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喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿寶騰 X50 同奇瑞 Tiggo 9 嚟做比較。呢兩款車喺價位同定位上都好接近，今日我哋就從多個方面做一個詳細嘅比較，幫你節省咗做功課嘅時間。
寶騰 X50 喺馬來西亞嘅 OTR 售價係 RM 89,800 - 113,300，一共有 4 個型號，包括 1.5T Executive（RM 89,800）、1.5T Premium（RM 101,800）、1.5T Flagship（RM 113,300） 等。
奇瑞 Tiggo 9 喺馬來西亞嘅 OTR 售價係 RM 166,800 - 179,800，一共有 1 個型號，包括 2026 2.0T Standard（RM 179,750） 等。
由價錢睇落，寶騰 X50 嘅入門價確實比奇瑞 Tiggo 9 平咗 RM 77,000。如果你預算有限，寶騰嘅入門版已經可以滿足日常需要。不過都要留意，平嗰幾千蚊，可能喺配備上有取舍，具體就要睇你嘅需要。
寶騰 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)。
奇瑞 Tiggo 9 嘅安全評級係 TBD，主動安全系統包括 Basic。
安全配備方面，兩款車都拿到唔錯嘅評級。不過寶騰 X50 嘅 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) 同奇瑞 Tiggo 9 嘅 Basic 喺功能上有些分別，如果你比較睇重主動安全嘅話，可以仔細比較下兩者嘅功能列表。
寶騰 X50 車身長 4400 mm，行李箱 400 L。
奇瑞 Tiggo 9 車身長 4400 mm，行李箱 400 L。
兩款車嘅尺寸幾乎一樣，車內空間分別唔大。呢個級別嘅車，日常使用完全夠用。
寶騰 X50 保養 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
奇瑞 Tiggo 9 保養 3 年/100,000km，保養間隔 每 10,000km 或 6 個月。
總括嚟講，寶騰 X50 同奇瑞 Tiggo 9 都係馬來西亞市場幾唔錯嘅車型。揀邊部，關鍵係要睇你嘅個人需要同預算。建議大家做足功課，多比較幾間車行嘅報價，再 Go 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 Malaysia's SUV market, many buyers compare Proton X50 and Subaru Crosstrek when choosing a car. The prices 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.
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 Subaru Crosstrek in Malaysia is RM 145,000 - 160,000, with a total of 1 version, including 2.0L e-Boxer (RM 150,000), etc.
In terms of price, the starting price of Proton X50 is indeed RM 55,200 cheaper than Subaru Crosstrek. If your budget is limited, Proton's entry-level version can already meet daily needs. However, note that the few thousand Ringgit saved might involve trade-offs in equipment, depending on your specific needs.
Proton X50 safety rating is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
Subaru Crosstrek safety rating is 5★ (Euro NCAP), active safety system includes EyeSight.
Regarding safety features, both cars received good ratings. However, there are some differences in functionality between Proton X50's ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) and Subaru Crosstrek's EyeSight. If you value active safety, you can compare the feature lists of both in detail.
Proton X50 body length is 4400 mm, trunk 400 L.
Subaru Crosstrek body length is 4400 mm, trunk 400 L.
The dimensions of both cars are almost the same, with little difference in interior space. For cars at this level, it is fully sufficient for daily use.
Proton X50 adopts 4WD drive mode.
Subaru Crosstrek adopts FWD drive mode.
Proton's 4WD and Subaru's FWD will have different handling experiences, test drive comparison is recommended.
Overall, both Proton X50 and Subaru Crosstrek are very good car models in the Malaysian market. Which one to choose depends mainly on your personal needs and budget. We suggest you do your research, compare quotes from several dealerships, and then go for a test drive to make the final decision. Buying a car is a major matter, spending some time doing research will definitely not be wrong.
In Malaysia's SUV market, many buyers compare Proton X50 and Subaru Forester when choosing a car. These two cars are quite close in price and positioning. Today, we will make a detailed comparison from multiple aspects to help you save time on research.
The OTR price of Proton X50 in Malaysia is RM 89,800 - 113,300, with a total of 4 variants, including 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300), etc.
The OTR price of Subaru Forester in Malaysia is RM 174,000 - 197,000, with a total of 3 variants, including 2024 2.0L S EyeSight GT Edition (RM 189,538), 2024 2.0L S EyeSight (RM 177,538), 2024 2.0L L EyeSight (RM 167,538), etc.
From a price perspective, Proton X50's starting price is indeed RM 84,200 cheaper than Subaru Forester. If your budget is limited, Proton's entry-level version can already meet daily needs. However, note that the thousands of ringgit cheaper might involve compromises in features, it depends on your specific needs.
Proton X50's safety rating is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
Subaru Forester's safety rating is 5★ (Euro NCAP), active safety systems include EyeSight.
In terms of safety features, both cars have received good ratings. However, there are some differences in functionality between Proton X50's ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) and Subaru Forester's EyeSight. If you value active safety highly, you can compare their feature lists in detail.
Proton X50 warranty is 5 years/150,000km, service interval is every 10,000km or 6 months.
Subaru Forester warranty is 3 years/100,000km, service interval is every 10,000km or 6 months.
Proton X50 and Subaru Forester are both mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, prioritize the one with better reputation; if you care more about value for money and features, choose the one with richer configurations. Ultimately, it is recommended to test drive both, as personal experience is the most important.
Overall, Proton X50 and Subaru Forester are both very good car models in the Malaysian market. Which one to choose depends on your personal needs and budget. It is recommended that everyone do their homework, compare quotes from multiple car dealerships, and then test drive to make the final decision. Buying a car is a big matter, spending time on research will never be wrong.
In the Malaysian SUV market, many buyers compare the Proton X50 and Subaru Forester 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.
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 Subaru Forester in Malaysia is RM 174,000 - 197,000, with a total of 3 versions, including 2024 2.0L S EyeSight GT Edition (RM 189,538), 2024 2.0L S EyeSight (RM 177,538), 2024 2.0L L EyeSight (RM 167,538) etc.
Looking at the price, the starting price of Proton X50 is indeed RM 84,200 cheaper than Subaru Forester. If your budget is limited, Proton's entry-level version can already meet daily needs. However, please note that those few thousand ringgit savings might involve trade-offs in features; it specifically depends on your needs.
The safety rating of Proton X50 is 5★ (ASEAN NCAP), active safety system includes ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
The safety rating of Subaru Forester is 5★ (Euro NCAP), active safety system includes EyeSight.
In terms of safety features, both cars received good ratings. However, there are some differences in functionality between Proton X50's ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) and Subaru Forester's EyeSight. If you value active safety more, you can compare the function lists of both carefully.
Proton X50 body length 4400 mm, trunk 400 L.
Subaru Forester body length 4400 mm, trunk 400 L.
The dimensions of both cars are almost the same, and the interior space is not much different. Cars of this level are more than sufficient for daily use.
Both Proton X50 and Subaru Forester are mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, you can prioritize the one with better reputation; if you care more about cost-performance ratio and features, then choose the one with richer configuration. Ultimately, it is recommended to test drive both, personal experience is the most important.
Overall, both Proton X50 and Subaru Forester are very good models in the Malaysian market. Which one to choose mainly depends on your personal needs and budget. It is recommended that you do your homework, compare quotes from several dealerships, and then test drive to make a final decision. Buying a car is a major matter, spending some time doing 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 Proton X50 同 MG MG HS 嚟做比較。呢兩部車喺價位同定位上都幾接近嘅，今日我哋就從多個方面做一個詳細比較，幫你節省做功課嘅時間。
Proton X50 喺馬來西亞嘅 OTR 售價係 RM 89,800 - 113,300，合共 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，合共 2 個版本，包括 1.5L Standard（RM 105,000）、1.5L Executive（RM 115,000） 等。
從價錢嚟睇，Proton X50 嘅起步價確實比 MG MG HS 平咗 RM 40,650。如果你預算有限，Proton 嘅入門版已經可以滿足日常需要。但都要留意，平嗰幾千蚊，可能喺配備上會有取捨，具體要睇你嘅需求。
Proton X50 配備 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
MG MG HS 配備 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。不過日常喺市區行，兩部車嘅動力都夠用，唔會覺得唔夠力。
Proton X50 採用 4WD 驅動方式。
MG MG HS 採用 FWD 驅動方式。
Proton 嘅 4WD 同 MG 嘅 FWD 喺操控上會有唔同感受，建議試駕比較。
Proton X50 保修 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
MG MG HS 保修 7 年/150,000km，保養間隔 每 10,000km 或 6 個月。
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；如果你更在意性價比同配備，那就揀配備更豐富嗰款。最終都建議兩部都去試駕，親身體驗先係最重要嘅。
總體嚟講，Proton X50 同 MG MG HS 都係馬來西亞市場幾唔錯嘅車型。揀邊一部，關鍵仲係要睇你嘅個人需求同預算。建議大家做足功課，多比較幾間車行之報價，再去試駕先做最終決定。買車係件大事，花少少時間做功課絕對唔會錯。
In the Malaysian SUV market, many buyers compare Proton X50 and Kia Sportage when selecting a car. These two cars are quite close in price and positioning. Today we will make a detailed comparison from multiple aspects to save you time doing research.
Proton X50 OTR price in Malaysia is RM 89,800 - 113,300, there are 4 variants in total, including 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300), etc.
Kia Sportage OTR price in Malaysia is RM 129,639 - 179,320, there are 4 variants in total, including 2025 1.6T DCT 4WD High (RM 179,320), 2025 1.6T DCT 2WD High (RM 159,320), 2025 2.0L AT 2WD High (RM 139,639), etc.
In terms of price, the starting price of Proton X50 is indeed RM 39,839 cheaper than Kia Sportage. If your budget is limited, Proton's entry-level version can already meet daily needs. But also note, the few thousand dollars saved might mean compromises on features, it depends on your specific needs.
Proton X50 safety rating is 5★ (ASEAN NCAP), active safety systems include ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
Kia Sportage safety rating is 5★ (ASEAN NCAP), active safety systems include Drive Wise.
Both cars have the same safety rating, safety features are quite comprehensive for this class. New car safety is not bad nowadays, no need to worry too much about this.
Proton X50 uses 4WD drive system.
Kia Sportage uses FWD drive system.
Proton's 4WD and Kia's FWD will have different driving experiences, a test drive comparison is recommended.
Proton X50 Warranty 5 years/150,000km, Maintenance interval every 10,000km or 6 months.
Kia Sportage Warranty 5 years/300,000km, Maintenance interval every 10,000km or 6 months.
Both Proton X50 and Kia Sportage are mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, you can prioritize the one with better reputation; if you care more about cost-effectiveness and features, then choose the one with richer configuration. Ultimately, it is recommended to test drive both models, as personal experience is the most important.
Overall, Proton X50 and Kia Sportage are both very good car models in the Malaysian market. Which one to choose depends mainly on your personal needs and budget. It is recommended to do your homework, compare quotes from several car dealerships, and then test drive to make a final decision. Buying a car is a major decision, spending some time on research will never go wrong.
Dalam pasaran SUV di Malaysia, ramai pembeli semasa memilih kereta sering membandingkan Proton X70 dan Honda HR-V. Kedua-dua kereta ini berada pada tahap harga dan kedudukan pasaran yang agak hampir. Hari ini, kami akan membandingkan secara terperinci dari pelbagai aspek untuk membantu anda menjimatkan masa membuat kajian.
Proton X70 di Malaysia mempunyai harga OTR sebanyak RM 106,800 - 122,300. Terdapat 3 versi, termasuk 1.5L Standard 2WD (RM 106,800), 1.5L Executive 2WD (RM 115,800), 1.5L Premium 2WD (RM 122,300) dan lain-lain.
Honda HR-V di Malaysia mempunyai harga OTR sebanyak RM 115,900 - 143,900. Terdapat 4 versi, termasuk 2026 e:HEV 1.5L RS (RM 143,900), 2026 1.5T V (RM 137,900), 2026 1.5T E (RM 130,900) dan lain-lain.
Dari segi harga, harga permulaan Proton X70 memang RM 9,100 lebih murah berbanding Honda HR-V. Jika bajet anda terhad, versi asas Proton sudah cukup memenuhi keperluan harian. Namun, perlu diingat, kos lebih rendah sebanyak beberapa ribu ringgit itu mungkin memerlukan kompromi pada kelengkapan, bergantung pada keperluan anda.
Panjang badan Proton X70 ialah 4400 mm, ruang bagasi 400 L.
Panjang badan Honda HR-V ialah 4500 mm, ruang bagasi 450 L.
Dari segi ruang, badan Honda HR-V 100 mm lebih panjang daripada Proton X70, memberikan ruang penumpang yang lebih baik. Walau bagaimanapun, Proton X70 lebih fleksibel untuk diparkir di bandar. Tiap-tiap ada kelebihan dan kekurangan.
Proton X70 menggunakan sistem pemacu FWD.
Honda HR-V menggunakan sistem pemacu FWD.
Sistem pemacu kedua-dua kereta adalah sama, iaitu FWD. Pengalaman memandu harian tidak akan berbeza dengan ketara.
Proton X70 dan Honda HR-V adalah pilihan utama di pasaran Malaysia, sesuai untuk kegunaan keluarga dan perjalanan harian. Jika anda lebih mengutamakan reputasi jenama dan harga kenderaan terpakai, pertimbangkan yang mempunyai reputasi lebih baik. Jika anda lebih mengambil berat tentang nisbah harga-kualiti dan kelengkapan, pilih yang lebih lengkap. Akhir sekali, disarankan untuk mencuba kedua-dua kereta tersebut secara langsung. Pengalaman peribadi adalah yang paling penting.
Secara keseluruhan, Proton X70 dan Honda HR-V adalah model yang sangat baik di pasaran Malaysia. Memilih yang mana bergantung pada keperluan peribadi dan bajet anda. Kami sarankan untuk membuat kajian, membandingkan sebutan harga dari beberapa pengedar kereta, kemudian mencuba sebelum membuat keputusan akhir. Membeli kereta adalah perkara penting, meluangkan masa untuk membuat kajian tidak akan salah.
Di bawah tolakan bersama transformasi tenaga baru dan pertumbuhan permintaan luar negara, jualan pasaran Pickup meningkat secara stabil. Data borong yang dipaparkan oleh Bahagian Pembindahan Persatuan Pengedaran Kenderaan China (termasuk eksport) menunjukkan (Januari - Jun 2026), jumlah kumulatif jualan Pickup di negara kita sebanyak 343,000 buah, meningkat 11.9% secara tahunan, di mana eksport sebanyak 188,000 buah, meningkat 34%, nisbah jualan luar negara meningkat ke 55%, telah menjadi enjin penting menarik pertumbuhan pasaran keseluruhan; jualan kumulatif Pickup Tenaga Baru sebanyak 45,000 buah, meningkat sedikit 8% secara tahunan.
Dari segi prestasi perusahaan, Top 10 pengeluar jualan Pickup Semi Tahun 2026 mempunyai ciri pembezaan yang ketara. Great Wall Motor累计销售 Pickup 92,512 buah, menurun sedikit 3.9% secara tahunan, kekal berada di posisi pertama industri; SAIC MAXUS累计销售 36,804 buah, meningkat 28.1%, dari posisi ketiga tempoh sama tahun lalu naik ke posisi kedua; Changan累计销售 35,734 buah, meningkat 43.9%, posisi naik ke ketiga industri; JAC, Nissan Zhengzhou isi padu jualan hampir sama, menempati keempat, kelima, di mana Nissan Zhengzhou dengan peningkatan tahunan 51% memimpin sepuluh syarikat industri.
JMC menjual Pickup 28,704 buah menempati keenam, Foton 23,288 buah ketujuh; jualan BYD 20,037 buah kedelapan; Radar Tenaga Baru 11,111 buah meningkat 40.5%, lampaui Jiangxi Isuzu masing-masing menduduki kesembilan, kesepuluh.
Dibandingkan dengan senarai tempoh yang sama tahun lalu, posisi pasaran menunjukkan penyesuaian jelas, layout eksport awal, produk tenaga baru lengkap perusahaan mencapai pertumbuhan cepat, fokus ke pasaran minyak domestik, jalan transformasi lambat brand jualan tertekan, struktur persaingan industri Pickup menghadapi penyesuaian struktur.
Semi Tahun 2026, jualan borong Pickup negara kita secara keseluruhan meningkat. Great Wall Pickup sebagai pemimpin industri, Semi Tahun 累计销售 Pickup 92,512 buah, meskipun menurun 3.9% secara tahunan, dengan kelebihan mutlak kekal di posisi pertama industri. Sebagai jenama terkemuka Pickup domestik, Great Wall Pickup bersandar layout harga semua siri produk 70,000-300,000 RMB, di perniagaan, penumpang, off-road, tenaga baru dan eksport bergerak seiring, membina kelebihan sistem.
Posisi kedua SAIC MAXUS, Semi Tahun 累计销售 Pickup 36,804 buah, meningkat 28.1%, dari posisi ketiga industri tempoh sama tahun lalu naik ke kedua. Kelebihan eksport berkembang berterusan adalah kunci lonjakan posisi SAIC MAXUS, skala eksort Pickup Mei mencapai posisi pertama industri. Jualan sebulan Jun 7,871 buah, meningkat 83%, kelajuan pertumbuhan memimpin segmen khusus Pickup domestik.
Prestasi pasaran Changan juga cemerlang, Semi Tahun 累计销售 Pickup 35,734 buah, meningkat 43.9%, posisi dari posisi keenam industri tempoh sama tahun lalu naik ke ketiga. Jualan sebulan Mac Changan Pickup mengatasi 10,000 buah, meningkat 112.4%; jualan Jun 6,595 buah, meningkat 42.7%. Pelancaran produk baharu seperti Changan Hunter K50, digabungkan dengan pengembangan berterusan pasaran eksport, sama-sama mendorong pemulihan jualan Changan Pickup.
Posisi keempat JAC Pickup Semi Tahun 33,188 buah, meningkat sedikit 0.8% tahunan, menanamkan diri mendalam dalam segmen khusus pertanian, kehutanan, kejuruteraan perniagaan, pelanggan sedia ada stabil, namun kelajuan pengulangan model tenaga baru agak perlahan, sokongan peningkatan baharu tidak mencukupi, keluar dari tiga teratas industri.
Nissan Zhengzhou posisi kelima industri, Semi Tahun 32,987 buah, meningkat 51%. Jenama memajukan secara serentak off-road, tenaga baru, layout antarabangsa, dalam tahun kemas kini Jinruiqi, Navara jenis minyak, melancarkan Fengtan Hybrid Plug-in, Ruiqi elektrik Pickup melengkapi matriks kuasa; jualan model tenaga baru kadar kenaikan mencolok, siri Fengtan eksport kuantiti besar dan mendapatkan tempahan pelbagai negara Amerika Selatan, produk dan saluran luar negara bersama-sama menarik peningkatan jualan.
JMC Semi Tahun 28,704 buah, meningkat 1.0%, posisi dari posisi keempat industri tempoh sama tahun lalu turun ke keenam. JMC Semi Tahun sekali keluar Baodian, Dadai dua model teras, namun tidak membalikkan corak pasaran. Baodian Baru menghadapi persaingan harga dalam pasaran kereta alat perkakas perniagaan; Dadai siri walaupun kuasa produk jelas naik, namun masa keluaran agak lewat, digabungkan prestasi eksport tidak baik, jualan keseluruhan tertekan.
Foton Semi Tahun 23,288 buah, meningkat 21.6%, posisi ketujuh. Eksport menjadi pemacu utama pertumbuhan Foton Pickup, data awam menunjukkan, Januari - Mei 2026 eksport Pickup melebihi 15,000 buah, meningkat pesat secara tahunan, fokus mendalam pasaran rantau Amerika Latin, Afrika, Oceania.
BYD Semi Tahun 20,037 buah, menurun 25.8%, posisi dari posisi kelima industri tempoh sama tahun lalu jatuh ke kelapan. Sebagai pemasuk baharu industri Pickup, BYD sebelum ini terutama bergantung eksport luar negara menarik jualan, namun sejak 2026 persaingan pasaran eksport semakin sengit, digabungkan "Hiiu" Pickup belum dikeluarkan dalam skala besar domestik, menyebabkan jualan keseluruhan tertekan. Namun dari dimensi tenaga baru, BYD tetap kekuatan penting pasaran Pickup, jualan luar negara Pickup Tenaga Baru Jun 4,000 buah, kekal kepimpinan dalam bidang khusus Pickup Tenaga Baru.
Di bawah Geely Radar Kenderaan Listrik, Semi Tahun 11,111 buah, meningkat 40.5%, lampaui Jiangxi Isuzu naik ke kesembilan industri. Tahun ini, Geely Radar melancarkan Jingkang EV Pickup Elektrik, untuk senario perniagaan pertanian, bandar dan bandar luar, banyak tempat di seluruh negara penyebar, serentak layout Thailand, Filipina pasaran luar negara, mencapai bahagian pasaran khusus terus naik.
Jiangxi Isuzu Semi Tahun 11,008 buah, menurun sedikit 0.8%, jatuh ke kesepuluh industri. Jiangxi Isuzu bersandar pada Pickup Diesel Tegas mantapkan pelanggan tetap kejuruteraan, off-road, namun perkembangan ada sekatan pelbagai: kelajuan pengemaskinian kenderaan lengkap agak perlahan, kelajuan pelaksanaan model tenaga baru ketinggalan rakan, sekaligus harga produk kurang daya saing, kekurangan sokongan pertumbuhan berkesan, ruang pertumbuhan keseluruhan sukar dibuka.
More shocking than CATL's performance is the provision of 76.1 billion "return" to shareholders -- dividend of 36.1 billion + buyback of 40 billion and cancellation.
On July 24, CATL released another outstanding half-year performance report.In the first half of 2026, CATL achieved operating revenue of 276.9 billion CNY,year-on-year increase of 54.8%; net profit attributable to shareholders of the parent company 43.28 billion CNY, year-on-year increase of 42.0%; basic earnings per share 9.51 yuan, year-on-year increase of 37.4%. This performance basically reached the upper limit of market expectations.
What shocked the market even more is,the company simultaneously launched a huge A-share buyback cancellation plan of 20 billion to 40 billion yuan.For comparison, according to Wind data, approximately 700 listed companies in the A-share market implemented share buybacks in the first half of 2026, with a cumulative buyback amount of approximately 65 billion yuan. The scale of CATL's buyback is evident from this.
However, interestingly, on one hand, CATL is doing a large buyback in the A-share market; on the other hand, it is also conducting equity financing as high as 39.1 billion HKD in the HK market, and issuing low-cost green tech innovation bonds with a limit of 40 billion yuan.
The reason is also simple,conducting A-share shareholder returns with domestic cash to solidify domestic market reputation; obtaining overseas financing through the HK market and issuing low-interest bonds for domestic and overseas expansion. The two sums of money have two uses, perfectly balancing expansion and shareholder returns. In addition, A-share buybacks can also hedge the equity dilution brought by H-share placement.
01
Energy Storage Business Booms, Second Growth Pole Maturing
Looking at the income statement, what is most worth paying attention to at CATL is not the steady growth of power batteries, but the continuous boom of energy storage business.
In the first half, power battery system revenue was 192.1 billion yuan, a year-on-year increase of 46%, gross margin 20.63%, a slight decline year-on-year but still healthy. But the real focus is on energy storage battery systems -- revenue reached 53.26 billion yuan, a year-on-year surge of 87.54%, the growth rate being almost twice that of power business. Energy storage revenue accounts for 19.2% of total revenue.
At the investor meeting, CATL disclosed more granular data:The combined sales volume of power and energy storage batteries in the first half increased by about 60% year-on-year, of which the proportion of energy storage battery sales has reached about 1/4, and the proportion of energy storage systems (not just cells) is close to 70%.
On the product level, 587Ah large capacity dedicated energy storage cells have achieved large-scale delivery, and the supporting 6.25MWh Tianheng energy storage systems and the world's first nearly 9MWh TENER Stack super-large capacity systems continue to mass-produce. The company also signed a 3-year, total scale of 60GWh sodium-ion battery energy storage strategic cooperation agreement with Hopewind.
02
Global Market Share Rises Against the Trend, Overseas Footprint Accelerates Expansion
Against the backdrop of trade tensions and complexifying geopolitics, CATL's global market share has risen instead of falling, which is truly rare.
According to SNE Research data, from January to May 2026, CATL's global power battery market share reached 40.2%, up 2.2 percentage points year-on-year, ranking first globally for nine consecutive years. In overseas markets (excluding China), the company's market share was 33.7%, up 3.7 percentage points year-on-year.
European market is an important incremental source.In the first half of 2026, new energy passenger car sales in Europe reached 2.351 million vehicles, a year-on-year increase of 31.7%, and penetration rate rose to 32.5%. CATL deeply supplies top overseas automakers such as Volkswagen, Stellantis, BMW, Volvo, Toyota, etc., and the Hungary factory and Spanish joint venture factory are steadily advancing, and localization delivery capabilities continue to enhance.
CATL also won bids for multiple energy storage system integration projects in countries such as Germany, Spain, Chile, Malaysia, and Australia, and overseas energy storage business is replicating the success path of power batteries.
Performance data shows,CATL's overseas revenue reached 87.1 billion yuan, accounting for 31.46% of revenue, a year-on-year increase of 42.35%.
03
High Potential Areas: AIDC and Sodium Batteries
If power and energy storage are CATL's "present", then AI Data Centers (AIDC) and sodium batteries are the "future".
Currently, global AI computing power demand is surging, and AIDC power guarantee and energy efficiency management have become a rigid demand. CATL has laid out AIDC full-scenario energy solutions, covering power generation side, medium voltage distribution side to inside the data center, which can address challenges such as compute-intensive and large load fluctuations.
It should be noted that AIDC demand is tied to global AI computing power investment, and currently this field is in an explosive phase. Company investor relations records also clearly state: "The rapid development of AI globally has driven requirements for AI-related infrastructure, such as AIDC, with huge future potential."CATL has entered a new trillion-level AI infrastructure track by selling batteries.
In addition, CATL's deeply deployed sodium batteries have already borne fruit. However, the market still focuses on the cost competitiveness of sodium batteries compared to lithium batteries. The company responded that after scaled production, sodium batteries have certain advantages in material costs compared to lithium iron phosphate batteries under current lithium carbonate prices, and possess differentiated characteristics such as wide temperature range adaptation, excellent low-temperature performance, and long life.Currently, the production line can achieve flexible lithium-sodium switching, and customers have sequentially signed contracts.
04
CATL Buyback History: From 2 Billion to 40 Billion
Another noteworthy point is CATL's 40 billion buyback cancellation this time. To understand this buyback, we need to first look at the market environment it is situated in.
Firstly, it needs to be stated that CATL's buyback at this point in time is not an isolated case.
According to Wind data statistics, in the first half of 2026, approximately 700 listed companies in the A-share market implemented share buybacks, with a cumulative buyback share quantity of approximately 5.06 billion shares, and a cumulative buyback amount of approximately 65 billion yuan. "Cancellation-style buyback" has also evolved from scattered cases into an increasingly common choice.
This is because, since 2026, the A-share market overall has presented a volatile pattern. In the first half of the year, the Shanghai Composite Index repeatedly pulled between 3,000 and 3,300 points, market sentiment was biased towards caution, and investor attention on listed company profitability quality and shareholder returns rose to unprecedented levelsThe regulatory layer is also continuously guiding listed companies to enhance investment value through dividends, buybacks, etc., conveying long-term bullish signals, further solidifying market bottom confidence.
Back to the lithium battery sector, the situation is more complex. From an industry fundamentals perspective, new energy vehicle penetration and energy storage demand remain strong, but capital market expectations often run ahead.In the peak period of 2021, the lithium battery sector index PE ratio once exceeded 100 times. However, with the emergence of capacity surplus worries, lithium carbonate prices dropped sharply from historical highs, and US and Europe trade barriers continued to increase, sector valuation experienced a long digestion process over the past few years.
Later, in late 2025, with the correction of lithium carbonate prices, lithium battery sector companies regained vitality.
On May 7, 2026, CATL A-share stock price surged again to a near-year high of 468.75 yuan, and was subsequently affected by factors such as concentrated institutional rebalancing (capital flowing to AI computing power tracks) and continuous foreign capital reduction, the stock price continued to fall. The company itself admitted in investor exchanges:"There has been certain volatility in the capital market recently, and the company's stock price has also fallen"—this directly explains the trigger for this round of buybacks.
This upper limit 40 billion yuan A-share largest scale cancellation-style buyback directly conveys a "stock price is undervalued" signal to the market, effectively hedging the selling pressure brought by previous concentrated institutional reductions, and driving market cap to repair quickly.
Looking back at CATL's buyback history, we can clearly see an "evolution" trajectory:
First time: October 2023, CATL launched the first round of buyback plan,proposed using 2 billion to 3 billion yuan to buyback shares, buyback purpose is to implement equity incentive plan or employee stock ownership plan.This round of buyback was completed in 2024 implementation,actual funds used were approximately 2.7 billion yuan. This was CATL's first attempt at buyback in the capital market.
Source: CATL New Energy Technology Co., Ltd. announcement on share buyback results
Second time: April 2025 to April 2026,the company announced it proposed using not less than 4 billion yuan and not more than 8 billion yuan to buyback A-shares.This round of buyback concluded successfully in April 2026, cumulative buyback shares 15,990,782 shares,total transaction amount 4.386 billion yuan, highest transaction price 317.63 yuan/share, lowest transaction price 231.50 yuan/share. But the purpose is still for equity incentive or employee stock ownership plan, no cancellation.
Source: CATL New Energy Technology Co., Ltd. announcement on A-share buyback results and share changes
Third time: July 2026,CATL announced it proposed using not less than 20 billion yuan and not more than 40 billion yuan to buyback shares, and clearly stated it will cancel the bought-back shares to reduce registered capital.
This is the company's first large-scale buyback for the purpose of cancellation in its history, the amount is 5-10 times the second round, nearly 20 times the first round.
Incentive-style buyback distributes value to employees, cancellation-style buyback returns value to all shareholders. The former is a management tool, the latter is a capital commitment.From 2 billion to 40 billion, from incentive to cancellation, CATL conveyed a clear signal to the market: the company is willing to convert profits into tangible returns for all shareholders.
Of course, the confidence for this large dividend comes from massive cash reserves. CATL market company cash on books as high as 372 billion yuan, in the first half of 2026 only interim dividend reached 6.493 billion yuan, annual dividend (including special dividend) total reached 36.1 billion yuan, free cash flow is sufficient. In addition to H-share placement completion, overseas financing channels are further broadened, providing sufficient ammunition for large-scale buyback.
In the Malaysian SUV market, many buyers compare the Proton X50 and MG MG HS 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 doing research.
The Proton X50 OTR selling price 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 MG MG HS OTR selling price in Malaysia is RM 130,450 - 146,450, with a total of 2 versions, including 1.5L Standard (RM 105,000), 1.5L Executive (RM 115,000), etc.
From a price perspective, the starting price of the Proton X50 is indeed RM 40,650 cheaper than the MG MG HS. If your budget is limited, the Proton entry-level version can already meet daily needs. But be aware that the few thousand cheaper might involve trade-offs in equipment, depending on your specific needs.
Proton X50 body length is 4400 mm, trunk 400 L.
MG MG HS body length is 4400 mm, trunk 400 L.
The dimensions of both cars are almost identical, and the interior space difference is not significant. For cars in this class, daily use is more than enough.
The Proton X50 uses 4WD drive system.
The MG MG HS uses FWD drive system.
The Proton's 4WD and MG's FWD will have different handling experiences, a test drive comparison is recommended.
Proton X50 and MG MG HS are both 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 the better reputation; if you care more about cost-performance ratio and equipment, choose the one with richer configuration. Ultimately, it is recommended to test drive both models; personal experience is the most important.
In general, Proton X50 and MG MG HS are both very good models in the Malaysian market. Which one to choose depends on your personal needs and budget. We suggest doing your homework, comparing quotes from multiple dealerships, and then test driving to make the final decision. Buying a car is a major matter; spending time doing homework will certainly not be wrong.
Dalam pasaran SUV di Malaysia, ramai pembeli membandingkan Proton X50 dan Subaru Crosstrek apabila memilih kereta. Kedua-dua kereta ini sangat hampir dari segi harga dan kelas, hari ini kita akan membuat perbandingan terperinci dari pelbagai aspek untuk membantu anda menjimatkan masa membuat kajian.
Harga OTR Proton X50 di Malaysia ialah RM 89,800 - 113,300, terdapat 4 varian, termasuk 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300) dan lain-lain.
Harga OTR Subaru Crosstrek di Malaysia ialah RM 145,000 - 160,000, terdapat 1 varian, termasuk 2.0L e-Boxer (RM 150,000) dan lain-lain.
Dari segi harga, harga permulaan Proton X50 memang RM 55,200 lebih murah berbanding Subaru Crosstrek. Jika bajet anda terhad, varian pemula Proton sudah boleh memenuhi keperluan harian. Namun perlu diingat, beberapa ribu ringgit yang lebih murah itu, mungkin ada pengorbanan pada kelengkapan, ia bergantung sepenuhnya kepada keperluan anda.
Penilaian keselamatan Proton X50 ialah 5★ (ASEAN NCAP), sistem keselamatan aktif termasuk ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
Penilaian keselamatan Subaru Crosstrek ialah 5★ (Euro NCAP), sistem keselamatan aktif termasuk EyeSight.
Dari segi pakej keselamatan, kedua-dua kereta menerima penilaian yang bagus. Namun ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) pada Proton X50 dan EyeSight pada Subaru Crosstrek mempunyai beberapa perbezaan dari segi fungsi, jika anda mengutamakan keselamatan aktif, anda boleh membandingkan senarai fungsi kedua-duanya dengan teliti.
Proton X50 panjang badan kenderaan 4400 mm, Bagasi 400 L.
Subaru Crosstrek panjang badan kenderaan 4400 mm, Bagasi 400 L.
Saiz kedua-dua kereta itu hampir sama, ruang dalaman juga tidak banyak perbezaan. Pada kelas ini, kegunaan harian adalah cukup.
Proton X50 jaminan 5 tahun/150,000km, selang penyelenggaraan setiap 10,000km atau 6 bulan.
Subaru Crosstrek jaminan 3 tahun/100,000km, selang penyelenggaraan setiap 10,000km atau 6 bulan.
Proton X50 dan Subaru Crosstrek adalah pilihan utama pasaran Malaysia, sesuai untuk kegunaan keluarga dan perjalanan harian. Jika anda lebih mengutamakan reputasi jenama dan harga jualan semula, anda boleh mempertimbangkan terlebih dahulu model yang mempunyai reputasi lebih baik; jika anda lebih mementingkan nilai dan kelengkapan, maka pilih model dengan konfigurasi yang lebih lengkap. Pada akhirnya, disyorkan untuk memandu ujian kedua-dua model, pengalaman langsung adalah yang paling penting.
Secara keseluruhannya, Proton X50 dan Subaru Crosstrek adalah model kereta yang sangat bagus di pasaran Malaysia. Memilih yang mana, kuncinya adalah melihat keperluan dan bajet peribadi anda. Kami sarankan anda buat kerja penyelidikan, bandingkan lebih banyak tawaran harga dari beberapa dealer, kemudian pergi memandu ujian untuk membuat keputusan akhir. Membeli kereta adalah perkara penting, meluangkan masa untuk penyelidikan tidak akan pernah rugi.
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拿 Proton X50 同 GWM Haval H6 嚟做比較。这两款车喺價位同定位上都幾接近，今日我就從多個方面嚟做一個詳細嘅比較，幫你節省咗做功課嘅時間。
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。
GWM Haval H6 喺馬來西亞嘅 OTR 售價係 RM 139,750 - 139,750，一共有 2 個版本，包括 1.5L Turbo Standard（RM 140,000）、1.5L Turbo Premium（RM 155,000） 等。
從價錢嚟睇，Proton X50 嘅起步價確實比 GWM Haval H6 平咗 RM 49,950。如果你預算有限，Proton 嘅入門版已經可以滿足日常需要。但都係要註意，便宜嗰幾千蚊，可能喺配備上會有取捨，具體要睇你嘅需求。
Proton X50 搭載 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
GWM Haval H6 搭載 Hybrid，馬力 170 hp。官方油耗 4.5 L/100km。
動力方面，GWM Haval H6 嘅 Hybrid 比 Proton X50 嘅 1.5L 4-cyl 多咗 65 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。
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)。
GWM Haval H6 嘅安全評級係 TBD，主動安全系統包括 Basic。
安全配備方面，兩款車都拿到唔錯嘅評級。不過 Proton X50 嘅 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) 同 GWM Haval H6 嘅 Basic 喺功能上有啲差異，如果你比較睇重主動安全嘅話，可以仔細比較下兩者嘅功能列表。
Proton X50 保用 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
GWM Haval H6 保用 7 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Proton X50 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，嗰就揀配置更豐富嗰款。最後都係建議兩款都去試駕，親身體驗先係最重要。
總嘅嚟講，Proton X50 同 GWM Haval H6 都係馬來西亞市場幾唔錯嘅車型。揀邊一輛，關鍵都要睇你嘅個人需要同預算。建议大家做好功課，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。
Di pasaran SUV di Malaysia, ramai pembeli membandingkan Proton X50 dan Subaru Crosstrek semasa memilih kereta. Kedua-dua kereta ini agak hampir dari segi harga dan penempatan. Hari ini, kita akan membuat perbandingan terperinci dari pelbagai aspek untuk membantu anda menjimatkan masa membuat kajian.
Harga OTR Proton X50 di Malaysia ialah RM 89,800 - 113,300, terdapat 4 versi termasuk 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300) dan lain-lain.
Harga OTR Subaru Crosstrek di Malaysia ialah RM 145,000 - 160,000, terdapat 1 versi termasuk 2.0L e-Boxer (RM 150,000) dan lain-lain.
Dari segi harga, harga permulaan Proton X50 memang RM 55,200 lebih murah daripada Subaru Crosstrek. Jika bajet anda terhad, versi permulaan Proton sudah cukup untuk memenuhi keperluan harian. Tetapi perlu diingat, perbezaan harga itu mungkin melibatkan pertukaran pada kelengkapan, bergantung pada keperluan anda.
Proton X50 menggunakan enjin 1.5L 4-silinder, kuasa 105 hp. Penggunaan bahan api rasmi 6.0 L/100km.
Subaru Crosstrek menggunakan enjin 1.5L Turbo, kuasa 140 hp. Penggunaan bahan api rasmi 7.0 L/100km.
Dari segi kuasa, Turbo 1.5L Subaru Crosstrek mempunyai 35 kuasa kuda lebih daripada 1.5L 4-silinder Proton X50. Namun untuk penggunaan harian di bandar, kuasa kedua-dua kereta sudah mencukupi, tidak akan rasa kurang tenaga.
Panjang Proton X50 4400 mm, ruang bagasi 400 L.
Panjang Subaru Crosstrek 4400 mm, ruang bagasi 400 L.
Saiz kedua-dua kereta hampir sama, ruang dalaman tidak banyak berbeza. Kereta gred ini sudah cukup untuk kegunaan harian.
Proton X50 menggunakan sistem pacuan 4WD.
Subaru Crosstrek menggunakan sistem pacuan FWD.
Pacuan 4WD Proton dan FWD Subaru akan memberi pengalaman memandu yang berbeza, disyorkan untuk uji pemanduan.
Secara keseluruhannya, Proton X50 dan Subaru Crosstrek adalah model kereta yang bagus di pasaran Malaysia. Pilihan bergantung pada keperluan peribadi dan bajet anda. Kami sarankan membuat kajian, bandingkan harga daripada beberapa kedai kereta, kemudian buat ujian pemanduan sebelum membuat keputusan akhir. Membeli kereta adalah urusan penting, meluangkan masa untuk kajian tidak akan salah.
In the Malaysian 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, so today we will compare them in detail from multiple aspects to save you time on your research.
The Proton X50 OTR price 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), and more.
The Mitsubishi Xforce OTR price in Malaysia is RM 109,930 - 119,930, with a total of 2 versions, including 2026 1.5L Ultimate (RM 119,930) and 2026 1.5L Urban (RM 109,930), and more.
From a price perspective, the starting price of the Proton X50 is indeed RM 20,130 cheaper than the Mitsubishi Xforce. If you have a limited budget, the Proton entry-level model can already meet daily needs. But be aware that the cheaper thousands might involve compromises in features, so it depends on your specific requirements.
The Proton X50 safety rating is 5★ (ASEAN NCAP), with active safety systems including ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
The Mitsubishi Xforce safety rating is 5★ (ASEAN NCAP), with active safety systems including MI-PILOT.
Both cars have the same safety rating, and safety features are quite comprehensive for this class. New cars nowadays generally do not lack in safety, so there is no need to worry too much about this point.
The Proton X50 uses a 4WD drive system.
The Mitsubishi Xforce uses a FWD drive system.
The 4WD from Proton and FWD from Mitsubishi will offer different driving experiences, so we recommend test driving both to compare.
Proton X50 comes with a warranty of 5 years or 150,000km, with maintenance intervals every 10,000km or 6 months.
Mitsubishi Xforce comes with a warranty of 3 years or 100,000km, with maintenance intervals every 10,000km or 6 months.
Both Proton X50 and Mitsubishi Xforce are mainstream choices in the Malaysian market, suitable for family use and daily commuting. If you value brand reputation and resale value more, consider the one with better reputation; if you care more about cost-performance and features, choose the one with richer configuration. Ultimately, we recommend test driving both, as personal experience is the most important.
In general, both Proton X50 and Mitsubishi Xforce are excellent car models in the Malaysian market. Which one to choose mainly depends on your personal needs and budget. We suggest doing your research, comparing quotes from multiple dealerships, and then test driving to make a final decision. Buying a car is a big matter, and spending time on research is never wrong.
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 Proton X50 同 Hyundai Tucson 嚟做比較。呢兩款車喺價位同定位上都幾接近，今日我哋就由多個方面做一個詳細嘅對比，幫你節省做功課嘅時間。
Proton X50 喺馬來西亞嘅 OTR 售價係 RM 89,800 - 113,300，合共 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。
Hyundai Tucson 喺馬來西亞嘅 OTR 售價係 RM 143,888 - 197,888，合共 5 個版本，包括 2025 HEV 1.6T AT 2WD Prestige（RM 197,888）、2025 1.6T DCT 4WD Prestige（RM 186,888）、2025 1.6T DCT 2WD Prime（RM 164,888） 等。
由價錢睇嚟，Proton X50 嘅起價的確比 Hyundai Tucson 平咗 RM 54,088。如果你預算有限，Proton 嘅入門版已經可以滿足日常需要。但都要注意，平嗰幾千蚊，可能喺配備上會有取舍，具體睇你嘅需要。
Proton X50 配備 1.5L 4-cyl，馬力 105 hp。官方油耗 6.0 L/100km。
Hyundai Tucson 配備 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
動力方面，Hyundai Tucson 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，呢兩款車嘅動力都夠用，唔會覺得唔夠力。
Proton X50 車身長 4400 mm，行李箱 400 L。
Hyundai Tucson 車身長 4400 mm，行李箱 400 L。
呢兩款車嘅尺寸幾乎一樣，車內空間分別唔大。呢個級別嘅車，日常使用完全夠用。
Proton X50 保修 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。
Hyundai Tucson 保修 5 年/300,000km，保養間隔 每 10,000km 或 6 個月。
總體嚟講，Proton X50 同 Hyundai Tucson 都係馬來西亞市場幾唔錯嘅車型。揀邊一輛，關鍵都係要睇你嘅個人需要同預算。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。
怒掏400亿回购
”
作者｜王磊
编辑｜秦章勇
宁德时代每次公布财报，都能刷新行业认知。
上半年，实现营收2769.17亿元，比去年同期的1789亿元，又多出近千亿，净利润432.84亿元，同比增长41.98%。
也就是说日均赚2.4亿元，一小时就能赚近1000万.... 去年同期，宁王还只是日赚1.7亿，一年过去，宁王的吸金能力仍在狂奔。
与之形成鲜明对比的，多家新能源整车企业陆续发布半年业绩预告，盈利承压者众，其实背后有着清晰的经济逻辑：
2026年1至5月，中国汽车行业利润率仅3.4%，整车制造环节利润率更只剩1.5%，动力电池占整车成本30%至40%，是绝对的“成本大头”。
产业链的利润，正肉眼可见地向电池环节集中，这也的确是宁德时代盈利的重要来源。不过，如果把宁德时代这份财报翻到细节里去看，即便强如宁王，面对上游原材料的涨价，也难以独善其身。
01
绝对的“宁王”
今年上半年，宁德时代交出了公司历史上最高的上半年收入：2769.17亿元，与之对应的是，第二季度也贡献了季度史上最高的1477.86亿元。
这个增速对宁德时代本就超级庞大的体量的公司来说，已经相当离谱。
归母净利润达432.8亿元，同比增长41.98%；扣非归母净利润390.1亿元，同比增长43.44%，上半年每天净赚约2.4 亿元，别人弯腰捡个钱的功夫，宁王就已经进账3000元。
钱怎么赚出来的？宁德时代有一笔清晰的业务账。
其中动力电池依旧是宁德时代的基本盘，上半年实现收入1921.2亿元，同比增长46.02%，占公司总营收约69.38%。
与收入相匹配的，宁德时代电池系统总产能525GWh，上半年产量达到了498GWh，产能利用率攀升至94.86%，意味着公司今年上半年产线几乎全开，完全不缺订单，而且498GWh的产能对应上营收2769.17亿元，单GWh产值约5.6亿元，高于行业平均水平。
更重要的是，市场份额回来了。
按知名机构SNE Research的全球动力电池装机量统计数据，今年1到5月宁德时代全球市占率40.2%，同比提高2.2个百分点，连续第八年坐全球第一把交椅，中国以外的海外市场，也提高了3.7个百分点，达到33.7%。
再看国内，中国汽车动力电池产业创新联盟的统计显示，今年上半年宁德时代在乘用车装车量中的份额为46.7%，同比提高5.6个百分点，为近三年首次回升。特别是三元锂电池的份额达到75.2%，也就是说每卖出4块三元电池，有3块就是宁德时代的。
除动力电池外，宁德时代上半年储能电池收入开始加速追赶，收入达到532.6亿元，同比暴涨 87.5%，占总营收的 19.2%，已经接近其去年全年的收入。成为宁德时代上半年增长最快的板块，也成为拉动宁德时代收入增长的第二曲线。
这也与行业情况吻合，根据宁德时代半年报援引的SMM数据，上半年全球储能电芯出货量约486GWh，同比增长93%，AI数据中心成为新增需求。
在宁王三大主营业务中，今年上半年最亮眼的，反而是那个外界最容易忽略的“回收业务”，虽然体量不大仅有188.1 亿元，但同比增长67.2%，毛利率达到了三大业务中最高的27.0%，同比提升 5.8 个百分点。
在最核心的指标表现良好的情况下，宁德时代的其他账面数据上，基本也是全线飘红。
上半年经营现金流净额 602.17 亿元，高于归母净利润 432.84 亿元。这点很重要，说明公司利润不是“纸面利润”，公司存货 1,308.19 亿元，期初是 945.26 亿元，半年增长约 38.39%，结合产能利用率，也恰恰说明了目前宁德时代在手“余粮”充足。
02
宁王也有脾气
除了余粮充足，家底也足够厚，在半年报发布的同时，宁德时代还抛出一份回购方案。
宣布了A股历史上规模最大的单次股份回购计划，拟斥资200亿至400亿元回购A股并全部注销，回购价格上限为573元/股。较当日收盘价溢价近50%。
这个金额上限也顺便创下了A股历史上规模最大的单次回购方案，此前的纪录由格力电器2021年的150亿元保持。400亿元的上限，已经近乎宁德时代上半年的全部净利润。
而且和以前企业回购股票的操作不同，注销式回购意味着减少注册资本，回购的不再流通，总股本实打实变少，直接增厚剩余股东的每股收益和每股净资产，按上限 400 亿、573元计算，最大回购约6980.8 万股，占总股本的 1.5%。EPS 增厚约 1.5%。
从账面看，这笔钱宁德时代确实掏得起，账上货币资金 3720.5 亿元，即便按上限 400 亿全额回购，也只占货币资金的 10.8%，按总资产 11388.8 亿元算，400亿只占 3.5%。
业绩说明会上，谈及回购的原因也很直白——自己的价值被低估了。
财报发布当天，宁德时代A股收盘价383.01元，而近52周高点是468.75元。业绩创新高，股价却在半年里跌了将近两成。
在这种前提下，真金白银的400亿回购，是宁德时代给予市场的态度。就是我赚得够多、钱也多、对未来充满信心。而市场给宁德时代的定价，明显低了。
03
上游压力传导
尽管营收狂奔，但宁德时代的盈利水平已经有所下滑，和去年同期的利润增速远超营收增速相比，今年的宁王，利润已经赶不上收入的增速。上半年营收同比增长54.8%，归母净利润增长41.98%，比营收慢了将近13个百分点。
核心原因就是，整体毛利率从去年同期的25.02%降至23.93%，下滑约1.1个百分点。
拆分到业务，作为核心主力的动力电池，毛利下滑最严重，降1.78个百分点至20.63%，储能毛利率降1.56个百分点至23.96%，只有体量最小的回收业务有所上升。
管理层在业绩会上将毛利率下降的原因，归结为“数学问题”。毛利率=毛利/总收入，单位毛利没变、分母收入变大，毛利率就被摊薄了。
毛利下降的原因也不难猜到，公开数据显示，无论是磷酸铁锂，还是三元材料，今年以来的价格都出现了上涨。
在1月份，磷酸铁锂的价格为5万元/吨，但在5月份价格最高时，已经超过了6万元，上涨超过了20%。而如果与去年同期相比，涨幅更大。
但原材料的涨价没办法立刻马上转移给客户，因为汽车的订单一般是长期供货价，无法及时调整，所以这部分的成本压力暂时只能由宁德时代承担。
所以，其在业绩会上强调，建议投资者多关注单位净利而非毛利率，即把毛利减去税金和三项费用，剩下的核心经营利润，更接近主营的盈利水平。
按这个口径，上半年核心经营利润453.77亿元，同比增长70.1%，核心经营利润率从14.91%升到16.39%。这么来看，主营业务的状态，比账面上的毛利率看起来要好。
此外，还有个极易被忽视但足以影响整体利润的细节，今年宁德时代的上半年财务费用为-6.31亿元，上年同期为-58.22亿元。
主要原因是持有的外币货币性项目受汇率变动影响产生汇兑损失，也就是单单因为汇率波动，宁德时代就少赚了52亿元，而这一部分是实打实的利润增量。
此外，车企逃离宁德时代也开始从传言变成现实，在宁德时代交出的这份半年报里，46.7%的国内乘用车装车份额，虽然依旧是行业第一。
但拉长时间线看，宁德时代在国内乘用车市场的份额，早已经从2021年巅峰时期超过50%，回落到近几年43%到48%区间反复横跳，而且从最近上市的新车来看，宁德时代也确实正在从车企采购清单里的“唯一选项”，慢慢退化为“多选项”之一。
所以在这样的趋势下，海外就成了宁王接下来的重点方向，而半年报中的海外业绩表现也佐证了宁王的判断没错。
今年上半年，海外收入达到了871.29亿元，占比31.46%，同比增长42.35%，亮眼的是毛利率，高达29.97%，比国内的21.16%高出近9个百分点，匈牙利、美国、印尼三座海外工厂陆续投产，客户名单里躺着大众、宝马、丰田这些全球主流车企。
从“赚钱效率”上看，海外明显更香，这也是宁德时代为什么宁愿砸几十亿欧元也要去欧洲、东南亚建厂。
不过，海外既是机会，也是变量，业务和利润空间大的同时，关税、汇率和地缘风险也更多，但更是宁德时代下一轮规模扩张的起点
Dalam pasaran SUV di Malaysia, ramai pembeli membandingkan Proton X50 dan Subaru Forester semasa memilih kereta. Kedua-dua kereta ini sangat hampir dari segi harga dan kedudukan, hari ini kita akan membuat perbandingan terperinci dari pelbagai aspek, membantu anda menjimatkan masa membuat kajian.
Harga OTR Proton X50 di Malaysia ialah RM 89,800 - 113,300, terdapat 4 varian, termasuk 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300) dan lain-lain.
Harga OTR Subaru Forester di Malaysia ialah RM 174,000 - 197,000, terdapat 3 varian, termasuk 2024 2.0L S EyeSight GT Edition (RM 189,538), 2024 2.0L S EyeSight (RM 177,538), 2024 2.0L L EyeSight (RM 167,538) dan lain-lain.
Dari segi harga, harga permulaan Proton X50 memang lebih murah RM 84,200 berbanding Subaru Forester. Jika bajet anda terhad, varian permulaan Proton sudah boleh memenuhi keperluan harian. Tetapi perlu diingat, perbezaan beribu ringgit yang lebih murah itu, mungkin ada pertukaran dari segi kelengkapan, bergantung kepada keperluan anda.
Penarafan keselamatan Proton X50 ialah 5★ (ASEAN NCAP), sistem keselamatan aktif termasuk ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
Penarafan keselamatan Subaru Forester ialah 5★ (Euro NCAP), sistem keselamatan aktif termasuk EyeSight.
Dari segi kelengkapan keselamatan, kedua-dua kereta mendapat penarafan yang bagus. Walau bagaimanapun, ADAS Proton X50 (ACC, AEB, LKA, LDA, BSM, RCTA) dan EyeSight Subaru Forester mempunyai perbezaan dari segi fungsi. Jika anda lebih menitikberatkan keselamatan aktif, anda boleh membandingkan senarai fungsi kedua-dua dengan teliti.
Panjang badan Proton X50 4400 mm, ruang bagasi 400 L.
Panjang badan Subaru Forester 4400 mm, ruang bagasi 400 L.
Saiz kedua-dua kereta hampir sama, ruang dalam kenderaan tidak jauh berbeza. Untuk kereta dalam tahap ini, penggunaan harian sudah memadai sepenuhnya.
Proton X50 jaminan 5 tahun/150,000km, selang penyelenggaraan setiap 10,000km atau 6 bulan.
Subaru Forester jaminan 3 tahun/100,000km, selang penyelenggaraan setiap 10,000km atau 6 bulan.
Secara keseluruhan, Proton X50 dan Subaru Forester adalah model kereta yang sangat bagus di pasaran Malaysia. Memilih mana-mana, penting sekali bergantung kepada keperluan peribadi dan bajet anda. Disarankan untuk membuat kajian terlebih dahulu, bandingkan sebut harga daripada beberapa dealer, kemudian buat uji pemanduan untuk membuat keputusan akhir. Membeli kereta adalah perkara besar, menghabiskan sedikit masa untuk membuat kajian tidak akan salah.
Di pasaran SUV di Malaysia, ramai pembeli akan membandingkan Proton X50 dan Subaru Forester semasa memilih kereta. Kedua-dua kereta ini berada dalam julat harga dan posisi pasaran yang hampir sama. Hari ini, kita akan membuat perbandingan terperinci dari pelbagai aspek untuk membantu anda menjimatkan masa melakukan penyelidikan.
Harga OTR Proton X50 di Malaysia adalah RM 89,800 - 113,300, terdapat 4 varian, termasuk 1.5T Executive (RM 89,800), 1.5T Premium (RM 101,800), 1.5T Flagship (RM 113,300) dan lain-lain.
Harga OTR Subaru Forester di Malaysia adalah RM 174,000 - 197,000, terdapat 3 varian, termasuk 2024 2.0L S EyeSight GT Edition (RM 189,538), 2024 2.0L S EyeSight (RM 177,538), 2024 2.0L L EyeSight (RM 167,538) dan lain-lain.
Dari segi harga, harga permulaan Proton X50 memang RM 84,200 lebih murah daripada Subaru Forester. Jika bajet anda terhad, varian asas Proton sudah boleh memenuhi keperluan harian. Namun, perlu diingat, ribuan ringgit yang lebih murah mungkin melibatkan kompromi dalam kelengkapan, bergantung pada keperluan spesifik anda.
Penarafan keselamatan Proton X50 adalah 5★ (ASEAN NCAP), sistem keselamatan aktif termasuk ADAS (ACC, AEB, LKA, LDA, BSM, RCTA).
Penarafan keselamatan Subaru Forester adalah 5★ (Euro NCAP), sistem keselamatan aktif termasuk EyeSight.
Dari segi peralatan keselamatan, kedua-dua kereta mendapat penarafan yang bagus. Namun, ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) pada Proton X50 dan EyeSight pada Subaru Forester mempunyai beberapa perbezaan dari segi fungsi. Jika anda lebih mengutamakan keselamatan aktif, anda boleh membandingkan senarai fungsi kedua-duanya dengan teliti.
Proton X50 menggunakan sistem penggerak 4WD.
Subaru Forester menggunakan sistem penggerak FWD.
Pengalaman memandu dengan 4WD pada Proton dan FWD pada Subaru akan berbeza. Disarankan untuk membandingkan melalui uji pemandu.
Proton X50 waranti 5 tahun/150,000km, jarak penyelenggaraan setiap 10,000km atau 6 bulan.
Subaru Forester waranti 3 tahun/100,000km, jarak penyelenggaraan setiap 10,000km atau 6 bulan.
Secara keseluruhannya, Proton X50 dan Subaru Forester adalah model yang bagus di pasaran Malaysia. Memilih yang mana satu bergantung pada keperluan peribadi dan bajet anda. Kami cadangkan anda melakukan penyelidikan terlebih dahulu, membandingkan pelbagai harga daripada beberapa agensi kereta, kemudian lakukan uji pemandu untuk membuat keputusan akhir. Membeli kereta adalah perkara besar, meluangkan masa untuk membuat kajian adalah keputusan yang tepat.
喺馬來西亞嘅 SUV 市場，好多買家喺揀車嗰陣都會拿寶騰 X70 同本田 HR-V 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一個詳細嘅比較，幫你省返整功課嘅時間。
寶騰 X70 喺馬來西亞嘅 OTR 售價係 RM 106,800 - 122,300，一共有 3 個型號，包括 1.5L Standard 2WD（RM 106,800）、1.5L Executive 2WD（RM 115,800）、1.5L Premium 2WD（RM 122,300） 等。
本田 HR-V 喺馬來西亞嘅 OTR 售價係 RM 115,900 - 143,900，一共有 4 個型號，包括 2026 e:HEV 1.5L RS（RM 143,900）、2026 1.5T V（RM 137,900）、2026 1.5T E（RM 130,900） 等。
從價錢嚟睇，寶騰 X70 嘅起步價確實比本田 HR-V 平咗 RM 9,100。如果你預算有限，寶騰嘅入門版已經可以滿足日常需求。但都要留意，平嗰幾千蚊，可能喺配備上面會有取捨，具體要睇你嘅需求。
寶騰 X70 裝嵌 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
本田 HR-V 裝嵌 1.5L Turbo，馬力 140 hp。官方油耗 7.0 L/100km。
兩款車用緊同一套動力系統，日常開起嚟嘅感受基本上冇分別。油耗方面都差唔多，唔使太糾結呢一點。
寶騰 X70 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA)。
本田 HR-V 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括本田 SENSING (ACC, CMBS, LKAS, RDM)。
兩款車嘅安全評級一樣，喺呢個級別入面安全配備都算俾好足啦。而家嘅新車安全性都唔差，唔使太擔心呢一點。
寶騰 X70 車身長 4400 mm，行李廂 400 L。
本田 HR-V 車身長 4500 mm，行李廂 450 L。
空間方面，本田 HR-V 嘅車身比寶騰 X70 長咗 100 mm，坐位空間更有優勢。不過寶騰 X70 喺城市入面停車會靈活啲，各有取捨。
寶騰 X70 同本田 HR-V 都係馬來西亞市場嘅主流選擇，適合家庭用緊、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。最尾都建議兩款都去試駕，親身體驗先係最重要。
總體嚟講，寶騰 X70 同本田 HR-V 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。希望大家做好功課，多比較幾間車行嘅報價，再去試駕做最後決定。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拎 寶騰 X50 同 起亞 Sportage 嚟做比較。這兩款車喺價錢同定位上都幾接近，今日我哋就從多個方面做一次詳細嘅比較，幫你節省咗做功課嘅時間。
寶騰 X50 喺馬來西亞嘅 OTR 售價係 令吉 89,800 - 113,300，一共有 4 個型號，包括 1.5T 行政版（令吉 89,800）、1.5T 高級版（令吉 101,800）、1.5T 旗艦版（令吉 113,300） 等。
起亞 Sportage 喺馬來西亞嘅 OTR 售價係 令吉 129,639 - 179,320，一共有 4 個型號，包括 2025 1.6T DCT 4WD High（令吉 179,320）、2025 1.6T DCT 2WD High（令吉 159,320）、2025 2.0L AT 2WD High（令吉 139,639） 等。
由價錢睇，寶騰 X50 嘅起步價確實比 起亞 Sportage 平咗 令吉 39,839。如果你預算有限，寶騰嘅入門版已經可以滿足日常需求。但都要注意，平嗰幾千蚊，可能喺配備方面會有取捨，具體就要睇你嘅需求。
寶騰 X50 搭載 1.5L 4-cyl，馬力 105 匹。官方油耗 6.0 公升/100 公里。
起亞 Sportage 搭載 1.5L Turbo，馬力 140 匹。官方油耗 7.0 公升/100 公里。
動力方面，起亞 Sportage 嘅 1.5L Turbo 比 寶騰 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。
寶騰 X50 嘅安全評級係 5 星 (ASEAN NCAP)，主動安全系統包括 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA)。
起亞 Sportage 嘅安全評級係 5 星 (ASEAN NCAP)，主動安全系統包括 智能駕駛智慧。
兩款車嘅安全評級一樣，喺呢個級別入面安全配備都算好齊全。而家嘅新車安全性都唔差，唔使太擔心呢一點。
寶騰 X50 保修 5 年/150,000 公里，保養間隔 每 10,000 公里或 6 個月。
起亞 Sportage 保修 5 年/300,000 公里，保養間隔 每 10,000 公里或 6 個月。
寶騰 X50 同 起亞 Sportage 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更重視品牌口碑同二手價，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。最終都建議兩款都去試駕，親身體驗先係最緊要嘅。
總括嚟講，寶騰 X50 同 起亞 Sportage 都係馬來西亞市場幾唔錯嘅車型。揀邊一輛，關鍵都要睇你個人需求同預算。建議大家做足功課，多比較幾間車行嘅報價，再去試駕做最後決定。買車係件大事，花少少時間做功課絕對無錯。
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