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In the SUV market in Malaysia, many buyers compare the Proton X70 and Mitsubishi Xforce when choosing a car. These two models are quite close in price and positioning. Today, we will make a detailed comparison from multiple aspects to save you time doing your research.
The Proton X70 OTR price in Malaysia is RM 106,800 - 122,300, with a total of 3 versions, including 1.5L Standard 2WD (RM 106,800), 1.5L Executive 2WD (RM 115,800), 1.5L Premium 2WD (RM 122,300), etc.
The Mitsubishi Xforce OTR price in Malaysia is RM 109,930 - 119,930, with a total of 2 versions, including 2026 1.5L Ultimate (RM 119,930), 2026 1.5L Urban (RM 109,930), etc.
In terms of price, the starting price of the Proton X70 is indeed RM 3,130 cheaper than the Mitsubishi Xforce. If your budget is limited, the Proton entry-level version is already sufficient for daily needs. However, also note that the few thousand dollars saved might involve trade-offs in features, depending on your specific needs.
The Proton X70 is equipped with a 1.5L Turbo, 140 hp. Official fuel consumption is 7.0 L/100km.
The Mitsubishi Xforce is equipped with a 1.5L Turbo, 140 hp. Official fuel consumption is 7.0 L/100km.
Both cars use the same powertrain system, and the driving experience is basically no different. Fuel consumption is also similar, no need to worry too much about this.
The Proton X70 body length is 4400 mm, trunk 400 L.
The Mitsubishi Xforce body length is 4400 mm, trunk 400 L.
The dimensions of both cars are almost the same, and the interior space difference is not significant. For a car in this class, it is completely sufficient for daily use.
Both the Proton X70 and Mitsubishi Xforce are 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 and features, choose the one with richer configurations. Ultimately, it is recommended to test drive both, as personal experience is the most important.
Overall, both the Proton X70 and Mitsubishi Xforce are very good models in the Malaysian market. Which one to choose depends mainly on your personal needs and budget. It is recommended that you do your homework, compare quotes from several dealerships, and then go for a test drive to make a final decision. Buying a car is a big matter; spending some time doing research will definitely not be a mistake.
7 月 16 日，廣汽集團喺廣汽傳祺工廠舉辦 3,000 萬用戶感恩盛典，場以“3,000 萬信賴 同品質同行”為主題嘅活動，唔單止見證廣汽整車總產量突破 3,000 萬輛嘅歷史性時刻，更完整展現咗呢間深耕汽車產業 29 年嘅車企，從合資建廠到自主突圍、從燃油車領跑到新能源轉型、立足國內走向全球市場嘅完整成長脈絡。來自政府主管單位、汽車行業協會、上下游產業鏈、海內外車主同媒體代表齊聚現場，共同見證屬於中國汽車產業嘅高光節點。
從第一台整車下線到第 3,000 萬輛正式交付，廣汽走過 29 載歲月，3,000 萬台整車嘅厚重數字，絕非單純嘅銷量規模符號，而係多層價值嘅疊加。 今次交付極具標誌性意義：全球多基地同步聯動下線廣汽本田 P7、豐田铂智 7、啟境 GT7、埃安 N60、昊鉑 S600 五台新能源車型，作為第 29,999,995 至 29,999,999 台整車，壓軸登場嘅第 3,000 萬輛車型為右舵版傳祺 M8 PHEV，定向交付泰國知名車主 Tony Jaa。全線下線車輛清一色新能源產品，直觀印證廣汽全面電動化、智能化嘅轉型節奏，也釋放出品牌深耕海外右舵市場、發力全球化新能源佈局嘅清晰信號。
喺我睇嚟，呢個交付設計暗藏兩大行業趨勢：其一，新能源已經成為廣汽產銷增長嘅絕對主力，燃油與合資車型唔再係增長基本盤；其二，海外市場成為廣汽全新增長曲線，右舵 MPV 車型交付海外車主，說明自主品牌高端新能源車型已具備出海競爭力，擺脫過去低價出口嘅刻板標籤。
市場數據同樣印證轉型成效：2026 上半年廣汽累計銷售 77.31 萬輛，同比小幅上漲 2.35%；新能源板塊爆發力突出，銷量同比大漲 68.8%；海外出口 12 萬餘台，增幅高達 132%。喺國內車巿價格戰內捲、海外貿易壁壘加劇嘅雙重壓力下，廣汽實現銷量、新能源、出口三端同步增長，足以證明“電動化 + 全球化”雙戰略嘅可行性，為國內其他車企提供可參考嘅發展範本。
活動現場，廣汽集團董事長馮興亞明確表態：品質係廣汽絕唔妥協嘅核心底線。歷經近三十年沉澱，廣汽融合本田 TQM 全面質量管理、豐田 TPS 精益生產模式，結合本土嶺南務實文化，打造獨有嘅“融合創新”質量管理體系，將可靠體驗貫穿車輛研發、製造、交付全流程。
廣汽新車上市前必須完成“五高一山一塵”極端環境測試，歷經兩冬一夏實地路試；整車實驗室覆蓋 12 大類別、1,500 多項驗證項目，任何零部件、整車性能瑕疵都會喺量產前攔截。作為全球首個新能源汽車燈塔工廠，廣汽埃安智能工廠依靠數字化、自動化生產線，實現量產車型品質穩定統一，喺製造端降低品控波動。
同時廣汽自研星靈安全守護體系，搭建智能底盤、主被動安全、智能駕駛輔助、電池安全四大防護維度，八大核心系統採用雙冗餘設計，累計為近 200 萬車主規避 628 萬次潛在行車風險；自研彈匣電池裝車量突破 150 萬台，安全行駛里程超 1,600 億公里，喺底層解決新能源用戶最擔憂嘅電池安全痛點。同時業界首创自主品牌“三擔責”政策，針對電池、智能駕駛輔助兩大用戶核心顧慮主動兜底，將安全承諾落實喺售後層面。
喺我睇嚟，而家好多車企將宣傳重心放喺智能座艙、加速性能等表面賣點，卻弱化基礎品控同安全投入。廣汽堅持“品質優先於規模”嘅思路，恰恰抓住汽車產業嘅本質：汽車作為高頻使用嘅大宗出行工具，安全同耐用先至係用戶長期選擇品牌嘅核心邏輯，都係廣汽能夠累積 3,000 萬用戶嘅核心競爭力。
以用戶為中心：全週期服務體系，打通用車全鏈路痛點“人为本、信为道、创为先”係廣汽長期堅守嘅企業理念，落實喺經營層面，就係一套覆蓋售前、用車、售後、補能、反饋嘅完整用戶服務生態。
首先喺用戶層面，常態化開展“用戶全開麥”線下座談會，邀請車主走進企業總部面對面提建議，配套閉環整改機制，用戶反饋嘅個性化需求、批量共性問題均可快速落地優化；專門設立用戶洞察部門，喺組織架構層面保障用戶訴求件件有回應，真正做到以用戶需求反向驅動產品迭代。
而喺渠道端，就加速下沉縣域市場，年內計劃新增 1,000 家縣域授權門店，解決三四線城市、鄉鎮車主保養、購車不便嘅問題；線上上線“超級管家”服務，5 秒快速響應諮詢、2 小時內辦結用戶訴求，大幅壓縮售後等待時長。
同時喺補能網絡嘅建設上，廣汽能源搭建“9 縱 10 橫”全國充電網絡，截至 2026 年 6 月，建成 2,099 座充電站、27,107 根充電樁，其中超充樁超 2 萬根，覆蓋全國 31 個省份 213 座城市，核心城區實現直線 1 公里內必有充電站點，配套 386 根 V2C 雙向充電樁，打通車、電網、家庭能源互聯場景，直指新能源車主補能難、充電慢嘅行業痛點。
為回饋 3,000 萬車主長久陪伴，廣汽同步啟動3,000 萬輛下線・煥新感恩季活動，活動周期持續至 8 月底，旗下廣汽本田、廣汽豐田、傳祺、埃安、昊鉑、啟境六大乘用車品牌同步推出新購、置換、增購專屬優惠政策，將用戶信任轉化為實打實嘅購車福利，完成品牌同用戶嘅雙向回饋。
科技驅動長期增長：全域技術佈局，奔赴智能綠色新賽道3,000 萬係廣汽發展嘅里程碑，更係全新起跑線。依托累積超 620 億元研發投入、6,800 人全球研發團隊，廣汽喺動力、三電、智能網聯三大核心賽道持續攻堅，以自研技術構築長期競爭壁壘。
動力層面，由國傢卓越工程師團隊打造嘅星源動力平台，包含星源增程、星源插混、星源超級雙擎三條技術路線，兼顧無續航焦慮、低能耗、油電兼顧等多元用車需求。全套動力系統經過 10 萬小時台架測試、等效超 1,000 萬公里整車驗證，保證複雜路況、極端氣候下動力穩定，解決而家混動車型耐久性唔足嘅通病。
三電技術上，廣汽聚焦電池低溫衰減、快充速度短板，建成全固態電池中試產線；自研夸克電驅電機效率突破 99%，達到行業頂尖水平，喺核心零部件層面降低電耗、提升續航，喺底層提升新能源產品競爭力。
另外迭代升級嘅星靈電子電氣架構作為整車“超級大腦”，打通智駕、座艙、動力、底盤六大系統，整車綜合性能提升 40%；配套星河智艙實現端雲協同，讓車輛具備自主感知、學習、交互能力。同時廣汽聯合華為、寧德時代、騰訊、阿里等頭部企業共建智能汽車生態，填補自研之外嘅軟件、生態短板。
客觀嚟講，國內新能源車企分為兩條路線：一部分企業側重短期智能化配置堆砌，另一部分好似廣汽咁深耕底層動力、三電、整車架構核心技術。短期睇前者營銷效果更強，但長期底層自研技術先至係品牌穿越行業週期嘅護城河，廣汽持續高額研發投入嘅佈局，喺未來 3-5 年逐步釋放技術紅利。
結語29 年深耕，3,000 萬份用戶信賴，係廣汽堅守品質、擁抱變革、深耕用戶嘅最好答卷。站喺全新起點，廣汽以自研技術為內核、用戶需求為導向、全球化為發展路徑，加速向生態型科技企業轉型。喺中國汽車產業從“規模做大”轉向“價值做強”嘅關鍵階段，廣汽嘅發展實踐證明：唯有守住品質底線、持續技術創新、真正以用戶為中心，先至喺激烈嘅行業競爭中站穩腳跟，駛向更智能、綠色、全球化嘅全新出行時代。
In Malaysia's SUV market, many buyers compare Perodua Aruz and MG HS when choosing a car. These two cars are quite close in price and positioning, so 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 MG HS in Malaysia is RM 130,450 - 146,450, with a total of 2 versions, including 1.5L Standard (RM 105,000), 1.5L Executive (RM 115,000), etc.
From the price perspective, the starting price of Perodua Aruz is indeed RM 57,550 cheaper than MG HS. If your budget is limited, Perodua's entry-level version can already meet daily needs. But you also need to note that the few thousand difference might involve trade-offs in specifications, it depends on your specific needs.
Perodua Aruz body length 4400 mm, trunk 400 L.
MG HS body length 4400 mm, trunk 400 L.
The dimensions of both cars are almost the same, and the interior space difference is not significant. Cars at this level are completely sufficient for daily use.
Perodua Aruz uses FWD drive system.
MG HS uses FWD drive system.
The drive system of both cars is the same, both are FWD, there will not be a big difference in daily driving feel.
Both Perodua Aruz and MG HS are mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale price more, you can prioritize the one with the better reputation; if you care more about cost-performance ratio and specifications, then choose the one with richer configurations. Finally, it is recommended to test drive both cars, personal experience is the most important.
Overall, both Perodua Aruz and MG HS are very good models in the Malaysian market. Choosing which one depends on your personal needs and budget. We suggest everyone do their homework, compare quotes from multiple car dealers, and then go for a test drive to make the final decision. Buying a car is a big matter, spending some time doing research is never wrong.
In Malaysia's SUV market, many buyers compare Perodua Aruz and Chery Tiggo 8 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 OTR price of Perodua Aruz in Malaysia is RM 72,900 - 77,900, with a total of 2 variants, including 1.5L X (RM 72,900), 1.5L AV (RM 77,900), etc.
The OTR price of Chery Tiggo 8 in Malaysia is RM 129,750 - 129,750, with a total of 1 variant, including 2026 1.6T Standard (RM 129,750), etc.
In terms of price, the starting price of Perodua Aruz is indeed RM 56,850 cheaper than Chery Tiggo 8. If your budget is limited, Perodua's entry-level version can already meet daily needs. But note that the cheaper few thousand might involve trade-offs in equipment, depending on your specific needs.
Perodua Aruz is equipped with a 1.5L 4-cyl engine, 105 hp. Official fuel consumption 6.0 L/100km.
Chery Tiggo 8 is equipped with a 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.
In terms of power, the Chery Tiggo 8's 1.5L Turbo has 35 more horsepower than the Perodua Aruz's 1.5L 4-cyl. However, for daily city driving, both cars have sufficient power and won't feel underpowered.
Perodua Aruz body length 4400 mm, trunk 400 L.
Chery Tiggo 8 body length 4400 mm, trunk 400 L.
The dimensions of both cars are almost the same, and the interior space difference is not significant. For this class of cars, daily use is completely sufficient.
Perodua Aruz adopts FWD drive system.
Chery Tiggo 8 adopts FWD drive system.
Both cars have the same drive system, both are FWD, and the driving experience will not differ significantly.
Perodua Aruz and Chery Tiggo 8 are both 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 cost-performance ratio and features, choose the one with richer configuration. Finally, it is recommended to test drive both models; personal experience is the most important.
Overall, Perodua Aruz and Chery Tiggo 8 are both very good models in the Malaysian market. Which one to choose mainly depends on your personal needs and budget. It is recommended to do your homework, compare quotes from multiple car dealerships, and then test drive to make the final decision. Buying a car is a major matter; spending time on research is never wrong.
In the Malaysian SUV market, many buyers compare the Perodua Aruz and Proton X70 when choosing a car.
The 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.
The Proton X70 OTR price in Malaysia is RM 106,800 - 122,300, with a total of 3 versions, including 1.5L Standard 2WD (RM 106,800), 1.5L Executive 2WD (RM 115,800), 1.5L Premium 2WD (RM 122,300), etc.
In terms of price, the Perodua Aruz's starting price is indeed RM 33,900 cheaper than the Proton X70. If your budget is limited, the Perodua entry-level version already meets daily needs. However, also keep in mind that the cheaper price of a few thousand Ringgit may come with trade-offs in features, which depends on your specific requirements.
The Perodua Aruz safety rating is 5★ (ASEAN NCAP), active safety systems include .
The Proton X70 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 in this segment are quite comprehensive. New cars nowadays generally have good safety, so there is no need to worry too much about this.
The Perodua Aruz adopts FWD drive layout.
The Proton X70 adopts FWD drive layout.
Both cars have the same drive layout, both FWD, so daily driving feel will not differ much.
Perodua Aruz warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Proton X70 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Both cars have the same warranty conditions, no need to worry about this aspect. Actual maintenance costs also depend on the brand's service network and parts prices. It is recommended to ask real owners in car enthusiast groups for experience.
Both Perodua Aruz and Proton X70 are mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, you can prioritize the one with better reputation; if you care more about cost-performance ratio and features, choose the one with richer configuration. Ultimately, it is recommended to test drive both, and personal experience is the most important.
Overall, Perodua Aruz and Proton X70 are both very good models in the Malaysian market. Which one to choose depends mainly on your personal needs and budget. It is recommended that everyone do their homework, compare quotes from several dealerships, and then test drive to make the final decision. Buying a car is a big deal, spending some time on research will definitely not be wrong.
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。
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.
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。
