoy the lifetime warranty of the whole vehicle. The high-voltage battery pack is safe and stable, maintenance is convenient, parts supply is sufficient, greatly reducing long-term car use concerns. It can commute in the city, can go off-road outdoors. All-around attributes make it stand out among similar models.

The BJ30 Traveler Highlight Edition launched simultaneously this time has been comprehensively upgraded on the basis of the original product strength, achieving advances in three dimensions of appearance, performance, and experience.

The appearance continues the classic square box shape. The tough body lines are matched with the new five-star ring through light group, full of recognition. Exclusive electric sense trendy modification kit, star ring style wheels and same-color sports bumper, full of trendy atmosphere. Orange interior color is added inside the car, supplemented with metal texture trim plates, quality fully upgraded, catering to the aesthetic needs of users of different age groups.

Power and hardware are reinforced again. The new car replaces the long-life high-performance AGM battery, and the cycle service life reaches 3 times that of ordinary batteries. It is equipped with the same level mainstream turbocharging technology, and the whole vehicle charging efficiency is as high as 99%. The rear drive motor power is increased from 55kW to 70kW. The power response is more rapid at start acceleration, lane changing and overtaking, and emergency avoidance, and driving safety is further improved.

The driving experience also welcomes comprehensive optimization. The body height brings a broad driving vision. Seat heating, ventilation, steering wheel heating and other comfort configurations are all available. The vehicle is equipped with automatic induction wipers. In rainy days, the car windows can be automatically closed. The 64-color ambient light supports music linkage rhythm, creating an immersive driving atmosphere, turning the carriage into a mobile leisure space.

In order to reward the support of car owners, except for the 30,000 yuan whole series trade-in policy, the brand additionally launched five exclusive gifts. Ordering cars within the time limit can enjoy: First non-operating owner gifts whole vehicle lifetime warranty; Provide diversified financial plans such as 0 down payment; Old customers recommend new customers to complete transactions, the highest can get 800 yuan JD.com Card; The whole vehicle enjoys lifetime free OTA upgrades; Basic traffic is free for life, entertainment traffic enjoys unlimited use for two years.

Coinciding with the World Cup event node, the brand simultaneously launched a prediction activity. Buying cars at any authorized store in the country can participate. Successfully guessing the match champion and final score, you can enjoy a 50,000 yuan car purchase subsidy again at the highest.

To intuitively verify vehicle durability, the launch site jointly with CCTV Finance conducted a 150,000 km actual vehicle teardown live broadcast. 150,000 kilometers is roughly equivalent to the driving mileage of an ordinary family in nearly 10 years. The teardown results showed: Engine turbine carbon accumulation is very little, power output is still strong; Transmission housing has no leakage, internal gear wear degree is very low, transmission system status is intact; Battery pack has no bulging, leakage, aging attenuation problems; Chassis sub-frame, suspension parts have no rust, oil seepage phenomenon, overall working conditions are almost the same as new cars. Solid material usage and fine craftsmanship make the vehicle lower failure rate in long-term use, effectively reducing car maintenance and car replacement costs, escorting for every trip.

The live broadcast lens also entered the BAIC Zhuzhou Super Factory, revealing the manufacturing strength behind high quality. The welding workshop adopts full-automatic robot operation, the body glue control accuracy is controlled at the hair level, greatly improving body rigidity and safety coefficient; 5,000-ton class large stamping equipment one-piece body plate, creating neat and smooth body lines; The painting workshop uses full-automatic robots and environmentally friendly water-based paint, harmful substances in the car are greatly reduced, the new car says goodbye to pungent odors, paint surface sun resistance, corrosion resistance ability is also significantly enhanced. The whole process multiple quality control checkpoints, guard the quality bottom line of every vehicle from the production source.

Having cultivated the off-road field for many years, Beijing Off-road continues to enrich the product matrix, covering different user travel needs. In addition to the new BJ30 Traveler Highlight Edition, BJ40 Extended Range Long Range Version also wins market recognition with its strength of urban and off-road dual adaptation. In the future, Beijing Off-road will continue to refine products, accompany thousands of users to gallop on the journey, and go to every wonderful journey together.

2026 年，中國新能源汽車市場正式告別野蠻生長嘅增量時代。無休止嘅價格內捲、同質化嘅配置堆疊、日益收緊嘅行業利潤，令無數車企陷入兩難：跟風減價就損及盈利，固守產品則被市場淘汰。行業淘汰賽愈演愈烈，所有玩家都在尋找適應自身嘅生存法則。

6 月 13 日，喺 2026 中國汽車重慶論壇由買車網 Buycar 承辦嘅《市場蛻變——中國汽車市場競爭格局重塑》腦力激盪上，深藍汽車副總裁楊源源講：「今年市場最超出預期嘅變化，係消費者嘅覺醒。中國汽車消費者越來越理性、越來越成熟，唔再似過往咁簡單睇堆料、睇參數來揀車，而係認認真真思考每一分錢花得值唔值。」

呢番話喺幾個月前，聽落可能似一種美好嘅願望。但放喺 2026 年 6 月嘅深藍身上，佢更似一份遲到嘅驗證報告。

就喺幾個月前，深藍係被唱衰聲包圍嘅典型樣本。2026 年一季，深藍銷量同比下滑超 17%，2 月甚至未直接公佈全系銷量；2025 年全年虧損 8.99 億元，近四年累計虧損逾 80 億元。同期理想、蔚來、問界均保持正增長，就連長安體系內嘅兄弟品牌啟源都喺 2 月交出環比大漲 96.3% 嘅成績單——深藍嘅掉隊顯得格外刺眼。

轉折出現喺 2026 年 3 月。深藍以 31742 輛、環比大漲 87.8% 嘅成績迅速逆轉局面，此後連續三個月守住「月銷 3 萬 +」門檻。1-5 月累計銷量 130531 輛，同比增長 15%，全球累計交付突破 85 萬輛。呢場逆襲嘅核心驅動因素，恰恰印證咗楊源源喺論壇上嘅判斷。

第一個驅動因素係深藍 S05。呢款緊湊型 SUV 喺 10 萬至 15 萬元嘅核心戰場搵到精準嘅平衡點：620km CLTC 續航、全系標配 3C 超充、2880mm 長軸距。4 月全球銷量 17269 輛，同比增長 96.1%，上市以來累計銷量超 22 萬輛。消費者用訂單證明：喺呢個價位段，佢哋要嘅唔係平，而係抵。

第二個驅動因素係深藍 S07 嘅智能化升級。 6 月 13 日，全新深藍 S07 增程版上市，限時權益價 15.49 萬元起，搭載華為乾崑智駕 ADS Pro，首次將高級智駕下放喺呢個價位段。以往呢啲係 30 萬級車先有嘅配置。楊源源喺論壇上特別強調咗呢個邏輯：「企業技術普惠同消費者嘅消費習慣調整，先至開始，遠未探底。」

第三個驅動因素係海外市場嘅爆發。1-5 月深藍海外累計銷量 28704 輛，同比增長 167%。深藍 S05 已進入歐洲、東南亞等 66 個國家同地區，右舵版喺泰國羅勇工廠投入生產。當國內市場仲喺度爭論「價格戰定係價值戰」嘅時候，海外用戶已經用訂單投票咗。

呢三件事放埋一齊，恰好構成咗一條完整嘅邏輯鏈：消費者嘅「價值覺醒」係需求側嘅變化，企業嘅「技術平權」係供給側嘅回應。當兩樣嘢同時發生，市場就會畀出正向回饋。

喺楊源源睇嚟，消費者由「追求性價比」到「重視質價比、智價比」嘅轉變，係行業最寶貴嘅轉折點。呢啲對始終堅持長期主義、踐行技術平權嘅深藍汽車嚟講，唔係挑戰，而係千載難逢嘅發展機遇。粗放式低價內捲嘅時代落幕，靠價值、技術、體驗取勝嘅高質量競爭時代，已經到來。

而對今年下半場嘅打法，楊源源亦畀咗佢自己嘅判斷：「下半年有三場戰鬥——體驗戰、生態戰、全球戰。」體驗戰係讓客戶有更好的感受，生態戰係從買賣關係變成合作夥伴，全球戰則係「代表中國新能源汽車走向世界」。

「今年有冇全新車型上市，一啲都唔影響深藍今年嘅銷量。」楊源源講，唔同於行業多數品牌依賴新車拉動短期增量，深藍唔會盲目跟風高頻迭代新品，而係深耕存量產品、打磨產品綜合實力。依托前期產品立项、平台化架構佈局，深藍實現產品長效生命力，規避頻繁造車帶來嘅研發浪費同庫存風險，同時依托成熟主力車型攤薄成本，實現盈利同銷量雙向平衡。

喺行業整體利潤持續走低、多數車企增收唔增利嘅大環境下，唔靠新車內捲嘅深藍，依舊保持健康嘅經營狀態。

針對行業熱議嘅「淘汰賽」以及未來價值競爭主戰場，楊源源畀出深藍清晰嘅長期戰略：未來汽車唔再係簡單嘅代步工具，而係「帶輪子嘅 AI 終端」。基於呢個終極判斷，深藍將長期堅守左手全球化，右手年轻化嘅雙線戰略，構築差異化競爭壁壘。

深藍嘅目標「肯定唔係活落去，而係要成為中國新能源汽車嘅一張名片」——呢句話從一家幾個月前仲被質疑「係咪可以活落去」嘅企業口入面講出，幾多有啲反差。但也正係呢種反差，令呢場逆襲有更深嘅意味：佢唔只係深藍一家企業嘅翻盤故事，更係整個行業由「價格內捲」走向「價值競爭」嘅一個註腳。當消費者嘅覺醒同企業嘅技術普惠形成同頻共振，市場自然會畀出答案。

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.

Eight Models Break 20,000 Monthly Sales, Song and Yuan Brands Stabilize at 50,000

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 Effect

The 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.

Overseas Explosion: 160,600 Units in Single Month, Accounting for Over 40% of Total Sales, Becomes Second Growth Curve

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 Volume

May 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.

5 月 24 日，曼城主場對陣阿士頓維拉，係高迪奧拉執教曼城嘅最後一場比賽，亦係一場充滿儀式感嘅告別。唔論球迷有多不捨，10 年藍月王朝，終於到咗講再見嘅時候。

喺呢一片告別聲中，瓜帥開住嗰輛藍色海獅 07 離場，喺全球幾十億球迷面前刷咗一波史無前例嘅存在感。

好多人看到呢一幕都好震驚，一部分人擦咗擦眼，發現真係比亞迪。另一部分人感慨，換咗人換咗場景，比亞迪呢部點解突然咁高大上起嚟。仲有啲人扒出資訊，呢部車喺英國賣 44,990 鎊，本就係名副其實嘅高端車。

實際上瓜帥開住比亞迪離開嗰陣，國產車嘅出海之路正在風起雲湧。點解咁講呢？讓功夫汽車帶大家睇下。

（1）突破平台期，國產車出口繼續大增長

5 月 25 日，全國乘用車市場信息聯席會秘書長崔東樹公佈咗最新嘅出口資訊。

今年 1-4 月，國內汽車出口達到 326 萬輛，相比 2025 年同期增長咗 51%。其中 4 月出口量係 94 萬輛，單月近百萬輛，同比增長 52%。呢個數據真係太誇張，要知道中國汽車出口層歷咗多年百萬量級嘅平台期，直到 2021 年先至突破，而家單月出口近百萬輛。

再具體一點，巴西超過俄羅斯成為中國最大嘅汽車出口國，4 月單月出口量達到 121766 輛，俄羅斯排第二達到 77524 輛，此外比利時、澳洲、英國嘅出口量亦喺 5 萬輛左右。

關鍵國產車嘅出口仲突出一個「啥都賣」，4 月出口純電動佔比 31%，插混佔 18%，油電混動佔 7%，純燃油車只剩下 34%。呢點亦說明咗，新能源唔單止喺國內受歡迎，放喺國際市場都係一樣能打。與此同時，國內嘅燃油車走向國際，都依然有競爭力。

仲有另外一個趨勢，以往國產車嘅重點市場集中喺俄羅斯同中東，本以为今次嘅中東市場緊張會大幅影響出口。未諗到現實情況恰恰相反，西歐（英、比、德、意）同中南美（巴西）市場成為核心增量，國產車對發達國家出口佔比大幅提升。

中東地緣政治衝擊也好，歐美貿易壁壘也罢，對國產車唔算冇影響，但都未能觸及根本，核心都係一點，國產車嘅產品力確實夠強。

純電、插混、油電混動三條路線全部落地，適配唔同地區油品、路況、補能條件，全球適應能力遠超海外競爭對手。能夠大批量進入德國、英國、比利時等歐洲發達市場，意味著車輛喺安全、能耗、耐用、法規上完全對標甚至超越當地主流車型，硬實力得到認可。

（2）純電增速變緩，又係陽謀？

崔東樹畀咗新能源車出口情況，今年 1-4 月，巴西無疑係純電最大市場，卖出嘅 22.2 萬輛新能源車絕大多數都係 BEV，比利時作為歐洲門戶，13.0 萬輛新能源車幾乎全部係純電，

英國、澳洲、泰國、阿聯酋呢啲市場也都以 BEV 為主，PHEV 逐步滲透。

呢樣一來，純電市場其實已經分成三塊，歐洲係高端純電主戰場，對品質、智能化、安全要求最高，連瓜帥都開咗比亞迪。巴西、澳洲則係中高端純電同部分經濟型純電結合，東南亞則開始咗經濟型純電逐步放量。

這主要得益於供應鏈成熟，同配置比歐日本嘅電車普遍平 30%–50%。尤其係一啲 A00/A0 級，比如五菱宏光 MINI、比亞迪海鷗等，喺新興市場非常勁，佔純電出口一半以上。如果後續吉利星願都能出到外邊，相信都會有唔錯嘅市場表現。

講起極氪加銀河嘅組合，高端純電外加經濟型家用車，真係完美適合海外市場，難怪吉利嘅出口增長咁快。2026 年 1–4 月，吉利新能源車嘅出口同比增長咗足足 624.5%，增速全行業第一，就係因為產品太適配。

當然，一啲人提到，進入到 2026 年之後，純電出口增長放緩咗，倒係插電混動份額達到 18%，已經超過純電一半。這主要係補能基建差異導致，好多國家充電樁唔足，更偏好插混、混動，拖累純電滲透率。

國內都經歷過呢個階段，一方面係基建要逐步跟得上，另一方面係諗法「跟得上」。點解國內嘅增程車經歷咗幾年大增長之後開始萎縮？因為早期買增程車嘅人，終於意識到用電太「上癮」，後續換車只考慮純電，預計海外市場都係呢個順序。

（3）技術、品牌雙輸出，越走越穩

2023 年，中國汽車出口量達到 491 萬輛，首次超過日本，成為全球第一大汽車出口國。呢兩年差距一直喺拉大，今年預計會達到千萬輛嘅規模，早已係一騎絕塵。

亦都有唔少人擔心，國產車會重蹈國產摩托車嘅覆轍。2000 年代初，國產燃油摩托喺東南亞嘅市佔率一度達到 80%+，結果幾年時間就跌至 1%。而家嘅國產車都係呢種走勢，出口似乎勢不可擋，會不會都有喺某一天直接垮台。

呢個其實完全唔使擔心，而家嘅國產車，走嘅係技術、品牌雙輸出嘅高端化道路。點解瓜帥選擇海獅 07，因為雙電機 4.2 秒破百、刀片電池、Cell to Body 車身，雖然喺國內只係 20 萬級嘅車，但產品力完全可以對標保時捷 Taycan、特斯拉 Model S。

甚至瓜帥自己都坦言，「喺曼徹斯特試駕幾周後，性能、舒適同技術徹底打動我」。得到足壇「戰術大師」嘅認可，相當於有咗權威背書。國產車喺英國嘅純電份額，都早已超越美系、德系、日系車，登頂第一，喺歐洲、日本屢屢斬獲專業大獎。

以前係靠價格戰打入東南亞、中東市場，形象低端。而家係用技術實力直接對標豪華品牌，唔再單靠低價妥協。最近幾年，國產車開始把品牌植入歐洲人日常關注嘅足球、賽車場景。開始喺巴西、泰國、匈牙利等地方投產，唔係撈一筆，而係真正扎根本地化。

而家嘅國產車，早已唔再躲喺幕後代工，而係以自主品牌直面全球消費者，開始真正實現從「中國製造」到「中國創造」。新能源賽道換道超車，讓中國汽車第一次喺全球主流市場擁有咗話語權。

（4）功夫拍案

當瓜帥駕住藍色比亞迪揮手告別藍月賽場，呢輛駛向世界嘅座駕，都成為咗中國汽車揚帆出海嘅生動註腳。

從昔日低價走量、形象受限，到如今憑硬核技術站穩歐美高端市場，多條動力路線全面開花嘅國產車，海外版圖正不斷拓展，徹底跳出咗過往嘅發展困局。

曾經仰望滿街海外豪車，而家看著世界遍布中國座駕，向前推五年，邊個估到而家？

6 月 1 號，2026 中國環塔國際拉力賽喺新疆收車。首次參賽嘅 212 越野車隊，喺總里程 7500 公里、特殊賽段 3400 公里嘅極限苦戰中，成為 T2.1 量產組廠商隊唯一 100% 完賽嘅品牌，最終贏得該組別亞軍。喺 2.0T 引擎對抗 3.0T 嘅排量劣勢下，212 T01 用一場全隊完賽證明咗中國硬派越野嘅量產可靠性。

本屆環塔被稱為「史上最難」，沙漠賽段佔比超 60%，極端高溫、無人區奔襲、連續刀鋒坡與「雞窩坑」對車輛動力、底盤、車身剛性提出咗嚴苛考驗。喺競爭最激烈嘅 T2.1 量產組中，212 T01 以接近原廠狀態嘅量產車出戰——僅加裝防滾架、賽車座椅等安全裝備，核心動力總成同底盤結構同市售版一致。

首賽段 SS1，212 T01 即拿下組別季軍；SS3 賽段，喺 30 餘台賽車爆胎、十餘輛退賽嘅險境中，成為該組別唯一完賽嘅 2.0T 廠商車隊；淘汰率最高嘅 SS5 賽段，車隊頂住壓力，以 100% 完賽率包攬組別三、四名。進入後半程魔鬼賽段，265 號、266 號車組連續喺 SS10、SS11 賽段奪得組別冠軍，SS12 賽段再奪亞軍。最終，212 車隊贏得 T2.1 量產組廠商隊亞軍，並成為全場唯一全隊完賽嘅 T2.1 量產組品牌。

喺環塔咁高强度、長距離嘅越野賽事中，完賽率本身就係最直觀嘅可靠性指標。T01 嘅動力系統喺高溫與高負載交替中保持穩定輸出；交叉軸密布嘅河道與「雞窩坑」路段，佢嘅懸掛行程與輪胎抓地力經受住考驗；碎石河床嘅暗坑衝擊下，高抗扭剛性車身維持咗姿態穩定。全程無被動陷車，驗證咗車輛喺極限環境下嘅機械素質與耐久性。同步承擔後勤保障任務嘅探境者 01，每天賽車返回後準時送達維修設備與備件，保障咗車隊嘅持續作戰能力。這種「以賽代驗」嘅模式，正成為 212 技術迭代嘅加速器。

212 T01 嘅量產車表現，依賴於品牌喺北京車展上發布嘅「俠客」與「遠征」兩大技術平台。「俠客」平台採用前後五連桿整體橋、非承載式車身，支持汽油、柴油及混動系統，T01 同探境者 01 均誕生於此；「遠征」平台則定位全場景智能越野架構。兩大平台嘅發布，標誌住 212 從單一車型生產邁向體系化技術輸出。

賽事之外，212 嘅全球化佈局同步推進。目前其全球銷售網絡已覆蓋超 80 個國家和地區，喺阿聯酋、墨西哥、印尼等地設立海外子公司與辦事處，建成 9 大全球配件中心倉庫，並喺東南亞、中亞、中東落地多個 KD 散件裝配項目，未來仲會喺拉美、非洲持續拓展。從賽道驗證到全球市場，212 正構建「賽事 - 技術 - 產品 - 服務」嘅閉環。

環塔賽場上，車隊曾主動停車救援受困對手，一位從 200 公里外專程趕來嘅細路仔收到咗車手贈送嘅帽子。這些細節傳遞出越野精神：探索、熱愛與互助。喺國內，212 透過「樂野之日」音樂派對、G212 國道探索之旅等活動培育越野文化；喺海外，從達喀爾到馬來西亞沙巴雨林賽，從 Mille Miglia 經典車拉力賽到美國 SEMA 改裝展，212 正將中國越野品牌帶入全球視野。

從全隊完賽到全球化佈局，212 喺環塔嘅答卷不僅係成績單，更係一次對量產車極限可靠性嘅公開展示。當中國越野品牌敢於用最嚴苛嘅賽道驗證產品，並將驗證成果轉化為消費者可感知嘅品質承諾，「中國製造」喺硬派越野領域嘅信任資產正在積累。

Auto-First｜Sammar

4:30 AM, Shanghai Jiangqiao Wholesale Market, Uncle Zhou's Wuling Rongguang starts on time. This is his 12th year in vegetable wholesale, and his seventh year with this car.

At the same moment, herders on the Qinghai-Tibet Plateau start their pickup trucks for the pastures, engineers in the Greater Bay Area get into IM cars for work, parents at the hutong entrance drive Volkswagen ID.3 to send children to school, and young merchants on the China-Myanmar border drive MG onto cross-border highways.

They don't know each other, yet they share an identity recorded in history. On May 28, SAIC Motor Group held the "Global 100 Millionth User" Vehicle Delivery Ceremony at the Shanghai North Bund World Living Room, officially becoming the first automotive group in the history of China's automotive industry to surpass 100 million cumulative production and sales.

The owner of SAIC's Global 100 Millionth Car Delivery is Momenta CEO Cao Xudong—the leading figure in China's intelligent driving field. With the identity of IM LS9 Hyper 001 car owner, he completed a two-way commitment with SAIC. The SAIC flagship large six-seater he chose—IM LS9 Hyper, Cao Xudong calls it the "bright pearl of China's automotive industry" in this era, a collection of SAIC's 70 years of manufacturing heritage and cutting-edge technology.

This unprecedented "Global Relay Delivery" ceremony is spreading this honor to every corner of the world.

In Auto-First's view, true commitment comes from the trust of 100 million people. True greatness is never shining alone, but letting all things grow. SAIC provided its own four answers.

In this noisy era where emotional value is held as the benchmark, SAIC quietly guards something more scarce: spiritual value.

In the current automotive public opinion field, emotional value is praised to the heavens. A color scheme, a sentence, or a live broadcast can trigger a carnival. But emotions solve small matters, spirit determines life and death. Strategic choices, century-long heritage, and industry breakthroughs all rely on spiritual value for steering. Large enterprises without a spiritual core, no matter how big the scale, are just loose sand.

In recent years, SAIC has had its own development rhythm, with highlights, but also experienced the climbing phase of dormancy and pressure. But users see a big brother with vision: like a big tree, rooting deep and sending nutrients high.

What SAIC gives back to users is a "symbiotic security". In this era full of uncertainty, people need certainty more than ever. With solid technical guarantees, full lifecycle reassuring services, and always-online safety protection, SAIC turns certainty into users' daily travel confidence base. This promise, precisely, is the most precious thing in the current time. No, it is spiritual value.

It is this spiritual determination that formed a 70-year two-way commitment between SAIC and users.

Viewing SAIC as a complete living system is the only way to truly understand its vision.

In ecology, the tropical rainforest is the most biodiverse ecosystem on Earth. Towering trees have deep roots and lush leaves, pulling the entire ecological chain upward; while bushes, vines, moss, and grass, though not dazzling, are the main force for nurturing soil and retaining water, and at the same time nurturing new greens.

What SAIC builds is just such an industrial rainforest, allowing differences and accepting symbiosis.

Wuling Hongguang MINI EV gave countless strivers their first car, Roewe i series protects the daily commute of working-class families, and MG lets young people touch driving pleasure at an affordable price. These products are just vivid footnotes of SAIC's social responsibility, nourishing the deepest soil and water of the entire automotive ecosystem.

From entry-level to luxury, from domestic to overseas, SAIC's product layout forms a gradient structure. Users can complete the full lifecycle migration from "first car" to "upgrading" within the same ecosystem. This vertical integration system capability is unique in the industry.

The "0" behind the price is the pressure to forge ahead, the "0" behind the 100 million user number is the heavy trust.

70 years of manufacturing accumulation is the deepest root of this rainforest. From parts supply to quality verification systems, SAIC precipitates every link of industrial manufacturing into a reusable technical foundation. This foundation is open to the entire ecosystem, allowing innovators not to start from scratch, allowing later generations to grow on the shoulders of giants.

More importantly, this rainforest opens its branches outward to exchange energy with the external environment. From building an innovation technology center with Audi, partnering with Huawei Qiankun, to deep co-creation with Momenta, OPPO, Horizon, etc., SAIC never makes "ecosystem islands".

From MG's global first mass-produced semi-solid-state battery, IM LS8's steer-by-wire + rear-wheel steering chassis technology, to Roewe's "Home Beyond" series opening 2000+ SOA atomic-level interfaces, SAIC has achieved key leaps from laboratory to mass production cars in underlying core technologies such as power batteries, smart chassis, and electrical architecture.

Without this big tree's burden-bearing progress and industrial support, many new species could not grow so fast. From supply chain to manufacturing standards, from talent flow to technology spillover, SAIC's 70-year accumulation has become the public wealth nourishing the entire industry.

The deeper the roots, the more lush the canopy; the smoother the cycle, the stronger the vitality. SAIC's rainforest ecosystem's ultimate goal is not to become the biggest tree, but to let every life growing on this soil find its own sunshine.

Between 100 million users and SAIC, it is a 70-year two-way commitment. More than 70 years ago, when SAIC's first car rolled out of the factory, no one could predict this number.

1955, Shanghai Internal Combustion Engine Parts Manufacturing Company was officially established; 1958, the first Phoenix-brand sedan was successfully test-made; 1983, taking advantage of the Reform and Opening Up wind, SAIC pioneered the industry's joint venture cooperation, the first domestic Santana was assembled successfully; 2016, SAIC pioneered the creation of the world's first Internet car.

Over 70 years, SAIC and many Chinese car companies witnessed and promoted China's automotive industry from nothing to something, from weak to strong, from following learning to innovation leadership. At the same time, supporting this 100 million vehicles is 150 billion R&D investment, 26,000 valid patents, solid-state battery from laboratory to mass production, digital chassis redefining driving experience.

When China's automotive annual production and sales stand on the step of 30 million vehicles, we need not only sales hits, but a soil that can be endless. SAIC tells us with 100 million commitments: A great enterprise's ultimate vision is not to make itself reach the clouds, but to make itself the foundation for all things to grow.

In Auto-First's view, this delivery ceremony itself is SAIC's fourth answer: a paradigm shift from "enterprise-led" to "users and ecosystem co-evolution".

It completely subverts the traditional automotive industry's "milestone press conference" model. No long speech from leaders, no boring product presentation, instead replaced by a "flowing narrative epic" with real users as protagonists, global relay as the form, technical strength as the background color, and emotional resonance as the core. From Shanghai North Bund to London, Jakarta, Singapore, 15 brands, 19 car models, real-time continuous delivery spanning the Asia-Europe continent is itself the most impactful brand communication—it makes the cold industrial number "100 million" perceivable, tangible, and relatable.

More worthy of praise is that the ceremony truly places users in the center of the stage: Founder Luo Zhenyu witnessed the rollout as Hua Jing S No. 001 Experience Officer, former German national footballer Yang Chen resonated with ID.ERA 9X's long-termism, post-85s village secretary Pang Fuqiang used Wuling Rongguang Pure Electric to deliver meals for left-behind elderly, charity blogger Liu Jia and Buick Zhijing E7's "Perfect Score Cabin" glimmer guardian on the same frequency... These real stories make "know cars, understand you better" no longer just a slogan, but a vivid testament to 100 million trusts.

This "Global Relay Delivery" is a never-before-seen attempt in the history of Chinese car brand communication. It attracted attention with ritual innovation, triggered emotional resonance with user stories, established technical trust with system presentation, and depicted ecosystem vision with open cooperation. It successfully transformed a brand launch into a public narrative event belonging to China's automotive industry, all users, and the smart electric era. This is the true big factory vision.

Looking back from the 100 million user node, SAIC's story has never been the legend of a lone warrior, but the epic of a group. From the first Phoenix-brand sedan to the first 100 million smart electric vehicle, from the workshop by the Huangpu River to the global map spanning more than 170 countries, SAIC proved with 70 years a simple truth: A great enterprise's greatness lies not in scale, but in vision; not in voice, but in responsibility; not in the spotlight for a time, but in a sustainable ecosystem.

When the public opinion field is sinking, it has long crossed the marsh, leaving behind a lush rainforest. Those skeptics from the past won't understand: A true big enterprise never fears cycles, because it is part of the cycle itself; never fears ups and downs, because its roots have long sunk into the soil of the era.

100 million users, 100 million choices, 100 million commitments. In this era of habitual forgetting, SAIC chose to be remembered not by creating noise, but by becoming reliance.

Recently, overseas blogger @muskonomy shared the usage experience of a Model 3 owner from the Philippines from the first month after purchasing the car.

After just one month of use, the Model 3 shows significant advantages in usage costs and smart experience, and space and practicality are also excellent, making him sigh he never wants to switch back to a fuel car.

Before buying the Model 3, this owner had been driving a Japanese B-class fuel car for a long time, with a fixed daily route, commuting on the highway from Monday to Wednesday, with an average weekly mileage of about 110 km. Year-round highway travel made him particularly picky about vehicle handling and driving quality.

What made him exclaim "Great Value" is Tesla's excellent usage economy. Previously driving a Japanese B-class fuel car, refueling costs remained high, "Before oil prices rose, just filling up cost about 13,200 pesos (approx. 1452 RMB) per month". After buying the Model 3, he used home charging for refueling, only needing to charge twice a week, monthly electricity cost about 2000 pesos (approx. 221 RMB), only one-sixth of the previous fuel car, commuting usage cost significantly reduced.

Even more surprising to the owner, the Model 3's space performance far exceeded expectations. "I am about 6.3 feet tall (approx. 191cm), weight 225 lbs (approx. 102 kg), worried before picking up the car that interior space was limited. After actual experience found, even if front seats are adjusted to comfortable position, rear seats can still easily accommodate adult passengers, daily commute completely sufficient, practicality maximized."

Singapore owner @Coco Silly Fish from Southeast Asian country also swapped her home's fuel car for Tesla. She shared on social platform, when driving fuel cars before, cost pressure brought by oil price rise, fuel anxiety from morning/evening peak traffic congestion, always troubled her greatly. After driving Tesla, commuting refuel cost even lower than public transport, overall usage experience also greatly improved.

Besides saving money and being worry-free, Tesla's powerful power response, easy and effort-saving driving feeling in congested sections all left a deep impression on her: "The current calm feeling of usage is something fuel cars cannot replace!"

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。

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。