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In the Malaysian SUV market, many buyers compare the Proton X70 and Honda CR-V 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 doing your homework.
The Proton X70's 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 Honda CR-V's OTR price in Malaysia is RM 178,200 - 195,900, with a total of 4 versions, including 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), etc.
Looking at the price, the Proton X70's starting price is indeed RM 71,400 cheaper than the Honda CR-V. If your budget is limited, the Proton entry-level version is sufficient for daily needs. However, be aware that the price difference of a few thousand might involve trade-offs in features, depending on your specific needs.
The Proton X70 safety rating is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
The Honda CR-V safety rating is 5★ (ASEAN NCAP), active safety systems include Honda SENSING (ACC, CMBS, LKAS, RDM).
Both cars have the same safety rating. In this segment, safety features are quite comprehensive. New cars these days are not lacking in safety, so there is no need to worry too much about this.
Proton X70 body length 4400 mm, trunk 400 L.
Honda CR-V body length 4500 mm, trunk 450 L.
In terms of space, the Honda CR-V body is 100 mm longer than the Proton X70, offering more advantage in passenger space. However, the Proton X70 is a bit more flexible for parking in the city. Both have their trade-offs.
Proton X70 warranty 5 years/150,000km, maintenance interval every 10,000km or 6 months.
Honda CR-V warranty 5 years/unlimited mileage, maintenance interval every 10,000km or 6 months.
Overall, the Proton X70 and Honda CR-V are both very good models in the Malaysian market. Which one to choose ultimately depends on your personal needs and budget. It is recommended to do your homework, compare quotes from multiple car dealers, and then test drive to make the final decision. Buying a car is a big matter, spending some time doing homework will definitely not go wrong.
In Malaysia's SUV market, many buyers compare the Proton X50 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 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 Mitsubishi Xforce 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 Proton X50 is indeed RM 20,130 cheaper than Mitsubishi Xforce. If your budget is limited, the Proton entry-level version can already meet daily needs. However, note that the few thousand Ringgit savings might involve trade-offs in features, depending on your specific needs.
Proton X50 is equipped with a 1.5L 4-cylinder, 105 hp. Official fuel economy 6.0 L/100km.
Mitsubishi Xforce is equipped with a 1.5L Turbo, 140 hp. Official fuel economy 7.0 L/100km.
In terms of power, Mitsubishi Xforce's 1.5L Turbo has 35 hp more than Proton X50's 1.5L 4-cylinder. However, for daily city driving, both cars have sufficient 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).
Mitsubishi Xforce's safety rating is 5★ (ASEAN NCAP), active safety systems include MI-PILOT.
Both cars have the same safety rating; safety features in this class are quite comprehensive. New cars nowadays generally have good safety, so there's no need to worry too much about this.
Proton X50 body length 4400 mm, trunk 400 L.
Mitsubishi Xforce body length 4400 mm, trunk 400 L.
The dimensions of both cars are almost identical, with little difference in interior space. For this class of cars, it is fully sufficient for daily use.
Proton X50 uses 4WD drive mode.
Mitsubishi Xforce uses FWD drive mode.
Proton's 4WD and Mitsubishi's FWD will offer different driving experiences; test drive comparison is recommended.
Overall, both Proton X50 and Mitsubishi Xforce are excellent models in the Malaysian market. Which one to choose depends on your personal needs and budget. We suggest doing your research, compare quotes from several dealerships, and then test drive to make the final decision. Buying a car is a big deal, spending time on research will never be a mistake.
喺馬來西亞嘅SUV市場，好多買家喺揀車嘅時候都係會拿 Proton X50 同 Toyota Corolla Cross 嚟做比較。呢兩部車喺價位同定位上都好接近嘅，而家我哋就由多個方面做一個詳細嘅比較，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 - 113,300，一共有 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。
Toyota Corolla Cross 喺馬來西亞嘅 OTR 售價係 RM 133,800 - 148,800，一共有 3 個版本，包括 2026 HEV 1.8L GR Sport（RM 148,800）、2026 HEV 1.8L Standard（RM 140,800）、2026 1.8L Standard（RM 133,800） 等。
睇返價錢，Proton X50 嘅起步價確實比 Toyota Corolla Cross 平咗 RM 44,000。如果你預算有限，Proton 嘅入門版已經可以滿足日常需求。但都要注意，平嗰幾千蚊，可能喺配備上會有取捨，具體要看你嘅需求。
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)。
Toyota Corolla Cross 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 TSS (PCS, LDA, ACC, LTA)。
兩部車嘅安全評級一樣，喺呢個級別入面安全配備都算給得好齊全啦。而家嘅新車安全性都唔差，唔使太擔心這一點。
Proton X50 保養保用 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Toyota Corolla Cross 保養保用 5 年/無限制里程，保養間隔 每 10,000km 或 6 個月。
Proton X50 同 Toyota Corolla Cross 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更睇重品牌口碑同二手價，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，那就揀配置更豐富嗰款。最終都建議兩部都去試駕，親身體驗先係最重要。
總嚟講，Proton X50 同 Toyota Corolla Cross 都係馬來西亞市場好唔錯嘅車型。揀邊一部，關鍵都係要睇你個人嘅需求同預算。建議大家做足功課，多比較幾間車行嘅報價，再去試駕做最終決定。揀車係件大事，花啲時間做功課絕對唔會錯。
In Malaysia's SUV market, many buyers compare Perodua Aruz and Mazda CX-5 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.
The OTR price for Perodua Aruz in Malaysia is RM 72,900 - 77,900. There are 2 versions in total, including 1.5L X (RM 72,900), 1.5L AV (RM 77,900), etc.
The OTR price for Mazda CX-5 in Malaysia is RM 135,469 - 166,760. There are 3 versions in total, including 2025 2.0L AT 35th Anniversary (RM 316,154), 2025 2.0L AT (RM 296,154), 2025 2.0L MT (RM 294,154), etc.
In terms of price, the starting price of Perodua Aruz is indeed RM 62,569 cheaper than Mazda CX-5. If your budget is limited, Perodua's entry-level model is already sufficient for daily needs. However, keep in mind that the few thousand difference may involve trade-offs in features, depending on your needs.
Perodua Aruz safety rating is 5★ (ASEAN NCAP), active safety systems include .
Mazda CX-5 safety rating is 5★ (ASEAN NCAP), active safety systems include .
Both cars have the same safety rating, and safety features are quite comprehensive for this class. New cars nowadays generally have good safety, so there is no need to worry too much about this.
Perodua Aruz warranty is 5 years/150,000km, service interval every 10,000km or 6 months.
Mazda CX-5 warranty is 5 years/150,000km, service interval every 10,000km or 6 months.
Both cars have the same warranty conditions, no need to stress about this. Actual maintenance costs depend on the brand's service network and parts prices. It is recommended to ask real car owners in car owner groups for their experience.
Both Perodua Aruz and Mazda CX-5 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 value for money and features, choose the one with richer configurations. Ultimately, it is recommended to test drive both, as personal experience is most important.
Overall, both Perodua Aruz and Mazda CX-5 are very good models in the Malaysian market. Choosing which one depends mainly on your personal needs and budget. We recommend doing your research, comparing quotes from several dealerships, and then test driving before making a final decision. Buying a car is a major matter; spending time on research will definitely not be a mistake.
In Malaysia's SUV market, many buyers will compare Perodua Aruz and Proton X50 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.
Perodua Aruz has an OTR price in Malaysia of RM 72,900 - 77,900, with 2 variants in total, including 1.5L X (RM 72,900), 1.5L AV (RM 77,900), etc.
Proton X50 has an OTR price in Malaysia of RM 89,800 - 113,300, with 4 variants in total, including 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300), etc.
From a price perspective, Perodua Aruz's starting price is indeed RM 16,900 cheaper than Proton X50. If your budget is limited, Perodua's entry-level version can already meet daily needs. But note, the cheaper few thousand Ringgit may have trade-offs in features, it depends specifically on your needs.
Perodua Aruz is equipped with 1.5L 4-cyl, horsepower 105 hp. Official fuel consumption 6.0 L/100km.
Proton X50 is equipped with 1.5L 4-cyl, horsepower 105 hp. Official fuel consumption 6.0 L/100km.
Both cars use the same powertrain, the feeling of daily driving is basically no difference. Fuel consumption is also similar, no need to worry too much about this.
Perodua Aruz warranty 5 years/150,000km, service interval every 10,000km or 6 months.
Proton X50 warranty 5 years/150,000km, service interval every 10,000km or 6 months.
The warranty conditions for both cars are the same, no need to worry about this. Actual maintenance costs also depend on the brand's service network and parts prices, recommended to ask in car owner groups for real owners' experience.
Perodua Aruz and Proton X50 are both mainstream choices in the Malaysia market, suitable for family use, daily commuting. If you value brand reputation and resale price 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. Finally it is recommended to test drive both cars, hands-on experience is the most important.
Overall, Perodua Aruz and Proton X50 are both very decent models in the Malaysia market. Which one to choose, the key depends on your personal needs and budget. Everyone is suggested to do research, compare quotes from several dealerships, then go for test drive to make final decision. Buying a car is a big matter, spending time on research will definitely not be wrong.
在馬來西亞嘅房車市場，好唔少買家喺揀車嗰陣都會拎 凌志 ES 同 賓士 E-Class 嚟比較。呢兩款車喺價位同定位上都幾接近，今日我哋就從多個方面做一個詳細比較，幫各位節省做功課嘅時間。
凌志 ES 喺馬來西亞嘅 OTR 售價係 RM 320,888 - 371,888，一共有 4 個版本，包括 2025 250 F Sport（RM 371,888）、2025 250 Luxury（RM 356,888）、2025 250 Premium（RM 320,888） 等。
賓士 E-Class 喺馬來西亞嘅 OTR 售價係 RM 363,888 - 363,888，一共有 2 個版本，包括 E 200 Avantgarde（RM 350,000）、E 300 AMG Line（RM 400,000） 等。
從價錢嚟睇，凌志 ES 嘅起價確實比 賓士 E-Class 平咗 RM 43,000。如果你預算有限，凌志嘅入門版已經可以滿足日常需要。但都要留意，平嗰幾千塊，可能喺配備上會有取舍，具體要睇你嘅需求。
凌志 ES 搭載 2.0L Turbo，馬力 220 匹。官方油耗 公升/100 公里。
賓士 E-Class 搭載 2.0L Turbo，馬力 220 匹。官方油耗 公升/100 公里。
兩款車用緊同一套動力系統，日常開起嚟嘅感受大致冇分別。油耗方面也差唔多，唔使太糾結這一點。
凌志 ES 車身長 4400 毫米，車尾箱 400 公升。
賓士 E-Class 車身長 4400 毫米，車尾箱 400 公升。
兩款車嘅尺寸幾乎一樣，車廂空間分別唔大。呢個級別嘅車，日常使用完全够用。
凌志 ES 採用前輪驅動 方式。
賓士 E-Class 採用前輪驅動 方式。
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。
凌志 ES 保養期 3 年/100,000 公里，保養間隔 每 10,000 公里或 6 個月。
賓士 E-Class 保養期 3 年/100,000 公里，保養間隔 每 10,000 公里或 6 個月。
兩款車嘅保修條件一樣，呢方面唔使糾結。實際保養成本仲要睇品牌嘅服務網絡同零件價格，建議去車友群問下真實車主嘅經驗。
總體嚟講，凌志 ES 同 賓士 E-Class 都係馬來西亞市場幾好嘅車型。揀邊一輛，關鍵仲要睇你嘅個人需要同預算。建議大家做好做功課，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，花啲時間做功課絕對唔會錯。
車型概覽
五菱宏光Mini BEV 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。
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
五菱宏光Mini BEV 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 205km 後驅版（價格待確認）、2024 120km 後驅版 磷酸鐵鋰（價格待確認）、2024 170km 後驅版 三元鋰（價格待確認）、2024 215km 後驅版 磷酸鐵鋰（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 五菱宏光Mini BEV 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。
16.2/9.3/13.4/17.3 kWh 嘅電池容量，真正意義係可以幫你估算一星期通勤同周末出車要唔要中途補電。 205/120/170/215 km 嘅續航參考，對住喺新界、九龍同港島之間跨區行車嘅用家會更實際。 8.9 kWh/100km 嘅耗電表現，會影響你去快充站或者屋苑充電位嘅頻率。 30/20 kW、85/92 N·m 嘅輸出，令高速併線同短距離超車更有信心。
優缺點分析
五菱宏光Mini BEV 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：日常能源成本有基本參考、電池同續航資訊有助安排通勤同補電、動力輸出對高速同上斜更有底氣。
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 五菱宏光Mini BEV 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「五菱 Wuling 宏光 Mini EV 泊車容易嗎？」簡單講，係，五菱 Wuling 宏光 Mini EV 車身長度唔夠 3 米，非常容易泊位。 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 五菱宏光Mini BEV 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、再比較能源成本同補能便利、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 五菱宏光Mini BEV 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。
Have you ever seen the roads in India?
I've seen them online.
The scene is usually like this: a sedan blocked behind a cow, motorcycles running wild nearby, even milk tea vendors nearby, so "clean and hygienic".
However, in a place where many feel physically uncomfortable after watching, Toyota, Suzuki, Honda and other Japanese car companies decided to bet on India.
According to the Indian "Brand Quality Foundation" website, the three car companies will invest nearly $11 billion to build factories, increase capacity, and develop exports in India.
Some netizens commented: Did the three Japanese car companies have too much money?
In fact, they didn't have endless money to spend, nor were they bewildered by Indian curry. These Japanese car executives are much clearer than us.
Current Japanese car revenue and market share are declining. Raw material costs are soaring. Looking at the world map, finding a market that can accommodate capacity, expand share, and has gentle competition is not easy.
So, it wasn't that Japanese car companies chose India, but because they had no choice.
The Pain of Japanese Car Companies
Past Japanese cars were truly the envy of others.
Ask old drivers who drove Japanese cars over ten years ago, talking about Japanese cars, almost no one doesn't give a thumbs up, cheap price, fuel saving, durable...
Even many Japanese cars needed to be bought at a markup, but who would think this iron fortress would be beaten out of sight in a few short years.
With the wave of new energy vehicles coming, electrification and intelligence became the goal for many domestic car companies to "leapfrog". Relying on China's strong new energy vehicle industry chain advantages and car companies' own persistence on R&D and technology, Chinese independent brands quickly achieved "leapfrogging".
Domestic cars once criticized are now becoming more and more common on the roads, even surpassing joint ventures in share.
According to CPCA data, in April 2026, the share of independent brands reached as high as 62.5%, far exceeding Japan's 13.1%.
You need to know, the Chinese car market is the largest car market in the world. Losing speed in the Chinese market is like losing a huge piece of cake.
Meanwhile, the main theme of the Chinese market in recent years is still price wars. Racing on configuration, price, and service has become a normal state, which also had a huge impact on Japanese cars' profits.
Apart from China, Japanese cars are also not doing well in the US.
On January 20, 2025, Trump swore in as the 47th US President, starting a series of chaotic operations, including imposing additional car tariffs in the name of national security, causing the tariff rate for imported Japanese cars to reach as high as 27.5% at one point. Although it decreased later, it was still far higher than the initial tax rate.
This operation directly led to a tariff loss of over 2 trillion yen for seven Japanese car companies in fiscal year 2025.
Looking at Japan itself, it is actually not easy either.
Middle East geopolitical conflicts blocked shipping in the Strait of Hormuz, transportation costs and raw material costs soared, Japanese car companies also had to suffer in silence.
Executives looking at the reports, their backs went cold, only to find a new growth curve.
So, Japanese car companies didn't fall in love with India, there was nowhere else to go.
Deep Thought on Choosing India
So, what magic does India have, to make Japanese car companies invest heavily?
The first advantage is big. In 2025, the Indian car market achieved 5.517 million new car sales, up 6% year-on-year, breaking the historical record, ranking as the third largest car market in the world, exceeding Japan for four consecutive years, second only to China and the United States.
The value of this doesn't need me to say much. India achieved this result mainly because India has been promoting tax reduction policies to promote consumption, which led to a significant increase in domestic consumption willingness.
The second advantage is close, meaning it is close to places where Japanese cars sell well, such as Africa.
So, India for Japanese car companies is more like a convenience store built in the center of a crossroad. You don't need to ship cars to eight countries separately, just build well at this stop in India, then unload ship by ship, and you can save a lot of costs.
The Nikkei also believes that India is expected to become its global car supply center.
The third advantage is stability. You know, Japanese cars' advantage is fuel cars, after all, the three major components of engines, gearboxes, and chassis, they have played for many years, technology accumulation is number one in the world.
But the Chinese car market has fully promoted electrification and intelligence development, leading to Japanese cars' advantage becoming weaker and weaker, impossible to play out. But India is different, it has the characteristics of few charging piles and slow electrification process. Indian old people buying cars still look for cheap, fuel saving, easy to fix, and these three points are exactly Japanese cars' old trade.
Especially Suzuki, always been India's car market evergreen, almost always sitting on the best-selling model throne, reputation of being worry-free, better than any advertisement.
So, Japanese car companies' vigorous layout of the Indian market is obviously carefully considered.
But, is the Indian market really that easy to mix?
The Hard-to-Bite Indian Market
Of course, India is not perfect like a hot commodity, its disadvantages are as obvious as its advantages, and every one is enough for Japanese car companies to face a hard time.
First talk about electrification. Yes, right now India has few charging piles and electric cars don't sell well, it is indeed a shelter for Japanese fuel cars. But you have to think, how long can this "shelter" avoid?
India previously shouted the slogan of 30% of new cars being electric vehicles by 2030. Although it sounds like bragging, but can't help but they really give subsidies, really build charging stations.
Imagine, what if one day India suddenly wakes up, starts vigorously promoting electrification, doing infrastructure, charging piles popping out like mushrooms after rain, then Japanese cars will be dumbfounded?
Isn't this a version of the Thai market?
Back then Japanese cars in Thailand won easily. The entire Southeast Asian market was called Japanese cars' backyard. Result Thailand took the lead in promoting electrification. Chinese electric vehicles came in, directly became a hot commodity. Look at Japanese cars again, share in Thailand falling down rapidly.
If India accelerates electrification, history will likely repeat, and this time, Japanese cars don't even have a place to flee, how to prevent will become the first problem for Japanese car companies.
Next talk about policy. India's policy is like a pot of curry, you never know if you will eat chicken or potato next time.
This magical country, today low tariff encourages building factories, tomorrow may fine you a huge amount. What's more annoying is mandatory joint venture. Foreign car companies want to sell cars in India, have to find local partners to partner up. When your factory is built, supply chain is done, India directly backstabs you. At that time whether adding money or withdrawing capital, what you get is heartache.
So you see, this market like India is like a mango that looks very sweet, bite the first mouth it's okay, chew two more mouths hit the hard core.
Japanese cars now is calculating, while the core hasn't bit the tooth, hurry up to nibble a few more mouths, but the core will bite sooner or later, just don't know which day.
Epilogue
Japanese cars this trip to India, not go for tourism, is go to make a living.
Chinese and Southeast Asian dining tables are more crowded, production and transportation costs have risen. Looking around the world, only this pot in India is still steaming, even if what is boiling inside is curry-flavored stones, have to bite hard and chew down.
Japanese car companies want to expand market, India wants to pull economy, solve employment, both sides have their own thoughts.
As for the ending is Japanese cars in India regain their glory, or like past competitors shamefully walk away, then is not known.
But no matter how, this play just started, we slowly watch is okay.
Anyway India's story, never bored.
