2026年8月6日，杭州——不是枯燥的舞台发布，而是一场穿行都市的Live Show。就在今天，全新一代smart精灵1号以限时权益价14.99万元起正式开售，同时奉上至高价值超2.5万元的5重首发权益。四年磨一剑，这台小车带着超200项整车升级、63项同级领先、20项同级唯一，誓要把“豪华智能小车”的标杆再拔高一截。

从全球宠儿到红海破局者，四年进化交出硬核答卷

回想四年前，初代精灵1号刚出道便圈粉全球，如今已驶入41国、陪伴超过10万密友跑过十几亿公里，更将德国iF、红点设计大奖和中欧双五星安全认证收入囊中。但市场从不留情——小车赛道早已从蓝海卷成红海，各家堆配置、拼参数，却总在平台、三电、智驾、座舱上留下短板。全新一代smart精灵1号偏不将就，围绕“三电两智”来了一次彻头彻尾的硬核焕新，把四年积攒的势能和用户真实反馈，统统化作进化的燃料。

三电+两智，把技术天花板捅个窟窿

打开机盖，藏着全球首个量子级AI电子电气架构EEA 4.0，全系标配800V碳化硅高压平台——这在小车阵营里堪称“降维打击”。配合6C超快充，电量从10%飙到80%只用12分钟，喝杯咖啡的功夫就能补能300公里以上，城市通勤一周一充，长途焦虑？不存在的。神盾金砖电池更按“军工级”标准通过新国标考验，安全绝不妥协。

智驾层面，满血版千里浩瀚H5系统上车，英伟达Orin Y高力芯片+31个感知硬件（含激光雷达），让这台小车拥有“有导航就能开”的城市/高速领航辅助。环岛、无保护左转、窄巷穿行等20多种刁钻场景，决策逻辑更像老司机，后续OTA还将解锁车位到车位的全链路智驾。停车？机械车位、无标线空地、离车泊入、指尖拖拽……新手也能秒变“泊车大神”。

座舱里，4nm龙鹰6P芯片驱动新一代smart OS，深度融合Flyme Auto，15.4英寸2.5K大屏响应毫秒级。“超级精灵”AI助手听得懂复杂多地址指令，AI空调自动感应内外环境调节温湿风量——上车即上手，零学习成本，像贴心老友。

奔驰设计+德系驾控，新奢感拉满

smart的DNA从未偏离。梅赛德斯-奔驰全球设计团队亲手操刀，四轮四角姿态自带“大气场”，铂金版专属日冕金车顶回归，蓝金、白全新双色组合一眼夺目。D柱璀璨发光Logo和Styled by Mercedes-Benz徽章、19英寸旋翼轮毂、运动后扰流板，每一面都是视觉暴击。

“紧凑于外，宽适于内”不是口号——2750mm轴距+84%得房率，后排舒展，全车28处储物格，小车肚量惊人。座舱内，12层结构的SPA舒享座椅带24种按摩组合+加热通风，软质包覆超5㎡，3D Mesh工艺门板扶手，森海塞尔音响+256色氛围灯，触、听、视三重享受，长途也像做SPA。

安全上，中欧双五星标准+84%钢铝混合车身，新增19项主动安全辅助（AEB、后方交叉紧急制动、爆胎稳定控制、驾驶员失能辅助等），堡垒级防护。底盘由smart与奔驰联合调校，过弯扎实、滤震干净，154mm离地间隙兼顾城市灵活与轻越野，配合CST智能制动和智能能量回收，起步、过弯、减速都从容得体。

发布会不玩套路，城市就是秀场

smart天生爱不同，这次干脆把新车发布变成一场都市实景Live Show——上班通勤、快充补能、周末短途，所有升级场景真实上演，用户看到即得到。smart全球CEO佟湘北、CMO康毅携手明星密友侯佩岑，本色串场；彩蛋环节，上海、墨尔本、布宜诺斯艾利斯、巴黎、香港、柏林六城“抢线”催更全新精灵2号，而精灵2号的全球街头艺术涂鸦已悄然铺开，量产车定档10月巴黎车展首秀。

正如佟湘北所说：“精灵1号过去是、现在是、未来也一定是豪华小车的品类标杆。”如今，全新一代带着“三电两智”的全面越级，让每一种城市生活，都有了更聪明、更从容的答案。

即日起，登录smart汽车APP或小程序下单，锁定首批重磅权益，让出行从此更smart。

According to official news from BYD (002594.SZ), on July 28, the 2026 Fortune Global 500 list was officially released. BYD has been on the list for the fifth consecutive year, ranking 91st, firmly securing its place among the global top 100, undoubtedly a benchmark enterprise in the global new energy vehicle industry.

Business performance continues to climb. In 2025, BYD achieved revenue of 804 billion yuan, net profit of 32.6 billion yuan; new energy vehicle sales for the full year reached 4.6 million units, securing both the global new energy vehicle sales champion and Chinese automaker sales champion titles at once. In the first half of 2026, BYD's cumulative sales exceeded 1.8 million units. By July, the brand welcomed a new milestone -- the 17 millionth new energy vehicle officially went off the production line, becoming the first automaker globally to achieve this feat.

Adhering to "Technology is King, Innovation is Root", high-intensity R&D builds long-term competitiveness. In 2025, BYD's R&D investment was 63.4 billion yuan, increasing 17% year-on-year, ranking first among A-share listed companies for two consecutive years; in Q1 2026, R&D investment was 11.3 billion yuan, scale leading domestic mainstream automakers and top new energy brands. So far, the enterprise's cumulative R&D investment has exceeded 250 billion yuan. Continuous research investment accelerates the landing and application of cutting-edge technologies: In March 2026, the second-generation Blade Battery and fast-charging technology were officially released, planning to build 20,000 domestic fast-charging stations within the year, while laying out 6,000 overseas fast-charging sites. In May, BYD was the first to launch a one-year safety guarantee for City Pilot, all series models support the Sky's Eye B Laser Intelligent Driving solution, officially opening the new era of national City Pilot.

Globalization layout enters a high-quality deep cultivation stage. In 2025, BYD's overseas sales first exceeded 1 million units, surging 145% year-on-year; in the first half of 2026, overseas sales continued to rise, exceeding 780,000 units. Currently, the overseas map has formed a trend of "Latin America leading, Europe breakthrough, Asia-Pacific blooming at multiple points": Brazil's first overseas Cloud Rail opened to traffic, the 100,000th vehicle rolled off the local factory; Denza Z, Z9GT, D9 landed in Europe, outputting Chinese tech luxury; vehicle Sea Otter (BYD RACCO) specifically designed for overseas markets landed in Japan; Thailand factory welcomed the second anniversary of production. Currently, BYD's business covers 121 countries and regions worldwide.

Balancing green mission and social responsibility on the development path. In the sustainable development field, as of June 30, BYD new energy vehicles compared to traditional fuel vehicles, have cumulatively reduced carbon emissions by 149 million tons in energy production and usage links, equivalent to planting 2.48 billion trees. In the public welfare field, BYD established a 3 billion yuan education charity fund, has reached cooperative donation agreements with 127 universities nationwide, benefiting over 6,000 young students.

喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拿 Proton X50 同 MG MG HS 嚟做比較。呢兩款車喺價位同定位上都蠻接近嘅，今日我哋就從多個方面做一個詳細嘅比較，幫你省下做功課嘅時間。

價錢同版本

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。

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。

從價錢來看，Proton X50 嘅起步價確實比 MG MG HS 便宜咗 RM 40,650。如果你預算有限，Proton 嘅入門版已經可以滿足日常需求。但都要注意，便宜嗰幾千蚊，可能喺配備上會有取捨，具體要睇你嘅需求。

動力同油耗

Proton X50 搭載 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。

MG MG HS 搭載 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。

動力方面，MG MG HS 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。

空間同舒適度

Proton X50 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。

適合邊種人

Proton X50 同 MG 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，嗰就揀配置更豐富嗰款。始終都係建議兩款都去試駕，親身體驗先係最重要嘅。

總結

總來講，Proton X50 同 MG MG HS 都係馬來西亞市場好唔錯嘅車款。揀邊一輛，關鍵仲係要睇你嘅個人需求同預算。希望大家做好功課，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。

喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會用 Perodua Aruz 同 Mitsubishi Xforce 嚟做比較。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個詳細比較，幫你省下做功課嘅時間。

價錢同版本

Perodua Aruz 喺馬來西亞嘅 OTR 售價係 RM 72,900 - 77,900，一共有 2 個版本，包括 1.5L X（RM 72,900）、1.5L AV（RM 77,900） 等。

Mitsubishi Xforce 喺馬來西亞嘅 OTR 售價係 RM 109,930 - 119,930，一共有 2 個版本，包括 2026 1.5L Ultimate（RM 119,930）、2026 1.5L Urban（RM 109,930） 等。

由價錢睇落，Perodua Aruz 嘅起價確實比 Mitsubishi Xforce 平咗 RM 37,030。如果你預算有限，Perodua 嘅入門版已經可以滿足日常需求。但都係要留意，平咗嗰幾千蚊，可能喺配備上會有取捨，具體就要睇你嘅需求。

安全配備

Perodua Aruz 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 。

Mitsubishi Xforce 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 MI-PILOT。

兩款車嘅安全評級一樣，喺呢個級別入面安全配備都算給好齊全。而家嘅新車安全性都唔差，唔使太擔心呢一點。

配備同科技

Perodua Aruz 採用 FWD 驅動方式。

Mitsubishi Xforce 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。

保養同維護

Perodua Aruz 保修 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。

Mitsubishi Xforce 保修 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。

總結

總體嚟講，Perodua Aruz 同 Mitsubishi Xforce 都係馬來西亞市場好唔錯嘅車款。揀邊一輛，關鍵仲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，再去試駕先至做最終決定。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 X90 同 GWM Haval H6 做比較。這兩款車喺價錢同定位上都幾接近嘅，今日我就由多個方面做一个詳細嘅比較，幫你省返做功課嘅時間。

價錢同版本

Proton X90 喺馬來西亞嘅 OTR 售價係 RM 106,800 - 122,800，合共 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。

GWM Haval H6 喺馬來西亞嘅 OTR 售價係 RM 139,750 - 139,750，合共 2 個版本，包括 1.5L Turbo Standard（RM 140,000）、1.5L Turbo Premium（RM 155,000） 等。

由價錢嚟睇，Proton X90 嘅起步價確實比 GWM Haval H6 平咗 RM 32,950。如果你預算有限，Proton 嘅入門版已經可以滿足日常需求。但亦要留意，嗰幾千蚊嘅，可能喺配備上會有取捨，具體要睇你嘅需求。

動力同油耗

Proton X90 配備 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。

GWM Haval H6 配備 Hybrid，馬力 170 hp。官方油耗 4.5 L/100km。

動力方面，GWM Haval H6 嘅 Hybrid 比 Proton X90 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。

配備同科技

Proton X90 採用 FWD 驅動方式。

GWM Haval H6 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。

保養同維護

Proton X90 保養保修 5 年/150,000km，保養間隔 每 10,000km 或者 6 個月。

GWM Haval H6 保養保修 7 年/150,000km，保養間隔 每 10,000km 或者 6 個月。

適合邊種人

Proton X90 同 GWM Haval H6 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更加重視品牌口碑同二手價，可以優先考慮口碑更好嗰款；如果你更加在意性價比同配備，嗰就揀配備更豐富嗰款。最終都係建議兩款都去試駕，親身體驗先係最重要嘅。

總結

總體嚟講，Proton X90 同 GWM Haval H6 都係馬來西亞市場好唔錯嘅車型。揀邊輛，關鍵都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，再試駕做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。

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。