In the Malaysian SUV market, many buyers compare Perodua Aruz and Mazda CX-3 when choosing a car. These two models are quite close in price and positioning. Today, we will conduct a detailed comparison from multiple aspects to save you time on research.

Price and Versions

Perodua Aruz's 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.

Mazda CX-3's OTR price in Malaysia is RM 126,159 - 139,159, with a total of 2 versions, including 2023 2.0L High (RM 139,159), 2023 2.0L Plus (RM 126,159), etc.

From a price perspective, the starting price of Perodua Aruz is indeed RM 53,259 cheaper than Mazda CX-3. If your budget is limited, Perodua's entry-level version can already meet daily needs. However, note that the few thousand dollars saved might involve trade-offs in features, depending on your specific needs.

Power and Fuel Consumption

Perodua Aruz is equipped with a 1.5L 4-cyl, 105 hp. Official fuel consumption 6.0 L/100km.

Mazda CX-3 is equipped with a 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.

In terms of power, Mazda CX-3's 1.5L Turbo has 35 more horsepower than Perodua Aruz's 1.5L 4-cyl. However, for daily city driving, both cars have sufficient power, and you won't feel underpowered.

Safety Features

Perodua Aruz's safety rating is 5★ (ASEAN NCAP), active safety systems include .

Mazda CX-3's safety rating is 5★ (ASEAN NCAP), active safety systems include i-Activsense.

Both cars have the same safety rating, and safety features are quite complete in this class. New cars nowadays have good safety, no need to worry too much about this.

Maintenance and Service

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

Mazda CX-3 warranty 5 years/150,000km, service interval every 10,000km or 6 months.

Both cars have the same warranty conditions, no need to struggle with this. Actual maintenance costs depend on the brand's service network and parts prices. Suggest asking real owners in car enthusiast groups for experience.

Summary

Overall, Perodua Aruz and Mazda CX-3 are both excellent models in the Malaysian market. Which one to choose ultimately depends on your personal needs and budget. We recommend doing your homework, comparing quotes from multiple dealers, and test driving before making a final decision. Buying a car is a big deal, spending time researching is never wrong.

In the Malaysian SUV market, many buyers compare Perodua Aruz and Proton X70 when choosing a car. The price and positioning of these two cars are quite close. Today we will make a detailed comparison from multiple aspects to help you save time on research.

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.

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.

Looking at the price, Perodua Aruz's starting price is indeed RM 33,900 cheaper than Proton X70. If your budget is limited, Perodua's entry-level version can already meet daily needs. However, be aware that the difference of a few thousand might involve trade-offs in features, it depends on your specific needs.

Power and Fuel Consumption

Perodua Aruz is equipped with 1.5L 4-cyl, 105 hp. Official fuel consumption 6.0 L/100km.

Proton X70 is equipped with 1.5L Turbo, 140 hp. Official fuel consumption 7.0 L/100km.

In terms of power, Proton X70's 1.5L Turbo has 35 more horsepower than Perodua Aruz's 1.5L 4-cyl. However, for daily city driving, both cars' power is sufficient, you won't feel it lacks power.

Safety Features

Perodua Aruz safety rating is 5★ (ASEAN NCAP), active safety systems include.

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, safety features are quite comprehensive in this class. New cars nowadays are not lacking in safety, no need to worry too much about this.

Configuration and Technology

Perodua Aruz adopts FWD drive mode.

Proton X70 adopts FWD drive mode.

Both cars have the same drive mode, both are FWD, there won't be much difference in daily driving experience.

Summary

Overall, Perodua Aruz and Proton X70 are both very good models in the Malaysia market. Which one to choose depends mainly on your personal needs and budget. We suggest doing your research, comparing quotes from several dealerships, and test driving to make a final decision. Buying a car is a major event, spending time on research will never be wrong.

喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拿 Perodua Ativa 同 Honda WR-V 嚟做比較。這兩款車喺價位同定位上都幾近，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。

價錢同版本

Perodua Ativa 喺馬來西亞嘅 OTR 售價係 RM 62,500 - 73,400，一共有 3 個版本，包括 1.0L Turbo X（RM 62,500）、1.0L Turbo H（RM 67,300）、1.0L Turbo AV（RM 73,400） 等。

Honda 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。

從價錢嚟睇，Perodua Ativa 嘅起步價確實比 Honda WR-V 平咗 RM 27,400。如果你預算有限，Perodua 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舍，具體要看你嘅需求。

動力同油耗

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

Honda WR-V 配備 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。

兩款車用嘅係同一套動力系統，日常開起嚟嘅感受基本冇咩分別。油耗方面都差唔多，唔使太糾結呢一點。

空間同舒適度

Perodua Ativa 車身長 4400 mm，行李廂 400 L。

Honda WR-V 車身長 4400 mm，行李廂 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。

配備同科技

Perodua Ativa 採用 FWD 驅動方式。

Honda WR-V 採用 FWD 驅動方式。

兩款車嘅驅動方式一樣，都係 FWD，日常駕駛感受唔會有太大分別。

總結

總嚟講，Perodua Ativa 同 Honda WR-V 都係馬來西亞市場好唔錯嘅車型。揀邊輛，關鍵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，再去試駕做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。

喺馬來西亞嘅汽車市場，好多買家喺揀車嘅時候都會拿 Proton X90 同 MG MG HS 來做比較。今日我哋從多個方面做一個詳細嘅比較，幫你省咗做功課嘅時間。

價錢同版本

Proton X90 喺馬來西亞嘅 OTR 售價係 RM 106,800 - 122,800，一共有 4 個版本，包括 2026 1.5T Prime X（RM 122,800）、2026 1.5T Prime（RM 116,800）、2026 1.5T Lite（RM 106,800）等。

MG 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。

從價錢睇，Proton X90 嘅起步價的確比 MG MG HS 平咗 RM 23,650。如果你預算有限，Proton 嘅入門版已經可以滿足日常需求。但都要留意，平嘅嗰幾千蚊，可能喺配備上會有取捨，具體要看你嘅需求。

空間同舒適度

Proton X90 車身長 4400 mm，行李箱 400 L。

MG MG HS 車身長 4400 mm，行李箱 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。

保養同維修

Proton X90 保用 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。

MG MG HS 保用 7 年/150,000km，保養間隔 每 10,000km 或 6 個月。

適合邊種人

Proton X90 同 MG MG HS 都係馬來西亞市場嘅主流選擇，適合家庭用途、日常通勤。如果你更睇重品牌口碑同二手價，可以優先考慮口碑更好嗰款；如果你更在意性價比同配備，那就揀配置更豐富嗰款。最終都係建議兩款都去試駕，親身感受先係最重要嘅。

總結

總體嚟講，Proton X90 同 MG MG HS 都係馬來西亞市場幾唔錯嘅車型。揀邊輛，關鍵都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，再去試駕做最終決定。買車係件大事，花啲時間做功課絕對唔會錯。

車型概覽

平治S系列 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。 呢篇會集中講香港停車場同窄路使用，幫你用買家角度篩走唔適合嘅選擇。

零售價 HK$ 882,328 - 1,011,638、完稅價 HK$ 1,815,000 - 2,115,000 令預算位置更清楚，買家可以先估算月供、保險、泊車同日常開支。

購車價格指南

平治S系列 嘅購車預算可以先由 零售價 HK$ 882,328 - 1,011,638、完稅價 HK$ 1,815,000 - 2,115,000 開始計。香港買車唔只係睇車價，月供、保險、牌費、泊車同能源成本都會影響每月壓力。

如果有幾個版本可揀，可以先將 2026 S 500 4MATIC FL AMG Line（HK$ 2,115,000）、2026 S 500 4MATIC FL（HK$ 1,980,000）、2026 S 450 4MATIC FL AMG Line（HK$ 1,950,000）、2026 S 450 4MATIC FL（HK$ 1,815,000） 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 平治S系列 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。

381 Ps / 280 kW / 449 Ps / 330 kW、500/560 N·m 嘅輸出，令高速併線同短距離超車更有信心。 車長 5289/5320 mm、車闊 2109 mm、車高 1503 mm 可以幫你預判商場停車場、屋苑車位同後排腿部空間。 手自一體(AT)、前置四駆 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

平治S系列 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：預算位置清楚，方便同同級車直接比較、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 平治S系列 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「Mercedes-Benz S-Class 體型咁大，出入舊區或者狹窄停車場會唔會好難操控？」簡單講，雖然 Mercedes-Benz S-Class 車身長度超過 5 米，但配備咗後軸轉向系統，後輪轉向角度高達 10 度。呢個功能令迴轉直徑縮減到 11 米以內，即使喺中環舊式多層停車場或者窄路掉頭，靈活性同 A-Class 差唔多，大幅減低咗駕駛壓力。 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 平治S系列 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：先用 零售價 HK$ 882,328 - 1,011,638、完稅價 HK$ 1,815,000 - 2,115,000 鎖定預算圈、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 平治S系列 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。

With the World Cup hype approaching, a powerful alliance crossing mountains and seas has written a new footnote in China's automotive globalization journey. Late at night on May 22 Beijing Time, Changan Automobile officially formed a global strategic partnership with the Portugal Football Association, becoming the global official partner of the Portugal National Team. This peak meeting between a Chinese car company and a top European football club is not only a cross-border resonance between sports IPs and car brands, but also a firm practice of Changan Automobile anchoring the globalization track, deeply cultivating the overseas market, and pushing China's smart manufacturing to sail the world.

With the global automotive industry competition entering a deep-water zone, the globalization of Chinese car companies has upgraded from simple product trade to a deep output of brand value and cultural concepts. As a new central enterprise card for China's automotive industry, Changan Automobile firmly promotes global layout with the strategic vision of "No Overseas, No Changan". This partnership with the Portugal National Team is precisely the key move to leverage top resources, break cognitive barriers, and achieve the leap from "product going overseas" to "value going overseas", demonstrating the hard power and grand vision of China's smart manufacturing going to the world.

Leveraging Top Football IPs to Precisely Break Overseas Brand Barriers

In the second half of globalization competition, simple product output has become difficult to break the inherent cognition of overseas markets towards Chinese brands. Changan Automobile targets football, this global common cultural language, choosing strategic cooperation with the European football powerhouse Portugal National Team, which can be described as a differentiated move to precisely break the situation. The Portugal National Team boasts world-class stars such as Cristiano Ronaldo, possessing a massive fan base in Europe, Latin America, and globally. Its top football IP's global influence and world-class value endorsement build a bridge for Changan Automobile to efficiently reach global audiences.

On the eve of the 2026 World Cup, Changan Automobile became the first Chinese car company to partner with a top European football national team. This move stepped out of traditional marketing dimensions, extending brand reach deeply into European core markets and radiation areas. At the event site, both parties jointly released the branded film "Sounds like Changan", successfully completing the first overseas delivery of the Deep Blue S05 plug-in hybrid model (PHEV) in Europe. Meanwhile, Changan Automobile also officially started the long-distance European testing of relevant PHEV models, comprehensively testing the vehicle's long range, fast charging, low energy consumption, and durability. With this opportunity, Changan Automobile not only achieved a leap in brand exposure but also used sportsmanship as a bond to break stereotypes of Chinese car brands in the overseas market, allowing global users to have a new understanding of Changan Automobile's brand value amidst the passion and struggle of football, paving the way for subsequent market deepening.

From Product Output to Value Resonance, Casting a Central Enterprise Going Overseas Benchmark

As a new central enterprise, Changan Automobile actively responds to the national call for high-level opening up. Its globalization journey has long surpassed the primary stage of "selling cars overseas", but upgraded to a deep value fusion of "integrating locally, resonating in value". The spirit of team collaboration and never giving up contained in football highly matches Changan Automobile's persistent pursuit in technology R&D and quality polishing. Both sides joined hands to realize a peak meeting between a first-class enterprise and a first-class team.

This spiritual resonance is a vivid practice of Changan Automobile from "going out" to "going in". Relying on the advantages of the new central enterprise platform, Changan efficiently integrates global resources, with Blue Whale Supercharging Hybrid and Tianzhu Intelligent System as core technical support, creating a global product matrix combining quality and strength. In 2025, Changan's overseas sales reached 637,000 units, a year-on-year increase of 18.85%, accounting for over 20% of total sales; overseas deliveries in April 2026 surged by 69.9% year-on-year, leading the industry in growth rate. Behind the bright results lies the responsibility and commitment of Changan as a central enterprise. Changan Automobile can not only export quality products but also convey the spiritual power of Chinese brands moving upwards and towards newness, becoming a core card for China's automotive industry going global.

Deeply Cultivating Global Comprehensive Layout, Anchoring the Goal of a World-Class Brand

For Changan Automobile, signing the Portugal National Team is just an important part of its grand global landscape. Guided by the "Broad As the Sea" Plan 2.0, Changan adheres to the four major principles of "Long-term, Localization, Systematic, ESG Construction Integration", building a "152" global layout, promoting the transformation of globalization from a product trade-dominated model to a comprehensive model covering manufacturing, trade, investment, service, and ESG construction.

In terms of market and capacity layout, Changan's global sales network covers 118 countries and regions, with 1,124 overseas sales outlets; 22 overseas manufacturing bases have been built, with the Thailand Rayong New Energy Factory and Brazil Factory successively putting into production, adapting to local needs locally and practicing the concept of "In the Local, For the Local". At the product level, 41 car models have been launched cumulatively, covering fuel, pure electric, and plug-in hybrid categories. Deep Blue S05 and other models have been exported to Europe in batches, gaining widespread recognition from the international market.

Zoom In

Looking towards the future, Changan's goal is clear and firm: By 2030, overseas sales will double to 1.5 million units, striving for 1.8 million units, aiming to rank among the global automotive brand TOP10, and enter the regional world brand TOP5 in the Europe and Asia market. From the green field to the global track, Changan Automobile, with an open posture, central enterprise responsibility, and pragmatic courage, continues to broaden the boundaries of Chinese cars going overseas, letting the figure of China's smart manufacturing gallop globally, and letting the strength of Chinese cars resonate across the world. (End)

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.

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。