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。

On May 28, 2026, SAIC Group held the "First Global 100 Millionth User Delivery Ceremony" grandly at the Shanghai North Bund World Living Room. More than ten whole vehicle brands and 19 main models under SAIC, with the innovative form of "Global Relay Delivery", spanned continents and linked domestic and overseas markets, officially declaring SAIC Group as the first in China's automotive industry to break 100 million in cumulative production and sales, carving a historic milestone for the development of China's automotive industry.

From the first "Phoenix" sedan born in 1958, to today's global automotive group with a scale of 100 million vehicles; from local car making hammered by hand, to full industry chain synergy and intelligent manufacturing of Chinese globalization; from single product output to technology, brand, and service full value chain going global, SAIC has written the era's answer for Chinese cars to catch up, run alongside, and go from local to global with over 70 years of progress. 100 million vehicles is not only a quantum leap in production and sales scale, but also a heavy load of 100 million units of user trust, a testament to the strength of China's automotive industry's rise.

I. Over 70 Years of Progress: From "Zero Breakthrough" to "100 Million-Level Leap"

The development history of SAIC Group is a condensed history of China's automotive industry's progress.

In 1955, the Shanghai Internal Combustion Engine Parts Manufacturing Company was established, and Shanghai's automotive industry officially set sail. In 1958, the first generation of automotive workers manually assembled the first **"Phoenix" sedan**, achieving a "zero breakthrough" in Shanghai sedan manufacturing, opening the difficult exploration of China's independent car making. At that time, conditions were simple and technology was weak, but the seed of steadfastness for independence and pursuit of quality was planted.

After the Reform and Opening Up, SAIC seized the opportunity of the times and entered a new stage of joint cooperation and rapid growth. In 1983, the Santana officially came off the line, not only opening the tide of popularization of Chinese household sedans, but also driving the establishment of a modern automotive parts supporting system, promoting the systemization and standardization upgrade of China's automotive manufacturing system. In 1997, SAIC General Motors was established, achieving a "Shanghai Speed" with 23 months to go from "building factory to delivering vehicles", refreshing industry records, and simultaneously building the first joint venture exclusive automotive R&D and design center domestically, achieving a leap from manufacturing to R&D.

Entering the new century, SAIC firmly promoted independent innovation and brand upward movement. In 2006, the Roewe brand was born, sounding the horn for the comprehensive rise of independent passenger cars; in 2016, the world's first Internet car Roewe RX5 went on sale, opening a new era of automotive intelligence; in 2020, IM Motors appeared, targeting the global luxury market with a high-end intelligent electric track. From fuel vehicles to new energy, from traditional manufacturing to intelligent electric, from local layout to global operations, SAIC has always been at the forefront of industry transformation.

For over 70 years of wind and rain, SAIC has always adhered to the core concept of **"Know Cars, Know You Better"**. "Know Cars", is the ultimate pursuit of core technologies, is the continuous breakthrough of cutting-edge technologies such as full wire-controlled chassis, semi-solid state batteries, AI large models, intelligent driving; "Know You", is to convert hardcore technology into user-perceivable and enjoyalbe travel experiences, letting every innovation serve real car usage scenarios. From the first vehicle to the first 100 millionth vehicle, what changes is scale and technology, what remains unchanged is the original intention of sticking to quality and serving users. 100 million vehicles is the most powerful fulfillment of this original intention.

Full System Strength Support: Full Brand Matrix + Global Layout, Casting the Foundation of 100 Million Vehicles

Behind the 100 million vehicle scale is SAIC's full value chain closed-loop system covering six sectors: whole vehicles, parts, mobility, financial services, international operations, and innovative technology, and the strong comprehensive strength of synergy between independent and joint ventures, passenger and commercial vehicles, and domestic and overseas linkage.

Sales data corroborates hardcore strength: From January to April 2026, SAIC Group's cumulative sales reached 1.302 million vehicles, ranking first among Chinese automakers for four consecutive months; among them, independent brand sales were 910,000 vehicles, accounting for nearly 70%, becoming the core engine of growth; new energy vehicle sales were 412,000 vehicles, stably in the first echelon of the industry; overseas market sales were 459,000 vehicles, surging 50.2% year-on-year, continuing to lead Chinese brand exports.

This global relay delivery, SAIC's full brand matrix made a powerful appearance. Independent brands went all out: Shangjie Z7, Huajing S, Roewe M7, MG4 Semi-Solid State Battery Version, Wuling Starlight 560, Maxus eDeliver5, Hongyan Heavy Truck, Yuexing Dana T1, SUNWIN Electric Bus, Iveco Juzing EV and other models were delivered in batches, covering household commuting, family travel, business operations, logistics transportation, urban public transport all scenarios, meeting users' diversified needs.

Joint ventures entered the "Joint Venture 2.0" technology co-innovation stage, showing heavy results: Volkswagen ID. ERA 9X globally debuted with Momenta R7 Reinforced Learning World Model, delivered over 7,000 units in the first month of listing; AUDI E7X is planned to become Audi's first model globally landing L3-level autonomous driving; Buick Zhijing E7 is built on the "Xiaoyao" Super Fusion Architecture, sales broke 10,000 units in the first month of listing. From "Market for Technology" to "Technology Defines Products", SAIC achieved a complete role leap, leading the new direction of high-quality development of joint ventures.

Global layout is the key support for SAIC's 100 million leap. As a pioneer in Chinese automotive "Going Global", SAIC has already deployed over 100 parts bases and over 3000 dealer outlets overseas, built 3 Global R&D Centers in London, as well as 4 overseas manufacturing bases in Thailand, Indonesia, India, Pakistan; Anji Logistics formed 42 professional Ro-Ro ships, opened 8 international routes, building an efficient global logistics system.

Currently, SAIC's products and services have covered over 170 countries and regions worldwide, with cumulative overseas sales breaking 7 million vehicles. MG brand ranked first among Chinese brands in European sales for 11 consecutive years, European annual sales broke 300,000 in 2025, becoming the first Chinese automotive brand to break 1 million in cumulative sales in Europe and the UK. In March 2026, MG released Semi-Solid State Battery and Hybrid + Hybrid Technology in Germany, breaking 20,000 units in a single month overseas, winning global market recognition with hardcore technology. SAIC is moving from "Product Going Global" to "Value Chain Going Global", letting Chinese Intelligent Manufacturing shine on the global stage.

User-Centric: 100 Million Trusts, Originating from "Know Cars, Know You Better"

SAIC's 100 million leap is essentially the accumulation and precipitation of user trust. In this delivery gala, there was no grand technology presentation, but focused on every real user, letting ordinary people become the protagonists, vividly interpreting the deep connotation of "Know Cars, Know You Better".

GET App founder Luo Zhenyu served as the 001st Experience Officer for Huajing S, from praising Huawei Qiankun Smart Driving to deeply visiting the factory to witness the off-line, recognizing SAIC's dual strength of technology and quality; former national team player Yang Chen chose Volkswagen ID. ERA 9X, valuing its high-efficiency range extender system and consistency with long-termism values; charity blogger Liu Jia stuck to mountain area charity for five years, was moved by Buick Zhijing E7's "Full Score Cockpit"; London doctor Natalia inherited family MG sentiment, returning couple brought overseas car usage memories back to the motherland; there were also bulk users such as logistics enterprises, bus companies, tourism teams, letting SAIC become a reliable partner for fighters.

From tech bloggers to sports stars, from public welfare persons to entrepreneurs, from overseas users to local families, every user's choice is an endorsement of SAIC products and services. SAIC always insists that the ultimate value of technology is to serve people, the ultimate goal of car making is to guard every journey, warming every family. 100 million vehicles is the carrying of 100 million life stories, the guard of 100 million beautiful journeys, and more 100 million heavy trusts.

At the product level, SAIC oriented by user needs, built a product matrix covering all categories, all price points, all scenarios. Home cars pursue comfort and energy saving, high-end car owners focus on intelligent luxury, commercial vehicles focus on reliability and efficiency, new energy vehicles achieve range and safety balance. At the same time, continuously upgrading quality and experience, from infant-level healthy cockpit, full domain security protection, to intelligent interaction, comfortable chassis, every detail is polished around users' real car usage scenarios, letting high-end inclusion, letting technology approachable.

Start New Journey: Starting from 100 Million Level, Towards the New Era of Smart Electric

100 million vehicles is a milestone, but also a new starting point. Facing the wave of smart electrification, SAIC in the posture of "Second Entrepreneurship", full sprint for new heights of the global automotive market.

Technology innovation continues to lead: Deeply cultivating solid / semi-solid batteries, full wire-controlled chassis, AI large models, high-level intelligent driving and other cutting-edge technologies, promoting core technology autonomous and controllable; global R&D system synergy effort, quickly transforming laboratory technology into mass production configuration, letting users enjoy tech dividends first.

Brand upward movement is unswerving: Strengthen IM, Roewe, MG, Wuling and other independent matrices, upgrade Volkswagen, Audi, Buick and other joint venture brands, form a high-low matching, domestic and overseas coordinated brand system, meeting global users' differentiated needs.

Global strategy depth promotion: Deepen "Glocal" Global + Local strategy, expand overseas production capacity and channel layout, promote technology, standards, services synchronously going global, improving Chinese automotive brands' global voice.

User service comprehensive upgrade: Stick to "Know Cars, Know You Better" concept, with user full lifecycle experience as the core, building a more considerate, more convenient, more intelligent service system, letting every user feel SAIC's temperature and sincerity.

From 1955 to 2026, from the first vehicle to the first 100 millionth vehicle, SAIC witnessed and promoted China's automotive industry from nothing to something, from weak to strong. 100 million leap is a breakthrough of scale, a victory of technology, a result of globalization, and more a crystallization of user trust.

Standing at a brand new historical starting point, SAIC will continue to adhere to the original intention, stick to innovation, deep dive into users, lead globally, walk together with 100 million users and global partners, with the power of Chinese Intelligent Manufacturing, create a better travel future together, and continue to contribute to China moving from an automotive powerhouse to an automotive strong country!

2026 年 6 月 5 日，BJ30 旅行者 5 國 · 破 5 燃擎節油挑戰實景直播評測活動於雁棲湖順利落幕。歷經三小時全路況實景實測，在全網數以億計網民、五國海外達人、到場車主共同見證下，7 萬級方盒子——BJ30 旅行者成功實現多路況百公里耗油跌破 5L，一舉打破硬派方盒子 SUV“高耗油”行業刻板印象。

海外五國先行試煉，構築雙向閉環驗證體系

今次國內節油實測並非臨時起意，早在直播落地之前，北京越野便遠赴南非、波蘭、印尼、阿聯酋、墨西哥五大國家，邀請本土知名汽車博主開啟跨地域長途實測試煉。五國地域橫跨熱帶雨林、中東荒漠、東歐碎石山路、非洲城郊公路等差異化地貌與氣候環境，喺多元真實用車場景中，完成整車底盤調校、三擎 HEV 混動架構、電四驅系統全維度可靠性摸底，海量實地行駛數據為國內實景評測築牢權威背書，形成“海外全域可靠性驗證 + 國內全場景耗油實測”雙循環閉環測試，全程遵循 GLTC 全球生活測試循環、OLTC 越野生活測試循環雙重嚴苛標準，測試結果真實可溯源、數據有跡可循。五國跨國實測全部達成百公里耗油低於 5L 嘅優異成績，提前印證 BJ30 旅行者混動節油硬實力。

三大實景路況輪番評測，全場景實測兌現省油本色

今次國內直播評測設置北汽藍谷基地發車、封箱加注燃油、T4 航站樓中途休整、油耗揭曉四大嚴謹環節，圍繞城市擁堵通勤、高速滿載長途、鄉道砂石輕越野三大主流用車場景分段實測，精準還原普通家庭日常出行全場景用車環境。

城市擁堵實測：三擎混動攻克堵車耗油難題

BJ30 旅行者搭載三擎六模 + 電四驅專屬混動架構，區別於傳統燃油 SUV 怠速高耗、低速費油弊端，系統默認電機優先驅動、引擎按需智能介入，完美化解城市早晚高峰頻繁啟停、低速蠕行帶來嘅耗油飆升痛點。官方標定兩驅版綜合耗油 5.85L/100km、四驅版 6.45L/100km，喺商區 + 居民區密集擁堵路況實景測試中，車輛實測耗油成功击穿 5L/100km 關口。相較同價位 2.0T 燃油車型動力更強、能耗更低。對比 PHEV 插電混動車型，車身輕量化優勢突出、無需外接充電，饋電狀態下越野穩定性更佳、用車維保成本更低，完美適配城市上班族日常代步，大幅縮減日常養車燃油開支。

高速滿載評測：2820mm 超長軸距解鎖超大家用空間

高速路段同步開展滿載空間實測，依托 2820mm 越級軸距，BJ30 旅行者座艙空間表現亮眼，滿員乘坐時前後排腿部空間寬裕，無局促壓抑感。方正車身最大化挖掘裝載潛能，常規後廂可輕鬆收納全套露營裝備、戶外大件器材，後排座椅放倒後可拓展至 1.92m 平整大床，波蘭海外博主現場實測，滿載露營物資後仍可喺後廂平躺休憩，出色裝載力精準匹配全家長途自駕、近郊露營嘅家用剛需。高速巡航階段，混動系統智能優化引擎轉速區間，喺保障駕駛舒適嘅同時持續優化燃油經濟性，實現大空間與低耗油雙向兼顧。

非鋪裝越野實測：高離地間隙加持，爛路穿行從容有度

輕越野測試路段由窄距鄉道、碎石路面、坑窪非鋪裝山路、緩坡爬坡路面組合而成，考驗整車通過性能。BJ30 旅行者標配 215mm 超高離地間隙、ATS 多模式全地形控制系統與毫秒級電控四驅，搭配細化專業越野底盤，駕駛者一鍵切換對應地形模式後，四驅系統實時動態分配四輪動力，輕鬆翻越坑窪、規避碎石剐蹭，從容應對各類輕度越野路況。依托 OLTC 越野測試標準打造嘅整車越野配置，令 7 萬級價位車型實現城市通勤、戶外穿越一車兩用，五國海外體驗博主紛紛對車輛爛路行駛質感給予高度評價。

產品力領跑細分市場，高光版 6 月 12 日重磅上市

倚靠省油、大空間、強越野嘅全能產品表現，BJ30 旅行者長期穩居細分市場頭部，斬獲連續兩年輕混方盒子銷量第一、連續 23 個月自主輕混 SUV 銷量第一、10-15 萬級自主緊湊型 SUV 三年保值率 72% 同級別榜首多項榮譽。完善嘅全國售後網點佈局，進一步打消車主維保後顧之憂。現場多位真實車主分享用車體驗，日常工作天市區通勤、週末結伴露營越野嘅高頻用車場景中，車輛耗油、空間、越野表現均長期符合預期，海量用戶口碑夯實車型標桿地位。

直播現場同步釋放重磅產品資訊：6 月 12 日 BJ30 旅行者高光版正式上市。新款車型實現全面產品升級，動力系統優化、車載小電池升級，內飾用料、智能舒適配置全面加碼，多款高配配置下放，同時推出專屬定製配色特別版，喺現款實測耗油破 5L 嘅硬核基礎上進一步補強產品實力，為 7 萬級家用輕越野 SUV 市場帶來全新選擇。

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

（長安啟源全新 Q05）

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

（零跑 A10）

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

（長安啟源全新 Q05）

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

（零跑 A10）

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

（長安啟源全新 Q05）

（零跑 A10）

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

（長安啟源全新 Q05）

（零跑 A10）

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

（長安啟源全新 Q05）

（零跑 A10）

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

（長安啟源全新 Q05）

（零跑 A10）

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

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

（長安啟源全新 Q05）

（零跑 A10）

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

（長安啟源全新 Q05）

（零跑 A10）

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