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車型概覽
奧迪R8 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。 呢篇會集中講花出去嘅錢係咪換到每日都用得着嘅便利，幫你用買家角度篩走唔適合嘅選擇。
完稅價 HK$ 2,552,000 - 2,580,000 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
奧迪R8 嘅購車預算可以先由 完稅價 HK$ 2,552,000 - 2,580,000 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 2025 Coupé V10 GT（HK$ 2,552,000）、2025 Coupé V10 Performance（HK$ 2,580,000）、2025 Spyder V10（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 奧迪R8 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。
奧迪R8 現階段最值得留意係車型定位同版本方向，詳細取捨應該等價格同規格更清楚再作決定。
優缺點分析
奧迪R8 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。
要留意嘅係，要先確認屋苑、公司或常去商場嘅充電條件。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 奧迪R8 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「奧迪 Audi R8 喺香港仲有冇新車？」簡單講，奧迪 Audi R8 已於 2024 年正式停產，目前香港市場只有極少量庫存或二手車。 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 奧迪R8 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 完稅價 HK$ 2,552,000 - 2,580,000 鎖定預算圈。
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 奧迪R8 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。
比亞迪正式發布 2026 年 5 月產銷快報，全品牌新能源汽車單月銷量 383453 輛，同比微增 0.26%，時隔十個月實現單月銷量同比轉正；其中乘用車交付 376990 輛，環比大漲 19.4%，一掃前期車型換代陣痛，呈現國內基本盤穩固、海外銷量狂飆、高端品牌全線放量的全新格局，在國內新能源內捲加劇、特斯拉 FSD 入華、自主新品密集上市的市場環境中，走出獨有的結構性增長路線。
王朝 + 海洋兩大主力品牌 5 月合計售出 330215 輛，佔據集團總銷量超八成，仍是比亞迪銷量壓艙石，全系列共 8 款車型單月銷量突破 2 萬台，產品從 5 萬入門代步到 20 萬家用 SUV 實現全覆蓋。
王朝網內部，元家族 56691 輛、宋家族 51370 輛。雙雙跨過五萬門檻，成為品牌兩大銷量支柱，兼顧家用代步與城鄉出行需求；秦家族緊隨其後交出 28360 台穩定表現，漢、唐系列月銷維持六千級體量，深耕中大型家用轎車、SUV 細分市場；全新車型夏處於市場培育期，單月交付 1810 台，後續隨渠道鋪開有望穩步上量。
海洋網增長勢頭更為迅猛，全系五款車型跨入兩萬俱樂部：海獅 42615 台、海豹 34117 台、海鷗 39919 台、海豚 22260 台、宋 PLUS 27755 台。其中海鷗憑藉 6-8 萬親民定價穩居入門代步銷冠，海獅作為全新走量車型上市即站穩四萬量級，補齊海洋網中型 SUV 產品空白，完善海洋產品梯隊佈局。從代步小車到緊湊 SUV，兩大主品牌依托 DM-i 混動與純電雙線技術，牢牢鎖住 15 萬以內國內主流家用市場份額。
方程豹同比暴漲 139.7% 品牌向上落地見效騰勢、方程豹、仰望組成的高端矩陣 5 月合計銷售 46489 輛，正式擺脫小眾定位，成為比亞迪品牌溢價與利潤增長新支點，打破自主品牌高端化難破局的行業魔咒。
越野品牌方程豹單月 30186 輛，同比暴漲 139.7%，創下品牌上市以來月度銷量新高，旗下鎦 7 單月 18280 台，豹 5、豹 8 穩定輸出，在 25-40 萬硬派越野細分市場持續擠壓合資、進口車型生存空間。
騰勢 5 月交付 16303 台，MPV 標桿 D9 售出 6721 台，Z9 系列近 6000 台，MPV、中大型轎車雙線發力，站穩豪華新能源賽道；百萬元級超豪華品牌仰望穩步爬坡，當月交付 286 台，同比增幅 105.8%，完成自主品牌天花板產品的市場驗證，形成從十幾萬家用、三四十萬越野、五十萬豪華 MPV 到百萬元級旗艦的全價格帶產品佈局。
5 月比亞迪乘用車和皮卡海外銷量 160177 輛，同比大漲 80.7%，出口佔全系總銷量突破 42%，創下品牌出海歷史新高，成為穩住 5 月整體銷量、實現同比轉正的核心驅動力。
東南亞、歐洲、拉美成為主力增量市場，海鷗、宋 PLUS、元系列持續登頂多國新能源熱銷榜單，SHARK 皮卡連續兩月單月出口突破 4000 台；依托泰國、巴西、匈牙利、烏茲別克斯坦四大海外整車工廠落地投產，本地化生產持續落地，規避關稅同時快速下沉終端渠道。在國內車市存量競爭、價格戰常態化背景下，高速擴容的海外市場有效對沖國內車型換代帶來的銷量波動，正式從補充市場升級為比亞迪核心增長引擎。截至當前，比亞迪新能源汽車全球累計銷量已經突破 1650 萬輛，全球化版圖持續拓寬。
智駕賦能產品迭代 下半年新品蓄力衝量5 月比亞迪智能化落地迎來關鍵節點，天神之眼智駕系統成為車型核心加分項：全品牌搭載高級智駕車型保有量突破 315 萬輛，日均路測數據超 2 億公里；當月比亞迪落地城市領航、智能泊車雙安全兜底服務，成為全球首家實現兩項智駕兜底的車企，政策落地三天後，搭載天神之眼系統車型的城市 NOA 激活率暴漲 50%，智能化體驗升級直接拉動終端到店訂單轉化，為後續車型持續走量築牢產品競爭力，直面 FSD 入華帶來的智駕市場衝擊。
從數據細節來看，2026 年 1-5 月比亞迪累計銷量 1405039 輛，同比下滑 20.32%，核心誘因是全系主力車型集中換代、第二代閃充刀片電池產能爬坡受限。新款閃充電池升級快充與低溫性能，全系換代車型優先換裝新電池，但產線改造拖累產能釋放，熱門車型訂單積壓、交付延後，一定程度壓縮 5 月交付體量。
隨著二季度末二代刀片電池產能持續釋放，疊加騰勢 N8L、方程豹鎦 7 純電版、海獅 05、夏 L 等多款新車陸續登陸市場，業內普遍預判比亞迪 6 月全品牌銷量有望突破 40 萬輛。依托低端走量鎖份額、高端提利潤、海外衝增量、智能化提產品力的四維發展邏輯，在國內新能源淘汰賽加劇的當下，比亞迪全品類佈局優勢持續放大，坐穩國內新能源龍頭，加速向著全球頭部車企穩步邁進。
車型概覽
哈弗H5 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。 呢篇會集中講家庭乘坐、行李同舒適度，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
哈弗H5 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 2.0T 自動版 汽油（價格待確認）、2025 2.0T 自動版 柴油（價格待確認）、2024 2.0T 自動版（價格待確認） 放喺同一張清單。日常通勤重視舒適同易用，家庭買家就要優先睇後排、尾箱同安全配置。
核心規格重點
睇 哈弗H5 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。
渦輪增壓、4 個 汽缸、1967/1996 mL 排量 嘅動力底子，重點係市區跟車夠唔夠順、高速巡航會唔會吃力。 224 Ps / 165 kW / 166 Ps / 122 kW、385/410 N·m 嘅輸出，對滿載、上斜同超車都比單睇馬力數字更有意思。 車長 5190 mm、車闊 1905 mm、車高 1864/1835 mm、軸距 3140 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
哈弗H5 嘅優點唔需要講到天花龍鳳，真正有價值係佢能唔能夠令日常用車更省心：動力輸出對高速同上斜更有底氣、空間同車身尺寸方便家庭買家預判實用性。
要留意嘅係，香港停車場同窄路使用要留意車身闊度、售價未清晰前唔應該太早用性價比落結論。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 哈弗H5 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「哈弗 H5 係一款乜嘢定位嘅車？」簡單講，哈弗 H5 係一款大型全用途硬派 SUV，主打大空間同埋強悍嘅載物能力。 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 哈弗H5 放入同級車清單時，唔建議只用外形或者品牌光環決定。比較順序可以係：先等售價落實，再決定佢應該同邊個級距比較、再睇動力係咪足夠應付高速併線同滿載、最後睇車身大小、座位同尾箱是否適合家人。
咁樣篩選會貼近香港買家真實生活：平日塞車、商場泊車、周末去新界、甚至一家人出入，先係一部車每日要面對嘅考驗。
用車全周期指南
擁有 哈弗H5 唔係買車一刻就完結，之後仲有保險、輪胎、保養、泊車同日常能源成本要處理。
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。
Recently, the Beijing Off-road Chengdu Shenguo store welcomed the delivery of its 31,800th complete vehicle. This warm vehicle delivery ceremony is both a microcosm of the store's 15-year deep dive into the southwestern market and reflects the rising market heat of Beijing Off-road's mainstay models. Looking at the national market, the BJ30 Traveler has already submitted an even more impressive report card – as the fastest model among China's light off-road SUVs to reach 150,000 units in sales, it has demonstrated the major trend of current automotive consumption shifting from "single transportation" to "all-scenario travel" through its steadily growing market volume and comprehensive product power that balances home use and off-roading.
The current domestic SUV market has long bid farewell to homogenized competition. Box-shaped light off-road vehicles, once exclusive to niche off-road enthusiasts, have gradually entered thousands of ordinary families, becoming one of the fastest-growing sub-segments of the automotive market. Data shows that the sales of domestic box-shaped SUVs have risen year after year, and user demand has undergone fundamental changes: most consumers no longer pursue extreme off-road capabilities but desire an all-around vehicle that is "worry-free for city commuting, relaxed for family trips, and sufficient for weekend short off-roading". Against this market backdrop, vehicles relying solely on eye-catching appearance and stacked hardcore configurations are gradually losing strength. Those that can truly take root must be products that precisely meet the core demands of family users. The popularity of the BJ30 Traveler hits this market trend exactly.
The store has cumulatively delivered 31,800 units, and the complete vehicle sales quickly surpassed 150,000 units. Behind these two figures lies the vote of trust cast by users through actual choices. Chengdu Shenguo Auto, as an established store for Beijing Off-road's layout of the southwestern market, has persisted in taking service as the core for 15 years, abandoned the traditional transaction-based car buying mode, and accumulated a large number of loyal users through refined services. This milestone car owner is a repeat purchase customer. In the current era of increasingly rational car consumption, repeat purchase rates and cumulative store sales are important yardsticks for measuring model reputation. The scene of new and old owners gathering at the delivery site shows that this model has not only gained sales but also built a cohesive user circle. The continued fermentation of reputation, in turn, drives steady growth in sales, forming a virtuous cycle.
If sales volume is a direct manifestation of market recognition, then solid product power is the core foundation that supports long-term sales. Addressing the three core pain points of family users – "fuel efficiency, large space, and sufficient passability" – the BJ30 Traveler has created three core advantages of "Super Off-road, Super Large, Super Fuel-efficient", breaking the inherent shortcomings of traditional box-shaped SUVs: "high looks, high fuel consumption, and cramped space".
In terms of power and passability, as the first domestic box-shaped SUV equipped with a HEV hybrid architecture, it features an industry-leading three-motor four-wheel drive six-mode hybrid system, composed of a hybrid dedicated engine and front/rear dual motors. It balances long-distance energy saving, instantaneous power bursts, and real-time recharging needs. The intelligent four-wheel drive with 30ms response, combined with four-wheel electronic limited slip and intelligent electric ATS all-terrain control system, is enough to easily handle unpaved roads such as mud and sand, meeting users' light off-road needs for weekend camping and suburban trips, allowing outdoor travel that is "ready to go" without being restricted by road conditions. This hybrid architecture differs from plug-in hybrid models, does not rely on charging piles, completely dispels concerns about inconvenient recharging for urban users, avoids performance degradation after battery depletion, and achieves a balance between off-road performance and daily practicality.
In terms of space performance, the BJ30 Traveler precisely fits the travel needs of multi-person families. The 2820mm extra-long wheelbase combined with a three-row seven-seat layout achieves a 66% high space utilization rate. Even adults 1.8 meters tall won't feel cramped in the third row. With the rear seats folded flat, it forms a 1.92-meter flat space. The 1496-liter large-capacity trunk combined with 38 storage spaces in the whole vehicle can properly accommodate strollers, camping gear, and personal sundries. For family users, spacious and flexible space means the vehicle can calmly handle multiple passengers and large cargo loading, adapting to diverse scenarios such as daily commuting, family travel, and short-term travel, breaking out of the limitation of traditional SUV space singularity.
Vehicle ownership cost and reliability are the top priorities for ordinary families choosing a car, which is also a major highlight of the BJ30 Traveler. Previously, automotive bloggers from five countries – South Africa, Indonesia, UAE, Poland, and Mexico – conducted cross-regional actual tests. The vehicle's fuel consumption per 100 kilometers was controlled within 5 liters, and the range per tank can exceed 1000 kilometers, completely reversing the public stereotype that "box-shaped models must have high fuel consumption". Low fuel consumption greatly reduces daily commuting costs. The first owner's lifetime warranty for the whole vehicle, sufficient parts supply, and simple maintenance process further reduce concerns about later use. Additionally, the official department once disassembled and tested a vehicle that had driven 150,000 kilometers. Core components such as the engine, transmission, chassis, and battery pack were still in good condition. True data proved the vehicle's durability quality and responded to consumers' concerns about the long-term reliability of domestic cars.
In terms of pricing strategy, the BJ30 Traveler also fits the spending power of mainstream families. The entire series launched a 30,000 yuan trade-in policy, with a super trade-in price starting from 69,900 yuan, promoting "off-road equality" with an approachable threshold, allowing more ordinary families to access and own light off-road models. Looking at the current light off-road market, the audience for hardcore box-shaped models above 200,000 yuan is relatively narrow, while the 70,000-100,000 yuan range is the main battlefield for family car buying. The BJ30 Traveler is rooted in this price band, creating differentiated competitive advantages with superior configurations and comprehensive performance. This is also an important reason for its sales quickly breaking through 150,000 units.
The growth trajectory of the BJ30 Traveler is also a microcosm of the development of domestic light off-road SUVs. Nowadays, domestic box-shaped models have completely dominated the sub-segment, and joint venture brand advantages are no longer existing. Market competition has shifted from early "looks competitions" to "comprehensive strength contests" – fuel consumption, space, reliability, cost-performance ratio, and after-sales service. Each has become an important standard for user car selection. Relying on more than 60 years of off-road technology accumulation, Beijing Off-road has not blindly stacked hardcore configurations but returned to the users themselves, bringing professional off-road technology down to home models to create "urban and off-road capable, economical and practical" products. This idea of "technical inclusiveness" perfectly aligns with the current consumption trend of the public aspiring to outdoor life and pursuing diverse travel.
The 31,800-unit delivery milestone of the Chengdu store is the result of deep cultivation in the regional market; 150,000 complete vehicles off the line are the witness of the national market blooming across the board. For the BJ30 Traveler, sales figures are not the end point but the market's recognition of product power and brand philosophy. In the current situation where the light off-road track is becoming increasingly crowded, only by adhering to user needs, continuously refining products, and optimizing services can one take root firmly in the market. With the continuous improvement of the public's outdoor travel needs, light off-road SUVs that balance practicality and fun will inevitably welcome a broader development space.
比亞迪正式發布 2026 年 5 月產銷快報，全品牌新能源汽車單月銷量 383453 輛，同比微增 0.26%，時隔十個月實現單月銷量同比轉正；其中乘用車交付 376990 輛，環比大漲 19.4%，一掃前期車型換代陣痛，呈現國內基本盤穩固、海外銷量狂飆、高端品牌全線放量的全新格局，在國內新能源內捲加劇、特斯拉 FSD 入華、自主新品密集上市的市場環境中，走出獨有的結構性增長路線。
王朝 + 海洋兩大主力品牌 5 月合計售出 330215 輛，佔據集團總銷量超八成，仍是比亞迪銷量壓艙石，全系列共 8 款車型單月銷量突破 2 萬台，產品從 5 萬入門代步到 20 萬家用 SUV 實現全覆蓋。
王朝網內部，元家族 56691 輛、宋家族 51370 輛。雙雙跨過五萬門檻，成為品牌兩大銷量支柱，兼顧家用代步與城鄉出行需求；秦家族緊隨其後交出 28360 台穩定表現，漢、唐系列月銷維持六千級體量，深耕中大型家用轎車、SUV 細分市場；全新車型夏處於市場培育期，單月交付 1810 台，後續隨渠道鋪開有望穩步上量。
海洋網增長勢頭更為迅猛，全系五款車型跨入兩萬俱樂部：海獅 42615 台、海豹 34117 台、海鷗 39919 台、海豚 22260 台、宋 PLUS 27755 台。其中海鷗憑藉 6-8 萬親民定價穩居入門代步銷冠，海獅作為全新走量車型上市即站穩四萬量級，補齊海洋網中型 SUV 產品空白，完善海洋產品梯隊佈局。從代步小車到緊湊 SUV，兩大主品牌依托 DM-i 混動與純電雙線技術，牢牢鎖住 15 萬以內國內主流家用市場份額。
方程豹同比暴漲 139.7% 品牌向上落地見效騰勢、方程豹、仰望組成的高端矩陣 5 月合計銷售 46489 輛，正式擺脫小眾定位，成為比亞迪品牌溢價與利潤增長新支點，打破自主品牌高端化難破局的行業魔咒。
越野品牌方程豹單月 30186 輛，同比暴漲 139.7%，創下品牌上市以來月度銷量新高，旗下鎦 7 單月 18280 台，豹 5、豹 8 穩定輸出，在 25-40 萬硬派越野細分市場持續擠壓合資、進口車型生存空間。
騰勢 5 月交付 16303 台，MPV 標桿 D9 售出 6721 台，Z9 系列近 6000 台，MPV、中大型轎車雙線發力，站穩豪華新能源賽道；百萬元級超豪華品牌仰望穩步爬坡，當月交付 286 台，同比增幅 105.8%，完成自主品牌天花板產品的市場驗證，形成從十幾萬家用、三四十萬越野、五十萬豪華 MPV 到百萬元級旗艦的全價格帶產品佈局。
5 月比亞迪乘用車和皮卡海外銷量 160177 輛，同比大漲 80.7%，出口佔全系總銷量突破 42%，創下品牌出海歷史新高，成為穩住 5 月整體銷量、實現同比轉正的核心驅動力。
東南亞、歐洲、拉美成為主力增量市場，海鷗、宋 PLUS、元系列持續登頂多國新能源熱銷榜單，SHARK 皮卡連續兩月單月出口突破 4000 台；依托泰國、巴西、匈牙利、烏茲別克斯坦四大海外整車工廠落地投產，本地化生產持續落地，規避關稅同時快速下沉終端渠道。在國內車市存量競爭、價格戰常態化背景下，高速擴容的海外市場有效對沖國內車型換代帶來的銷量波動，正式從補充市場升級為比亞迪核心增長引擎。截至當前，比亞迪新能源汽車全球累計銷量已經突破 1650 萬輛，全球化版圖持續拓寬。
智駕賦能產品迭代 下半年新品蓄力衝量5 月比亞迪智能化落地迎來關鍵節點，天神之眼智駕系統成為車型核心加分項：全品牌搭載高級智駕車型保有量突破 315 萬輛，日均路測數據超 2 億公里；當月比亞迪落地城市領航、智能泊車雙安全兜底服務，成為全球首家實現兩項智駕兜底的車企，政策落地三天後，搭載天神之眼系統車型的城市 NOA 激活率暴漲 50%，智能化體驗升級直接拉動終端到店訂單轉化，為後續車型持續走量築牢產品競爭力，直面 FSD 入華帶來的智駕市場衝擊。
從數據細節來看，2026 年 1-5 月比亞迪累計銷量 1405039 輛，同比下滑 20.32%，核心誘因是全系主力車型集中換代、第二代閃充刀片電池產能爬坡受限。新款閃充電池升級快充與低溫性能，全系換代車型優先換裝新電池，但產線改造拖累產能釋放，熱門車型訂單積壓、交付延後，一定程度壓縮 5 月交付體量。
隨著二季度末二代刀片電池產能持續釋放，疊加騰勢 N8L、方程豹鎦 7 純電版、海獅 05、夏 L 等多款新車陸續登陸市場，業內普遍預判比亞迪 6 月全品牌銷量有望突破 40 萬輛。依托低端走量鎖份額、高端提利潤、海外衝增量、智能化提產品力的四維發展邏輯，在國內新能源淘汰賽加劇的當下，比亞迪全品類佈局優勢持續放大，坐穩國內新能源龍頭，加速向著全球頭部車企穩步邁進。
港交所網站掛出一咗一份熟悉嘅招股書。
5 月 28 日，繼去年 10 月首次遞表失效後，智能駕駛解決方案提供商蘇州天瞳威視電子科技股份有限公司（天瞳威視）再次向港股主板發起重衝，由匯豐及華泰國際聯席保薦。
喺智能駕駛賽道從「講故事」轉向「拼量產」嘅 2026 年，天瞳威視嘅二次遞表唔單止係一次資本試探，更係一場關於中國智駕供應商生存現狀嘅集中檢閱。
呢間被認為係「算力效率派」代表嘅公司，一邊連住從采埃孚到上汽、北汽嘅豪華產業資本陣營，一邊卻面臨住現金流緊繃、海外明顯回落嘅現實困境。喺呢場 IPO 嘅博弈中，光鮮同陣痛並存。
01
邊個係「天瞳威視」？
天瞳威視嘅創辦人王曦係一位典型嘅「回國」技術派。佢畢業於北京航空航天大學，後喺英國雷丁大學攻讀計算機科學博士學位。
喺決定創業之前，王曦曾經喺汽車零部件供應商天合汽車（TRW）及采埃孚擔任算法工程師同技術負責人，深度參與咗早期 ADAS 系統嘅開發。
2016 年，王曦捕捉到國內汽車智能化嘅風口，回國喺蘇州創立咗天瞳威視，定位係「以軟件算法驅動智能駕駛」嘅本土解決方案提供商。
公司嘅名字「天瞳」寓意「天之眼」，意在打造車輛感知萬物嘅視覺中樞。佢從最初嘅視覺感知算法起步，逐步擴展至行泊一體域控制器、L4 級自動駕駛系統等軟硬件結合嘅整體方案。
天瞳威視融資情況。資料來源：企查查
成立後不久，天瞳威視就獲得德聯資本、盛世投資嘅天使輪融資。此後十年時間，天瞳威視累計完成咗超過 10 輪融資，融資總額近 10 億元。
從招股書披露嘅股權結構嚟睇，天瞳威視構建咗深度綁定嘅「產業 + 資本」生態圈。
一方面，產業夥伴站台，全球汽車零部件巨頭采埃孚唔單止係其 C 輪領投方，亦係其戰略合作夥伴，持有天瞳威視 6.93% 嘅股份，位列第四大股東；國內方面，上汽集團通過上汽北美產投持股，北汽集團通過北汽產投佈局其中，地平線同商湯科技亦係戰略投資者。
另一方面，地方國資護航，唐山機器人基金、吳中金控等國資背景基金喺 D 輪及 D+ 輪入場，提供咗約 5.23 億元嘅資金支持。
截至最後實際可行日期股權架構
截至目前，王曦透過直接持股同員工持股平台合共控制公司約 40.84% 嘅權益，依然保持住對公司嘅控制權。
02
「兩條腿」行路
天瞳威視喺業務佈局上採取咗「雙軌並行」嘅策略。
喺 L2-L2+ 級輔助駕駛領域，天瞳威視嘅選擇非常務實。佢並冇盲目追逐算力堆疊嘅「軍備競賽」，而係走咗一條高性價比路線。
作為典型嘅視覺派智駕供應商，佢喺 L2 量產方案上以視覺感知為主，融合毫米波雷達同超聲波雷達，能夠喺較低算力平台上實現高級功能。例如，基於地平線 J6B 芯片（約 20TOPS）嘅方案即可支持行泊一體、高速 NOA。
呢種打法擊中咗 10 萬 -20 萬級主流車款對成本敏感嘅痛點。根據灼識諮詢嘅數據，按 2024 年裝機量計，天瞳威視係中國第二大同時提供行車同泊車解決方案嘅以軟件為核心嘅 L2-L2+ 級方案提供商，市場份額為 14.3%。
2024 年中國具備行泊一體能力嘅以軟件為核心供應商格局
截至最後實際可行日期，天瞳威視獲得 23 個汽車品牌嘅 198 款車款嘅 L2-L2+ 級解決方案定點函，並實現 6 個汽車品牌嘅 105 款車款嘅量產；獲得定點函嘅 198 款車款中有 87 款覆蓋海外市場，其中 59 款已實現量產。
但值得注意嘅係，L2-L2+ 市場正在經歷劇烈嘅「紅海化」。
一方面，經緯恆潤、福瑞泰克等本土 Tier1 正在加速追趕；另一方面，部分頭部車廠開始將低階智駕方案從外購轉為內部集成。
天瞳威視能否維持佢喺「性價比方案」領域嘅領先地位，取決於佢能否持續保持算法對低算力平台嘅優化能力，而這需要喺研發投入上持續加碼。
喺高級 L4 級自動駕駛領域，天瞳威視更多扮演「先鋒」角色。這亦係佢近兩年增長最快嘅板塊。
早在 2019 年，佢就參與咗上海洋山港嘅 5G 智能重卡項目。目前佢嘅 L4 方案覆蓋 Robobus、Robotaxi 同 Robotruck。其中，Robobus 係佢最具代表性嘅產品線，已喺蘇州、天津等城市嘅公開道路投入常態化試營運。
2025 年，天瞳威視從 L4 級解決方案產生收入 3.75 億元，佔公司總收入嘅 68% 以上，大部分收入來自 L4 級軟件解決方案。
然而，硬幣嘅另一面係商業化嘅曲折。雖然 L4 業務營收暴增，但佢嘅交付形態目前以「軟硬件一體解決方案」為主，呢種模式本質上接近「項目制交付」或「小規模車隊部署」，與 L2 業務中「純軟件授權 + 白盒交付」嘅高毛利、大規模複製邏輯存在顯著差異。
呢就直接導致 L4 業務毛利率嘅大幅波動：喺部分自研硬件佔比较高嘅項目中，毛利率一度低至 15%。
截至遞表日，公司雖手握超 10 億元嘅 L4 意向訂單，涵蓋 2500 架車，但呢啲訂單預計要喺未來三至五年內先會陸續交付，短期內對現金流嘅改善作用有限。
此外，天瞳威視仲有部分應收來自工程服務，主要涉及道路測試、數據收集支援及數據標註服務以及公司嘅專有工具鏈。
03
財務嘅雙面鏡
招股書嘅財務部分，展現咗智駕行業最真實嘅「B 面」：規模同虧損嘅極限拉扯，同埋賬面現金同營運消耗之間嘅緊張博弈。
營收高增長，但結構劇烈波動。
財務數據顯示，公司嘅營收呈現爆發式增長，從 2022 年嘅 1.72 億元增長至 2024 年嘅 4.83 億元，複合年增長率高達 67.7%。2025 年全年營收進一步增長至 5.5 億元。
但收入結構嘅變化明顯。2023 年，公司依賴 L2-L2+ 業務，佔比 90.2%；去到 2024 年，L4 業務佔比升至 50.2%；2025 年，L4 業務佔比進一步拉高至 68%。呢種「斷崖式」嘅結構切換，雖然證明佢 L4 技術搵到咗落地場景，但亦令市場質疑佢 L2 業務係咪已觸及天花板。
毛利率同純利潤嘅背離，呢係天瞳威視面臨嘅最大挑戰。
從毛利睇，整體毛利率喺 30% 左右徘徊，喺呢個技術密集型嘅智駕行業屬於中等水平。但細拆睇嚟，L2-L2+ 業務嘅毛利率通常能維持喺 40% 以上，純軟件授權模式，而 L4 業務嘅毛利率則因「軟硬件一體」交付中硬件佔比提高而被顯著拉低。
從純利潤睇，雖然表面虧損額較大，2024 年虧損 4.63 億、2025 年虧損約 2 億，呢度包含大量因優先股公平值變動帶來嘅「紙面虧損」。剔除呢個因素後嘅經調整純利潤更能反映公司嘅真實經營狀況：2024 年已收窄至 -438 萬元，但 2025 年並未如市場預期實現轉正，而係錄得約 -1086 萬元，虧損較 2024 年有所擴大。
呢個背後有一個不可回避嘅關鍵前提：調整後嘅「減虧」乃至「接近盈虧平衡」，係喺公司持續壓縮研發投入嘅基礎上實現嘅，研發費用從 2024 年嘅 1.17 億元降至 2025 年嘅 9231 萬元，研發費用率從 2024 年嘅 24.3% 進一步降至 16.8%，而 2022 年呢個數字曾高達 108.7%。對於一家科技公司嚟講，研發強度嘅「退坡」是否會影響未來嘅技術護城河，係一個潛在風險點。
現金流持續告急，最令人擔憂嘅信號。
根據最新招股書，截至 2025 年 12 月 31 日，公司賬上嘅現金及現金等价物為 2.35 億元，較 2025 年 6 月 30 日嘅 3.74 億元淨減少 1.39 億元，現金消耗速度較快。
更值得警惕嘅係經營現金流由正轉負且缺口持續擴大嘅趨勢。2023 年，公司經營活動現金流淨額為正向流入 1.15 億元，但 2024 年迅速轉為淨流出 1.89 億元，2025 年進一步惡化至淨流出 2.93 億元。
與此同時，應收賬款周轉急劇惡化。公司嘅貿易應收款項從 2023 年嘅 0.89 億元升至 2025 年嘅 5.48 億元，三年增長超過五倍，而同期營收增幅僅約 2.7 倍。
更令人擔憂嘅係應收款項周轉天數從 2023 年嘅 191 天同 2024 年嘅 166 天，到 2025 年驟升至 300 天，意味著公司從完成交付到收回款項平均需要接近一年時間。呢相當於變相為客戶提供長期無息墊資，喺資金本就緊張嘅情況下進一步加劇咗流動性壓力。
此外，雖然天瞳威視係首家出海嘅中國智駕軟件供應商，但 2025 年佢嘅海外業務遭遇咗明顯回落。2023 年天瞳威視海外收入為 1.27 億元，佔總營收比重達到 62.2%；到 2025 年海外收入降至 1100 萬元，佔比僅 2.0%。
喺而家全球地緣政治複雜、部分國家對智能汽車數據監管趨嚴嘅背景下，為佢嘅全球化故事增添咗一絲不確定性。
04
結語
天瞳威視嘅二次闖關，係智能駕駛行業進入「淘汰賽」階段嘅一個縮影。
從好嘅方面睇，佢踩準咗 L2 性價比同 L4 場景化落地嘅雙重節奏，且經調整純利潤喺特定口徑下已接近盈虧平衡，呢啲都畀投資者提供咗「有亮點可講」嘅故事線。
但從風險嘅角度睇，情況遠比首次遞表時更為嚴峻。業務重心嘅急速漂移、L4 業務商業化初期嘅盈利磨難、研發投入嘅被動收縮，呢啲此前就已存在嘅問題並未緩解。
天瞳威視 L4 級智能巴士
而真正令此次 IPO 帶「求生」色彩嘅，係現金流數據嘅實質性惡化：2.35 億元嘅賬面現金，面對每年近 3 億元嘅经营性現金淨流出，安全邊際已不足一年。疊加 300 天嘅應收賬款周轉天數，意味著公司每交付一筆訂單，都要墊付近一年嘅資金成本。
換言之，天瞳威視正處喺一個危險嘅財務窗口期：賬上嘅錢僅夠維持唔足一年嘅正常運作，而 L4 業務嘅大規模交付同回款卻需要更長時間。喺呢個智駕資本熱潮退去、一級市場融資邊際收緊嘅時刻，公司已冇太多等待嘅餘地。
首次遞表失效後僅隔半年便再次衝擊港股，對天瞳威視而言，與其話係戰略選擇，唔如話係現金倒逼下嘅必然之舉。
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。
兄弟姐妹們，今日講一個出海嘅大新聞——唔係賣車，係賣「司機」。6 月 2 號，文遠知行同 Uber 聯合宣佈咗一件事：計劃喺西班牙馬德里推出該國首個商業化 Robotaxi 試點服務。意思就係：西班牙人好快就可以用 Uber 叫到一台冇司機嘅出租車。呢次係文遠知行同 Uber 第一次一齊進入歐洲市場。馬德里亦成為文遠知行 Robotaxi 駛入嘅全球第十二個城市。
官方消息話，喺馬德里自治區政府嘅支持下，呢項服務今年內就會正式啟動。到嗰陣，馬德里嘅朋友哋打開 Uber App，就有一鍵呼叫文遠知行嘅 Robotaxi。同叫普通網約車一樣，分別係嚟嘅車冇駕駛員——至少喺初期，仲係有分別嘅。運營初期，車入面會配備經過專業培訓嘅安全員，終究係剛上線，穩妥第一。
文遠知行呢間公司，你可能聽過，也可能冇聽過。簡單介紹下：2017 年成立，一直埋頭搞 Robotaxi 技術研發同商業化。而家佢嘅 Robotaxi 已經覆蓋咗廣州、北京、新加坡、阿布達比、迪拜、利雅得、蘇黎世……加埋而家嘅馬德里，一共 12 個城市。西班牙亦係文遠知行進入嘅第五個歐洲市場——之前已經入咗瑞士、法國、比利時、斯洛伐克。按照文遠知行同 Uber 喺 2025 年 5 月達成嘅規劃，佢哋要喺五年內新增 15 個國際城市部署 Robotaxi 服務，全球部署數萬輛 Robotaxi。隨著馬德里落地，目前已經完成咗 4 個城市嘅佈局，仲有 11 個會喺 2030 年前陸續覆蓋。
講真嘅，中國自動駕駛公司出海唔係頭一回，但中國技術 + 全球出行平台 + 歐洲市場呢個組合，定係好有意思。馬德里係歐洲最具商業潛力嘅 Robotaxi 市場之一，人口多、出行需求大，當地政策都好友善。喺呢個市場站穩腳根，對文遠知行嚟講係個唔小嘅里程碑。對 Uber 嚟講，引進 Robotaxi 都係為咗降低成本——終究司機唔使發人工。對馬德里市民嚟講，以後打車可能更平。
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 HighlightIn 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 5Chery 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 EffortChangan 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 ThoughtsFrom 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.
你睇過印度嘅馬路嗎？
我喺網上見過。
畫面通常係咁，一輛轎車俾牛尾擋住，旁邊仲有亂竄嘅摩托，甚至周圍仲有賣奶茶嘅小夥，嗰叫一個“乾淨又衛生”。
然而，喺呢啲睇完好多人覺得生理不適嘅地方，豐田、鈴木、本田等日本車廠，卻決定將籌碼押落印度。
據印度“品牌質量基金會”網站顯示，三家車廠將喺印度投資近110 億美元建廠、提產能、搞出口。
對此有网友表示，三家日本車廠係咪錢多到無處花？
事實上，佢哋唔係錢多到花唔完，亦唔係被印度嘅咖哩蒙蔽咗心竅，呢啲日本車廠高層遠比我哋清醒。
而家嘅日系車，營業額、市場份額都喺下滑，原材料成本仲係升得飛起，打開世界地圖，搵一個能夠容納產能、拓充份額、競爭溫和嘅市場，唔係咁容易嘅事。
所以，唔係日本車廠選擇咗印度，而係因為冇得揀。
日本車廠之痛
曾經嘅日系車，嗰時妥妥係人哋個仔。
你問下十幾年前開過日系車嘅老司機，一提起日系車，幾乎就冇唔豎大拇指嘅，價錢平、省油、耐用又抵撞……
甚至好多日系車，仲要加價購買，但邊個諗到，呢個鐵打嘅江山，短短幾年時間就俾佢哋打得找唔著北。
隨著新能源汽車浪潮嚟到，電動化、智能化變成好多自主車廠“彎道超車”嘅目標，依托於中國強大嘅新能源汽車產業鏈優勢同車廠自身對研發、技術嘅堅持，中國自主品牌迅速實現咗“彎道超車”。
曾經被人吐槽嘅國產車，而家喺馬路越來越多人，甚至份額超越咗合資。
根據乘聯會嘅數據，喺2026 年4 月，自主品牌嘅份額已經高達62.5%，遠超日系嘅13.1%。
要知道，中國汽車市場係全球最大嘅汽車市場，喺中國市場失速，就相當於丟咗一塊巨大嘅蛋糕。
同時，中國市場近年嚟嘅主旋律依舊係價格戰，捲配置、捲價格、捲服務已經成為一種常態，亦對日系車嘅利潤產生咗巨大嘅影響。
除咗中國，日系車喺美國過得亦唔太好。
2025 年 1 月 20 日，特朗普宣誓就職第 47 任美國總統，自此開啟咗一連串搞搞震，其中就包括以國家安全為理由徵收額外嘅汽車關稅，導致進口日本汽車嘅關稅稅率一度高達 27.5%，雖然後嚟有所降低，但亦遠高於最初嘅稅率。
呢個操作，直接導致七大日本車廠喺2025 財政年度嘅關稅損失超2 萬億日元。
再睇日本本土，其實亦唔容易。
中東地緣衝突導致霍爾木茲海峽航運受阻，運輸成本、原材料成本暴漲，日本車廠都有苦難言。
高管們看著報表，背後發涼，只能尋找全新嘅增長曲線。
所以，日本車廠唔係愛上印度，係冇地方去。
揀選印度嘅深思熟慮
咁，印度點解咁有魔力，先至令日本車廠重資投入呢？
第一個優勢就係大。喺2025 年，印度汽車市場取得咗551.7 萬輛嘅新車銷量，同比增長 6%，刷新咗歷史紀錄，位居全球第三大汽車市場，已经连续四年超越日本，僅次於中國同美國。
呢個含金量唔使多講啦，而印度取得呢一成績，主要係因為印度一直喺推動減稅政策，促進消費，這導致國內消費意願出現咗明顯增強。
第二個優點係近，就係離日系車賣得動嘅地方近，如非洲等其他地區。
所以，印度對於日本車廠，更似一個建喺十字路口中央嘅便利店，你唔使將車分別運去八個國家，只需要喺印度呢站造好，然後一船一船甩去，就能削減唔少成本。
《日本經濟新聞》亦認為，印度有望轉變為佢哋全球嘅汽車供應中心。
第三個優點係穩。要知道，日系車嘅優勢就係燃油車，畢竟引擎、變速箱、底盤三大件，佢哋已經玩咗好多年，技術積累喺全球都係數一數二。
但係中國汽車市場已經全力推動電動化、智能化發展，導致日系車嘅優勢越來越弱，根本無法發揮出嚟，但印度唔一樣，佢擁有充電樁少、電動化進程緩慢嘅特點，印度老百姓買車，都仲係盯住平、省油、易修，而呢三點正係日系車嘅老本行。
尤其係鈴木，一直係印度汽車市場嘅常青樹，幾乎年年穩坐暢銷車型寶座，口碑好，勝過任何廣告。
所以，日本車廠大力佈局印度市場，顯然是經過深思熟慮嘅。
但，印度市場真係咁好混咩？
難啃嘅印度市場
當然，印度亦唔係完美得似個香口格，佢嘅缺點同佢嘅優點一樣明顯，而且每一個都夠日本車廠喝一壺。
先講電動化，冇錯，眼睇下印度充電樁少、電動車賣唔動，確實係日系燃油車嘅避風港。但你得諗諗，呢個“避風港”能避幾耐？
印度此前可係喊出咗 2030 年電動車佔新車 30% 嘅口號，雖然聽落似吹水，但抵唔住人哋真補錢、真建充電站。
試諗下，萬一有日印度突然開竅，開始大力推動電動化、搞基建，充電樁似雨後春筍咁冒出來，嗰日系車唔就傻眼？
呢唔係泰國市場嘅翻版咩？
當年日系車喺泰國都係躺贏，整個東南亞市場，都被稱為日系車嘅後花園，結果泰國率先推動電動化，中國電動車一嚟，直接就成咗香口格，再睇日系車，喺泰國嘅市場份額嘩嘩嚟咗落。
如果印度係電動化一加速，歷史大概率會重演，而而家呢次，日系車連逃嘅地方都快冇咗，點樣預防，將成為日本車廠嘅首要問題。
再講政策，印度嘅政策就似一鍋咖哩，你永遠唔知下一口食到係雞肉定係馬鈴薯。
呢個魔幻嘅國家，今日係低關稅鼓勵建廠，明日就可能罰你一筆巨款，更令人頭痛嘅係強制合資，外國車廠想喺印度賣車，要搵本地夥伴搭檔，等你工廠建好咗、供應鏈搭完咗，印度直接背刺你，到嗰陣無論係加錢定撤資，換嚟嘅都係心痛。
所以你看，印度呢個市場，就好似一個睇落好甜嘅芒果，咬落去第一口仲行，再啃幾口就摸著硬核。
日系車而家嘅算盤係，趁住核都未硌牙，趕緊多啃幾口，但核遲早會硌到，只係唔知係邊一日。
尾聲
日系車呢趟印度之旅，唔係去旅遊，係去搵食。
中國同東南亞嘅飯桌更擁擠，生產、運輸嘅成本又提高咗，放眼全球，就印度呢口鍋仲冒住熱氣，哪怕入面煮嘅係咖哩味嘅石頭，都要硬著頭皮啃落去。
日本車廠想擴大市場，印度想嘅係拉動經濟、解決就業，雙方都有各自嘅心思。
至於結局係日系車喺印度重新封神，定係好似當年嘅部分友商一樣灰溜溜走人，那就唔知啦。
但無論點樣，呢場戲先至開始，我哋慢慢睇就得啦。
反正印度嘅故事，從來唔會悶。
In the first four months of 2026, the pure electric vehicle market in Indonesia witnessed significant growth. Amidst this wave of green travel, BYD firmly secured the top position with absolute advantage, becoming the most eye-catching Chinese brand in the local market.
According to the latest data released by the Indonesia Automotive Industry Association, wholesale sales of pure electric vehicles by BYD in Indonesia reached a cumulative total of 17,098 units from January to April this year, successfully claiming the local electric vehicle sales championship. This figure not only far exceeds other brands but also validates BYD's strong competitiveness in the overseas market.
At the product level, BYD has constructed a rich and diverse model matrix in the Indonesian market. The Seagull, Yuan Plus, Dolphin, BYD M6, Seal, and Sealion 7, totaling six models, worked in synergy to cover full-scenario needs ranging from entry-level commuting to high-end travel. Whether for young first-time buyers or multi-person households, everyone can find electric vehicle models suitable for their specific needs within BYD's product line.
Entering April, BYD continued to maintain a strong growth momentum in the Indonesian market. Wholesale sales for the month once again ranked first in the industry, demonstrating the brand's increasingly strong recognition among Indonesian consumers. Behind every order lies a user's genuine trust in BYD's quality and service. From the streets of Jakarta to the suburbs of Bandung, an increasing number of BYD models are becoming a moving landscape on Indonesian roads.
It is worth noting that the success of the Indonesian market is not an isolated case. As a crucial link in BYD's global strategy, Indonesia, along with other overseas markets, is jointly scripting a new chapter in BYD's "going global" blueprint. From Southeast Asia to Europe, from Latin America to the Middle East, BYD is constantly refreshing the perception boundaries of Chinese automotive brands overseas with solid product capabilities and stable delivery capabilities.
Industry analysts believe that BYD has not only "gone out" but has truly achieved a deep qualitative transformation of "going in." This leap signifies that China's new energy vehicles have grown into trusted leaders on the global stage.
近日，賽輪集團在“技術升級”與“產能擴張”雙線連迎重大進展。5 月 21 日，賽輪技術研發中心高性能輪胎實驗室技改項目獲青島市生態環境局批覆；稍早前的 4 月，其總投資 23.4 億元的“年產 1260 萬套高性能子午胎項目”也已經順利拿下環評批覆。從研發精雕細琢到產能大開大合，賽輪正加速向“全球智造”跨越。
技改賦能，鍛造研發“精度”。5 月獲批的技改項目總投資 4700 萬元，將購置高速均勻性試驗機、雙工位滾動阻力試驗機等 31 台（套）高端設備。項目建成後，年檢測樣品維持 1000 條不變，但將大幅提升檢測準確性與信息化水平，為高性能輪胎研發提供硬核數據支撐。
重拳落子，打造產業鏈閉環。4 月獲批的董家口年產 1260 萬套子午胎項目，佔地約 329 畝，將新增關鍵設備 1000 餘台（套）。該項目絕非孤立擴產，其廠區正同步建設“年產 50 萬噸功能化新材料項目”，新建輪胎項目可直接消化自產橡膠原料，實現上下游無縫銜接，大幅降低外購與物流成本，形成極具競爭力的閉環優勢。同時，項目環保投資達 1200 萬元，針對不同工序廢氣量體定製精細化治理系統，堅守綠色發展底線。
兩大項目推進是賽輪全球戰略落地的縮影。當前，賽輪通過“國內高端製造”與“海外智慧工廠”雙輪驅動構建韌性供應網：國內瀋陽新和平工廠首條全鋼胎下線，處產能爬坡期；海外埃及、印尼項目按期推進，墨西哥工廠已批量供貨北美，有效規避貿易壁壘。
擴產背後是強勁的需求支撐。目前賽輪產能利用率處歷史高位，訂單充足。配套市場上，“液體黃金”輪胎成功配套比亞迪海獅 06EV 2026 款並獨家供貨吉利博越 REV；非公路輪胎則躋身淡水河谷、必和必拓等國際礦業巨頭供應鏈。依托產業鏈一體化優勢，賽輪正不斷鞏固領跑地位，向着“做一條好輪胎”的願景穩步邁進。
Kawasaki Indonesia brings another surprise to global off-road and adventure riders, officially launching the all-new variant of the 2027 model, the "KLX150 XPL". This bike completely subverts the past stereotypical impression of the KLX family as hardcore, sharp, and ready for competition, instead wearing the "Dakar Rally" outfit of a wanderer.
The original factory slogan is "Rugged dual-purpose bike born for exploration", directly transforming the originally pure lightweight trail bike into a "Mini Adventure" bike full of retro sentiment yet highly functional.
Key Points Summary
Major Exterior Transformation: Equipped with LED retro round lights and large long-distance windshields, creating an adventure look like a Dakar rally car.
Carburetor Glory Continues: Equipped with an extremely reliable 144cc air-cooled single-cylinder engine, and extremely rarely retains the Keihin NCV24 carburetor and electric/kick dual-start modes.
Pure Off-road Chassis: Uses professional full-size steel rims front 21-inch, rear 18-inch, paired with 35mm inverted front forks, ground clearance up to 295mm.
Lightweight and Affordable: Curb weight is only an extremely light 121kg.
Dakar Rally Spirit! LED retro round lights and large windshields build a new exterior
Amidst a wave of new retro adventure trends in the motorcycle world, Kawasaki Indonesia hit the fans' aesthetic points precisely this time. The most eye-catching part of this bike is definitely the redesigned front face. The sharp beak or small windshields that used to be standard for off-road bikes are gone, replaced by a round LED headlight emitting a retro tech feel, and above it is directly locked a large plastic wind deflector with strong visual impact that effectively reduces wind pressure during long-distance riding.
The "XPL" in the bike name is undoubtedly the abbreviation for "Explorer", paired with plastic handlebar guards, engine underguards, and frame skid plates inherited from the KLX150 SE high-end version. The whole vehicle transforms from a wild child originally ready to play in mud to a professional explorer ready to cross the desert.
12 HP is enough! Persisting with Keihin NCV24 Carburetor and the old-school romance of "Kick Start"
In modern times where environmental regulations are increasingly strict and even 50cc grocery bikes are stuffed with sensors and electronic fuel injection systems, Kawasaki Indonesia played a "time reversal" romance on this 144cc air-cooled 4-stroke SOHC 2-valve single-cylinder engine. This engine has a maximum power of 12 HP (PS) and 11.3 Newton-meters of torque output. These data might not look scary, but what truly excites old-school fans is that its fuel supply is still handled by the classic "Keihin NCV24 Carburetor".
As the saying goes, "The simpler the structure, the more reliable it is in the wilderness". The new car not only retains the carburetor but also completely retains the kick starter lever for "Kick Start", coexisting with the electric start system. This design gives people an unparalleled sense of security when going deep into uninhabited areas. After all, in places without roads, if the battery unfortunately reaches its end, you can still kick out a ray of life with your right foot.
35mm Inverted Fork Support and 121kg Extremely Light Weight! Full-size Front 21 Rear 18-inch Authentic Off-road Chassis
Don't think this is just a visual modification bike. The KLX150 XPL is completely hardcore specifications in its bones. The frame uses Kawasaki's signature high-rigidity steel perimeter frame. The front suspension system is sincerely equipped with 35mm inverted forks, and the rear is equipped with Uni-Trak multi-link mono-shock rear suspension with preload adjustment.
The front and rear wheelsets also hit the top, adopting the most standard off-road full-size steel rim configuration of front 21-inch, rear 18-inch, giving it a ground clearance of up to 295mm, whether crossing fallen logs or crossing piles of rocks, it appears effortless; Even more amazingly, after stuffing so many long-distance adventure equipment, benefiting from the lightweight advantages of the air-cooled engine and carburetor, the curb weight of this bike is pinned down to an extremely light 121 kg, which means even if you unfortunately fall in the forest road, you can easily lift it up alone, without the "weightlifting anxiety" that liter-class multi-purpose bikes cause.
Price 44.8 Million Indonesian Rupiah (17,000)! Classic Lime Green single color scheme shows pure Kawasaki bloodline
In terms of color selection, Kawasaki Indonesia was very decisive this time, adhering to the attitude of "classic needs no words", only launching one Kawasaki signature "Lime Green x Obsidian Black (Lime Green / Ebony)" classic color scheme, and regarding the price point everyone cares most about, the official suggested price in Jakarta, Indonesia is 4,480 Million Indonesian Rupiah.
If we convert using the current exchange rate, this exquisite small car with inverted forks, large windshields, and full-size off-road frames, equivalent to approximately 400,000 Japanese Yen (17,000) in Japan. The sweet spot of this equipment and price is simply like dropping a bombshell in the Southeast Asian market.
In summary, the birth of this Kawasaki KLX150 XPL is undoubtedly a master move by Kawasaki in the Southeast Asian market. It successfully packaged the originally somewhat serious, pure trail off-road bike requiring a certain technical threshold into a highly personalized "Mini Rally" bike that everyone wants to ride to camping and coffee.
Originally, the rugged trail bike can emit such charming North African rally style; in the contemporary era where electronicization and technologization are pursued in everything, such a pure, lightweight small car that allows people to revisit the fun of "tuning the carburetor" is indeed a rare motorcycle romance of this era.
