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： 2025年12月29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 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括 ...

Core Insights - Tuya Inc. has launched a new AI assistant called Hey Tuya, which operates on a Multi-Agent collaborative architecture, enabling seamless integration and collaboration of various AI devices in different environments [1][2] - Hey Tuya is designed to function as a home security guardian, energy-saving expert, health coach, and office assistant, actively assisting users in their daily lives [1] - The assistant can be accessed through multiple devices, including the Tuya app, smart speakers, AI toys, and future wearable devices, allowing users to interact with it using the command "Hey Tuya" [1] Group 1 - Hey Tuya features short-term and long-term memory capabilities, learning and adapting to users' routines, preferences, and habits, thus providing personalized suggestions and automating device operations over time [1] - The core technology behind Hey Tuya is powered by Tuya's self-developed PAE system, which supports a global AI-Device Real-Time Network for low-latency and reliable communication [2] - The assistant will not only be available to consumers but also to global brand clients and developers, who can integrate Hey Tuya into their own AI hardware or develop it further [2] Group 2 - Tuya has seen significant engagement with its AI platform, with over 12,000 AI Agents developed by third-party developers and an impressive daily interaction volume of 155 million AI interactions globally [2] - The future development of Hey Tuya will incorporate user feedback and successful experiences to enhance the overall user experience [2]

Core Insights - Tuya Smart has launched Hey Tuya, a next-generation AI assistant that integrates artificial intelligence into daily life, marking a significant milestone in the development of AI agents and physical AI [1][2] Group 1: Product Features - Hey Tuya is designed to be more than a virtual assistant, evolving into a life assistant that perceives environments, learns user habits, and coordinates with physical devices [2][3] - The assistant will have short-term and long-term memory capabilities, allowing it to adapt to user routines and preferences, providing proactive recommendations [3] - Hey Tuya will cover various life scenarios, acting as a home security guardian, energy-saving expert, and health coach [4] Group 2: Technology and Integration - The AI experience of Hey Tuya is powered by Tuya's proprietary Physical AI Engine (PAE), utilizing a global real-time communication network for reliable and low-latency interactions [5][6] - Tuya has developed additional engines for multimodal interaction, visual understanding, and IoT device communication, enabling continuous learning and understanding of user preferences [6][7] Group 3: Market Position and Availability - Hey Tuya is available for both individuals and global brands, promoting an open and symbiotic AIoT ecosystem [8] - As of now, developers have created over 12,000 AI agents on Tuya's platform, with 155 million daily AI interactions worldwide [9] - Hey Tuya is live with initial features, accessible through the Tuya app in major app stores [10] Group 4: Company Overview - Tuya Smart is a leading global provider of AI cloud platforms, focusing on the application of AI in everyday life, with over 1.622 million registered accounts on its developer platform as of September 30, 2025 [11]

Core Insights - Tuya Smart has launched Hey Tuya, a next-generation Super AI Life Assistant that integrates AI into daily life, marking a significant advancement in AI technology [1][2] - Hey Tuya is designed to function beyond traditional virtual assistants, enabling multi-device collaboration and proactive assistance across various environments [2][3] Company Overview - Tuya Smart is a global leader in AI cloud platform services, focusing on integrating AI into everyday life through its AI Agent development platform and open-source framework [11] - As of September 30, 2025, Tuya's AI developer platform has over 1.622 million registered accounts across more than 200 countries and regions [11] Product Features - Hey Tuya incorporates short-term and long-term memory to learn user habits and preferences, allowing it to provide proactive recommendations [3][5] - The AI assistant is powered by Tuya's proprietary PAE (Physical AI Engine) technology, which supports real-time communication and device orchestration [4][6] - Key functionalities of Hey Tuya include home security, energy-saving strategies, health coaching, work assistance, and personal life management [7] Market Position - Tuya has developed over 12,000 AI Agents on its platform, facilitating 155 million daily AI interactions globally [9] - Hey Tuya will be available to individual consumers and global brands, promoting an open and vibrant AIoT ecosystem [8]

Core Insights - The "AI + emotional value" sector is rapidly growing, with AI toys experiencing high demand and some reselling above retail prices as part of the expanding trillion-dollar "emotion economy" [1] - A significant limitation of current AI companions is their dependency on Wi-Fi, which restricts their emotional connectivity when users travel [2] - The introduction of the cellular-enabled "Fuzozo" by Tuya Smart and Robopoet aims to address these limitations, allowing for mobile emotional companionship [3] Group 1: Product Features - The Fuzozo's built-in cellular capability allows for emotional interaction without indoor limitations, making it usable during commutes, outdoor activities, and international travel [5] - Cellular connectivity enhances user experience by reducing latency, resulting in smoother and more natural conversations and emotional feedback [6] - Fuzozo is positioned as a new category of product, moving beyond being a home toy to a mobile companion, comparable to smartwatches and earbuds [7] Group 2: Strategic Partnership - The partnership between Tuya Smart and Robopoet leverages Tuya's global cloud service capabilities to ensure stable emotional companionship, allowing Robopoet to focus on core innovations in emotional interaction [4] - The collaboration aims to deliver a distinctive AI companion experience to users worldwide, highlighting the importance of seamless connectivity in emotional AI products [4]

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgency to invest now [1][13] - The energy demands of AI technologies are significant, with data centers consuming as much energy as small cities, leading to concerns about power grid strain and rising electricity prices [2][3] Investment Opportunity - A specific company is highlighted as a critical player in the AI energy sector, owning essential energy infrastructure assets that are poised to benefit from the increasing energy demands of AI [3][7] - This company is not a chipmaker or cloud platform but is positioned as a "toll booth" operator in the AI energy boom, collecting fees from energy exports [5][6] Financial Position - The company is noted for being debt-free and holding a substantial cash reserve, amounting to nearly one-third of its market capitalization, which provides a strong financial foundation [8][10] - It is trading at less than 7 times earnings, making it an attractive investment compared to other firms in the energy and utility sectors [10][11] Market Trends - The company is strategically aligned with several market trends, including the onshoring boom driven by tariffs, a surge in U.S. LNG exports, and a focus on nuclear energy as a clean power source [14][7] - The influx of talent into the AI sector is expected to drive continuous innovation and advancements, further solidifying the importance of investing in AI-related companies [12][11] Future Outlook - The potential for significant returns is emphasized, with projections of over 100% return within 12 to 24 months for investors who act now [15][19] - The company is positioned to capitalize on the intersection of AI and energy, making it a unique investment opportunity in a rapidly evolving market [6][3]

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11月30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12月3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 | | ...

Company and Industry Summary Company Overview - The company reported steady growth in revenue and profit for Q3 2025, with total revenue reaching approximately $82.5 million, a year-over-year increase of 1.1% [3] - Total gross profit was $39.8 million, reflecting a 6.1% year-over-year growth, driven by increased sales and price hikes of AI-enabled devices [2][3] Key Financial Metrics - Non-GAAP net profit margin stood at 24.4%, while GAAP net profit margin was 18.2% [2][3] - Operating expenses decreased by 34.1% to $36 million, leading to significant improvements in GAAP operating profit margin to 4.6% and a 23.6 percentage point increase in GAAP net profit margin [8] - Operating cash flow reached $30 million, a 25.7% year-over-year increase [9] AI Integration and Product Development - AI-enabled devices accounted for 93.9% of total shipments, indicating that AI has become a standard feature in smart devices [4] - The company’s AI agent services handle 155 million global user interactions daily, with new AI assistant applications undergoing global testing [4] - The platform has 1.62 million registered developers, a 23% year-over-year increase, with over 12,000 AI agents created [5][10] Market Performance - In the Chinese market, AI toys continue to show healthy growth, with over 50 brand and channel partners [6] - The European market is experiencing rising demand for air-powered solutions, with new industrial clients added [6] - In the Asia-Pacific region, privatization platform deployments are advancing rapidly, with progress in Singapore's housing and sports projects [6] - North America has seen the launch of products like smart bird feeders, validating the commercial potential of emotional value and content interaction [6] Future Outlook - The company anticipates a relatively weak promotional season in Q4 2025 due to global economic uncertainties but remains optimistic about the industry outlook for 2026, driven by AI advancements [7] - The integration of AI features and smartphone combinations is expected to propel the IoT experience into the next phase, enhancing user experience and usability [7] - The company is focusing on strategic high-value categories for product expansion, including video and energy management solutions, while remaining cautious about new product categories [12] Strategic Initiatives - The company is implementing strategic cost control measures to balance growth, scale, and profitability [9] - The AI home assistant is defined as an AR system that interacts with home environments, significantly lowering the barrier for new users, particularly families [10] - The company is exploring new opportunities in the dental experience sector through AI assistants for home users [11] Additional Insights - The company’s seamless integration of AI capabilities across its business models is expected to stimulate new market demand and enhance pricing strategies, contributing to the 7% growth in Q3 [11] - The recent temporary agreement between the US and China is anticipated to stabilize cost levels for importers, aiding demand recovery in 2026 [11]

Core Viewpoint - Tuya Smart (02391) has seen its stock price increase by over 8%, reaching HKD 17.6, with a trading volume of HKD 1.9456 million, following the announcement of its Q3 2025 earnings report [1] Financial Performance - Total revenue for Q3 2025 was USD 82.5 million, marking the ninth consecutive quarter of year-on-year growth [1] - IoT PaaS revenue was approximately USD 59.2 million [1] - SaaS and other revenue was around USD 11.5 million, reflecting a year-on-year growth of approximately 15.4% [1] - Smart solutions revenue amounted to about USD 11.8 million [1] - Net profit reached USD 14.972 million, indicating a turnaround from previous losses [1] Strategic Developments - The company is focused on enhancing platform efficiency by simplifying the development process for AI hardware and expanding the product capabilities of its AI Agent development platform [1] - As of the end of Q3, the penetration of AI in smart devices has accelerated, with developers having created over 12,000 AI Agents on the Tuya platform, covering various smart product categories such as toys, pets, electrical products, home appliances, IPC, and wearable devices [1]

Core Viewpoint - Tuya Smart (02391) shares rose over 8%, reaching HKD 17.6 with a trading volume of HKD 1.9456 million, following the announcement of its Q3 2025 earnings report [1] Financial Performance - Total revenue for Q3 2025 was USD 82.5 million, marking the ninth consecutive quarter of year-on-year growth [1] - IoT PaaS revenue was approximately USD 59.2 million; SaaS and other revenue was around USD 11.5 million, reflecting a year-on-year increase of about 15.4%; smart solutions revenue was approximately USD 11.8 million [1] - Net profit reached USD 14.972 million, indicating a turnaround from previous losses [1] Strategic Developments - To enhance platform efficiency, the company is simplifying the development process for AI hardware and expanding the product capabilities of its AI Agent development platform [1] - As of the end of Q3, the penetration of AI in smart devices has accelerated, with over 12,000 AI Agents developed by developers on the Tuya platform, covering various smart product categories such as toys, pets, electrical products, home appliances, IPC, and wearable devices [1]