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喺 馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 寶騰 X70 同 本田 CR-V 嚟做比較。這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，幫你節省做功課嘅時間。
寶騰 X70 喺 馬來西亞嘅 OTR 售價係 RM 106,800 - 122,300，一共有 3 個版本，包括 1.5L Standard 2WD（RM 106,800）、1.5L Executive 2WD（RM 115,800）、1.5L Premium 2WD（RM 122,300） 等。
本田 CR-V 喺 馬來西亞嘅 OTR 售價係 RM 178,200 - 195,900，一共有 4 個版本，包括 2026 e:HEV 2.0L 2WD RS（RM 195,900）、2026 1.5T 4WD V（RM 181,900）、2026 e:HEV 2.0L 2WD E（RM 178,200） 等。
從價錢嚟睇，寶騰 X70 嘅起步價確實比 本田 CR-V 平咗 RM 71,400。如果你預算有限，寶騰嘅入門版已經可以滿足日常需要。但都要注意，平嗰幾千蚊，喺配備上可能有取捨，具體要睇你嘅需求。
寶騰 X70 搭載 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
本田 CR-V 搭載 2.0L 4-cyl，馬力 170 hp。官方油耗 8.0 L/100km。
動力方面，本田 CR-V 嘅 2.0L 4-cyl 比 寶騰 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。
寶騰 X70 車身長 4400 mm，行李廂 400 L。
本田 CR-V 車身長 4500 mm，行李廂 450 L。
空間方面，本田 CR-V 嘅車身比 寶騰 X70 長咗 100 mm，乘坐空間更有優勢。不過 寶騰 X70 喺城市入面停車會靈活啲，各有取捨。
寶騰 X70 採用前輪驅動。
本田 CR-V 採用前輪驅動。
兩款車嘅驅動方式一樣，都係前輪驅動，日常駕駛感受唔會有太大分別。
總括嚟講，寶騰 X70 同 本田 CR-V 都係 馬來西亞市場入面幾幾好嘅車型。揀邊一輛，關鍵都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，先去試駕做最終決定。買車係件大事，花啲時間做功課絕對唔會錯。
In the SUV market in Malaysia, many buyers compare Proton X50 and Kia Sportage when choosing a car.
The OTR price for Proton X50 in Malaysia is RM 89,800 - 113,300, with a total of 4 versions, including 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300), etc.
The OTR price for Kia Sportage in Malaysia is RM 129,639 - 179,320, with a total of 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.
From the price perspective, the starting price of Proton X50 is indeed RM 39,839 cheaper than Kia Sportage. If your budget is limited, Proton's entry-level version can already meet daily needs. But also note, that saving a few thousand might involve trade-offs in equipment, it depends on your needs.
Proton X50 is equipped with 1.5L 4-cyl, 105 hp. Official fuel consumption 6.0 L/100km.
Kia Sportage is equipped with 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
Regarding power, Kia Sportage's 1.5L Turbo has 35 more horsepower than Proton X50's 1.5L 4-cyl. However, for daily driving in the city, both cars have enough power and won't feel underpowered.
Proton X50's safety rating is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
Kia Sportage's safety rating is 5★ (ASEAN NCAP), active safety systems include Drive Wise.
Both cars have the same safety rating, and safety features in this class are considered quite comprehensive. New cars nowadays are generally safe, no need to worry too much about this.
Proton X50 body length 4400 mm, trunk 400 L.
Kia Sportage body length 4400 mm, trunk 400 L.
The dimensions of both cars are almost the same, interior space differences are not significant. Cars in this class are fully sufficient for daily use.
Proton X50 adopts 4WD drive system.
Kia Sportage adopts FWD drive system.
Proton's 4WD and Kia's FWD will have different handling experiences, test drive comparison is recommended.
Overall, Proton X50 and Kia Sportage are both excellent models in the Malaysian market. Which one to choose mainly depends on your personal needs and budget. It is recommended to do your research, compare quotes from several dealerships, and then go for a test drive to make the final decision. Buying a car is a big deal, spending time doing research will never go wrong.
In the Malaysian SUV market, many buyers compare the Proton X50 and Hyundai Tucson when choosing a car. These two cars are quite close in price and positioning. Today, we will make a detailed comparison from multiple aspects to help you save time on research.
The Proton X50 has an OTR price in Malaysia of RM 89,800 - 113,300, with a total of 4 versions, including 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300), etc.
The Hyundai Tucson has an OTR price in Malaysia of RM 143,888 - 197,888, with a total of 5 versions, including 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), etc.
In terms of price, the Proton X50 starting price is indeed RM 54,088 cheaper than the Hyundai Tucson. If your budget is limited, the Proton entry-level version can already meet daily needs. However, keep in mind that the few thousand RM difference might involve trade-offs in features, depending on your specific needs.
The Proton X50 safety rating is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
The Hyundai Tucson safety rating is 5★ (ASEAN NCAP), active safety system includes SmartSense.
Both cars have the same safety rating, and safety features in this class are considered quite comprehensive. New cars nowadays are generally safe, so there is no need to worry too much about this.
Proton X50 body length is 4400 mm, trunk 400 L.
Hyundai Tucson body length is 4400 mm, trunk 400 L.
The dimensions of both cars are almost the same, with little difference in interior space. For cars in this class, they are fully sufficient for daily use.
Proton X50 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Hyundai Tucson warranty 5 years/300,000km, maintenance interval every 10,000km or 6 months.
In conclusion, both Proton X50 and Hyundai Tucson are excellent models in the Malaysian market. Choosing which one depends mainly on your personal needs and budget. We suggest doing your research, comparing quotes from several dealerships, and then going for a test drive to make a final decision. Buying a car is a significant matter; spending some time on research will never go wrong.
In the Malaysian SUV market, many buyers compare Proton X50 and GWM Haval H6 when choosing a car. The price and positioning of these two cars are quite close. Today, we will do a detailed comparison from multiple aspects to help you save time on research.
The OTR price of Proton X50 in Malaysia is RM 89,800 - 113,300, with a total of 4 versions, including 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300), etc.
The OTR price of GWM Haval H6 in Malaysia is RM 139,750 - 139,750, with a total of 2 versions, including 1.5L Turbo Standard (RM 140,000), 1.5L Turbo Premium (RM 155,000), etc.
From a price perspective, the starting price of Proton X50 is indeed RM 49,950 cheaper than GWM Haval H6. If your budget is limited, Proton's entry-level version can already meet daily needs. But also note, that few thousand dollars cheaper might involve compromises in features, it depends on your needs.
The safety rating of Proton X50 is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
The safety rating of GWM Haval H6 is TBD, active safety systems include Basic.
Regarding safety features, both cars have received good ratings. However, the ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) of Proton X50 and the Basic of GWM Haval H6 have some differences in functionality. If you value active safety, you can compare their feature lists carefully.
Proton X50 adopts 4WD drive mode.
GWM Haval H6 adopts FWD drive mode.
Proton's 4WD and GWM's FWD will feel different in handling, test drive comparison is recommended.
Proton X50 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
GWM Haval H6 warranty 7 years/150,000km, maintenance interval every 10,000km or 6 months.
Both Proton X50 and GWM Haval H6 are mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, prioritize the one with better reputation; if you care more about value for money and features, choose the one that is better equipped. Ultimately, it is recommended to test drive both, hands-on experience is the most important.
In summary, Proton X50 and GWM Haval H6 are both very good car models in the Malaysian market. Which one to choose depends on your personal needs and budget. It is recommended to do your homework, compare quotes from several dealerships, and then test drive to make a final decision. Buying a car is a big deal, spending time on research will never be wrong.
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 Proton X50 同 Hyundai Tucson 嚟比較。呢兩款車喺價位同定位上都幾近，今日我哋就由多個方面做個詳細比較，幫你省返做功課嘅時間。
Proton X50 喺馬來西亞嘅 OTR 售價係 RM 89,800 - 113,300，一總有 4 個版本，包括 1.5T Executive（RM 89,800）、1.5T Premium（RM 101,800）、1.5T Flagship（RM 113,300） 等等。
Hyundai Tucson 喺馬來西亞嘅 OTR 售價係 RM 143,888 - 197,888，一總有 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。
由價錢嚟睇，Proton X50 嘅起價確實比 Hyundai Tucson 平咗 RM 54,088。如果你預算有限，Proton 嘅入門版已經可以滿足日常需要。但都唔好忘記，便宜嗰幾千塊，可能喺配備上有取舍，具體要睇你需要。
Proton X50 配備 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
Hyundai Tucson 配備 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
動力方面，Hyundai Tucson 嘅 1.5L Turbo 比 Proton X50 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。
Proton X50 車身長度 4400 mm，行李箱 400 L。
Hyundai Tucson 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。
Proton X50 同 Hyundai Tucson 都係馬來西亞市場嘅主流選擇，適合家庭用途、日常通勤。如果你更重視品牌口碑同二手價，可以優先考慮口碑更好嗰一款；如果你更在意性價比同配備，就揀配備更豐富嗰款。最後始終建議兩款都去試駕，親身體驗先係最重要。
總體嚟講，Proton X50 同 Hyundai Tucson 都係馬來西亞市場幾好嘅車型。揀邊一輛，關鍵都要睇你嘅個人需要同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試駕做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 Proton X50 同 Chery Tiggo 8 Pro 嚟做比較。呢兩部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對比，幫你節省做功課嘅時間。
Proton X50 喺馬來西亞嘅 OTR 售價係 RM 89,800 - 113,300，總共 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。
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。
由價錢睇落，Proton X50 嘅起步價確實比 Chery Tiggo 8 Pro 平咗 RM 69,950。如果你預算有限，Proton 嘅入門版已經可以滿足日常需要。不過都要注意，平嗰幾千蚊，可能喺配備上會有取捨，具體就要睇你嘅需要。
Proton 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)。
Chery Tiggo 8 Pro 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 Proton X50 嘅 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) 同 Chery Tiggo 8 Pro 嘅 Basic 喺功能上有啲差異，如果你比較看重主動安全嘅話，可以仔細對比一下兩者嘅功能列表。
Proton X50 車身長 4400 mm，尾箱 400 L。
Chery Tiggo 8 Pro 車身長 4400 mm，尾箱 400 L。
兩部車嘅尺寸幾乎一樣，車內空間差異唔大。呢級別嘅車，日常使用完全夠用。
Proton X50 保養 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Chery Tiggo 8 Pro 保養 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
總嚟講，Proton X50 同 Chery Tiggo 8 Pro 都係馬來西亞市場幾好嘅車型。揀邊一部，關鍵都要睇你嘅個人需要同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試車做最後決定。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 will compare Proton X50 and Toyota Yaris Cross when choosing a car. Both cars are quite close in price and positioning, so today we will do a detailed comparison from multiple aspects to help you save time on research.
Proton X50's OTR price in Malaysia is RM 89,800 - 113,300, with 4 versions in total, including 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300), etc.
Toyota Yaris Cross's OTR price in Malaysia is RM 99,900 - 109,900, with 2 versions in total, including 2026 1.5L Standard (RM 99,900), 2026 HEV 1.5L Standard (RM 109,900), etc.
From a price perspective, the entry-level price of Proton X50 is indeed RM 10,100 cheaper than Toyota Yaris Cross. If your budget is limited, Proton's entry-level version can already meet daily needs. But be aware, the few thousand cheaper might involve compromises in features, it depends on your needs.
Proton X50 is equipped with 1.5L 4-cyl, 105 hp. Official fuel consumption 6.0 L/100km.
Toyota Yaris Cross is equipped with 1.5L 4-cyl, 105 hp. Official fuel consumption 6.0 L/100km.
Both cars use the same powertrain, the driving feel is basically no difference. Fuel consumption is also similar, no need to worry too much about this.
Proton X50's safety rating is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
Toyota Yaris Cross's safety rating is 5★ (ASEAN NCAP), active safety systems include TSS.
Both cars have the same safety rating, safety features are quite complete in this level. New cars' safety is not bad nowadays, no need to worry too much about this.
Proton X50 car body length 4400 mm, trunk 400 L.
Toyota Yaris Cross car body length 4400 mm, trunk 400 L.
Both cars' dimensions are almost the same, interior space difference is small. For this level of car, daily use is fully enough.
Proton X50 and Toyota Yaris Cross are both mainstream choices in the Malaysian market, suitable for family use, daily commute. If you value brand reputation and resale value more, prioritize the one with better reputation; if you care more about cost-performance ratio and features, choose the one with richer configuration. Ultimately suggest test driving both, personal experience is the most important.
In summary, Proton X50 and Toyota Yaris Cross are both very good car models in the Malaysian market. Which one to choose, key still depends on your personal needs and budget. Suggest everyone do their homework, compare quotes from several dealerships, then go test drive to make final decision. Buying a car is a big thing, spending time on research will not be wrong.
In the Malaysian SUV market, many buyers compare Perodua Aruz and Proton X90 when choosing a car. Both models are quite close in price and positioning. Today we will make a detailed comparison from multiple aspects to help you save time on research.
The OTR price of Perodua Aruz in Malaysia is RM 72,900 - 77,900, with a total of 2 versions, including 1.5L X (RM 72,900), 1.5L AV (RM 77,900), etc.
The OTR price of Proton X90 in Malaysia is RM 106,800 - 122,800, with a total of 4 versions, including 2026 1.5T Prime X (RM 122,800), 2026 1.5T Prime (RM 116,800), 2026 1.5T Lite (RM 106,800), etc.
From the price perspective, the starting price of Perodua Aruz is indeed RM 33,900 cheaper than Proton X90. If your budget is limited, the Perodua entry-level version can already meet daily needs. However, you should also note that the few thousand cheaper might involve trade-offs in features, depending on your specific needs.
Perodua Aruz comes with a 1.5L 4-cyl, 105 hp. Official fuel consumption 6.0 L/100km.
Proton X90 comes with a 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
In terms of power, the 1.5L Turbo of Proton X90 has 35 hp more than the 1.5L 4-cyl of Perodua Aruz. However, for daily city driving, the power of both cars is sufficient and won't feel underpowered.
Perodua Aruz safety rating is 5★ (ASEAN NCAP), active safety systems include.
Proton X90 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 within this class. New cars nowadays are not lacking in safety, so there is no need to worry too much about this.
Perodua Aruz body length 4400 mm, boot 400 L.
Proton X90 body length 4400 mm, boot 400 L.
The dimensions of both cars are almost identical, with little difference in interior space. Cars of this class are more than sufficient for daily use.
Perodua Aruz warranty 5 years/150,000km, service interval every 10,000km or 6 months.
Proton X90 warranty 5 years/150,000km, service interval every 10,000km or 6 months.
Both cars have the same warranty conditions, no need to worry about this aspect. Actual maintenance costs also depend on the brand's service network and parts prices. It is recommended to ask real owners in car owner groups for their experience.
Overall, Perodua Aruz and Proton X90 are both very good car models in the Malaysian market. Which one to choose mainly depends on your personal needs and budget. We recommend doing your research, comparing quotes from several dealerships, and then test driving to make a final decision. Buying a car is a big deal; spending time researching is never wrong.
In Malaysia's SUV market, many buyers compare Perodua Ativa and Toyota Yaris Cross when choosing a car. These two models are quite close in price and positioning. Today, we will provide a detailed comparison from multiple aspects to save you the time doing research.
The OTR price of Perodua Ativa in Malaysia is RM 62,500 - 73,400, with a total of 3 versions, including 1.0L Turbo X (RM 62,500), 1.0L Turbo H (RM 67,300), 1.0L Turbo AV (RM 73,400) etc.
The OTR price of Toyota Yaris Cross in Malaysia is RM 99,900 - 109,900, with a total of 2 versions, including 2026 1.5L Standard (RM 99,900), 2026 HEV 1.5L Standard (RM 109,900) etc.
In terms of price, the starting price of Perodua Ativa is indeed RM 37,400 cheaper than Toyota Yaris Cross. If your budget is limited, Perodua's entry-level version can already meet daily needs. But also note, the few thousand cheaper difference might involve trade-offs in features, which depends on your specific needs.
Perodua Ativa's safety rating is 5★ (ASEAN NCAP), with active safety systems including ASA 3.0 + ACC + LDA + LKA + BSM + RCTA.
Toyota Yaris Cross's safety rating is 5★ (ASEAN NCAP), with active safety systems including TSS.
Both cars have the same safety rating; safety features are quite complete for this class. New cars nowadays are not lacking in safety, so there is no need to worry too much about this point.
Perodua Ativa adopts FWD drive mode.
Toyota Yaris Cross adopts FWD drive mode.
Both cars have the same drive mode, both are FWD, so there will not be much difference in daily driving experience.
Perodua Ativa and Toyota Yaris Cross are both mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, you can prioritize the one with better reputation; if you care more about cost-performance ratio and features, then choose the one with richer configuration. Ultimately, it is suggested to test drive both, as hands-on experience is the most important.
Overall, Perodua Ativa and Toyota Yaris Cross are both very good models in the Malaysian market. Which one to choose depends mainly on your personal needs and budget. It is recommended to do your research, compare quotes from several car dealerships, and then test drive to make the final decision. Buying a car is a big matter, spending some time researching will never be wrong.
July 8, 2026, the global leading physical AI company Momenta officially listed on the Hong Kong Stock Exchange, stock code 6880.HK, becoming the 'first physical AI stock'. Trading was hot at the first-day opening, stock price surged over 6% at open, total market cap broke through 70 billion HKD.
According to the placement results announced by Momenta earlier, the listing price is 295.6 HKD/share. Assuming the 'greenshoe' (oversubscription option) is fully exercised, the global offering is approximately 22.93 million shares, with total fundraising amounting to approximately 6.8 billion HKD. Market subscription response was enthusiastic: public offering part received 414 times oversubscription; international offering part received over 100 billion HKD in institutional orders, covering sovereign funds and long-term funds from 15 countries and regions. Total subscription oversubscription (excluding cornerstone, before greenshoe) reached approximately 44 times.
It is reported that Momenta's anchor subscription lineup this time is luxurious, including Singapore Government Investment Corporation (GIC), Fidelity International, BlackRock Group, Franklin Templeton Funds Group, Abu Dhabi Investment Authority (ADIA), Canada Pension Plan Investment Board (CPPIB), Temasek, Wellington, Schroders, and other top global institutions; at the same time, the all-round optimism from domestic long-term capital further confirms Momenta's core status and strategic value in the domestic market: domestic top long-term private equity, public funds, and insurance capital gathered rarely, forming a solid local capital base. Only long-term fund subscription amount exceeded 15 times, showing confidence of global long-term investors in Momenta's long-term value. Additionally, it is learned that Momenta's IPO this time introduced 14 institutions to form an ultra-luxurious cornerstone investor lineup, with cornerstone subscription total approximately 3 billion HKD (approximately $376 million). The composition of the entire cornerstone investor lineup is rare in the Hong Kong stock market's initial public offerings in recent years: it includes international top long-term funds and sovereign funds focused on ultra-long cycle value growth, as well as industry 'top-spec' strategic investors, and also includes Chinese capital top long-term institutions, fully demonstrating Momenta's scarce status in the HK stock market, having become the 'common choice of global long-term investors'.
Just the day before, Momenta announced that the scale of its mass production business installations has broken through 1 million units.
At the listing ceremony, Momenta CEO Cao Xudong stated: 'Ten years ago, we founded Momenta, just to pursue a simple yet firm mission: Better AI, Better Life. Better AI stems from our curiosity. Obsession and curiosity about artificial intelligence make our lives 'vibrant'. Better Life carries our sense of mission. Believing the value of technology lies in making people's lives safer, freer, and better. So, we set three ten-year visions: ten years to save a million lives, ten years to liberate 100% of time, ten years to double logistics and travel efficiency. Today, we have brought a safer and more reassuring driving experience to over 1 million users.'
When talking about the company's future development direction, Cao Xudong started from the company's past technical accumulation, extending to the next stage of intelligent scenarios, 'In the past ten years, we let AI learn to drive, bringing dedicated drivers to every family; in the next ten years, we will bring service scenarios of robots such as dedicated nannies, doctors, teachers, etc. to every family, creating the 'GPT moment' of physical AI. Hope to write the Oriental Silicon Valley legend together with all Chinese AI companies, embrace the whole world, and also let the whole world embrace Chinese technology.'
Common Choice of Global Long-term Investors: Anchored Subscription by Dozens of Top Long-term Funds, Consistent OptimismCarefully reviewing Momenta's anchor subscription institutions and cornerstone investor list, one can find it has extremely high gold content; every single one is a leader in global finance, industry, and other sub-fields.
For example, sovereign funds focusing on long-cycle value investment gathered Singapore Government Investment Corporation, Abu Dhabi Investment Authority, Canada Pension Plan Investment Board, Temasek, Oman Investment Authority, etc. Asset management institutions gathered 'All-Star' lineups including Fidelity International, BlackRock, Goldman Sachs, JPMorgan, UBS, CIC, etc., fully demonstrating consistent recognition of Momenta's financial performance and long-term value in the physical AI field.
In the cornerstone list, Singapore Government Investment Corporation and Fidelity International strongly led the investment, both allocated 100 million USD; BlackRock Group invested 25 million USD, Oaktree Capital invested 20 million USD, Franklin Templeton Funds Group invested 10 million USD. Industry 'top-spec' strategic investors include leaders of international and Chinese car companies - Mercedes-Benz and BYD, investing 25 million USD and 15 million USD respectively; industry chain partner GigaDevice invested 6 million USD. Top Chinese capital long-term private equity, public funds, and insurance capital include China's top private equity funds Gao Yi and Boyu, China's top public funds Huaxia and GF, as well as the leader in long-term insurance capital Pacific Insurance, each investing 10 million USD.
The past investment history of the two leading investors can be described as impressive. Among them, the globally renowned sovereign fund Singapore Government Investment Corporation has invested in a series of globally known tech companies in recent years, including large model leader company Anthropic, TSMC, etc., previously investing in well-known industry leaders such as Alibaba, Meituan, Kuaishou, etc. And the global top asset management institution Fidelity International has made long-term investments in Tencent, Alibaba, BYD, CATL, etc., and in recent years has also invested in many AI field leaders such as Zhongji Xuchuang, Cambricon, etc. through its funds via its funds. Choosing to lead the investment in Momenta may mean they have regarded Momenta as one of the core targets in the AI track.
It is worth noting that Mercedes-Benz and BYD also appeared on Momenta's cornerstone list, and joined hands to support. As a benchmark of the global automotive industry and a leader in new energy vehicle companies, Mercedes-Benz and BYD are not only old shareholders of Momenta but also partners. This time, continuing to increase investment as cornerstone and accompanying all the way, fully demonstrating recognition of Momenta's physical AI technology leading advantage and commercial prospects, and further deepening the moat of their strategic cooperation.
Before the IPO, Momenta has already obtained multiple rounds of financing. The shareholder lineup gathered the world's most core industry and technology strategic investors, as well as global top financial investors. The ultra-luxurious and diversified shareholder lineup not only provided strategic and capital support for Momenta, but also helped Momenta achieve high-speed growth from aspects such as business synergy, user growth, and global layout.
Mass Production Breaks 1 Million Units: One Model 'Conquers the World', Accelerating Towards the 'General Physical AI' EraMomenta was founded in 2016 and is a globally leading physical AI company, committed to creating a better life through breakthrough AI technology. Momenta takes the world model as the foundation, based on 'data flywheel' technology insights, mass production business (Mass Production) and scalable unmanned business (Scalable Robo) 'two legs' running in parallel, bringing physical AI into real life.
In April this year, Momenta R7 World Model mass production debut, opening the 'chapter of physical AI'. Momenta is committed to building the physical AI foundation platform, supporting mass production of passenger cars, unmanned logistics vehicles (Robovan), autonomous driving trucks (Robotruck), and autonomous driving taxis (Robotaxi), and will also expand to fields such as robots. As the foundation model of physical AI, R7 World Model is expected to become the key breakthrough point to stimulate physical AI 'GPT moment', and lead the industry to accelerate towards the 'General Physical AI' era.
Relying on the first-mover advantage in physical AI, world models, and commercialization, Momenta's 'flywheel effect' has fully manifested: the first 100,000 units of mass production in 2022 took 24 months, while now the fastest can complete 100,000 unit delivery in less than 40 days. Currently, the scale of mass production vehicles equipped with Momenta system has broken through 1 million units, successfully delivered over 100 mass production models, cumulative fixed models exceed 210 models. Momenta's customers have covered all domestic mainstream passenger car enterprises, and among the top 10 global car companies, 9 have already carried out cooperation with it.
The prospectus shows that Momenta achieved leapfrog growth in revenue scale in the past three years: from 2023 to 2025, Momenta's operating revenue grew from 743 million yuan to 2.413 billion yuan, tripled in three years, with a compound annual growth rate of over 80%. Among them, the growth of licensing revenue was particularly bright, tripling 42 times in three years. At the same time, Momenta's gross margin continued to rise, from 17.5% in 2023 to 71.6% in 2025, quadrupling in three years. As of the end of 2025, the company's cash reserves exceeded 10 billion yuan, providing strong support for accelerating Robo market and global development.
In terms of global layout, Momenta's mass production solutions have been implemented in 10 countries and regions including Asia, Europe, Oceania, Latin America, and North Africa. Momenta Robotaxi has established cooperation with global travel platforms such as Uber, Grab, Lumo, Xiangdao Travel, etc., and car companies such as Mercedes-Benz. It has been implemented in Asia, Europe, and the Middle East regions, and plans to implement in many new cities and regions globally this year.
This IPO going to Hong Kong will not only inject strong momentum into Momenta's technology evolution and business expansion, but also set a new benchmark for the capitalization and scaling development of the physical AI industry, becoming an important milestone for global physical AI to shift from theoretical research to commercial implementation. At the same time, the IPO is also expected to further accelerate Momenta's global process, and promote the progress of the global physical AI industry with a 'China solution' in the wave of AI technology going overseas.
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拿本田 WR-V 同名爵 MG HS 嚟做比較。呢兩款車喺價位同定位上都幾接近，而家我哋就從多個方面做一個詳細嘅比較，幫你節省做功課嘅時間。
本田 WR-V 喺馬來西亞嘅 OTR 售價係 RM 89,900 - 107,900，一共有 4 個版本，包括 2023 1.5L V（RM 99,900）、2023 1.5L E（RM 95,900）、2023 1.5L S（RM 89,900） 等。
名爵 MG HS 喺馬來西亞嘅 OTR 售價係 RM 130,450 - 146,450，一共有 2 個版本，包括 1.5L Standard（RM 105,000）、1.5L Executive（RM 115,000） 等。
從價錢嚟睇，本田 WR-V 嘅起步價確實比名爵 MG HS 平咗 RM 40,550。如果你預算唔夠，本田嘅入門版已經可以滿足日常需要。但要留意，平嗰幾千蚊，可能喺配備上有取捨，具體要看你嘅需要。
本田 WR-V 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括本田 SENSING。
名爵 MG HS 嘅安全評級係 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。不過本田 WR-V 嘅本田 SENSING 同名爵 MG HS 嘅 Basic 喺功能上有少少差異，如果你比較重視主動安全嘅話，可以仔細對比吓兩者嘅功能列表。
本田 WR-V 車身長 4400 mm，後尾箱 400 L。
名爵 MG HS 車身長 4400 mm，後尾箱 400 L。
兩款車嘅尺寸幾近一樣，車內空間差別唔大。呢個級別嘅車，日常使用完全夠用。
本田 WR-V 保用 5 年/無限里程，保養間隔 每 10,000km 或 6 個月。
名爵 MG HS 保用 7 年/150,000km，保養間隔 每 10,000km 或 6 個月。
本田 WR-V 同名爵 MG HS 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更重視品牌口碑同二手價，可以優先考慮口碑更好嗰一款；如果你更在意性價比同配備，就揀配置更豐富嗰款。最終都係建議兩款都去試駕，親身試過先至係最重要。
總括嚟講，本田 WR-V 同名爵 MG HS 都係馬來西亞市場幾唔錯嘅車型。揀邊一輛，關鍵仍然係睇你嘅個人需要同預算。建議大家做足功課，多比較幾間車行之報價，再去試駕做最終決定。買車係一件大事，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會拿現代 Palisade 同 Volvo XC40 來做比較。呢兩部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對比，幫你省下做功課嘅時間。
現代 Palisade 喺馬來西亞嘅 OTR 售價係 RM 368,838 - 399,838，一總共有 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。
Volvo XC40 喺馬來西亞嘅 OTR 售價係 RM 278,888 - 278,888，一總共有 1 個版本，包括 2025 2.0T Plus（RM 278,888） 等。
由價錢睇，Volvo XC40 嘅起步價比現代 Palisade 平咗 RM 89,950。實話講，喺呢個價位段，幾千蚊嘅差距其實唔算大，關鍵仲係睇整體嘅性價比同長期使用成本。
現代 Palisade 配備 2.0L Turbo，馬力 220 hp。官方油耗 9.5 L/100km。
Volvo XC40 配備 2.0L Turbo，馬力 220 hp。官方油耗 9.5 L/100km。
兩部車用住同一套動力系統，日常開落去嘅感受基本無分別。油耗方面都差唔多，唔使太糾結呢點。
現代 Palisade 嘅安全评分係 TBD，主動安全系統包括 Basic。
Volvo XC40 嘅安全评分係 5★ (Euro NCAP)，主動安全系統包括 Pilot Assist, City Safety (標準)。
安全配備方面，兩部車都取得唔錯嘅評分。不過現代 Palisade 嘅 Basic 同 Volvo XC40 嘅 Pilot Assist, City Safety (標準) 喺功能上有些分別，如果你比較重視主動安全嘅話，可以詳細對比下兩者嘅功能列表。
現代 Palisade 採用 FWD 驅動方式。
Volvo XC40 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。
現代 Palisade 同 Volvo XC40 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更重視品牌口碑同二手價，可以優先考慮口碑更好嗰款；如果你更介意性價比同配備，那就揀配置更豐富嗰款。最終仲係建議兩部都去試駕，親身體驗先係最重要嘅。
總括嚟講，現代 Palisade 同 Volvo XC40 都係馬來西亞市場幾唔錯嘅車型。揀邊一部，關鍵仲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，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。
車型概覽
東風風神皓瀚 值唔值得睇，第一步唔係望牌子或者外形，而係睇佢能唔能夠配合你嘅香港日常。 呢篇會集中講同級車比較，幫你用買家角度篩走唔適合嘅選擇。
售價仍待確認，買家可以先把佢放入候選名單，等價格落實後再同同級車逐項比較。
購車價格指南
東風風神皓瀚 目前售價仍未清晰，較理性嘅做法係先睇版本、車身大小同動力形式，等價格落實後再決定值唔值得落訂。
如果有幾個版本可揀，可以先將 2025 1.5T 雙離合版（價格待確認）、2025 1.5T DHT版（價格待確認） 放喺同一張清單。日常通勤重視舒適同易用，家庭買家就要優先睇後排、尾箱同安全配置。
核心規格重點
睇 東風風神皓瀚 嘅規格，重點唔係背數字，而係理解佢喺香港用車場景會帶嚟咩分別。
204 Ps / 150 kW / 105 kW、305/210 N·m 嘅輸出，令高速併線同短距離超車更有信心。 車長 4667 mm、車闊 1905 mm、車高 1630 mm、軸距 2775 mm 可以幫你預判商場停車場、屋苑車位同後排腿部空間。 濕式雙離合(DCT) / 混合動力專用(DHT)、前置前駆 會影響起步順滑度、濕地穩定感同長途巡航性格。
優缺點分析
東風風神皓瀚 嘅優點唔需要講到天花龍鳳，真正有價值係佢能唔能夠令日常用車更省心：動力輸出對高速同上斜更有底氣、空間同車身尺寸方便家庭買家預判實用性。
要留意嘅係，要先確認屋苑、公司或常去商場嘅充電條件、香港停車場同窄路使用要留意車身闊度。呢啲唔一定係缺點，但係落訂前應該先諗清楚。
買家常見問題
買 東風風神皓瀚 之前，真正要問嘅唔係單一規格，而係佢可唔可以融入你每日嘅生活節奏。
常見疑問係「東風風神 Aeolus 皓瀚 定位係點？」簡單講，東風風神 Aeolus 皓瀚 定位係一款面向後生仔嘅緊湊型 SUV。 放到實際用車，就係要睇佢對通勤、泊車、家庭乘坐同長期成本有幾大幫助。
同級對比內容
將 東風風神皓瀚 放入同級車清單時，唔建議只用外形或者品牌光環決定。比較順序可以係：先等售價落實，再決定佢應該同邊個級距比較、再睇動力係咪足夠應付高速併線同滿載、最後睇車身大小、座位同尾箱是否適合家人。
咁樣篩選會貼近香港買家真實生活：平日塞車、商場泊車、周末去新界、甚至一家人出入，先係一部車每日要面對嘅考驗。
用車全周期指南
擁有 東風風神皓瀚 最重要係先諗清楚充電節奏。屋苑、公司或者常去商場只要有穩定充電選項，電動化用車就會容易相處好多。
如果你主要喺市區行，視野、低速順滑度同泊車輔助會好影響心情；如果經常行高速或跨區，座椅舒適度、隔音同動力從容感會更重要。
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。
6月18日，“驭电出海，港通全球”2026年国际汽车及供应链博览会（以下简称“香港车博会”）盛大开幕。吉利控股集团携旗下吉利远程新能源商用车、曹操出行、极氪品牌及生态产品参展，集中呈现绿色甲醇全场景应用、面向AI时代的RoboX战略与极氪9系双旗舰全球化战略等核心成果。
近年来，吉利控股持续深化电动智能网联汽车、绿色甲醇等前沿领域探索，布局天地一体化出行生态，在新能源智能化领域取得了重要转型成果。连续第二年参展香港车博会，吉利控股通过集中展示体系化实力和创新产品，进一步展现了中国车企在国际舞台上的体系化出海布局能力。
远程新能源商用车：助力香港2050碳中和目标
吉利远程新能源商用车携“甲醇电动+纯电动”技术路线全产品矩阵亮相香港车博会，现场展出甲醇电动超级VAN、甲醇电动巴士U12M、纯电动双层巴士、远醇移动电源车、甲醇电动船机、甲醇发电机等核心展品，覆盖公共出行、城市物流、无人车、轮渡船舶、应急发电等多个场景，完整呈现基于交能融合打造的绿色智慧交通新能源生态综合解决方案。
车博会开幕当天，吉利远程新能源商用车与曹操出行完成战略签约。到2030年，双方将累计投放10万辆吉利远程旗下Robovan神童T6，以绿色能源与智能出行的科技生态协同共建绿色智慧城市。
曹操出行：发布RoboX战略 构筑AI出行全球化首站
展会上，曹操出行正式宣布启动全面AI转型，发布全新RoboX战略，致力于打造全球领先的物理AI移动科技平台，构建覆盖Robotaxi、Robovan等多元场景的智能运力体系。
为了推动战略成果的规模化应用，曹操出行在展会现场正式发布“双十万计划”：计划到2030年累计部署10万辆Robotaxi与10万辆Robovan，加速推动自动驾驶从示范运营迈向规模化商业落地。
极氪：9系双旗舰出海战略发布 依托香港加速全球化布局
本届车博会上，极氪以“豪华，新序章”为主题携五款车型同台亮相，并正式发布9系双旗舰极氪9X与极氪009光辉的全球化战略。数据显示，极氪持续领跑香港豪华车市场。2026年1至4月，极氪以超四成的市场份额稳居香港豪华品牌销量榜首；其中，极氪009荣膺香港豪华MPV销量冠军，极氪7X摘得香港豪华SUV销量冠军，充分展现了其在高端新能源市场的核心竞争力。采用四座超豪华座舱布局的极氪009光辉，其右舵版计划于今年第四季度正式登陆香港市场。
9X右舵车型首位车主古天乐也在开幕首日来到展台，近距离体验中国汽车的绿色科技实力与豪华产品品质，向香港消费者直观展现了中国汽车品牌的技术升级与品牌向上成果。
面向未来，依托香港的独特区位优势，吉利控股将持续推动甲醇全场景生态落地、AI出行技术出海及豪华品牌全球化进阶。通过不断完善以整车、生态、技术、品牌为核心的全球化战略能力，吉利将以高质量发展践行“引领绿色智能通行生态”的企业愿景，保持目前走在行业前列的ESG方面的成绩，为行业健康发展，社会持续进步，为中国企业树立良好形象做出积极贡献，助力中国汽车产业向全球价值链高端持续攀升。
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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。
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。
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。
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。
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。
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。
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, SAIC Group welcomed a historic moment—the 100 millionth vehicle globally was officially delivered, becoming the first automotive group in China to accumulate production and sales exceeding 100 million units.
Behind these 100 million units, SAIC-GM-Wuling contributed over 32 million units. This number speaks volumes about Wuling's status in the Chinese automotive market in recent years. It is worth noting that on the same day, SAIC-GM-Wuling's global vehicle EKSION was officially delivered to users in Jakarta, Indonesia.
Mentioning Wuling immediately brings to mind the classic slogan: "Whatever the people need, Wuling builds." In fact, this reputation is well-deserved. Looking back at Wuling's history of development, it has always hit every key milestone of the Chinese automotive market.
In the early days, Wuling Hongguang, thanks to its "ability to carry goods, ability to carry passengers, and cheapness plus durability," became the first car for countless individual entrepreneurs on their path to starting a business; later, with consumption upgrades, Baojun 730 entered the family MPV market, meeting families' needs for large space and multi-functionality with a lower threshold.
In the new energy era, Hongguang MINI EV almost opened the Chinese micro EV market in a way of "redefining commuter vehicles." It can be said that SAIC-GM-Wuling always accurately grasps users' real needs and understands what users actually need.
Nowadays, SAIC-GM-Wuling is also attempting to move towards a more high-end and intelligent direction. For example, the Huajing S launched in cooperation with Huawei Qiankun. Wuling hopes that through the cooperation between both parties, to break the technical premium barrier of high-end intelligent driving, allowing more users to experience advanced intelligent driving.
Aside from the domestic market, SAIC-GM-Wuling has also been actively laying out the overseas market in recent years. Data shows that currently, its cumulative overseas sales have exceeded 1.5 million units, covering more than 110 countries and regions worldwide.
The reason SAIC-GM-Wuling could achieve today's results lies in its solid hard-core capabilities. For instance, in manufacturing, SAIC-GM-Wuling created the world's first "Smart Island" manufacturing system. Through a flexible production model of "vehicles find workstations, materials find vehicles," it further improves production efficiency and cost control capabilities, enabling it to adapt to changes in different market demands faster.
For the Chinese automotive industry, 100 million units is not just a breakthrough in scale, but also means Chinese automakers have begun to truly participate in global market competition. Meanwhile, SAIC-GM-Wuling is also advancing from a "national brand" to a "global brand."
隨著世界盃熱潮漸近，一場跨越山海的強強聯手，為中國汽車全球化征程寫下嶄新註腳。北京時間 5 月 22 日深夜，長安汽車與葡萄牙足球協會正式締結全球戰略合作，成為葡萄牙國家隊全球官方合夥夥伴。這場中國車企與歐洲頂級足球壇勁旅的峰頂相逢，既是體育 IP 與汽車品牌的跨界共鳴，更是長安汽車鎖定全球化賽道、深耕海外市場，推動中國智造揚帆世界的堅定實踐。
在全球汽車產業競爭進入深水區的當下，中國車企的全球化已從單純的產品貿易，升級為品牌價值與文化理念的深層輸出。作為中國工業汽車新央企名片，長安汽車以“無海外、不長安”的戰略遠見，堅定推進全球化佈局。此番攜手葡萄牙國家隊，正是其借力頂級資源、打破認知壁壘、實現從“產品出海”到“價值出海”跨越的關鍵落子，彰顯中國智造走向世界的硬核實力與格局擔當。
借勢足球壇頂級 IP，精準破局海外品牌壁壘全球化競爭下半場，單純的產品輸出已難以突破海外市場對中國品牌的固有認知。長安汽車鎖定足球這一全球通用文化語言，選擇與歐洲足球強國葡萄牙國家隊戰略合作，可謂精準破局的差異化妙招。葡萄牙國家隊擁有 C 朗等世界級巨星，在歐洲、拉美及全球擁有海量球迷群體，其頂級足球 IP 的全球影響力與世界級價值背書，為長安汽車搭建起高效觸達全球受眾的橋樑。
2026 年世界盃前夕，長安汽車成為首個攜手歐洲頂級足球國家隊的中国车企，此舉跳出了傳統營銷維度，將品牌觸角深度延伸至歐洲核心市場及輻射區域。活動現場，雙方聯合發布品牌聯名影片《Sounds like Changan》，圓滿完成歐洲首台深藍 S05 插混車型（PHEV）海外交付。與此同時，長安汽車也正式開啟相關 PHEV 車型歐洲長距離測試，全面考驗車輛的長續航、快充、低能耗和耐久性。藉此機會，長安汽車不僅實現品牌曝光的跨越式提升，更以體育精神為紐帶，打破海外市場對中國汽車品牌的刻板印象，也讓全球用戶在足球的激情與拼搏中，對長安汽車的品牌價值有了新的認知，為後續市場深耕掃清障礙。
從產品輸出到價值共鳴，鑄就央企出海標竿作為新央企，長安汽車積極響應國家高水準對外開放號召，其全球化之路早已超越“把車賣到海外”的初級階段，而是升格為“融入當地、價值共鳴”的深層價值融合。足球所蘊含的團隊協作、永不言棄的精神，與長安汽車在技術研發、品質打磨上的執著追求高度契合，雙方攜手實現了一流企業與一流球隊的峰頂相見。
這份精神共鳴，是長安汽車從“走出去”到“走進去”的生動實踐。倚靠新央企平台優勢，長安高效整合全球資源，以藍鯨超擎混動、天樞智能系統為核心技術支撐，打造兼具品質與實力的全球化產品矩陣。2025 年，長安海外銷量達 63.7 萬輛，同比增長 18.85%，佔總銷量超 20%；2026 年 4 月海外交付同比大增 69.9%，增速領跑行業。亮眼光績背後，是長安作為央企的責任與擔當。長安汽車不僅能輸出優質產品，更能傳遞中國品牌向上、向新的精神力量，成為中國工業汽車走向全球的核心名片。
深耕全球化全維佈局，鎖定世界一流品牌目標對於長安汽車來講，簽約葡萄牙國家隊只是其全球化宏大版圖的重要一環。以“海納百川”計劃 2.0 為戰略指引，長安堅持“長期化、本地化、體系化、ESG 建設一體化”四大原則，構建"152"全球化佈局，推動全球化從產品貿易主導型，向製造、貿易、投資、服務、ESG 建設等全業務綜合型模式轉型。
在市場與產能佈局上，長安全球銷售網絡覆蓋 118 個國家和地區，擁有 1124 家海外銷售網點；建成 22 個海外製造基地，泰國羅勇新能源工廠、巴西工廠相繼投產，因地制宜適配本地需求，踐行“在當地、為當地”理念。產品層面，累計投放 41 款車型，覆蓋燃油、純電、插混全品類，深藍 S05 等車型批量出口歐洲，獲得國際市場廣泛認可。
放大睇
面向未來，長安目標清晰堅定：到 2030 年，海外銷量倍增至 150 萬輛、奮戰 180 萬輛，力爭躋身全球汽車品牌 TOP10，歐亞市場進入區域世界品牌 TOP5。從綠茵賽場到全球賽道，長安汽車正以開放姿態、央企擔當與實幹魄力，持續拓寬中國汽車出海邊界，讓中國智造的身影馳騁全球，讓中國汽車力量響徹世界。（完）
