智通财经APP讯，涂鸦智能-W(02391)发布公告，于2025年9月8日，根据2015年股权激励计划行使期权 或受限制股份单位而合计发行164.25万股。 ...

涂鸦智能-W(02391)发布公告，于2025年9月8日，根据2015年股权激励计划行使期权或受限制股份单位 而合计发行164.25万股。 ...

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) FF305 表格類別： 股票 狀態： 新提交 公司名稱： 塗鴉智能 呈交日期： 2025年9月8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 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | 是 | | | | 證券代號 (如上市) | 02391 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發 ...

Core Insights - Tuya Smart's mid-year financial report for 2025 highlights its robust operational data and financial performance, showcasing the deep integration of AI technology with the physical economy [1][15] - The company achieved a total revenue of $154.8 million, reflecting a year-on-year growth of 14.7%, with a net profit margin of 15.2% [2][15] - AI-enabled product shipments accounted for an impressive 93.05% of total shipments, indicating that AI has transitioned from a conceptual exploration to a scalable application in the physical world [2][3] Financial Performance - Tuya Smart's revenue for the first half of 2025 reached $154.8 million, marking a 14.7% increase compared to the previous year [2] - The company reported a significant improvement in its net profit margin, which rose to 15.2% [1] - In Q2, Tuya Smart achieved its first GAAP operating profit, with an increase of approximately $11.4 million in operating profit year-on-year [1][15] AI Integration and Market Demand - The penetration rate of AI in Tuya's products reached 93.05%, indicating that AI functionalities are becoming standard rather than optional features [2][3] - Daily AI interactions on the Tuya platform exceeded 150 million, demonstrating the high frequency and depth of AI applications in everyday scenarios [3][4] - The demand for AI capabilities is evolving, with consumers and businesses increasingly seeking intelligent, autonomous decision-making and contextual understanding in devices [2][3] Developer Ecosystem and Innovation - Tuya's AI developer platform has registered over 1.514 million developers, a 15% increase from the end of 2024, and serves 4,100 global clients [6] - The platform's PaaS net expansion rate reached 114% over the past 12 months, indicating strong customer retention and growth [6] - Tuya has established a comprehensive innovation ecosystem through its TuyaOpen framework, which lowers development barriers and accelerates commercialization [7][9] Commercialization and Market Strategy - TuyaOpen provides low-code development tools and multi-modal AI capabilities, facilitating rapid product development and market entry for developers [9][10] - The company has launched various subsidy programs to support AIoT developers, including a billion-yuan subsidy plan aimed at accelerating product commercialization [10][15] - Tuya's strategy includes fostering a collaborative ecosystem that connects developers, suppliers, manufacturers, and channel partners, enhancing resource sharing and cooperative development [9][10] Future Outlook - The ongoing evolution of AI hardware and the increasing integration of AI into daily life present significant opportunities for Tuya Smart in the trillion-dollar AI hardware market [15][16] - The company is positioned to benefit from network effects as more devices join its ecosystem, enhancing its market leadership and innovation capabilities [14][16] - Tuya's dual-driven model of "technology platform + ecosystem co-construction" is expected to facilitate large-scale deployment of Physical AI innovations [15][16]

Core Insights - Tuya Smart (涂鸦智能) reported a robust financial performance in its 2025 mid-year report, with total revenue reaching $154.8 million, a year-on-year increase of 14.7%, and a net profit margin of 15.2% [1] - The company achieved its first GAAP operating profit in Q2, with an operating profit increase of approximately $11.4 million [1] - AI-enabled product shipments accounted for an impressive 93.05% of total shipments, indicating a significant shift towards the practical application of AI in the physical world [1][2] Revenue and Growth - Tuya's total revenue for the first half of 2025 was $154.8 million, reflecting a 14.7% year-on-year growth, with all three business segments—PaaS, SaaS, and smart solutions—experiencing double-digit growth [1] - The company’s PaaS net expansion rate reached 114% over the past 12 months, showcasing strong customer retention and growth [5] AI Penetration and Market Demand - AI functionality is transitioning from an optional feature to a standard requirement in over 90% of product shipments, highlighting the growing consumer and enterprise demand for intelligent, autonomous decision-making capabilities [2] - Daily AI interactions on Tuya's platform exceed 150 million, demonstrating the high frequency and depth of AI applications in users' daily lives [3] Developer Ecosystem and Innovation - Tuya's AI developer platform has registered over 1.514 million developers, a 15% increase from the end of 2024, and serves 4,100 global clients [5] - The company has established a comprehensive innovation ecosystem through its TuyaOpen open-source framework, which lowers the barriers for AI hardware development and accelerates commercialization [7][8] Commercialization and Market Strategy - TuyaOpen facilitates a complete closed-loop from code to commercialization, enhancing product incubation and market promotion [8] - The company has launched various subsidy programs to support AIoT developers, including a billion-yuan subsidy plan aimed at accelerating product development and market entry [8] Future Opportunities and Market Position - As the Physical AI era unfolds, Tuya is positioned to leverage its strong technical platform and ecosystem to drive innovation and application in the AI hardware market, which is projected to exceed a trillion dollars [9][14] - The company aims to become a foundational infrastructure provider in the Physical AI era, fostering a sustainable ecosystem that maximizes commercial value [14][15]

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: 2025年8月31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: 2025年9月4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 USD | | 40,000 | | 2 ...

Summary of Tuya's Earnings Call Company Overview - **Company**: Tuya (TUYA) - **Industry**: Internet of Things (IoT) Platform as a Service (PaaS) Key Financial Highlights - **2Q25 Revenue**: Increased by 9% year-over-year to **US$80 million**, exceeding estimates by 2% and 3% compared to Goldman Sachs estimates and Visible Alpha Consensus respectively [1] - **Non-GAAP Operating Profit**: Rose by 17% year-over-year to **US$8.6 million**, surpassing estimates by 18% and 12% [1] - **Non-GAAP Net Profit**: Reported at **US$20 million**, a decline of 4% year-over-year due to lower interest income [1] - **Dividend Declared**: Cash dividend of **US$0.54 per ADS**, totaling **US$33 million**, reflecting an 84% payout ratio related to 1H25 non-GAAP net profit [1][21] Core Themes from Management 1. **AI Penetration**: - 93% of products shipped in 2Q25 were equipped with AI capabilities, with **150 million daily AI interactions** globally [2][21] - Collaboration with companies like NetEase and KidsWant to develop AI toys [2] 2. **Monetization Opportunities**: - Increased focus on AIoT SaaS to provide emotional value in sectors like entertainment and pet care [2] 3. **Revenue Pressure**: - Anticipated incremental revenue pressure from tariffs in 3Q25, affecting IoT PaaS and smart solutions segments [2] - Softer orders expected for the year-end festive season [2] 4. **Operating Efficiency**: - Efforts to drive operating profit margin (OPM) expansion to mitigate impacts from lower interest rates on net profit [2] 5. **Commitment to Dividends**: - Ongoing commitment to regular dividend payouts [2] Forecast Adjustments - **Revenue Forecasts**: Lowered 2025-2027 revenue forecasts by 1-2% due to potential demand softness, while adjusting net profit forecasts upwards by 1-4% due to better-than-expected operating expense control [3] - **3Q25 Revenue Estimate**: Projected to be flattish year-over-year at **US$82 million** [3] Regional and Product Growth Insights - **Customer Base**: - White PaaS customers remained flat at **2,100**, while premium PaaS customers increased to **285**, contributing approximately 88.6% of PaaS revenue [18] - **Regional Performance**: - **APAC**: Fastest growing region, with significant contributions from smart home and real estate products [18] - **Europe**: Double-digit growth in ambient lighting and home appliances [18] - **China**: Positive feedback on AI toy solutions, with plans for expanded IP collaborations [18] - **North America**: Strong demand for smart bird feeders [18] Tariff Impact and Supply Chain Dynamics - **Tariff Pressure**: Expected continued revenue pressure from tariffs in 3Q25, with potential improvement in 4Q24 [18] - **Supply Chain Adjustments**: Some manufacturers relocating to countries like Vietnam and India, while others still rely on Chinese manufacturers for certain products [19] Investment Thesis - **Market Position**: Tuya is positioned as the largest IoT PaaS platform, benefiting from favorable competitive dynamics in a growing market [29] - **Risks**: Potential risks include weaker-than-expected global consumer IoT demand, inventory backlogs, and geopolitical risks related to tariffs [28][29] Valuation and Price Target - **Target Price**: Raised to **US$3.2** based on DCF and EV/GP methodologies [28] - **Market Cap**: Approximately **US$1.6 billion** [6] Conclusion Tuya's strong performance in 2Q25, driven by AI integration and a commitment to dividends, positions the company favorably despite anticipated revenue pressures from tariffs and demand softness. The strategic focus on AI and regional growth opportunities presents a positive outlook for future performance.

Core Viewpoint - Tuya Smart (TUYA.US) reported a significant increase in revenue and net profit for the six months ending June 30, 2025, indicating a positive financial turnaround for the company [1]. Financial Performance - Total revenue for the six months reached $155 million, representing a year-over-year growth of 14.7% [1]. - Net profit for the same period was $23.604 million, marking a return to profitability compared to the previous year [1]. - Earnings per share (EPS) were reported at $0.04, with a planned cash dividend of $0.054 per share [1]. Quarterly Results - For the three months ending June 30, 2025, total revenue was $80.1 million, showing a year-over-year increase of 9.3% [1]. - Net profit for this quarter was $12.6 million, reflecting a substantial year-over-year growth of 302.4% [1].

Core Viewpoint - Tuya Smart (2391.HK) experienced a significant stock price increase of 18.24%, reaching a new high of 24.24 HKD since April 1, 2025, indicating strong market performance and investor confidence [1]. Financial Performance - In Q2 2025, Tuya Smart reported total revenue of 80.1 million USD, reflecting a year-on-year growth of approximately 9.3% [3]. - The revenue breakdown includes: - Platform as a Service (PaaS) revenue of 58.1 million USD, up by about 7.0% year-on-year [3]. - Software as a Service (SaaS) and other revenue of 11.1 million USD, showing a year-on-year increase of approximately 15.6% [3]. - Smart solutions revenue of 10.9 million USD, with a year-on-year growth of about 16.7% [3]. - The net profit for the period was 12.6 million USD, a substantial increase of approximately 302.4% compared to 3.1 million USD in Q2 2024 [3]. - The net profit margin improved to 15.7%, an increase of 11.4 percentage points year-on-year [3]. Management Commentary - The CEO of Tuya, Wang Xueji, highlighted the company's robust profitability and business growth despite uncertainties in the global trade environment and ongoing supply chain pressures in the consumer electronics sector [3]. - The company achieved a year-on-year revenue growth of approximately 15% in the first half of 2025, with a 127% increase in non-GAAP operating profit, showcasing the resilience of its business model and effective operational leverage [3].

Core Viewpoint - Tuya Smart-W (2391.HK) experienced a significant stock price increase of 18.24%, reaching a new high of 24.24 HKD since April 1, 2025, driven by strong financial performance in Q2 2025 [1] Financial Performance - Total revenue for Q2 2025 was 80.1 million USD, representing a year-on-year growth of approximately 9.3% [1] - Platform as a Service (PaaS) revenue was 58.1 million USD, with a year-on-year increase of about 7.0% [1] - Software as a Service (SaaS) and other revenue amounted to 11.1 million USD, showing a year-on-year growth of approximately 15.6% [1] - Smart solutions revenue reached 10.9 million USD, reflecting a year-on-year increase of about 16.7% [1] - Net profit for the period was 12.6 million USD, a substantial year-on-year rise of approximately 302.4% compared to 3.1 million USD in Q2 2024 [1] - Net profit margin improved to 15.7%, an increase of 11.4 percentage points year-on-year [1] Management Commentary - The CEO of Tuya, Wang Xueji, highlighted the company's robust profitability and business growth in the first half of 2025, despite uncertainties in the global trade environment and ongoing supply chain pressures in the consumer electronics sector [1] - The company reported a year-on-year revenue growth of approximately 15% for the first half of 2025, with a non-GAAP operating profit increase of about 127%, showcasing the resilience of its business model and effective operational leverage [1]