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2026 年上半年，汽車行業競爭持續加劇，市場結構加速迭代，奇瑞集團依托清晰的戰略佈局、深厚的自主技術積澱與成熟的全球化營運體系，在銷量規模、品質口碑、全球化進程、前沿科技佈局四大維度實現全面突破，屢獲銷量歷史新高、行業權威品質認證、全球產銷里程碑、《財富》世界 500 強席位等一系列標誌性成果，以穩定的增長韌性、領先的經營效益與多元化科技佈局，交出一份含金量充足的半年度高質量發展答卷。
從市場銷量維度來看，2026 年上半年奇瑞集團累計整車銷量達到 135.75 萬輛，同比增長 7.7%，刷新品牌創立以來同期銷量最高紀錄，穩固了自主品牌頭部陣營地位。亮眼的數據背後，出口與新能源兩大業務構成拉動增長的核心雙引擎，成為奇瑞區別於多數同行的核心優勢。上半年奇瑞海外出口總量 94.38 萬輛，同比大幅增長 71.5%，換算下來市場平均每 17 秒就有一台奇瑞整車發往全球各地。憑藉過硬的產品實力，品牌在歐洲、英國、澳大利亞等全球高法規標準市場持續實現市場份額突破，目前奇瑞全球海外用戶規模已接近 700 萬，佔品牌全部用戶總量的 35%，海外市場已成為支撐品牌長期發展的核心基本盤。
在出海模式層面，奇瑞早已跳出單純出口車輛的初級貿易模式，構建起行業獨有的“融入式出海”全新範式。目前奇瑞在西班牙、南非、巴西、俄羅斯、泰國、伊朗佈局六大海外製造核心節點，搭建起覆蓋全球重點市場的本地化生產網絡。其中西班牙 EBRO 工廠深耕歐洲本土市場，南非羅斯林工廠承接百年汽車製造基地產能，各大海外工廠均堅持深度屬地化營運，大量僱傭本地員工、培育本土上下游供應鏈、遵守當地法規並落地各類公益項目，摒棄簡單複製國內工廠的擴張思路，實現從“單純賣車”到“扎根當地、共生發展”的模式升級，為中國品牌全球化發展提供可複製、可參考的產業範本。
產品與服務品質層面，奇瑞在 2026 年實現行業標誌性突破，一舉包攬 J.D.Power 新車品質 IQS、產品魅力 APEAL、購車體驗 PXI、售後服務 CSI 四大核心研究自主品牌第一名，成為國內汽車行業首個達成該項評測“四滿貫”的車企。四項權威評測覆蓋車輛出廠品質、乘駕產品體驗、終端購車服務、售後維保全生命週期，全維度領先的評測結果，充分印證奇瑞長期堅持的品質製造體系落地成效，實現“銷量穩步提升，口碑同步夯實”的良性發展格局。與此同時，奇瑞前沿智能產業佈局落地見效，旗下墨甲機器人業務完成全球化規模化落地，產品進駐全球 60 多個國家、覆蓋上百類商用與工業場景，截至上半年全球累計銷量突破 2000 臺，人形機器人業務正式成為奇瑞科技出海的全新名片，標誌奇瑞已從傳統整車製造企業，向多賽道科技集團轉型。
2026 年上半年至 7 月，奇瑞接連迎來兩大足以載入品牌發展史的關鍵里程碑。第一個里程碑為 7 月 25 日達成的全球累計銷量突破 2000 萬輛。回望 29 年發展歷程，奇瑞始終堅守自主研發路線，打破行業“無合資難發展”“低體量無法自研核心技術”等固有偏見，走出一條完全自主可控的中國汽車發展道路。2000 萬輛不是發展終點，而是全新起點，當前奇瑞已同步佈局高階智能駕駛、飛行汽車、具身智能機器人、“3G 戰略”乃至可控核聚變等前沿賽道，持續打破傳統車企產業邊界，向全球化高科技集團穩步進化。
另一重磅里程碑是奇瑞汽車以獨立上市公司主體，成功入圍 2026《財富》世界 500 強榜單，位列第 383 位，同時亦是本年度中國大陸地區唯一新晉入榜的整車企業。經營效益層面，奇瑞淨資產收益率 ROE 超過 36%，在本屆世界 500 強企業中排名全球第 30，在所有上榜中國企業裡位居首位。不同於不少依靠營收體量上榜的企業，奇瑞此次以獨立上市主體身份登榜，體現企業現代化治理體系、市場化營運機制全面成熟，更打破了行業只比拼產銷規模的單一評價標準，證明奇瑞在規模增長之外，同時具備行業領先的盈利能力與高效資產週轉能力，完成從單純規模擴張到高質量效益增長的關鍵戰略轉身。
多重亮眼成果疊加，充分展現奇瑞 2026 上半年全方位、多層次的綜合競爭實力。站在半年發展節點，憑藉龐大的全球用戶基礎、完善的海外製造網絡、行業領先的品質背書與多元前沿技術儲備，奇瑞增長動能持續充足。下半年，奇瑞將持續放大出口、新能源雙增長曲線優勢，憑藉 2000 萬全球用戶積澱與世界 500 強平台勢能，持續深耕自主核心技術創新，深化全球本土化生態佈局，穩步推進全球化高科技集團建設，持續夯實自主品牌高質量發展根基，向全球市場傳遞中國汽車產業向上突破的核心力量。
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 Proton X70 同 Chery Tiggo 8 Pro 嚟做比較。呢兩款車喺價位同定位上都好接近，今日我哋就從多個方面做一個詳細嘅比較，幫你省咗做功課嘅時間。
Proton X70 喺馬來西亞嘅 OTR 售價係 RM 106,800 - 122,300，總共 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）等等。
Chery Tiggo 8 Pro 喺馬來西亞嘅 OTR 售價係 RM 159,750 - 159,750，總共 2 個版本，包括 1.6L Turbo Standard（RM 130,000）、1.6L Turbo Premium（RM 145,000）等等。
從價錢睇，Proton X70 嘅起步價的確比 Chery Tiggo 8 Pro 平咗 RM 52,950。如果你預算有限，Proton 嘅入門版已經可以滿足日常需要。但亦要注意，平啲嘅幾千蚊，可能喺配備上會有取捨，具體要睇你嘅需要。
Proton X70 配備 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
Chery Tiggo 8 Pro 配備 2.0L 4-cyl，馬力 170 hp。官方油耗 8.0 L/100km。
動力方面，Chery Tiggo 8 Pro 嘅 2.0L 4-cyl 比 Proton X70 嘅 1.5L Turbo 多咗 30 匹馬力。不過日常喺市區開，兩款車嘅動力都夠用，唔會覺得唔夠力。
Proton X70 嘅安全评分係 5★ (ASEAN NCAP)，主動安全系統包括 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA)。
Chery Tiggo 8 Pro 嘅安全评分係 TBD，主動安全系統包括 Basic。
安全配備方面，兩款車都拿到唔錯嘅評級。不過 Proton X70 嘅 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) 同 Chery Tiggo 8 Pro 嘅 Basic 喺功能上啲差異，如果你比較重視主動安全嘅話，可以仔細比較一齊兩者嘅功能列表。
Proton X70 車身長 4400 mm，後尾箱 400 L。
Chery Tiggo 8 Pro 車身長 4400 mm，後尾箱 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。
Proton X70 採用 FWD 驅動方式。
Chery Tiggo 8 Pro 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。
總體嚟講，Proton X70 同 Chery Tiggo 8 Pro 都係馬來西亞市場好好唔錯嘅車型。揀邊台，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，再去做試駕做最後決定。買車係件大事，花啲時間做功課絕對唔會錯。
In the Malaysian SUV market, many buyers compare Perodua Aruz and Kia Sportage when choosing a car. Both vehicles are quite similar in price range and positioning. Today, we will make a detailed comparison from multiple aspects to help you save time on research.
Perodua Aruz OTR price in Malaysia is RM 72,900 - 77,900, with 2 versions including 1.5L X (RM 72,900), 1.5L AV (RM 77,900), etc.
Kia Sportage OTR price in Malaysia is RM 129,639 - 179,320, with 4 versions including 2025 1.6T DCT 4WD High (RM 179,320), 2025 1.6T DCT 2WD High (RM 159,320), 2025 2.0L AT 2WD High (RM 139,639), etc.
In terms of price, Perodua Aruz entry price is indeed RM 56,739 cheaper than Kia Sportage. If your budget is limited, Perodua's entry version is enough to meet daily needs. But note, the few thousand cheaper, may involve trade-offs in features, it depends on your requirements.
Perodua Aruz equipped with 1.5L 4-cyl, horsepower 105 hp. Official fuel consumption 6.0 L/100km.
Kia Sportage equipped with 1.5L Turbo, horsepower 140 hp. Official fuel consumption 7.0 L/100km.
In terms of power, Kia Sportage 1.5L Turbo has 35 more horsepower than Perodua Aruz 1.5L 4-cyl. However, for daily city driving, both cars have sufficient power, will not feel underpowered.
Perodua Aruz body length 4400 mm, trunk 400 L.
Kia Sportage body length 4400 mm, trunk 400 L.
Dimensions of both cars are almost the same, interior space difference is not significant. Cars in this class, daily use is fully sufficient.
Perodua Aruz adopts FWD drive configuration.
Kia Sportage adopts FWD drive configuration.
Drive configuration of both cars is the same, both are FWD, daily driving experience will not be significantly different.
Perodua Aruz and Kia Sportage are both mainstream choices in the Malaysian market, suitable for family use, daily commuting. If you value brand reputation and resale value more, you can prioritize the one with better reputation; if you care more about value for money and features, then choose the one with more configurations. Ultimately it is recommended to test drive both, personal experience is the most important.
Overall, Perodua Aruz and Kia Sportage are both very good car models in the Malaysian market. Choosing which one, the key is still to see your personal needs and budget. It is recommended to do research, compare quotes from multiple dealerships, then go test drive to make final decision. Buying a car is a big matter, spending time on research will definitely not be wrong.
In Malaysia's SUV market, many buyers compare Perodua Ativa and Proton X70 when choosing a car. These two models are quite close in price and positioning. Today, we will do a detailed comparison 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.
Proton X70's OTR price in Malaysia is RM 106,800 - 122,300, with a total of 3 versions, including 1.5L Standard 2WD (RM 106,800), 1.5L Executive 2WD (RM 115,800), 1.5L Premium 2WD (RM 122,300), etc.
From a price perspective, the starting price of Perodua Ativa is indeed RM 44,300 cheaper than Proton X70. If your budget is limited, Perodua's entry-level version is enough to meet daily needs. However, note that the few thousand dollars cheaper might involve trade-offs in features, depending on your needs.
Perodua Ativa's safety rating is 5★ (ASEAN NCAP), active safety systems include ASA 3.0 + ACC + LDA + LKA + BSM + RCTA.
Proton X70's safety rating is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
Both cars have the same safety rating, and safety features are quite comprehensive for this class. New cars nowadays generally have good safety, so no need to worry too much about this point.
Perodua Ativa body length is 4400 mm, trunk 400 L.
Proton X70 body length is 4400 mm, trunk 400 L.
The dimensions of the two cars are almost the same, with little difference in interior space. Cars in this class are fully sufficient for daily use.
Perodua Ativa warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Proton X70 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Both cars have the same warranty conditions, no need to worry about this aspect. Actual maintenance costs depend on the brand's service network and parts prices, suggest asking real owners in car groups for experience.
Perodua Ativa and Proton X70 are 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 better reputation first; if you care more about cost-performance ratio and features, choose the one with richer configuration. Ultimately, it is recommended to test drive both models; experiencing it firsthand is the most important.
Overall, Perodua Ativa and Proton X70 are both very good models in the Malaysian market. Which one to choose depends on your personal needs and budget. It is recommended to do your research, compare quotes from multiple dealerships, and then test drive to make a final decision. Buying a car is a big matter; spending time on research will never be wrong.
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拿 Perodua Ativa 同 Proton X90 嚟比較。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比較，幫你慳做功課嘅時間。
Perodua Ativa 喺馬來西亞嘅 OTR 售價係 RM 62,500 - 73,400，一總共有 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。
Proton X90 喺馬來西亞嘅 OTR 售價係 RM 106,800 - 122,800，一總共有 4 個版本，包括 2026 1.5T Prime X（RM 122,800）、2026 1.5T Prime（RM 116,800）、2026 1.5T Lite（RM 106,800） 等。
從價錢睇，Perodua Ativa 嘅起步價確實比 Proton X90 平咗 RM 44,300。如果你預算有限，Perodua 嘅入門版已經可以满足日常需求。但都要留意，平嗰幾千蚊，可能喺配備上會有取舍，具體要看你嘅需求。
Perodua Ativa 搭載 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
Proton X90 搭載 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
動力方面，Proton X90 嘅 1.5L Turbo 比 Perodua Ativa 嘅 1.5L 4-cyl 多咗 35 匹馬力。不過日常喺市區開，兩款車嘅動力都夠用，唔會覺得唔夠力。
Perodua Ativa 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 ASA 3.0 + ACC + LDA + LKA + BSM + RCTA。
Proton X90 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA)。
兩款車嘅安全評級一樣，喺呢個級別入面安全配備都算給好齊全。而家嘅新車安全性都唔差，唔使太擔心呢一點。
Perodua Ativa 採用 FWD 驅動方式。
Proton X90 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。
總嘅嚟講，Perodua Ativa 同 Proton X90 都係馬來西亞市場幾唔錯嘅車型。揀邊一輛，關鍵都係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，再走去試駕做最終決定。揀車係件大事，花少少時間做功課絕對唔會錯。
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都係會拎 GWM 哈弗 H6 同 現代途勝 嚟做比較。這兩部車喺價錢同定位上都幾接近，今日我哋就從多個方面做一個詳細嘅比較，幫你省咗做功課嘅時間。
GWM 哈弗 H6 喺馬來西亞嘅 OTR 售價係 RM 139,750 - 139,750，一總共有 2 個版本，包括 1.5L Turbo Standard（RM 140,000）、1.5L Turbo Premium（RM 155,000） 等等。
現代途勝 喺馬來西亞嘅 OTR 售價係 RM 143,888 - 197,888，一總共有 5 個版本，包括 2025 HEV 1.6T AT 2WD Prestige（RM 197,888）、2025 1.6T DCT 4WD Prestige（RM 186,888）、2025 1.6T DCT 2WD Prime（RM 164,888） 等等。
從價錢睇嚟，GWM 哈弗 H6 嘅起步價確實比 現代途勝 平咗 RM 4,138。如果你預算有限，GWM 嘅入門版已經可以滿足日常需要。但都都要注意，平嗰幾千蚊，可能喺配備上會要有取捨，具體都要睇你嘅需要。
GWM 哈弗 H6 搭載 Hybrid，馬力 170 hp。官方油耗 4.5 L/100km。
現代途勝 搭載 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
動力方面，GWM 哈弗 H6 嘅 Hybrid 比 現代途勝 嘅 1.5L Turbo 多咗 30 匹馬力，中段加速更有信心，尤其係行高速超車嘅時候。不過 現代途勝 嘅油耗可能更抵用，日常市區通勤差別唔會太大。
GWM 哈弗 H6 嘅安全評級係 TBD，主動安全系統包括 Basic。
現代途勝 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 SmartSense。
安全配備方面，兩部車都拿到唔錯嘅評級。不過 GWM 哈弗 H6 嘅 Basic 同 現代途勝 嘅 SmartSense 喺功能上有啲差異，如果你比較睇重主動安全嘅話，可以仔細比較下兩者嘅功能列表。
GWM 哈弗 H6 車身長 4400 mm，後車廂 400 L。
現代途勝 車身長 4400 mm，後車廂 400 L。
兩部車嘅尺寸幾乎一樣，車廂空間差別唔大。呢個級別嘅車，日常使用完全夠用。
GWM 哈弗 H6 保修 7 年/150,000km，保養間隔 每 10,000km 或 6 個月。
現代途勝 保修 5 年/300,000km，保養間隔 每 10,000km 或 6 個月。
總括嚟講，GWM 哈弗 H6 同 現代途勝 都係馬來西亞市場幾唔錯嘅車型。揀邊一輛，關鍵都係要睇你嘅個人需要同預算。建議大家做足功課，多比較幾間車行嘅報價，再去試駕做最後決定。買車係件大事，花啲時間做功課絕對唔會錯。
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 富豪 XC60 PHEV 同 賓士 GLB 做比較。这两款車喺價位同定位上都好接近，今日我就從多個方面做一個詳細嘅比較，幫你節省做功課嘅時間。
富豪 XC60 PHEV 喺馬來西亞嘅 OTR 售價係 RM 362,888 - 362,888，一齊有 2 個版本，包括 2025 2.0T 89km Ultra（RM 362,888）、富豪 XC60 PHEV 有咩安全配備？（RM 296,610）之類。
賓士 GLB 喺馬來西亞嘅 OTR 售價係 RM 299,888 - 352,888，一齊有 1 個版本，包括 Standard（RM 299,888）之類。
由價錢睇，賓士 GLB 嘅起步價比 富豪 XC60 PHEV 平咗 RM 63,000。老實講，喺呢個價位區間，幾千蚊嘅差距其實唔係咁大，關鍵仲係睇整體嘅性價比同長期使用成本。
富豪 XC60 PHEV 配備混合動力，馬力 170 hp。官方油耗 4.5 L/100km。
賓士 GLB 配備 2.0L 渦輪，馬力 220 hp。官方油耗 9.5 L/100km。
動力方面，賓士 GLB 嘅 2.0L 渦輪比 富豪 XC60 PHEV 嘅混合動力多咗 50 匹馬力。不過日常喺市區開，兩款車嘅動力都夠用，唔會覺得唔夠力。
富豪 XC60 PHEV 嘅安全評級係 5★ (歐洲 NCAP)，主動安全系統包括 Premium ADAS。
賓士 GLB 嘅安全評級係 5★ (歐洲 NCAP)，主動安全系統包括 Premium ADAS。
兩款車嘅安全評級一樣，喺呢個級別入面安全配備都算好齊全。而家嘅新車安全性都唔差，唔使太擔心這一點。
富豪 XC60 PHEV 車身長度 4400 mm，行李箱 400 L。
賓士 GLB 車身長度 4400 mm，行李箱 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。
富豪 XC60 PHEV 保養 5 年/無限里程，保養間隔 每 10,000km 或 6 個月。
賓士 GLB 保養 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
整體嚟講，富豪 XC60 PHEV 同 賓士 GLB 都係馬來西亞市場幾不錯嘅車型。揀邊一輛，關鍵仲係睇你嘅個人需求同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試駕做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
喺馬來西亞嘅汽車市場，好多買家揀車嗰陣都會拿 Mazda CX-60 同 Hyundai Palisade 嚟做比較。今日我哋從多個方面做一個詳細嘅比較，幫大家節省咗做功課嘅時間。
Mazda CX-60 喺馬來西亞嘅 OTR 售價係 RM 200,510 - 252,873，一共有 2 個版本，包括 2026 3.3T 4WD High Plus（RM 252,873）、2025 2.5L 2WD High（RM 200,510） 等。
Hyundai Palisade 喺馬來西亞嘅 OTR 售價係 RM 368,838 - 399,838，一共有 4 個版本，包括 2023 3.8L 2WD Luxe 7 Seats Petrol（RM 399,838）、2023 2.2T 4WD Executive 7 Seats Diesel（RM 389,838）、2023 3.8L 2WD Luxe 8 Seats Petrol（RM 378,838） 等。
由價錢嚟睇，Mazda CX-60 嘅起步價的確比 Hyundai Palisade 平咗 RM 168,328。如果你預算有限，Mazda 嘅入門版已經可以滿足日常需求。但亦都要注意，平嗰幾千塊，喺配備上可能會要取舍，具體要睇你嘅需求。
Mazda CX-60 嘅安全評級係 5★ (Euro NCAP)，主動安全系統包括 i-Activsense Pro。
Hyundai Palisade 嘅安全評級係 TBD，主動安全系統包括 Basic。
安全配備方面，兩部車都拿到唔錯嘅評級。不過 Mazda CX-60 嘅 i-Activsense Pro 同 Hyundai Palisade 嘅 Basic 喺功能上有少少差異，如果你比較重視主動安全嘅話，可以仔細對比一下兩者嘅功能列表。
Mazda CX-60 車身長 4500 mm，尾箱 450 L。
Hyundai Palisade 車身長 4400 mm，尾箱 400 L。
空間方面，Mazda CX-60 嘅車身比 Hyundai Palisade 長咗 100 mm，車內坐位空間會稍微寬鬆啲，尤其是後座腿部空間。如果你經常載家人或者需要放手推車，大一點嘅車身確實更實用。
Mazda CX-60 保修 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Hyundai Palisade 保修 5 年/300,000km，保養間隔 每 10,000km 或 6 個月。
總嘅嚟講，Mazda CX-60 同 Hyundai Palisade 都係馬來西亞市場幾唔錯嘅車型。揀邊輛，關鍵仲係睇你嘅個人需求同預算。建議大家做好功課，多比較幾間車行嘅報價，先至去試駕做最後決定。買車係件大事，花少少時間做功課絕對唔會錯。
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 HighlightIn 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 5Chery 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 EffortChangan 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 ThoughtsFrom 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。
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 HighlightIn 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 5Chery 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 EffortChangan 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 ThoughtsFrom 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.
