当地时间8月25日，美股三大股指集体收跌。道指收跌349.27点，报45282.47点，跌幅为0.77%；纳指收跌47.24点，报21449.29点，跌幅为0.22%；标普500 指数收跌27.59点，报6439.32点，跌幅为0.43%。 银行股多数下跌，摩根大通跌0.49%，高盛跌0.45%，花旗跌0.31%，摩根士丹利跌0.25%，美国银行涨0.04%，富国银行涨超1%。 中概股涨跌不一，纳斯达克中国金龙指数涨0.11%。热门中概股方面，大全新能源涨逾4%，新濠博亚娱乐涨超3%，网易涨逾2%，涂鸦智能涨超2%，健永 生技涨逾2%。跌幅方面，新蛋跌逾15%，大健云仓跌超9%，盛美半导体跌逾5%，霸王茶姬跌超4%。 根据芝加哥商品交易所集团的Fed watch工具，交易员目前认为美联储9月份降息的可能性为84%。 英国伦敦股市休市，欧洲其他两大主要股指当天均以下跌报收。法国巴黎股市CAC40指数报收于7843.04点，较前一交易日下跌126.65点，跌幅为1.59%； 德国法兰克福股市DAX指数报收于24273.12点，较前一交易日下跌89.97点，跌幅为0.37%。 来源公开信息及市场数据 （文章来源：国 ...

资料显示，涂鸦智能(纽交所代码:TUYA;港交所代码:2391)是全球领先的云平台服务提供商,致力于构建 智慧解决方案的开发者生态,赋能万物智能。涂鸦智能开创了一个专有的云开发者平台,具备云计算及生 成式人工智能的能力,为智能设备、商业应用和行业开发者提供包括平台即服务(PaaS)、软件即服务 (SaaS)和智慧解决方案在内的完整产品及服务。通过其云开发者平台,涂鸦智能激发了一个由品牌、原始 设备制造商、AIAgents、系统集成商和独立软件供应商组成的充满活力的全球开发者社区,共同打造绿 色低碳、安全、高效、敏捷和开放的智慧解决方案生态。 本文源自：金融界 8月22日，涂鸦智能(TUYA)盘中上涨5.02%，截至22:52，报2.51美元/股，成交154.37万美元，总市值 15.30亿美元。 财务数据显示，截至2025年03月31日，涂鸦智能收入总额7468.7万美元，同比增长21.12%；归母净利润 1101.7万美元，同比增长410.95%。 大事提醒： 8月26日，涂鸦智能将于(美东)盘后披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美 国当地时间，实际披露日期以公司公告为准）。 作者 ...

资料显示，涂鸦智能(纽交所代码:TUYA;港交所代码:2391)是全球领先的云平台服务提供商,致力于构建 智慧解决方案的开发者生态,赋能万物智能。涂鸦智能开创了一个专有的云开发者平台,具备云计算及生 成式人工智能的能力,为智能设备、商业应用和行业开发者提供包括平台即服务(PaaS)、软件即服务 (SaaS)和智慧解决方案在内的完整产品及服务。通过其云开发者平台,涂鸦智能激发了一个由品牌、原始 设备制造商、AIAgents、系统集成商和独立软件供应商组成的充满活力的全球开发者社区,共同打造绿 色低碳、安全、高效、敏捷和开放的智慧解决方案生态。 本文源自：金融界 作者：行情君 8月21日，涂鸦智能(TUYA)盘中上涨2.59%，截至21:36，报2.38美元/股，成交40.58万美元，总市值 14.51亿美元。 财务数据显示，截至2025年03月31日，涂鸦智能收入总额7468.7万美元，同比增长21.12%；归母净利润 1101.7万美元，同比增长410.95%。 大事提醒： 8月26日，涂鸦智能将于(美东)盘后披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美 国当地时间，实际披露日期以公司公告为 ...

Core Viewpoint - The article discusses the rapid advancements in Physical AI, emphasizing the importance of making AI accessible to hardware developers through open-source frameworks like TuyaOpen, which aims to break down technical barriers and facilitate innovation in AI hardware development [2][5][8]. Group 1: Industry Trends - The emergence of Physical AI is marked by significant developments, with major companies like NVIDIA showcasing comprehensive systems at events like the World Robot Conference [2]. - The article highlights three major technical bottlenecks faced by hardware developers in the Physical AI space: deep technical gaps, fragmented ecosystems, and commercialization challenges [5][6][7]. Group 2: Solutions Offered by Tuya - TuyaOpen is introduced as a solution to these challenges, allowing developers to create AI-enabled hardware without needing extensive algorithm knowledge, thus making AI capabilities more accessible [8][9]. - The framework connects developers to a global network, eliminating the need for costly cloud infrastructure and enabling compatibility with various hardware ecosystems [9]. - TuyaOpen also provides a clear pathway from development to commercialization, supporting developers with market access and supply chain resources [11][19]. Group 3: Creative Applications - Developers are utilizing TuyaOpen to create innovative AI hardware, such as AI robots that can respond to emotional cues and assist with daily tasks [12][14]. - The article showcases examples of creative projects, including an AI compass and a health-monitoring robot, demonstrating the potential of Physical AI to enhance user experiences [12][14][16]. Group 4: Commercialization Success - The article notes that Tuya has successfully partnered with companies like Kid Kingdom to launch AI toys, achieving significant sales in a short period [17]. - Tuya's collaboration with overseas partners, such as Aofei Entertainment, illustrates the effectiveness of localized AI solutions in expanding market reach [19][20]. - The focus is on transforming innovative ideas into commercially viable products, emphasizing the importance of market validation in the AI hardware sector [20].

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected industry index increase of over 5% in the next six months [58]. Core Insights - The report highlights the significant advancements in AI applications, particularly with the release of OpenAI's GPT-5, which is expected to accelerate commercialization in various high-frequency, high-value verticals [7][5]. - Companies like Duolingo, Palantir, and AppLovin have reported earnings that exceeded market expectations, showcasing the growing revenue contributions from AI capabilities [7][5]. - The report suggests a focus on companies with high retention rates and growth potential in sectors such as education, e-commerce, advertising, and enterprise data analysis [7][5]. Summary by Sections Key Company Financials - **Palantir**: Q2 revenue reached $1.004 billion, a 48% year-over-year increase, with a GAAP operating income of $269 million and an adjusted gross margin of 82% [14]. - **AMD**: Q2 revenue was $7.685 billion, a 32% year-over-year increase, with a gross margin of 54% and operating income of $897 million [19]. - **AppLovin**: Q2 advertising revenue grew 77% year-over-year to approximately $1.26 billion, with an adjusted EBITDA of $1.02 billion [24]. - **Duolingo**: Q2 revenue reached $252.3 million, a 41% year-over-year increase, with a gross margin of 72.4% [29]. - **Datadog**: Q2 revenue was $827 million, a 28% year-over-year increase, with a gross margin of 80.9% [33]. Global AI Developments - OpenAI launched two new large language models, gpt-oss-120b and gpt-oss-20b, which are open-weight models aimed at enhancing AI application performance [36]. - Google DeepMind introduced Genie 3, a model capable of generating interactive virtual worlds in real-time, marking a significant milestone in world modeling [40]. - Anthropic released Claude Opus 4.1, which shows improvements in coding and reasoning capabilities compared to its predecessor [45]. - OpenAI's GPT-5 was officially released, featuring a significant reduction in hallucination rates and enhanced reasoning capabilities [49].

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） 董事會會議召開日期 及 建議宣派現金股息 Tuya Inc.（「本公司」，連同其附屬公司及合併聯屬實體，統稱「本集團」）董事會 （「董事會」）茲通告謹定於香港時間2025年8月26日（星期二）舉行本公司董事會會 議（「董事會會議」），以（其中包括）考慮及通過(i)本集團截至2025年6月30日止三 個月的未經審計季度業績及其發佈，(ii)本集團截至2025年6月30日止六個月的未 經審計中期業績及其發佈，(iii)建議宣派及派付現金股息（「現金股息」），及(iv)處 理其他事項。如獲董事會批准，本公司將於董事會會議後另行刊發公告，以列明 現金股息的詳情。 本公司的管理層將於香港時間2025年8月27日（星期三）上午八時三十分（即美國 東部時間202 ...

Group 1 - The core viewpoint of the news is that Tuya Smart (TUYA) has shown strong financial performance with significant revenue and profit growth, and it has received a positive rating from Jefferies [1][2][3] - As of August 8, Tuya Smart's stock opened at $2.52 per share, with a market capitalization of $1.536 billion and a trading volume of $170,400 [1] - For the fiscal year ending March 31, 2025, Tuya Smart reported total revenue of $74.687 million, representing a year-on-year growth of 21.12%, and a net profit attributable to shareholders of $11.017 million, reflecting a remarkable increase of 410.95% [1] Group 2 - On August 5, Tuya Smart received its first "Buy" rating from Jefferies, with a target price set at $3.49 [2] - Tuya Smart is recognized as a leading global cloud platform service provider, focusing on building a developer ecosystem for smart solutions [2] - The company has developed a proprietary cloud developer platform that integrates cloud computing and generative artificial intelligence capabilities, offering a complete range of products and services including Platform as a Service (PaaS) and Software as a Service (SaaS) [2]

Group 1 - The core viewpoint of the news highlights Tuya Smart's significant financial growth, with a 21.12% year-over-year increase in total revenue and a remarkable 410.95% increase in net profit attributable to shareholders as of March 31, 2025 [1][2]. - As of August 7, Tuya Smart's stock price rose by 5.04%, reaching $2.50 per share, with a total market capitalization of $1.524 billion [1]. - Tuya Smart is recognized as a leading global cloud platform service provider, focusing on building a developer ecosystem for smart solutions, offering a comprehensive range of products and services including PaaS and SaaS [2]. Group 2 - The company is set to disclose its fiscal year 2025 mid-term report on August 25, with the actual disclosure date subject to company announcements [2]. - Tuya Smart has developed a proprietary cloud developer platform that integrates cloud computing and generative artificial intelligence capabilities, fostering a vibrant global developer community [2].

FF305 第 1 頁 共 6 頁 v 1.3.0 FF305 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) 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609,516,926股 (包括539,353,673股A類普通股及70,163,253股B類普通股)計 算。 第 2 頁 共 6 頁 v 1.3.0 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7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 ...

Investment Rating - The report maintains an "Outperform" rating for the company [4][12]. Core Insights - The company is projected to achieve revenues of $325 million, $361 million, and $410 million for 2025, 2026, and 2027 respectively, reflecting year-over-year growth rates of 8.81%, 11.12%, and 13.45% [5][12]. - The first quarter of 2025 showed strong performance with revenues of $74.70 million, a 21.1% increase year-over-year, driven by growth in IoT PaaS, SaaS, and Smart Solutions [5][12]. - The company has embraced AI, launching four core engines that enhance its platform capabilities, which are expected to support large-scale AI product deployment [5][12]. Financial Summary - Revenue projections for the company are as follows: 2025E at $325 million, 2026E at $361 million, and 2027E at $410 million, with corresponding growth rates of 8.8%, 11.1%, and 13.5% [3][5]. - The gross profit margin for Q1 2025 was reported at 48.5%, an increase of 0.7 percentage points year-over-year, with a net profit of $11 million compared to a loss of $3.5 million in Q1 2024 [5][12]. - The company has a cash and cash equivalents balance of $1.02 billion as of Q1 2025 [5][12]. Customer and Market Dynamics - As of Q1 2025, the company has a total of 2,800 customers, with 2,000 on the IoT PaaS platform, and premium users contributing 88.7% of IoT PaaS revenue [5][12]. - The company's developer platform has reached 1.417 million developers, indicating strong customer stickiness and potential for global IoT standard expansion [5][12].