| | | B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1). | 購回股份(或其他證券)但沒有註銷 | | 2,000 | % | HKD | 17.119 | | | 變動日期 | 2025年12月30日 | | | | | | 2). | 購回股份(或其他證券)但沒有註銷 | | 3,400 | % | HKD | 16.9253 | | | 變動日期 | 2025年12月31日 | | | | | 備註： 已發行股份佔有關股份發行前的現有已發行股份數目百分比是依據本公司已發行股份數目總額612,724,201股 (包括542,560,948股A類普通股及70,163,253股B類普通股)計 算。 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 塗鴉智能 呈交日期： 2026年3月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Tuya Inc. 塗鴉智能* （於開曼群島註冊成立以不同投票權控制的有限責任公司） （香港聯交所股份代號：2391） （紐約證券交易所股票代碼：TUYA） 根據2024年股份計劃授出受限制股份單位 根據《上市規則》第17.06A條、第17.06B條及第17.06C條，董事會宣佈，於2026 年3月27日，本公司已決議根據2024年股份計劃向本集團四名僱員授出100,000份 受限制股份單位，以認購合共100,000股A類普通股，惟須待承授人接納後方可作 實。授出受2024年股份計劃及本公司與各承授人訂立的獎勵協議的條款及條件規 限。 授出的詳情載列如下： * 僅供識別 1 授出日期 ： 2026年3月27日（香港時間交易時段後） 承授人 ： 本集團四名僱員，即根據2024年股份計劃之合資 格參與者 授出受限制股份 單位相關的A類 普通股的總數 ： 100,000 授出受限制股份單位 的購買價 ： 零 ...

Core Insights - Tuya Smart has launched TuyaClaw, an AI agent that bridges the digital and physical worlds, enhancing the accessibility of AI for mainstream users [1][2][4] Group 1: Product Features - TuyaClaw is built on the OpenClaw architecture, which reduces deployment barriers and combines the functionalities of a "digital employee" and "home manager" [1][2] - The deployment process for TuyaClaw is simplified to a "minute-level" setup, allowing users to install and start using the service quickly [2][3] - TuyaClaw operates both locally and in the cloud, providing flexibility in data processing and resource management [3][4] Group 2: User Experience - The subscription-based model of TuyaClaw allows users to switch between multiple large models, including ChatGPT and Gemini, without the complexity of model selection and API integration [2][5] - TuyaClaw offers over 3,200 ready-to-use Skills for various applications, including smart home and office automation [2][5] Group 3: Ecosystem and Integration - TuyaClaw integrates seamlessly with over 3,000 product categories and hundreds of millions of connected devices, enhancing its utility in established home scenarios [5][8] - The platform supports cross-device connectivity and deep integration with a wide range of Powered by Tuya devices, allowing for comprehensive task execution in real-life scenarios [6][7] Group 4: Market Reach and Security - Tuya has a global presence with over 120,000 distribution channels and 1.8 million developers, making TuyaClaw accessible to a wide audience [9] - To address security concerns, Tuya has introduced the Tuya Skill Security Guardian, which provides security assessments for third-party Skills before installation [10]

| | | B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1). | 購回股份(或其他證券)但沒有註銷 | | 2,000 | % | HKD | 17.119 | | | 變動日期 | 2025年12月30日 | | | | | | 2). | 購回股份(或其他證券)但沒有註銷 | | 3,400 | % | HKD | 16.9253 | | | 變動日期 | 2025年12月31日 | | | | | FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 塗鴉智能 呈交日期： 2026年3月18日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | ...

Investment Rating - The report maintains a rating of "Buy" for Tuya Smart (TUYA.N) [1] Core Insights - The company demonstrates robust revenue growth and significant improvement in profitability, with a notable increase in AI developers and substantial progress in its AI strategy [2][3] - The company is expected to achieve revenues of $354.04 million, $393.54 million, and $445.44 million for the years 2026, 2027, and 2028 respectively, reflecting year-on-year growth rates of 10.0%, 11.2%, and 13.2% [4][8] - The net profit is projected to rise significantly, reaching $67.86 million, $80.48 million, and $96.74 million for the years 2026, 2027, and 2028, with growth rates of 17.2%, 18.6%, and 20.2% respectively [4][8] Financial Summary - Total revenue for 2025 is forecasted at $321.79 million, representing a year-on-year increase of 7.8%. The PaaS business is expected to generate $231.2 million, up 6.5%, while the SaaS business is projected to reach $44.9 million, growing by 13.4% [4][8] - The overall gross margin is anticipated to be 48.2%, an increase of 0.8 percentage points year-on-year, with a net profit of $57.89 million for 2025 [4][8] - The company has approximately 3,000 PaaS platform customers, with premium customers contributing about 88.3% of PaaS revenue, and over 1.8 million AI developers, marking a 37% increase from 2024 [8] AI Strategy Progress - The number of AI developers on the platform has significantly increased, with the company launching around 16,000 AI agents and new products such as the AI Life Assistant and Physical AI Engine (PAE), indicating a shift towards replicable AI applications and monetizable products [8] - The expansion of the AI ecosystem is seen as a crucial foundation for future commercialization, with the dual drivers of PaaS platform connectivity and AI empowerment being central to the company's sustained growth [8]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 塗鴉智能（於開曼群島註冊成立以不同投票權控制的有限公司） 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02391 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 800,000,000 | USD | | 0.00005 | USD | | 40,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 800,000,000 | USD | | 0.00005 | US ...

Summary of Tuya (TUYA) Earnings Call Company Overview - **Company**: Tuya (TUYA) - **Industry**: Internet of Things (IoT) Platform as a Service (PaaS) - **Market Cap**: $1.5 billion - **Enterprise Value**: $483.9 million - **Current Price**: $2.49 - **12-Month Price Target**: $3.40 (Upside: 36.5%) [1][3] Key Financial Highlights - **4Q25 Results**: - Revenue: $84.5 million, up 3% YoY, beating estimates by 6% and 4% [1][19] - Non-GAAP Operating Profit: $9.3 million, up 10% YoY, exceeding estimates by 22% and 21% [1][19] - Non-GAAP Net Profit: $20.6 million, down 7% YoY, but above estimates by 8% and 7% [1][19] Core Themes from Management 1. **Strategic Focus**: - Strengthening AI-native platform capabilities to lower technology barriers for customers [2][17] - Scaling AI application services across key scenarios [2][17] - Deepening investments in the developer ecosystem to drive commercial success [2][17] 2. **Market Recovery**: - Easing US tariffs expected to lead to a more sustainable market recovery driven by rising end-user demand [2][17] 3. **Value Proposition**: - Providing turnkey solutions for new customers and comprehensive infrastructure for experienced clients [2][17] 4. **AI Deployment**: - Accelerating AI applications in scenarios like multi-modal interaction for AI companion toys and advanced security systems [2][17] 5. **SaaS Revenue**: - Continued focus on driving SaaS recurring revenue through smart devices, enhancing existing hardware with AI capabilities [2][17] 6. **Shareholder Returns**: - Commitment to sustained shareholder returns with $70 million allocated for cash dividends in 2025, consistent with 2024 levels [17][18] Financial Forecasts and Valuation - **Revenue Forecasts**: - 2026E: $357.7 million - 2027E: $402.5 million - 2028E: $449.2 million [7][13] - **Valuation Methodology**: - DCF and EV/GP methodologies suggest a target price of $3.4 per share [3][25] - Implied values per ADS: $3.7 (DCF) and $3.1 (EV/GP) [3][25] Risks and Considerations - Key risks include weaker-than-expected global consumer IoT market demand, inventory backlog, and geopolitical risks including export tariffs [28][29] Additional Insights - Management noted that supply chain issues, such as memory and chipset shortages, are not expected to materially impact operations due to good inventory levels [17] - The company aims to pass on cost pressures to customers to maintain gross profit margins [17] This summary encapsulates the essential points from Tuya's earnings call, highlighting the company's financial performance, strategic focus, and market outlook.

Company and Industry Summary Company Overview - **Company**: Tuya Smart - **Industry**: IoT and AI Solutions Key Financial Performance - **2025 Revenue**: $322 million, an increase of 7.8% year-over-year [2] - **Q4 2025 Revenue**: Approximately $48.5 million, a 3% increase year-over-year, marking the tenth consecutive quarter of growth [3] - **Non-GAAP Net Profit**: $3.1 million, a historical high, with a year-over-year increase of approximately $4.7 million [3] - **Gross Margin**: 48.2% for the year, up 0.8 percentage points from 2024 [3] - **Operating Cash Flow**: Positive for 11 consecutive quarters, with $23.5 million in Q4 [3] Business Segments and Growth Drivers - **SaaS Revenue**: $4.48 billion, up 13.4% year-over-year, with recurring service revenue increasing by 37% [2][5] - **Smart Solutions Revenue**: $45.7 million, an 8.9% increase year-over-year, driven by AI capabilities enhancing product demand [5] - **Core Business Stability**: Achieved through optimized customer structure and enhanced product capabilities [4] AI Strategy and Development - **AI+IoT Developer Registration**: Over 1.8 million developers registered, a 37% increase [2][6] - **AI Code Generation**: 40% of code in front-end development is AI-assisted, reducing development costs and time [6] - **AI Product Launch**: Introduction of AI-driven smart life assistant "Hey Tuya" at CES, integrating AI with hardware for improved user experience [5] Cash Position and Future Investments - **Cash Reserves**: Over $1 billion as of the end of 2025, providing flexibility for AI development and ecosystem expansion [7] - **Investment Plans**: Plans to invest hundreds of millions in enabling physical AI for proactive interaction with smart devices over the next two years [7] Market Outlook and Challenges - **Tariff Reductions**: Seen as a positive signal for 2026, although immediate demand response is cautious due to global uncertainties [8][9] - **Supply Chain Management**: Company has established sufficient inventory levels to mitigate semiconductor shortages, with no immediate impact on costs [9] Customer Relationship and SaaS Growth - **Long-term Customer Engagement**: Strategy focuses on providing turnkey solutions and infrastructure support based on customer capabilities [10][11] - **SaaS Subscription Growth**: Driven by a large installed base of devices and enhanced AI functionalities [11] Future Application Directions - **Key Application Areas**: Multi-modal applications (video and audio interaction) and data analysis for decision-making, particularly in energy management [12][13] - **Potential for New Device Categories**: Anticipation of new AI-enabled devices emerging in various sectors, including toys and home appliances [14][15] Shareholder Returns - **Dividend Strategy**: Commitment to maintaining shareholder returns through regular dividends, reflecting operational cash flow and profitability [14] Conclusion - **Overall Assessment**: Tuya Smart is positioned for growth with a strong focus on AI integration, stable financial performance, and a proactive approach to market challenges. The company aims to leverage its cash reserves for strategic investments while enhancing customer relationships through innovative solutions.

Core Viewpoint - The proposed merger between Magellan Financial Group (MFG) and Barrenjoey Capital Partners is presented as a compelling opportunity for shareholders and a step towards transforming MFG into a diversified financial services firm [3]. Group 1: Merger Announcement - MFG has announced a proposed merger with Barrenjoey Capital Partners, which is seen as an exciting development for the company [3]. - The merger aims to enhance MFG's position in the financial services sector and leverage Barrenjoey's strengths [3]. Group 2: Background on Barrenjoey - MFG has been a founding investor and strategic partner of Barrenjoey since its inception in 2020, indicating a long-standing relationship [4]. - The partnership has allowed MFG to witness Barrenjoey's early successes and the quality of its franchise, culture, and personnel [4].

Financial Data and Key Metrics Changes - For the full year 2025, the company generated total revenue of $320 million, representing a year-over-year increase of approximately 7.8% [3] - In Q4 2025, total revenue was approximately $48.5 million, a year-over-year increase of 3% [7] - Full year non-GAAP net income reached a record high of $80.1 million, up approximately $4.7 million compared to 2024 [9] - Blended gross margin for the full year improved to 48.2%, up 0.8 percentage points from 2024 [8] - Non-GAAP operating margin for the full year reached 10.5%, an increase of 2.9 percentage points year-over-year [8] Business Line Data and Key Metrics Changes - The PaaS business generated revenue of over $230 million, representing a year-over-year increase of 6.5% [9] - The SaaS and other business generated full year revenue of $44.8 million, a year-over-year increase of 13.4%, with recurring services revenues growing by 37% year-over-year [10] - The smart solution business generated full year revenue of $45.7 million, marking an 8.9% year-over-year increase [11] Market Data and Key Metrics Changes - The number of registered AI+IoT developers exceeded 1.8 million, representing a 37% year-over-year increase [12] - The cumulative number of AI agents on the Tuya platform reached about 16,000, spanning a wide range of smart product categories [12] Company Strategy and Development Direction - The company aims to strengthen its AI-native platform capabilities to support millions of developers in creating next-generation AI devices and applications [5] - The strategic focus includes accelerating the deployment of AI application services across key scenarios and deepening investments in developer ecosystem growth [6] - The introduction of the AI-powered Smart Life Assistant, Hey Tuya, aims to enhance user experiences by integrating AI agents with hardware devices [4] Management's Comments on Operating Environment and Future Outlook - Management noted that the demand environment is improving, with customers showing increased confidence in the macroeconomic stability [21] - The company is preparing for potential supply chain challenges but does not anticipate significant impacts due to its strong position as a significant buyer in the semiconductor sector [23] - Management expressed optimism about the rebound in demand across international markets, despite geopolitical risks [44] Other Important Information - The company holds over $1 billion in cash and cash equivalents, providing flexibility for AI capability development and ecosystem expansion [11] - The company plans to launch AI development tools for developers to lower barriers for AI hardware development [15] Q&A Session Summary Question: Impact of recent tax rate changes on business outlook - Management views the tax rate changes as positive indicators, with improved customer confidence in the business environment [21][22] Question: Impact of chipset supply constraints on business - Management stated that the supply constraints will not impact the company significantly due to its strong buying position and inventory preparations [23] Question: Tuya's value proposition in the agentic AI world - Management emphasized the importance of enabling customers to create their own differentiations and innovations, while also providing turnkey solutions for those without capabilities [30][32] Question: Promising application scenarios for AI deployment - Management identified multi-modeling applications, including video and audio interactions, and data analytics for energy management as promising scenarios for AI deployment [36][39] Question: Demand recovery in international operations - Management noted that demand continues to increase as technology provides value for end users, and they expect a rebound in demand across international markets [44][47] Question: Plans for shareholder returns - Management confirmed that shareholder returns remain a priority, with plans for dividends reflecting net operating cash flow and profitability [48][49] Question: Growth expectations in the smart solutions segment - Management expressed confidence in the growth of smart solutions, particularly in categories that can leverage AI capabilities [55][60]