Suddenly, the "Ning King" came out to make a splash again.

On the evening of July 24, CATL released two major documents simultaneously. One was the 2026 Interim Financial Report. Revenue in the first half was 276.91 billion yuan, a year-on-year increase of 54.80%. Net profit attributable to the parent company was 43.284 billion yuan, a year-on-year increase of 41.98%. Calculated, this means daily earnings of 240 million yuan.

The other was a buyback plan, proposing to use funds not less than 20 billion yuan and not more than 40 billion yuan to buy back A-share shares for cancellation, with a buyback price cap of 573 yuan per share, a premium of nearly 50% compared to the closing price of the day. This amount cap set a record high for single share buybacks in the history of A-shares.

At the same time, multiple new energy vehicle manufacturers successively released half-year profit forecasts, with many facing profit pressure. Industry chain profits are visibly concentrating on the battery segment, and this is indeed a major source of CATL's profits. However, if you turn to the details of CATL's financial report, you will find a fact overlooked by the outside world.

That is CATL's true growth engine is actually not just power batteries. Or rather, the game CATL is playing is far bigger than what the outside world sees.

Beyond Vehicle Power Batteries, Pulling Up a Second Growth Curve

In CATL's financial report, the most worth noting is its healthy revenue structure. In the first half, the power battery business contributed 192.125 billion yuan in revenue, accounting for 69.38%, remaining the absolute major portion. However, the performance of the other two businesses is also inescapable, showing a trend of accelerated growth.

First, energy storage battery business revenue was 53.261 billion yuan, accounting for 19.23%, a year-on-year increase of 87.54%. Battery materials and recycling, mineral resource business revenue was 18.811 billion yuan, a year-on-year increase of 67.23%.

More critically, power battery gross margin of 20.63% and energy storage battery 23.96% both saw year-on-year declines, while the gross margin of battery materials and recycling business reached 27.04%, an increase of 5.81 percentage points year-on-year.

That is to say, among the three major main businesses, the only one achieving gross margin improvement is the "recycling business" that outsiders ignore most easily.

Looking further down, CATL has also accumulated considerable capital in the ship power battery field.

Already cumulatively delivered over 900 ship batteries. The first all-electric inland container ship exported from China delivered in the first half of 2026, also equipped with CATL's battery energy storage system. In July, also acquired a stake in Jiangsu Kaiyang Shipbuilding Company, increasing investment in the technical development of ocean-going ship battery systems.

In the commercial vehicle field, sodium-ion batteries have gone into mass production installation, the Tianxing series covers multiple sub-scenarios from logistics vehicles to heavy trucks. In the battery recycling field, holding company Bangpu Recycling has built the nation's largest directional recycling base, with an annual retired battery processing capacity of 270,000 tons, and nickel, cobalt, and manganese recovery rate is as high as 99.6%. The team also won two honors at the European Patent Office's "2026 European Inventor Award" this year, becoming the first Chinese team to win dual awards since the award's inception.

These businesses together constitute CATL's second growth curve beyond power batteries.

When lithium battery scrap volume grows at a speed of more than 20% annually, when the commercialization window for electric ships opens gradually, and when AI computing power data centers begin to propose new structural demands on energy supply, CATL has already extended its tentacles into these tracks. Company executives also clearly stated at the performance exchange meeting that AIDC presents a clear structural market opportunity. CATL will not just provide single product supply, but wants to provide more comprehensive solutions around new energy scenarios.

Therefore, from the financial report it can be seen that CATL's high-speed profit growth in the first half, a large part comes from storage, from recycling, from overseas, rather than simply "earning one more cent" from vehicle manufacturers.

Of course, a fact must be admitted here. The gross margin of the power battery business is indeed declining, price competition pressure in the domestic market is real. Moreover, CATL also has its shortcomings.

The "poaching talent and stealing technology" publicly condemned by Zeng Yuqun previously, lost orders in the Middle East market, additional costs brought by consumption tax policies, these are challenges on the table. It's just that these challenges have not covered up the longer-term growth curve.

Earn Money from "Foreigners", Also Earn Money for the Future

If diversification is CATL's first line of defense against industry risk, then globalization is the second moat it built. From this point of view, CATL is also half a step ahead of current auto companies. The overseas dividends it received are exactly the "big results" that current auto companies are striving hard to layout overseas business to obtain.

In the first half, CATL overseas revenue reached 87.1 billion yuan, gross margin 29.97%, nearly 9 percentage points higher than domestic business gross margin. Overseas market share 33.7%, Hungary, US, Indonesia three overseas factories successively put into production, Volkswagen, BMW, Toyota and other global mainstream car companies lie in the customer list.

Morgan Stanley gave a judgment in the latest report. Diesel vehicle electrification, storage super cycle, sodium-ion battery product cycle, will jointly support CATL to continue strong growth in 2027.

The key point is, CATL overseas business gross margin is significantly higher than domestic. This means, its bargaining power in the global market is actually stronger than in domestic. This is somewhat different from the common perception that "Made in China conquers the world with low prices".

CATL management gave the explanation at the exchange meeting as "Competing on value, not price". This sounds a bit official, but combining with gross margin data, it indeed has its confidence.

Zeng Yuqun summarized CATL's current strategic positioning into one sentence: From "New Energy Industrialization" to "Industrial New Energyization". The first half is what CATL did in the past ten years, making the concept of new energy into a real industry. The second half is what it plans to do in the future, using new energy to transform more traditional industries.

Ships, commercial vehicles, computing power data centers, mineral resources, these are all the landing points of "Industrial New Energyization". Zeng Yuqun himself judged, the future downstream industry boundaries may reach over a thousand times the current level.

And if this judgment holds, then the 40 billion buyback big move is easy to understand.

The company's current stock price is undervalued, this is the core logic of the buyback. On the day the financial report was released, CATL A-share closing price was 383.01 yuan, while the 52-week high was 468.75 yuan. Performance hit a new high, but the stock price fell nearly 20% in half a year. CITIC Securities gave a target price of 490 yuan, UBS 600 yuan, Macquarie HK stock target price 700 HKD.

Under this premise, the real money 40 billion buyback is an attitude given by management to the market.

More importantly, the implementation, all bought-back shares are used for cancellation, not kept for equity incentives, nor placed in treasury stock accounts. This means total share capital decreases by about 69.8 million shares, rights allocated to each shareholder will rise.

Of course, this confidence also needs some question marks. Lithium prices recently showed a rebound, Yichun Jianxiwo lithium mine resumption approval may bring cost fluctuations, consumption tax phased collection from 2% to 4% test on downstream bargaining power, are realities CATL must face next.

However, compared to challenges, this financial report indeed let us see a strong resilience and strategic vision shown by an industry leader. From this point of view, CATL is still the undoubted leader of the new energy sector, without a doubt.

喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拎 寶騰 X50 同 三菱 Xforce 嚟做比較。這兩款車喺價位同定位上都幾相近嘅，今日本日我哋就由多個方面做一個詳細嘅比較，幫你攞返時間省做功課。

價錢同版本

寶騰 X50 喺馬來西亞嘅 OTR 售價係 RM 89,800 - 113,300，一共 4 個版本，包括 1.5T Executive（RM 89,800）、1.5T Premium（RM 101,800）、1.5T Flagship（RM 113,300） 等。

三菱 Xforce 喺馬來西亞嘅 OTR 售價係 RM 109,930 - 119,930，一共 2 個版本，包括 2026 1.5L Ultimate（RM 119,930）、2026 1.5L Urban（RM 109,930） 等。

由價錢睇，寶騰 X50 嘅入場價真係比 三菱 Xforce 平咗 RM 20,130。如果你預算有限，寶騰嘅入門版已經可以滿足日常需求。但要注意，平嗰幾千蚊，可能會喺配備上有取捨，具體要睇你嘅需求。

安全配備

寶騰 X50 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA)。

三菱 Xforce 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 MI-PILOT。

兩款車嘅安全評級一樣，喺呢個級距入面安全配備都算給得好齊全了。而家嘅新車安全性都唔差，唔使太擔心呢一點。

空間同舒適度

寶騰 X50 車身長 4400 毫米，行李廂 400 公升。

三菱 Xforce 車身長 4400 毫米，行李廂 400 公升。

兩款車嘅尺寸幾乎一樣，車內空間分別唔大。呢個級距嘅車，日常使用完全夠用。

配置同科技

寶騰 X50 採用 4WD 驅動方式。

三菱 Xforce 採用 FWD 驅動方式。

寶騰嘅 4WD 同三菱嘅 FWD 喺操控上會有唔同感覺，建議試駕比較。

總結

總括嚟講，寶騰 X50 同 三菱 Xforce 都係馬來西亞市場好唔錯嘅車款。揀邊一輛，關鍵係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，再去試駕做最後決定。買車係件大事，花少少時間做功課絕對唔會錯。

2026 年嘅歐洲汽車市場，正經歷住一場微妙嘅力量更迭。

歐洲汽車製造商協會（ACEA）嘅數據顯示，今年 5 月，比亞迪、上汽 MG、吉利、奇瑞、零跑五家中國車廠，喺歐洲 31 國嘅新車註冊量合計達到 13.84 萬輛，較去年同期增長 64.59%，呢個成績令中系車首次喺歐洲超越咗日系車。喺純電呢個細分賽道，中國品牌喺歐洲嘅純電次數嘅份額已逼近 15%。

摩根大通嘅研究報告認為，中國車廠喺西歐市場嘅份額到 2028 年可能達到 20%；歐洲電氣化加速同中國車廠產品定義嘅代差優勢，係呢種結構性增長嘅核心支撐。

銷量增長嘅同時，中國汽車嘅海外售價亦好似證明咗呢波歐洲攻略嘅強勢：國內起售價唔到 12 萬人民幣嘅比亞迪海豚，喺英國賣到咗 27 萬元；國內 36 萬元嘅騰勢 Z9GT，喺歐洲嘅定價折算人民幣超過 90 萬元；比亞迪海豹、小鵬 G6，價格都普遍比國內高出 50% 甚至一倍。

價格翻咗兩倍，銷量卻喺暴漲。喺呢種繁榮景象之下，唔少觀點樂觀地認為，中國電動車已經成功撕開咗歐洲市場嘅口子。

但實際上，中國車廠真係喺歐洲站穩腳根咗嗎？

「相對性價比」撐起嘅銷量繁榮

中國電動車喺歐洲嘅「貴」，很大程度上係一種貨幣幻覺。

以喺德國市場銷售嘅比亞迪 ATTO 3（國內為元 PLUS）為例，其終端售價約為 3.8 萬歐元。呢其中，包括咗歐盟 10% 嘅基礎關稅、針對中國電動車最高 35.3% 嘅反補貼稅，以及德國 19% 嘅增值稅。再加埋 WVTA 歐盟整車型式認證、Euro NCAP 碰撞測試合規、物流運輸以及本地營銷費用，一輛中國電動車漂洋過海抵達歐洲後，成本結構已經發生劇變。

榮鼎諮詢分析認為，即便加埋歐盟 10% 基礎關稅及最高 35.3% 嘅反補貼稅，中國車廠喺歐洲嘅單車利潤仍顯著高於國內，呢種「歐盟溢價」構成咗短期內嘅盈利緩衝帶。

但如果將參照系從「國內售價」轉換到「歐洲本土市場」，中國車喺歐洲並冇脫離極致性價比嘅老路線。

大眾 ID.4 喺德國市場嘅起售價約為 4.5 萬歐元，比同級嘅比亞迪 ATTO 3 貴咗近 7000 歐元；而喺配置上，ID.4 嘅基礎版往往唔配備全景天窗、座椅加熱，呢啲都需要消費者額外支付數千歐元嘅選裝包。

相對之下，中國車通常採取「滿配」策略。Dataforce 嘅數據顯示，中國品牌純電喺歐洲銷量同比翻倍，市佔率首破 15%，核心驅動力正係呢種「同價高配」嘅相對性價比。

而喺代表品牌高度嘅高端市場，情況則截然不同。

騰勢 Z9GT、蔚來 ET7 等產品，雖然喺媒體上聲量巨大，定價亦直逼 BBA（奔馳、寶馬、奧迪）嘅同級車型，但實際銷量依然處於爬坡期。2026 年上半年，蔚來喺歐洲嘅銷量僅為數百輛，極氪、小鵬嘅銷量亦唔過數千輛。

高端產品銷量嘅懸殊背後，係知名度嘅鴻溝。大部分歐洲用戶對於中國汽車仍然處於完全陌生嘅狀態喺品牌認知度幾近於零嘅情況下，就冇咗談品牌溢價同所謂「高級」嘅基礎。市場調研機構 Civey 嘅數據顯示，比亞迪喺德國提及後認知度達 64%，MG 為 26%，但大多數新入歐嘅中國品牌（零跑、領克、深藍、Jaecoo 等）認知度仍在 1%–11% 之間，多數唔足 10%。

要知道，喺歐洲成熟市場，「高級」係百年口碑 + 賽車歷史 + 明星車主 + 雜誌長測 + 二手保值共同淬鍊嘅集體潛意識。奔馳、寶馬甚至 DS 嘅「高級」唔係 2020 年先有嘅，係近百年的發展同幾代人使用嘅積累。

騰勢 Z9GT 產品力極強，但它出現喺歐洲街頭時，路人唔會好似看到 Panamera 咁自動產生「呢架車真貴」嘅認知。

所以銷量數據繁榮並未改變一個事實：中國車廠喺歐洲嘅攻勢，底色依然係性價比。過去數年中，中國汽車喺供應鏈效率同技術上建立嘅相對優勢，恰好擊中咗歐洲本土車廠電氣化轉型緩慢嘅空窗期，但呢尚且難言係中國汽車喺歐洲戰略上嘅立足。

喺品牌認知度正喺爬坡、殘值體系仍待建立嘅而家，守住性價比嘅基本盤，敬畏當地市場嘅成熟規則，比急住宣告「征服歐洲」更加重要——畢竟，銷量可以靠定價撬動，但品牌只能靠時間熬出嚟。

警惕「內捲」外溢

對於正喺大舉出海嘅中國車廠而言，真正嘅考驗唔係喺邊能夠用高價製造「高端」嘅幻象，而係喺能夠克制住用「內捲」邏輯換取短期份額嘅衝動。

「我哋需要警惕內捲嘅苗頭，絕對唔能夠將價格戰帶嚟歐洲。」一家中國車廠德國銷售負責人話。

「賠本賺吆喝」嘅策略，短期內或許換得嚟靚靚嘅報表數據，但長期嚟睇無異於飲鴆止渴。

歐洲係一個成熟同理性嘅市場，消費者、經銷商同行業協會對「惡性競爭」有極高嘅敏感度。一旦中國車廠被視為破壞市場秩序嘅「攪局者」，跟住嚟嘅將係更加嚴苛嘅貿易壁壘同輿論回擊。

歐盟《工業加速器法案》已試圖將公共補貼同「歐盟製造」本地化含量掛鉤，正正係對市場無序衝擊嘅防禦性反應。

零跑汽車高級副總裁徐軍認為，國內盛行嘅價格戰若照搬去海外，可能導致海外利潤率低於國內，並使中國品牌被貼上「低價低質」標籤，任何一家企業喺海外出現問題，都可能影響整個中國品牌嘅聲譽，形成「一榮俱榮、一損俱損」嘅局面。

回望歷史，韓系車喺歐洲嘅崛起之路，對中國車廠有極強嘅參考價值。

現代起亞喺上世紀 80 年代剛進入歐洲時，處境比而家嘅中國車廠更加艱難，被稱為「輪子上嘅冰箱」。為咗打開市場，現代起亞採取咗極其漫長嘅「蓄水」策略。喺長達 15 到 20 年嘅時間裏，韓系車喺歐洲基本處於唔賺錢嘅狀態。

佢哋投入近 20 億歐喺捷克同斯洛伐克建立生產基地，喺德國法蘭克福設立研發中心，僱用大量歐洲本土工程師，只求造出一款符合歐洲人胃口嘅車。面對消費者對質素嘅質疑，現代起亞推出咗史無前例嘅「5 年/10 年超長質保」，用企業嘅信譽為產品背書，而唔係靠冇底線嘅減價。

其後，佢哋請嚟奧迪嘅設計師彼得·希瑞爾，確立家族化設計語言；喺紐博格林北環設立測試中心，聘请寶馬嘅工程師調校底盤，一步一步摘走「廉價」嘅帽子。現代起亞嘅歐洲研發分支，亦為歐洲用戶開發咗專屬嘅現代 Kona、起亞 Ceed 等產品。

時至今日，韓系車已經係歐洲市場不可小看嘅一股力量。2025 年，韓系純電車歐洲市佔率达到 8%，僅次於大眾、Stellantis 同寶馬集團，EV6、IONIQ 5 甚至奪得咗「歐洲年度車」大獎。

喺一個成熟嘅汽車市場，品牌向上冇捷徑，只得「慢功夫」。韓系車而家嘅數據，係對品質、研發同服務數十年如一日嘅堅持換嚟嘅。而家中國電動車喺歐洲嘅熱銷，無疑係產業換道超車取得嘅階段性勝利。但係銷量高增唔等於品牌立足，價格優勢唔等於品牌溢價。

「我哋寧願走得慢啲、笨啲，都係要守住紅線。例如，我哋喺泰國註冊子公司深化本地管理，預計可能虧 8 年，但都要將體系紮紮實實建嚟，而唔係靠低價換一時嘅規模。」徐軍話。

警惕內捲外溢，堅持長期主義，呢唔應該只係一句口號。佢意味著要尊重當地嘅市場規則同文化習俗，意味著要沉咗心去建設本地化嘅研發、生產同售後服務網絡，意味著要敢於犧牲短期嘅銷量利益去維護品牌嘅健康度。

究竟，韓系車用咗 45 年先走到而家，中國車廠喺歐洲嘅馬拉松，或許先跑完第一個五公里。

In the SUV market in Malaysia, many buyers compare Proton X50 and Mazda CX-5 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 save you time doing research.

Price and Versions

Proton X50 OTR price in Malaysia is RM 89,800 - 113,300, total 4 versions, including 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300) etc.

Mazda CX-5 OTR price in Malaysia is RM 135,469 - 166,760, total 3 versions, including 2025 2.0L AT 35th Anniversary (RM 316,154), 2025 2.0L AT (RM 296,154), 2025 2.0L MT (RM 294,154) etc.

From price perspective, Proton X50 starting price is indeed RM 45,669 cheaper than Mazda CX-5. If your budget is limited, Proton's entry level version can already meet daily needs. But also note, the cheaper few thousand, there might be trade-offs in features, it depends on your needs.

Safety Features

Proton X50 safety rating is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).

Mazda CX-5 safety rating is 5★ (ASEAN NCAP), active safety systems include.

Both cars have same safety rating, in this class safety features are quite complete. New cars nowadays safety is not bad, no need to worry too much about this.

Space and Comfort

Proton X50 body length 4400 mm, trunk 400 L.

Mazda CX-5 body length 4500 mm, trunk 450 L.

In terms of space, Mazda CX-5 body is 100 mm longer than Proton X50, passenger space has more advantage. However Proton X50 in city parking will be a bit more flexible, each has trade-offs.

Who is it suitable for

Proton X50 and Mazda CX-5 are both mainstream choices in Malaysia market, suitable for family use, daily commute. If you value brand reputation and resale value more, can prioritize the one with better reputation; if you care more about value for money and features, then choose the one with richer features. Finally still recommend both go test drive, personal experience is the most important.

Summary

Overall, Proton X50 and Mazda CX-5 are both very good models in Malaysia market. Choosing which one, key still depends on your personal needs and budget. Suggest everyone do research, compare more several dealerships quotes, then go test drive to make final decision. Buying car is a big matter, spend some time doing research absolutely will not be wrong.

In Malaysia's SUV market, many buyers often compare Perodua Aruz and Subaru Crosstrek when choosing a car.

Price and Versions

Perodua Aruz OTR price in Malaysia is RM 72,900 - 77,900, with a total of 2 versions, including 1.5L X (RM 72,900), 1.5L AV (RM 77,900), etc.

Subaru Crosstrek OTR price in Malaysia is RM 145,000 - 160,000, with a total of 1 version, including 2.0L e-Boxer (RM 150,000), etc.

In terms of price, Perodua Aruz's starting price is indeed RM 72,100 cheaper than Subaru Crosstrek. If your budget is limited, Perodua's entry-level version is already sufficient for daily needs. However, also note that the price difference of a few thousand may involve trade-offs in features, depending on your specific needs.

Space and Comfort

Perodua Aruz body length 4400 mm, trunk 400 L.

Subaru Crosstrek body length 4400 mm, trunk 400 L.

The dimensions of both cars are almost the same, interior space difference is not significant. Cars of this class are more than enough for daily use.

Maintenance and Service

Perodua Aruz warranty 5 years/150,000km, service interval every 10,000km or 6 months.

Subaru Crosstrek warranty 3 years/100,000km, service interval every 10,000km or 6 months.

Who is it suitable for?

Perodua Aruz and Subaru Crosstrek are both mainstream choices in the Malaysia market, suitable for family use, daily commute. If you value brand reputation and resale value more, you can prioritize the one with better reputation; if you care more about value for money and features, then choose the one with richer specifications. Finally, it is recommended to test drive both models, personal experience is the most important.

Summary

Overall, Perodua Aruz and Subaru Crosstrek are both very good car models in the Malaysia market. Which one to choose, the key is to look at your personal needs and budget. It is recommended to do your homework, compare quotes from several car dealers, then test drive to make a final decision. Buying a car is a big matter, spending time doing homework will definitely not be wrong.

3000万辆，不仅代表广汽过去辉煌历史的勋章，也是面向未来的资产。

作者丨张敏

29年，3000万辆里程碑，3000万张信任票。广汽集团庆祝这一历史性时刻的方式，是持续一个多月的“3000万用户感恩活动”。

这场“感恩活动”覆盖了广汽旗下所有乘用车品牌，在全场景、全生命周期范围内，对用户购置（新购、置换、增购）推出全方位的补贴礼遇。

前者覆盖用户使用环节，后者针对市场交易环节。本质相同，都是为3000万用户以及此后更多家庭的选择，提供更广泛、深入的品牌背书。

29年来，广汽一直在做同一件事，那就是以实际行动证明“广汽值得信赖”，这一信赖正在向未来延续。

四次跨越：量变和质变

在广汽眼里，规模不仅表明既往成绩，更是推动“番禺行动”、面对未来竞争的新起点。

这里面有个前提，那就是3000万辆累计销量，是规模与质量兼具的业绩。规模是一望便知的，质量则与形成规模的历史过程有关。

历史证明，广汽的发展并非匀速，存在四次明显的跨越。每一次不仅大大加速了广汽的发展，而且找到了新路径。所谓“变化是唯一不变的真理”，汽车虽然是周期性行业，但每一个周期都有不同的节奏和竞争模式。广汽总能适应新形势，打出自己的攻势。

在合资探索期，广汽依托广东改革开放前沿优势，通过合资积累经验，打造出广汽本田、广汽丰田等品牌。

在自主崛起期，广汽坚持走引进、消化、吸收、再创新的链条，将自主品牌建立在既有成功经验基础上，打造出广汽传祺自主产品线，尤其实现了自主正向研发的突破。从此，自主有了自己的实力标签。

在智能进阶期，广汽因时而动，在新能源技术栈的基础上，推出埃安和昊铂品牌，建立了新能源和智能化融合矩阵。

在生态扩展期，也就是当前，加深与华为、腾讯、宁德时代等战略伙伴的合作，建立新生态。启境品牌，就代表广汽在高端智能化赛道的新突破。

这四次跨越，似乎每次都以新品牌的诞生为标志。其实更重要的是，广汽基于自身几十年的产业基础，兑现品质为安全托底，以用户为核心的价值体系。该体系形成了强大的制度惯性，是广汽穿越周期的基本力量，价值观也可以是跨时代的。这是达成3000万辆的基石。

第一重质量基底：供给侧能力

好车是设计出来，也是生产、验证出来的。

在广汽设计开发体系里，“两冬一夏”雷打不动，这就意味着验证周期至少18个月。而全球首个集空气动力学、气动声学、热力学于一体的整车风洞实验室，更是车型设计基础。新车必吹风洞，大家都说广汽造车像造飞机一样。

而生产阶段，整车在线、下线，须经过12个大项、1500多个子项验证。这里面用来“卡线”的，是3000多项企标和100多项国标、行业标准。一辆车下线，说“过五关、斩六将”都算谦虚的。

车子生产出来了，还要接受全环境考核。广汽将之总结为“五高一山一尘”（高温、高寒、高海拔、高湿、高盐雾、山区复杂路况及沙漠沙尘环境）。经过全环境试验打磨通过的车辆，才具备上市的必要条件。

这么一套体系走下来，只有大集团才能扛得住。且不说周期和试验本身的成本，光是体系搭建、设计试验检测质检硬件的投资，就很难一朝一夕而成。近30年来，尊重造车规律，尊重大工业生产的质检流程，品质才有保证。不用说，这些方法极难速成。

这就是广汽在供给侧展示的硬实力，这一体系硬桥硬马，来不得半点花活。

第二重质量基底：用户的战略信任

品质安全属于广汽的“供给侧”能力，那么用户思维则是这3000万辆之所以能累积起来的“需求侧”体系工程。“番禺行动”要求广汽及旗下所有品牌，从工程师思维，转变为用户思维，即保证供给侧能力的同时，强化“需求侧”体系。

而需求侧体系完善性的检验标准只有一个：企业是否愿意为用户的长期利益，承担可见成本。

在需求侧体系中，用户不只是服务对象和意见反馈体系的起点，而是核心。品牌必须主动谋求与用户建立长期战略信任关系。这是品牌长期经营的基础，也属于广汽价值观的一部分。这一次3000万感恩活动，就属于巩固信任行动的一部分。

车子不仅是代步工具，也是情感链接。企业不仅要维护用户的实际利益，也要投入真情实感。

基于此，广汽做了无数用户利益和情感的扎实工作。去年，广汽旗下三大自主品牌（传祺、埃安、昊铂）率先发起的三担责（三电自燃直接换新车，电池衰减超限免费换电池，智能泊车事故全额赔付），打破了行业惯例，为整车产品关键属性进行兜底。

每一项承诺背后都是对品质的自信。广汽做了这个选择，说明它把用户信任视为一种需要持续投入才能产生的“信任复利”。

即便在大集团当中，广汽的下沉服务也是做得最出色的那一档。广汽计划年内增加建立1000家县域授权门店，6月底就完成了600家网点的认定，将销售和维保触点推到低线城市和县乡的层面。

新能源的补能关乎用户的体验，广汽已建成“9纵10横”补能网络，覆盖全国213座城市，自营充电桩规模突破27000根，核心城区实现“直线1公里必有站”。品牌高端化必然伴随补能便利化。

广汽线上“超级管家”，服务24小时在线，5秒响应，2小时解决问题，用户诉求桩桩有回应、件件有着落。解决时机问题的同时，情绪价值给得足足的。每一次服务体验，都在为广汽积累长期品牌信任。

这是3000万数字下的另一层质量基底：它不仅意味着销售业绩，更是持续存在的、被品牌长期维护的用户关系厚度。

第三重质量基底：出海体系的全球化扎根

出海业绩则是广汽厚积薄发、水到渠成的结果。2026年上半年，广汽自主品牌出口同比增长132%，接近去年全年水平，呈现爆发式增长态势。

广汽出海模式，是“轻重并进”。广汽在海外已经建成7座工厂、9个零部件仓库、超746家销售服务网点，实现全价值链的本地化扎根。

事实证明，广汽善于在不同消费文化中重建用户关系，在不同基础设施条件下新建服务网络。那些在国内市场被验证过的品质体系、用户运营逻辑，在异质市场中同样生效，只不过有的需要调整策略，但基本逻辑不变。在海外的初步成功，证明广汽这套价值体系，属于“可移植的能力”。

广汽在南美诸国单月销量呈现倍数增长，多款主力产品跻身当地细分市场前列；在中国香港1-5月电车市占率突破11%，泰国6月份销量环比增长207%；在欧洲已经搭建起本地化生产-销售的运营体系，进入欧盟核心国家市场。总之，左右舵市场全面开花。

广汽依靠全球车型定义，来做全球运营，而非将国内车型另做适配再销往海外。这说明广汽已经拥有全球化产品和运营思维。

当不同市场对智能电动产品提出差异化需求时，这些需求反过来会催生更强大的产品定义能力。广汽计划2030年进入120个国家和地区、实现百万销量的目标，就建立在这种“体系出海”的确定性之上。

出海业绩浮现出3000万销量下的第三层质量基底：广汽的全球化思维，从一开始就有能力在全球范围内将广汽体系复制到其他市场。

汽车产业的竞争已经过了单点突破就能致胜的阶段。智能化、电动化、全球化三重浪潮叠加，单独某一项技术的领先不再重要，重要的是整个价值体系的完整度和自进化力。

3000万辆，不仅代表广汽过去辉煌历史的勋章，也是面向未来的资产。以品质基座为核心的供给侧能力体系，以用户信任复利为核心的需求侧关系积累，以全价值链出海为验证的能力可移植性。这套结构，才是广汽面对下一阶段竞争的真实底牌。【版权声明】本文系《汽车人》原创，出版方所有，未经授权不得转载或部分复制，违者必究。

喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拿 Perodua Aruz 同 Honda HR-V 嚟做比較。呢兩款車喺價位同定位上都幾接近，今日我哋就由多個方面做一個詳細嘅比較，幫你慳做功課嘅時間。

價錢同版本

Perodua Aruz 喺馬來西亞嘅 OTR 售價係 RM 72,900 - 77,900，一共有 2 個版本，包括 1.5L X（RM 72,900）、1.5L AV（RM 77,900） 等。

Honda HR-V 喺馬來西亞嘅 OTR 售價係 RM 115,900 - 143,900，一共有 4 個版本，包括 2026 e:HEV 1.5L RS（RM 143,900）、2026 1.5T V（RM 137,900）、2026 1.5T E（RM 130,900） 等。

由價錢嚟睇，Perodua Aruz 嘅起步價確實比 Honda HR-V 平咗 RM 43,000。如果你預算有限，Perodua 嘅入門版已經可以滿足日常需要。但亦要注意，平嘅嗰幾千蚊，可能喺配備上會要有取舍，具體就要睇你嘅需要。

動力同油耗

Perodua Aruz 搭載 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。

Honda HR-V 搭載 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。

動力方面，Honda HR-V 嘅 1.5L Turbo 比 Perodua Aruz 嘅 1.5L 4-cyl 多出 35 匹馬力。不過日常喺市區行，兩款車嘅動力都夠用，唔會覺得唔夠力。

空間同舒適度

Perodua Aruz 車身長 4400 mm，車尾箱 400 L。

Honda HR-V 車身長 4500 mm，車尾箱 450 L。

空間方面，Honda HR-V 嘅車身比 Perodua Aruz 長咗 100 mm，乘坐空間更有優勢。不過 Perodua Aruz 喺城入面泊車會靈活啲，各有取舍。

配備同科技

Perodua Aruz 採用 FWD 驅動方式。

Honda HR-V 採用 FWD 驅動方式。

兩款車嘅驅動方式一樣，都係 FWD，日常駕駛感覺唔會有太大分別。

總結

總體嚟講，Perodua Aruz 同 Honda HR-V 都係馬來西亞市場幾唔錯嘅車款。揀邊一部，關鍵都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，再去試駕做最終決定。買車係一件大事，花啲時間做功課肯定唔會錯。

喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會揀馬自達 CX-30 同三菱 Xforce 嚟比較。呢兩部車喺價位同定位上都幾接近，今日我哋就從多個方面做一個詳細嘅比較，幫你節省咗做功課嘅時間。

價錢同版本

馬自達 CX-30 喺馬來西亞嘅 OTR 售價係 RM 122,409 - 146,409，總共有 4 個版本，包括 2025 2.0L High+ Premium（RM 146,409）、2025 2.0L High+（RM 138,409）、2025 2.0L High（RM 130,409） 等。

三菱 Xforce 喺馬來西亞嘅 OTR 售價係 RM 109,930 - 119,930，總共有 2 個版本，包括 2026 1.5L Ultimate（RM 119,930）、2026 1.5L Urban（RM 109,930） 等。

從價錢睇落，三菱 Xforce 嘅起步價比馬自達 CX-30 平咗 RM 12,479。講真，喺呢個價位段，幾千蚊嘅差距其實唔算大，關鍵仲睇整體嘅性價比同長遠使用成本。

安全配備

馬自達 CX-30 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 i-Activsense。

三菱 Xforce 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 MI-PILOT。

兩部車嘅安全評級一樣，喺呢個級別入面安全配備都算給得好齊全。而家嘅新車安全性都唔差，唔使太擔心呢一點。

配備同科技

馬自達 CX-30 採用 FWD 驅動方式。

三菱 Xforce 採用 FWD 驅動方式。

兩部車嘅驅動方式一樣，都係 FWD，日常駕駛感受唔會有太大分別。

適合咩類型嘅人

馬自達 CX-30 同三菱 Xforce 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，可以優先考慮口碑好啲嗰款；如果你更在意性價比同配備，就揀配置豐富嗰款。最後都係建議兩部都去試車，親身體驗先係最重要嘅。

總結

總括嚟講，馬自達 CX-30 同三菱 Xforce 都係馬來西亞市場幾唔錯嘅車款。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，再去試車做最終決定。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，好多買家喺揀車嘅時候都會拿 Hyundai Palisade 同 Mercedes-Benz GLE 嚟做比較。今日我哋從多個方面做一個詳細嘅比較，幫你省下做功課嘅時間。

價錢同版本

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。

Mercedes-Benz GLE 喺馬來西亞嘅 OTR 售價係 RM 544,888 - 544,888，一共有 1 個版本，包括 Standard（RM 544,888）等。

由價錢睇嚟，Hyundai Palisade 嘅起步價確實比 Mercedes-Benz GLE 平咗 RM 176,050。如果你預算有限，Hyundai 嘅入門版已經可以滿足日常需求。但都要注意，平嗰幾千蚊，可能喺配備上會有取捨，具體要看你嘅需求。

動力同油耗

Hyundai Palisade 搭載 2.0L Turbo，馬力 220 hp。官方油耗 9.5 L/100km。

Mercedes-Benz GLE 搭載 3.0L Turbo，馬力 350 hp。官方油耗 12.0 L/100km。

動力方面，Mercedes-Benz GLE 嘅 3.0L Turbo 比 Hyundai Palisade 嘅 2.0L Turbo 多咗 130 匹馬力。不過日常喺市區開嘅話，兩款車嘅動力都夠用，唔會覺得唔夠力。

空間同舒適度

Hyundai Palisade 車身長 4400 mm，尾箱 400 L。

Mercedes-Benz GLE 車身長 4400 mm，尾箱 400 L。

兩款車嘅尺寸幾乎一樣，車內空間差別唔大。呢個級別嘅車，日常使用完全夠用。

保養同維護

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

Mercedes-Benz GLE 保用 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。

總結

總括嚟講，Hyundai Palisade 同 Mercedes-Benz GLE 都係馬來西亞市場好唔錯嘅車款。揀邊一輛，關鍵始終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，先至去試駕做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。

【先鋒汽車/原創】近日，BJ30 旅行家節油挑戰嘅直播實測，讓我哋對呢台 7 萬級輕越野 SUV 有咗全新看法。

除咗國內實景路況佐證，前期仲聯動南非、波蘭、印尼、阿聯酋、墨西哥五國汽車博主跨國長途試煉，跨唔同氣候、地貌完成整車同混動系統驗證，海內外雙向測試閉環，真真正正測出多種路況百公里油耗跌破 5L。實測驗證低油耗、三擎混動鑄就省油標竿。

整套測試遵循 GLTC 全球生活測試、OLTC 越野生活測試雙循環標準，直播拆分城市擠塞、高速長途、鄉道越野三大真實用車場景，全方位檢驗車輛“超省、超大、超野”三大產品屬性。先講大家最關心嘅油耗表現，城市擠塞路段係燃油車油耗重災區，頻繁啟停、低速蠕行極易增加能耗，而 BJ30 旅行家搭載專屬三擎 HEV 混動系統，採用三擎六模 + 電四驅組合，行車優先電機驅動，引擎按需介入做功，從根源規避怠速耗油問題。車型兩驅官方綜合油耗 5.85L/100km、四驅 6.45L/100km，實景城區擠塞實測直接突破 5L 大關，一改硬派方盒 SUV 高油耗嘅刻板印象，日常通勤能真真正正省下唔少養車開支。

空間層面，BJ30 旅行家依賴 2820mm 超長軸距，整車座艙空間越級優化，滿載出行前後排乘客冇局促感。方正車身最大化拓展儲物能力，露營帳篷、炊具等大件裝備輕鬆放進後尾箱，後排座椅放倒後形成 1.92 米平整大牀，此前波蘭海外博主實地裝車測試，滿載戶外物資後依舊可以喺後尾箱平躺，完美適配家庭自駕、近郊露營嘅裝載需求。

去到非鋪裝越野路段，BJ30 旅行家嘅 215mm 超高離地間隙搭配 ATS 全地形控制系統同專業四驅底盤，面對坑坑巴巴鄉道、碎石爛路、輕度爬坡，一鍵切換地形模式就合理分配四輪動力，輕鬆完成輕越野穿越，兼顧城市代步同野外娛樂雙重需求。

7 萬級嘅定價，集齊混動省油、大空間、全場景越野三大優勢，BJ30 旅行家呢款車連續 23 個月拿下自主輕混 SUV 銷量第一，三年 72% 保值率穩居同價位榜首，全國密集嘅售後網點亦為車主日常用車保駕護航。

最後拎重點，6 月 12 日 BJ30 旅行家高光版即將上市，新車動力、內飾、智能配備全面升級，高配下放仲新增專屬定制車漆。經歷五國長途試煉、國內全路況嚴苛實測，BJ30 旅行家靠住三擎混動硬實力，穩穩坐定 7 萬級省油方盒標竿位置。

15 萬台呢個數字，放喺整個 SUV 大盤入面或者唔算最搶眼，但在輕越野方盒子呢個細分賽道，BJ30 旅行家係國內最快達成呢個成績嘅車型。講到底，呢啲唔係啲榜單上面嘅虛名，係十五萬個家庭真金白銀投出嚟嘅認可，比任何宣傳都有份量。

北汽集團副總經理、北京越野董事長張國富喺現場講得好實在：十五萬台唔只係銷量速度嘅突破，更係十五萬次堅定嘅選擇，係中國 HEV 技術交畀世界嘅答卷，亦係中國智造嘅底氣。

呢啲說話唔係空喊口號。BJ30 旅行家能跑得咁快，本質係踩準咗普通家庭嘅用車需求 —— 既想要方盒子嘅硬朗範兒、能應付週末出遊嘅輕度越野能力，又要日常通勤省油、空間夠大、用住唔使操心。上市至今，佢已經將細分賽道嘅幾項第一拿咗個遍：連續兩年穩坐 HEV 混動方盒子銷量榜首，市場佔有率一騎絕塵；連續兩年拿下自主 HEV 混動車型銷量第一，硬係喺成熟賽道入面撕開咗新口；更係連續 24 個月蟬聯自主 HEV 混動 SUV 銷量冠軍，長期領跑行業；就連 10-15 萬自主緊湊 SUV 嘅保值率，佢都排喺第一，用戶開幾年再換車都唔會蝕幾多。

唔止國內市場食香，佢喺海外都攞咗唔少口碑，先後拿下阿拉伯地區最佳混動 SUV、阿根廷年度最佳進口 SUV 等獎項，算係將中國輕越野嘅牌子打出咗國門。

能持續領跑，核心依然係「超野、超大、超省」呢三板斧，剛好戳中咗家用輕越野用戶嘅所有痛點。

而家講「超野」。好多人對家用越野有誤解，覺得非要爬石頭、闖無人區先至叫越野。但對絕大多數家庭嚟講，「野」其實係週末去郊外遇着爛路唔心疼、雨天行泥路唔打滑、過年回鄉屋行鄉路唔托底。BJ30 旅行家搭嘅係三擎四驅六模 HEV 混動架構，亦係國內方盒子入面第一款用咗 HEV 混動嘅車型。引擎加前後雙電機嘅組合，四驅響應只要 30 毫秒，泥地、沙地、雪地呢啲常見嘅複雜路況，擰個模式旋鈕就能應付。

畢竟係專業越野品牌出身，車身剛性上亦唔含糊。籠式車身高強度鋼佔比超 63%，整車喺測試階段跑咗 400 萬公里極端環境耐久測試，相當於繞地球 100 圈。日常家用嘅強度，對佢嚟講完全係綽綽有餘。

再講「超大」，呢絕對係家庭用戶嘅剛需。2820 毫米嘅軸距，做咗三排七座佈局，第三排唔係嗰種只能塞細路嘅「應急長凳」，一米八嘅成年人坐入去都唔頂腳、唔壓頭。行李箱常規狀態就夠能裝，滑雪板、露營裝備、回鄉屋阿爸阿媽塞嘅土產，通通塞落；後排純平放倒之後，直接變出一張 1.92 米嘅大床，露營嘅時候連帳篷都省咗，瞓喺車入面透過全景天窗望星星，比住酒店仲自在。全車大大細細 38 處儲物格，水杯、雨傘、隨身包都有專屬位置，日常用起來特別順手。

最後係「超省」，呢都係 HEV 混動最實在嘅優勢。之前南非、印尼、阿聯酋、波蘭、墨西哥五個國家嘅汽車博主，喺當地極端路況做過實測，無論係非鋪裝路、荒漠高溫，定係顛簸石板路，呢台車嘅百公里油耗都冇超過 5 升，一箱油跑一千多公里係常態。最關鍵係佢唔使外接充電，加油就走，唔使到處搵充電樁，唔使跟物業掰扯裝家用樁，省嚟嘅唔止係油錢，仲有大把時間同精力。再加首任車主整車終身質保，後期保養維修都平，開個五年六年落嚟，比同級燃油車省出幾多錢。

這次新上嘅高光版，唔係隨便改改外觀嘅「樣貨」，係基於十五萬車主嘅真實反饋打磨出嚟嘅，從顏值、性能到體驗全升級咗一遍，更啱年輕人口味。

顏值上，經典方盒子嘅硬朗底子冇變，新增咗熔岩橙、穹頂藍、寒川灰三款專屬車漆，配上專屬嘅星環輪轂同全套電感潮改套件，白天開去行山露營有範，晚上開喺城市入面都有辨識度。內飾加咗橙色元素同金屬紋理飾板，唔會似純硬派越野咁單調粗糙，日常家用亦顯質感。

性能上嘅升級都係實打實嘅：蓄電池換咗做 AGM 專用蓄電池，循環壽命係普通蓄電池嘅 3 倍，停喺地庫幾周都唔怕虧電；用咗保時捷同款嘅 VGT 可变截面渦輪，充電效率同引擎熱效率都拉滿；後電機功率由 55 千瓦提到 70 千瓦，日常開最直觀嘅感受就係起步更輕快，高速匝道上變線、路口超車嗰陣動力隨叫隨到，唔使猶猶豫豫踩大油門。

體驗層面就係將細節拉滿咗。坐姿比普通 SUV 高，開車視野好，跑長途都唔壓抑；座椅通風、加熱、方向盤加熱都配齊咗，夏天上車唔燙背，冬天握方向盤唔凍手；落雨能自動關窗，唔使手忙腳亂；64 色氛圍燈會跟住音樂節奏變，搭配 10 個揚聲器嘅音響，日常通勤、長途自駕，座艙入面嘅舒適度直接提咗一個檔次。

價格同政策呢次都幾有誠意。全系都能享 3 萬超級置換政策，換車嘅話唔限品牌、唔限車齡，哪怕係開咗十幾年嘅老車都能換；就算係第一次買車嘅新用戶，憑駕照到店都能直接享 3 萬福利。算落嚟，入門版超級置換價只要 6.99 萬，燃油高光版 8.29 萬，混動高光版先至 10.99 萬，基本上就係普通家用代步車嘅預算，就能拎低一台能裝能野嘅混動方盒子。

而家訂車仲有五重禮遇：首任車主終身質保、0 首付金融方案、老帶新最高 800 元京東卡獎勵、終身 OTA 免費升級，仲有基礎流量終身免費。趕上世界盃期間，買車仲能參與競猜，猜中冠軍同決賽比分能再攞 5 萬购车補貼，算係額外嘅驚喜。

其實從 BJ30 旅行家上市到而家破 15 萬台，能看出嚟一個好明顯嘅趨勢：大家想要嘅從來唔係嗰種極端硬核、日常開住受罪嘅越野車，而係一台平時通勤省油省心、週末能帶住全家去野嘅「全能選手」。北京越野將六十幾年嘅越野技術下放呢個價位，讓更多普通家庭都玩得輕越野，呢大概就係「人人都是旅行家」最實在嘅樣子。

十五萬台係個里程碑，亦係個新起點。接下來就看呢台高光版，能唔能繼續帶住更多人，將平凡嘅日常，都過成高光時刻。

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

BYD: Export Hits New High Becomes Biggest Highlight

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

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

Chery: Sales Growth Leads the Top 5

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

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

Geely: New Energy Penetration Rate Breaks 56%

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

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

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

Changan: Multi-brand Matrix Balanced Effort

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

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

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

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

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

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

Final Thoughts

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

Regarding the upper limit of effective thermal efficiency of internal combustion engines, "Diesel engines are about 55%, gasoline engines theoretical air-fuel ratio is about 45%, lean burn about 50%. This is determined by thermodynamic principles and is independent of human will."

On June 11, at the Automotive Evaluation Research Institute's "2026 World Power Technology Continuous Innovation and Market Trend Seminar", Professor Shuai Shijin of Tsinghua University's Aero-engine Research Institute drew a physical ceiling for the internal combustion engine thermal efficiency debate with this statement. From three dimensions: the global fuel vehicle market, the thermal efficiency limit of hybrid-specific engines, and the overseas expansion of China's oil-electric hybrid vehicles (HEV), he provided judgments driven by data and technical analysis.

Hybrid vehicles are growing globally, China has taken a unique technical path

According to statistics from the "China New Fuel Vehicle Technology White Paper" released in April 2026, global car sales in 2025 reached 95.8 million vehicles, a year-on-year increase of 4.1%, with fuel vehicles (conventional fuel vehicles + HEV) accounting for still as high as 76.6%. China, North America, and Europe are the three major global automotive markets, accounting for 73.2% of global vehicles and 67.0% of global fuel vehicles. China has the largest market size and growth rate significantly higher than North America and Europe, serving as an important support for the global automotive market.

Shuai Shijin outlined the growth trend of global hybrid vehicles with a set of data: compared to 2024, conventional fuel vehicles (ICEV) decreased by 4% in 2025, while HEV increased by 14%. Among the top 10 countries in fuel vehicle sales in 2025, China, the US, India, Germany, Canada, UK, France, and Mexico were all HEV incremental markets, with Canada growing the fastest exceeding 90%, Brazil maintaining sales volume unchanged, and only Japan decreasing by 2%, but the HEV proportion was the highest (over 45%).

China HEVs have already carved out a differentiated technical path from Toyota hybrid vehicles. First is the difference in hybrid configuration. Toyota adopts planetary gear strong mechanical coupling power split configuration, where the engine and motor switch seamlessly with smooth operation, while Chinese car manufacturers adopt series-parallel switch hybrid configuration (dominated by P1+P3), where the engine and motor can be mechanically separated and driven individually, with electrical drive as main and fuel drive as auxiliary, having wider applicable scenarios and better energy saving effects. Second is that Toyota and Honda HEV battery capacity is low, only 1 to 2 kWh, acting as an energy buffer. Chinese car manufacturers leverage years of technical accumulation in Plug-in Hybrid Vehicles (PHEV) and cost advantages of Lithium-ion power batteries, increasing HEV battery capacity to 5 kWh level, adopting electrical drive more in high-energy consumption conditions like cold start and acceleration, while solving the high energy consumption and high emission problems of traditional HEV engine frequent start-stop and NVH (Noise, Vibration, and Harshness) issues caused by engine intervention, and the increased battery cost is controllable. "China HEV technology originates from PHEV, also learned from Toyota and Honda, but has already surpassed them in development concept and technical level."

From a global policy environment perspective, oil-electric hybrid vehicles (HEV) are welcoming a more friendly regulatory space. European regulatory focus has shifted from simply compressing internal combustion engine space to providing a buffer period for hybrids — adjusting from annual compliance to three-year average compliance, incorporating HEV into the low-carbon system. The USA recalibrated CAFE (Corporate Average Fuel Economy) standards, reserving more space for HEV. Japan is also increasing the proportion of renewable fuels, supplying gasoline containing 10% bioethanol from 2030, increasing to 20% from 2040. Oil-electric hybrids have become a grasp for development in multiple countries.

Shuai Shijin judges that large capacity battery (about 5 kWh) HEVs will go from domestic to global, bringing significant impact on global HEV proportion structure. "China HEVs have already carved out a unique technical path, facing the global automotive market with a very good future."

The path for gasoline engine effective thermal efficiency breaking through 50% has been cleared

As a senior expert in the engine field, Shuai Shijin provided the thermodynamic upper limit for internal combustion engine effective thermal efficiency.

Internal combustion engine effective efficiency equals combustion efficiency multiplied by cycle thermal efficiency multiplied by mechanical efficiency. Modern gasoline engine combustion efficiency approaches 100%, mechanical efficiency is about 90%, the improvement space for these two types of efficiency is limited. What truly determines the upper limit of effective thermal efficiency is cycle thermal efficiency. The ideal cycle of an internal combustion engine is not the Carnot cycle, but the constant volume cycle. The two core thermodynamic parameters affecting constant volume cycle thermal efficiency are compression ratio and specific heat capacity ratio. Compression ratio to a certain extent (e.g., 17) thermal efficiency improvement slows down, marginal returns diminish, internal combustion engine constant volume cycle theoretical efficiency is about 60%~70%, but internal combustion engines are hard to achieve constant volume cycle, working fluid is not ideal air, actual working fluid specific heat capacity ratio is far less than 1.40.

Current hybrid-specific gasoline engine effective thermal efficiency has far exceeded 40%, theoretical air-fuel ratio can approach 45%, moving towards 50% for lean burn is feasible. Compared to traditional gasoline engine 15 percentage points effective thermal efficiency improvement, the core driving force comes from hybrid-specific — not pursuing extreme power (with motor assist), instead pursuing extreme economy, more efficient technologies such as lean burn, Miller cycle, high swirl ratio, high compression ratio, high EGR rate, high energy ignition, efficient turbocharging and low pumping loss, low friction technologies are applied. The technical path for exceeding 50% effective thermal efficiency is clear, walked through in the lab, but whether these technologies are fully adopted on actual engines requires comprehensive consideration, balancing cost, power, economy, and emissions."

Shuai Shijin also points out, hybrid-specific engines must have high thermal efficiency, and also have a wide efficient zone, this can simplify the transmission system, no need for multi-gear transmission to match structurally.

Chinese car manufacturers going overseas need to join hands, carbon-neutral fuel is the long-term support for engines

Shuai Shijin provided a judgment on the overseas topic different from the technical perspective — policy environment and industrial ecosystem are equally key.

In recent years, trade protectionism against the automotive industry by major global economies has significantly intensified, showing systemic, continuous upgrade trend, trade barriers have expanded from single tariff measures to a composite combination of tariffs and non-tariff measures. This policy tightening driven by geopolitical game is fundamentally reshaping the underlying logic of global automotive trade. At the national level, need to handle global especially major power diplomatic relations well, actively create a good, more fair and reasonable international trade environment, let the concept of Community with a Shared Future advocated by China receive global recognition.

He specially calls on the automotive industry to face squarely the contribution of joint venture brands to China's automotive industry. "For joint venture car brands, give them more friendly policies and survival space. Chinese car manufacturers going overseas to gain foreign customer recognition, handling the cooperation upgrade of domestic joint venture brands well, is also a required course." He takes Thailand as an example to explain the correct mode of automotive industry going overseas together: not one company fighting alone, but Chinese car manufacturer legion layout, full-chain localization, this is the mode welcomed by overseas markets.

From data perspective, China's fuel vehicles including HEV are new growth points for exports. Looking at 2025 China HEV export regional distribution and year-on-year growth rate, except Japan and Korea, South America, Africa, Southeast Asia and Central America etc. regions growth trend is very obvious, Europe, Middle East, North America and CIS are also growing. "From single product export to supply chain collaborative overseas expansion, is a required answer Chinese car manufacturers must complete."

He also points out, carbon-neutral fuel is the key support for the long-term existence of hybrid-specific engines. If engines superimpose carbon-neutral fuel or zero-carbon fuel — burn hydrogen, methanol, ethanol and other flexible fuels — has important significance for HEV energy power sustainable development strategy, it is also an important layout for China's automotive energy diversification strategy.

From internal combustion engine thermal efficiency thermodynamic upper limit to global oil-electric hybrid vehicles (HEV) growth data, from large capacity battery HEV technical breakthrough to industry joining hands going overseas strategic thinking, Shuai Shijin's core viewpoint runs through a logic: engines will not disappear, but will continue to develop in new forms — high-efficiency hybrid-specific, carbon-neutral fuels. China HEVs have already walked out a unique path from learning to surpassing, the key of the next step is Chinese automotive industry chain collaborative overseas expansion.

2026 年 5 月 28 日，上汽集團喺上海北外灘世界會客廳舉行「全球第一億位用戶交車儀式」，成為中國汽車工業史上首個累計產銷量突破一億輛嘅汽車集團。此前，僅美國、日本、德國、韓國等擁有「億級車企」，上汽嘅突破標誌住中國汽車工業站上咗全新嘅歷史台階。

七十餘年，從手搓到引領

上汽嘅起點，係 1955 年成立嘅上海內燃機配件製造公司。1958 年，工人喺弄堂工廠入面用榔頭敲出第一輛「鳳凰牌」轎車，實現咗上海轎車製造「零嘅突破」。

此後幾個關鍵節點：1983 年第一輛桑塔納下線，開啟合資合作新時代；1997 年上海通用成立，創造咗 23 個月建廠出車「上海速度」；2006 年自主品牌榮威誕生；2016 年推出全球首款互聯網汽車榮威 RX5；2020 年高端智能電動品牌智己汽車成立。七十餘年，上汽親歷並推動中國汽車工業從無到有、從弱到強嘅全過程。

智己 LS9 Hyper，上汽技術集大成之作

第一億輛交付車型係智己 LS9 Hyper，堪稱上汽技術實力嘅集大成之作。佢搭載咗三大核心技術：

全線控四輪轉向：國內首款通過中汽中心驗證嘅全線控轉向技術，預埋咗面向 L3 及以上高階智駕嘅冗餘能力。

智駕硬件拉滿：520 線超視域激光雷達 + 英偉達 Thor 晶片，配合 Momenta 端到端強化學習大模型。

三電系統：全域 800V 高壓平台 + 恆星超級增程，綜合續航突破 1400 公里；首搭上汽金標颶風三電機，躋身「3 秒俱樂部」。

值得一提係，智己 LS9 Hyper 聯合紫金山實驗室全球首發「內生安全」技術，將汽車安全邊界從物理安全拓展至資訊與系統安全。

第一億位用戶係 Momenta CEO 曹旭東——上汽喺智駕領域嘅核心戰略夥伴。「夥伴變車主」，正係技術深度共同創造嘅縮影。

1-4 月銷量 130.2 萬輛，連續四個月奪冠

一億輛嘅底座，係實打實嘅市場表現。2026 年 1-4 月，上汽集團累計銷售 130.2 萬輛，連續四個月位居中國車企銷量冠軍。其中自主品牌銷量 91 萬輛，佔比近 70%；新能源車銷售 41.2 萬輛；海外市場銷售 45.9 萬輛，同比大漲 50.2%。

研發投入上，近十年上汽喺新能源同智能網聯領域累計投入超過 1500 億元，形成近 26000 項有效專利。2014 年，上汽新能源汽車銷量佔比不足 0.1%，而 2025 年這一比例已超過三分之一。

全球化佈局，產品遍布 170 餘個國家和地區

上汽係中國汽車「走出去」嘅先行者。目前，喺海外擁有超 100 個零部件生產基地、超 3000 個經銷商網絡，建成倫敦等 3 大研發創新中心及泰國、印尼、印度、巴基斯坦 4 個生產製造中心。安吉物流擁有各類滾裝船 42 艘，8 條國際航線覆蓋東南亞、歐洲、美洲。

截至今日，上汽產品同服務遍布 170 餘個國家和地區，海外累計銷量突破 700 萬輛。MG 連續 11 年蟬聯中國品牌歐洲銷冠，2025 年歐洲年銷突破 30 萬輛，成為首個喺歐洲及英國累計銷量破百萬嘅中國汽車品牌。

2025 年，上汽發布海外「Glocal 戰略」（全球 + 本土），正加速從「產品出海」邁向「價值鏈出海」。

寫在最後

一億輛唔係終點，而係上汽面向智電未來「二次創業」嘅全新起跑線。從 1955 年到 2026 年，從第一個用戶到第一億個用戶，從「手搓」造車到全球技術引領，上汽嘅發展史本身就係一部濃縮嘅中國汽車工業崛起史。上汽已經用一億輛證明中國汽車工業嘅厚度同韌性，下一個億級車企又會係邊個？

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.

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。

2026 年 5 月 28 日，中國汽車工業歷史上一個值得被反覆提起嘅日子。

上汽集團喺上海北外灘世界會客廳，向全球第一億位用戶——Momenta CEO 曹旭東，交付咗一輛智己 LS9 Hyper。呢次唔係一次普通交車。與此同時，上汽旗下十餘個品牌、十九款車型，喺全球多地接力交付。從上海到南京、柳州、太原，從英國到印尼、新加坡，一場橫跨洲際嘅「交付接力賽」，宣告咗一個事實：中國第一家累計產銷量突破一億輛嘅汽車集團，誕生咗。

一億輛。呢個數字過去只屬於豐田、大眾、通用。今日，佢屬於一家中國企業。

好多人可能會話：一億輛又點樣？不過係「量大」。但我恰恰覺得，呢一億輛最值得細品嘅，唔係「多」，而係「變」。

第一層變：從「敲車」到「造車」，從「市場換技術」到「技術定義市場」

1958 年，上海工人用榔頭敲出第一輛「鳳凰牌」轎車。嗰時中國汽車工業處於嬰兒期，笨拙、原始，但充滿渴望。

1983 年桑塔納落線，中國汽車進入合資時代。嗰個階段嘅邏輯係：用市場換技術。我哋出市場，外方出技術。上汽喺呢個過程最大嘅收穫，唔止學識咗造車，而係構建咗一套從零部件到整車、從研發到製造嘅全產業鏈能力。好多人唔知，桑塔納國產化共同體曾經係中國汽車工業最扎實嘅「黃埔軍校」。

2016 年，榮威 RX5 上市，號稱「全球首款互聯網汽車」。嗰陣好多人覺得係噱頭。回頭睇，嗰其實係上汽第一次發出信號：智能化嘅主導權，該我哋啦。

2020 年智己汽車成立，再到今日第一億輛車——智己 LS9 Hyper，搭載全线控四輪轉向、全域 800V 高壓平台、恆星超級增程、L3 級智駕冗餘能力，甚至聯合紫金山實驗室首發咗「內生安全」技術，將安全從物理世界拉咗入信息世界。

呢一億輛嘅進化軌跡好清晰：從「我能造車」，到「我能造好車」，再到「我能定義下一代車嘅標準」。

第二層變：從「產品出海」到「價值鏈出海」

上汽呢一億輛入面，海外累計銷量已突破 700 萬輛。MG 連續 11 年奪得中國品牌歐洲銷冠，2025 年歐洲年銷突破 30 萬輛，成為首個喺歐洲同英國累計銷量破百萬嘅中國品牌。

更值得關注嘅係上汽去年發布嘅「Glocal 戰略」（全球 + 本土）。乜意思？唔再係簡單咁將國內嘅車運到國外賣，而係喺當地建研發中心、生產基地，甚至針對當地市場反向開發技術。半固態電池、Hybrid+ 混動技術，都係喺海外技術日率先首發，再反哺全球。

呢先至係真正嘅「價值鏈出海」。品牌、技術、標準、生態，一齊走出去。

第三層變：從「我懂車」到「我懂你」

上汽呢場交付儀式最令我感動嘅細節，唔係啲炫酷嘅技術參數，而係佢哋邀請咗各種各樣嘅真實用戶：羅振宇、楊晨、曹開亮、公益理髮師劉佳……每一個用戶背後，都有一個「呢輛車點解適合我」嘅故事。

上汽提出咗一個理念叫做「懂車更懂你」。以前車企話「懂車」，係炫耀工程能力；而家話「懂你」，係將技術翻譯成人話，變成你每日開車時感受到嘅安心、便利、樂趣。

一億輛，唔係一個冷冰冰嘅工廠累計數字。佢係一億個具體嘅人，一億種唔同嘅出行生活。能做到呢個量級嘅企業，一定唔止係將車造好咗，而係將「人」照顧好咗。

最後同大家講少少我嘅獨家觀察

好多人將「一億輛」當做中國汽車工業嘅成人禮。我唔係咁睇。我認為呢係中國汽車從「規模競爭」進入「生態競爭」嘅分水嶺。

過去我哋比嘅係邊個產能大、邊個平、邊個賣得多。未來比嘅係邊個能喺全球範圍構建一個包含能源網絡、智駕系統、數據閉環、用戶社區嘅完整生態。上汽呢一億輛，恰恰證明咗它有足夠嘅用戶基數、產品寬度同技術縱深，去支撐呢個生態嘅建立。

第一億輛交付畀 Momenta 嘅 CEO，呢個細節好有象徵意義——主機廠同智駕供應商嘅關係，從「採購」變成咗「共創」。呢唔係一次交付，而係一次聯盟嘅確認。

1955 到 2026，七十一年，一億輛車。下一個一億輛，唔再需要七十一年。但下一個一億輛嘅關鍵，唔係速度，而係高度。

中國汽車工業，終於有咗一張真正意義上嘅「億級名片」。呢張名片寫嘅唔係「世界工廠」，而係「全球共創」。

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。