Market Overview - US stock index futures showed mixed performance with Dow futures slightly up, S&P 500 futures down by 0.16%, and Nasdaq futures down by 0.66% [1] - European indices saw positive movement with Germany's DAX up by 0.61%, UK's FTSE 100 up by 0.60%, France's CAC40 up by 0.56%, and the Euro Stoxx 50 up by 0.50% [2][3] - WTI crude oil prices fell by 0.42% to $61.88 per barrel, while Brent crude oil dropped by 0.46% to $65.24 per barrel [3][4] Federal Reserve Insights - Federal Reserve officials indicated that interest rate cuts may not occur before September due to uncertain economic outlook, with current expectations for a rate cut in June being less than 10% [5] - The market anticipates two rate cuts by the end of the year, each by 25 basis points, which is lower than previous expectations of four cuts [5] Banking Sector Developments - Moody's downgraded the deposit ratings of major US banks, including Bank of America and JPMorgan Chase, citing reduced government support following the downgrade of the US credit rating [6] - The long-term deposit ratings for these banks were lowered to Aa2, which is Moody's third-highest rating [6] Currency and Economic Outlook - Deutsche Bank warned of potential depreciation risks for the US dollar, suggesting that upcoming budget negotiations will significantly impact the dollar's position [7] - Wells Fargo advised investors to reduce exposure to emerging market stocks in favor of US equities, predicting a stronger dollar and cautioning against overly optimistic sentiment towards emerging markets [7] Company-Specific News - Vodafone reported a decline in revenue in its key German market, forecasting minimal growth for the upcoming fiscal year and announcing a new €2 billion share buyback plan [8] - Yalla Technology's Q1 revenue grew by 6.5% year-over-year to $83.9 million, but paid user numbers fell by 8% [9] - Vipshop's Q1 net revenue decreased by 4.7% to RMB 26.3 billion (approximately $3.6 billion), with active customer numbers down by 4.2% [10] - Home Depot's sales fell short of expectations, indicating weakened consumer confidence, with comparable sales down by 0.3% [10] - Cathie Wood's ARK Invest made significant purchases of Taiwan Semiconductor Manufacturing Company (TSMC) shares, marking a shift in strategy amid easing trade tensions [11] Upcoming Economic Events - Key economic data releases include the US Redbook retail sales year-on-year and API crude oil inventory changes [12][14] - Notable speeches from Federal Reserve officials are scheduled, which may provide further insights into monetary policy [13][14]

Core Viewpoint - Tuya Inc. is set to hold its annual general meeting (AGM) on June 19, 2025, to discuss and vote on proposed resolutions, with full support from the board of directors [1][2]. Company Information - Tuya Inc. is a leading global AI cloud platform service provider focused on building an AIoT developer ecosystem [4]. - The company offers a comprehensive suite of services, including Platform-as-a-Service (PaaS), Software-as-a-Service (SaaS), and smart solutions for developers in various industries [4]. - Tuya has established a global developer community that includes brands, OEMs, AI agents, system integrators, and independent software vendors, promoting a smart solutions ecosystem that emphasizes green and low-carbon principles, security, efficiency, agility, and openness [4]. Financial Reporting - The company has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, which includes audited financial statements [3].

Core Viewpoint - Tuya Inc. has received an upgrade in its ESG rating from MSCI, moving from 'A' to 'AA', highlighting its commitment to sustainability and responsible business practices [1][2][3] Company Overview - Tuya Inc. is a leading global AI cloud platform service provider focused on building an AIoT developer ecosystem [4] - The company offers a comprehensive suite of services, including Platform-as-a-Service (PaaS), Software-as-a-Service (SaaS), and smart solutions for various industries [4] ESG Rating Improvement - The upgrade to 'AA' reflects Tuya's strong performance in data privacy, security, governance enhancements, and energy efficiency contributions through smart technology [2][3] - MSCI's ESG Ratings serve as a benchmark for investors interested in sustainable business practices, with ratings ranging from AAA to CCC [3] Commitment to Sustainability - The company emphasizes that sustainability is integral to its operations and innovation, aiming to deliver long-term value for stakeholders [3] - Tuya is dedicated to supporting global efforts towards a greener and more secure future through smart technology [3]

Core Viewpoint - Tuya Inc. is set to report its first quarter 2025 unaudited financial results on May 20, 2025, after market close, indicating the company's ongoing commitment to transparency and investor communication [1]. Group 1: Financial Reporting - The financial results will be discussed in a conference call scheduled for 08:30 P.M. Eastern Time on May 20, 2025, which will also be available for participants through online registration [2]. - Participants will receive dial-in information and a unique PIN after completing the online registration process, ensuring secure access to the conference call [2][3]. Group 2: Company Overview - Tuya Inc. is recognized as a global leader in AI cloud platform services, focusing on building an AIoT developer ecosystem to enable smart solutions [4]. - The company offers a comprehensive suite of services, including Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS), aimed at developers of smart devices and commercial applications [4]. - Tuya has cultivated a global developer community that includes brands, OEMs, AI agents, system integrators, and independent software vendors, promoting a smart solutions ecosystem that emphasizes green and low-carbon principles, security, efficiency, agility, and openness [4].

Group 1 - The core viewpoint of the news highlights a positive market reaction driven by favorable developments in US-China trade negotiations, with major US stock indices showing significant gains [1][2] - The Dow Jones Industrial Average rose by 2.44%, the Nasdaq Composite increased by 3.55%, and the S&P 500 climbed by 2.63% as of the specified time [1] - Major technology stocks experienced substantial increases, with Apple rising over 6%, Amazon up more than 7%, and Meta gaining over 5% [2] Group 2 - The Nasdaq China Golden Dragon Index surged over 5%, reflecting a strong performance among popular Chinese concept stocks [2][3] - Notable stock movements included Jia Yuda, which saw a peak increase of over 130% during trading, ultimately closing up 65.64% [2][3] - Other significant gainers in the Chinese stock market included Century Internet, which rose over 18%, and several other companies like Pinduoduo and Xpeng Motors, which saw increases exceeding 7% [4] Group 3 - The spot price of gold continued to decline, trading around $3240 per ounce, with a drop of 2.58% noted [4] - The price of gold fell below $3210 per ounce for the first time since April 14, indicating a notable downward trend [4] - Domestic gold jewelry prices also decreased, with several brands' prices falling back to around 1000 yuan [6][7]

欧洲股市周五集体收涨，德国DAX指数涨0.63%，报23499.32点；法国CAC40指数涨0.64%，报7743.75 点；英国富时100指数涨0.27%，报8554.80点。本周，欧股涨跌不一，德国DAX指数涨1.79%，法国 CAC40指数跌0.34%，英国富时100指数跌0.48%。 美股大型科技股多数收涨，特斯拉涨4.73%，苹果涨0.53%，亚马逊涨0.51%，微软涨0.13%，英伟达跌 0.61%，脸书跌0.92%，谷歌跌0.99%。 美股银行股涨跌不一，摩根大通跌0.16%，高盛涨0.21%，花旗跌0.31%，摩根士丹利跌0.15%，美国银 行涨0.47%，富国银行跌0.64%。 （原标题：美股三大股指涨跌不一！国际油价走强） 随着美国和英国达成贸易协议，投资者希望更多贸易协议达成。 在此背景下，美国三大股指多数收跌，道琼斯工业指数跌0.29%，标普500指数跌0.07%，纳斯达克指数 微涨。本周以来，标普500指数累计下跌约0.5%，纳斯达克指数跌幅约为0.3%，道琼斯工业指数则下跌 近0.2%。 欧洲股市方面，当地时间，5月9日，德国DAX指数涨0.63%，法国CAC40指数涨0.64%， ...

Core Insights - The rise of AI large models is driving a new trend in the integration of AI and hardware, leading to the emergence of phenomenon-level AI hardware products [1][2] - Tuya Smart is leveraging cutting-edge AI technologies to assist B-end customers in rapidly responding to market changes, enhancing the deployment of AI hardware in daily life [1][2] - The transition from traditional AI to AI large models is expected to significantly lower the barriers for users to adopt smart hardware, facilitating widespread adoption [2][3] Company Developments - Tuya Smart launched four major products at its global developer conference, including the TuyaOpen open-source development framework and the HEDV edge computing platform, aimed at capturing new opportunities in the AI Agent era [1][2] - The company has integrated several global mainstream large language models into its AI Agent development platform, enabling developers to create popular AI products such as smart rings and AI dolls [2][3] - Tuya Smart has established a comprehensive cooperation agreement with Kid King to advance the development of AI companion smart hardware and related technologies [2][3] Industry Trends - The integration of AI large models into smart hardware is enhancing device capabilities, allowing for multi-modal interactions and expert-level efficiency optimization [3][4] - The overall penetration rate of AI Agent applications in the smart hardware industry is still below 5%, indicating that the industry is in the early stages of exploring these applications [3][4] - The market is expected to see a surge in new AI hardware categories by 2025, following validation or invalidation by the market, which will lead to the emergence of scalable new AI hardware products [5]

Financial Performance - The Group achieved its first-ever net profit of US$5.0 million for the year ended December 31, 2024, reversing a net loss of US$60.3 million for the year ended December 31, 2023[31]. - Revenue for the year ended December 31, 2024, was US$298,617 thousand, a 30% increase from US$229,990 thousand in 2023[80]. - Gross profit for 2024 was US$141,430 thousand, reflecting a gross margin improvement from 46.4% in 2023 to 47.3% in 2024[80]. - The net profit for 2024 was US$4,997 thousand, a significant turnaround from a net loss of US$60,315 thousand in 2023[80]. - Non-GAAP net profit for 2024 was US$75,308, up from US$20,438 in 2023, reflecting improved operational efficiency[119]. - The non-GAAP operating margin improved from -10.9% in 2023 to 7.6% in 2024, indicating a turnaround in operational performance[115]. Cash Flow and Liquidity - Net cash generated from operating activities was US$80.4 million for the year ended December 31, 2024, compared to US$36.4 million for the year ended December 31, 2023[31]. - As of December 31, 2024, the balance of cash and cash equivalents was US$1,016.7 million, an increase from US$984.3 million as of December 31, 2023[33]. - The Group did not have any interest-bearing bank and other borrowings as of December 31, 2024[34]. - The Group's gearing ratio was nil as of December 31, 2024, as it had no borrowings[36]. - Cash and cash equivalents at the end of 2023 were $498,688 thousand, expected to increase to $653,384 thousand by the end of 2024, marking a rise of about 31%[85]. Expenses and Cost Management - Research and development expenses decreased to US$95,049 thousand in 2024, down from US$102,277 thousand in 2023, indicating a focus on cost management[80]. - Share-based compensation expenses included in general and administrative expenses were $45,036 thousand for 2023, expected to rise to $48,305 thousand in 2024[83]. - The Company recorded litigation costs of US$2,300 in 2024, which were not present in 2023[115]. Assets and Liabilities - As of December 31, 2024, total assets increased to US$1,103,780 thousand, up from US$1,066,400 thousand as of December 31, 2023, representing a growth of approximately 3.5%[74]. - Total current liabilities increased to US$94,337 thousand as of December 31, 2024, compared to US$87,534 thousand in 2023, marking an increase of approximately 7.5%[74]. - Total accounts receivable decreased from US$9,214 in 2023 to US$7,592 in 2024, with an increase in the allowance for credit losses from US$3,367 to US$4,456[108]. - Total accounts payable increased significantly from US$11,577 in 2023 to US$19,051 in 2024[111]. Shareholder Returns - The Board declared a dividend of US$0.0608 per ordinary share, totaling approximately US$37 million, payable on or around April 9, 2025[57]. - The Company declared a special dividend of US$0.0589 per ordinary share, totaling US$33 million, payable in October 2024[106]. Strategic Initiatives and Market Position - The Group plans to utilize the remaining unutilized net proceeds of approximately HK$34.7 million over the next three years for various strategic initiatives[56]. - The company activated a vibrant global developer community through its AI cloud platform, enhancing its market position in the AIoT ecosystem[66]. Legal Matters - The company continues to face ongoing litigation related to a securities class action lawsuit initiated in August 2022[64].

Group 1 - Tuya Inc. filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the SEC on April 24, 2025 [1] - The annual report includes complete audited financial statements and is available on the company's investor relations website and the SEC's website [1] - Tuya Inc. will provide a hard copy of the annual report free of charge to shareholders upon written request [1] Group 2 - Tuya Inc. released its Environmental, Social and Governance (ESG) Report to showcase its ESG strategies, accomplishments, and progress towards sustainability goals [2] - The ESG report can be accessed on the company's investor relations website [2] Group 3 - Tuya Inc. is a leading AI cloud platform service provider focused on building an AIoT developer ecosystem [3] - The company offers a purpose-built AI cloud platform with cloud and generative AI capabilities, providing Platform-as-a-Service (PaaS), Software-as-a-Service (SaaS), and smart solutions [3] - Tuya has activated a global developer community that includes brands, OEMs, AI agents, system integrators, and independent software vendors, promoting a smart solutions ecosystem based on principles of green and low-carbon, security, high efficiency, agility, and openness [3]

Financial Performance - Revenue for the year ended December 31, 2024, was $298.617 million, an increase of 29.9% compared to $229.990 million in 2023[8] - Gross profit for 2024 was $141.430 million, up from $106.655 million in 2023, reflecting a gross margin improvement[8] - The company reported a net profit of $4.997 million for 2024, a significant recovery from a net loss of $60.315 million in 2023[8] - Operating loss decreased to $47.620 million in 2024 from $105.824 million in 2023, indicating improved operational efficiency[8] - Total revenue for the year ended December 31, 2024, was $298.6 million, an increase of approximately 29.8% year-over-year (2023: $230.0 million) [10] - Gross profit margin improved to 47.4%, up 1.0 percentage points year-over-year (2023: 46.4%) [10] - Net profit was $5.0 million, marking the first fiscal year of net profitability under GAAP, compared to a net loss of $60.3 million in 2023 [10] - Operating cash flow net amount was $80.4 million, an increase of 120.5% year-over-year (2023: $36.4 million) [10] - The non-GAAP operating profit for the year was approximately $22.7 million, with an operating profit margin of about 7.6%[19] - The non-GAAP net profit reached $75.3 million, representing a year-over-year increase of approximately 268.5%[19] Assets and Liabilities - Total assets as of December 31, 2024, were $1.104 billion, slightly up from $1.066 billion in 2023[8] - Current assets increased to $903.016 million in 2024 from $847.798 million in 2023, showing better liquidity[8] - Total liabilities remained stable at $96.332 million in 2024 compared to $95.835 million in 2023[8] - Shareholders' equity rose to $1.007 billion in 2024 from $970.565 million in 2023, reflecting a strengthening balance sheet[8] - Cash and cash equivalents, along with short-term and long-term investments, totaled $1,016.7 million, up from $984.3 million in 2023, indicating sufficient liquidity for operational needs[40] Customer and Market Insights - The number of IoT PaaS customers was approximately 3,700, down from 4,000 in 2023, while total customers were about 5,800 (2023: approximately 6,100) [11] - High-quality IoT PaaS customers contributed approximately 86.9% of IoT PaaS revenue, up from 83.4% in 2023 [11] - The number of registered IoT developers exceeded 1,316,000, a growth of 32.6% from approximately 993,000 in 2023 [11] - The company serves approximately 5,800 customers, empowering around 3,700 brands to develop their smart devices [16] - The IoT PaaS currently supports the development of approximately 3,000 categories of smart devices across over 200 countries and regions [16] Strategic Plans and Future Outlook - The company plans to continue investing in new product development and market expansion strategies in the upcoming fiscal year[9] - Future guidance indicates a focus on achieving profitability while maintaining revenue growth momentum[9] - The company anticipates a stable macroeconomic environment in 2024, despite potential challenges from new U.S. tariff policies starting April 2025[26] - The company is actively expanding its market presence and exploring new business opportunities, as indicated by the diverse backgrounds of its leadership team[192][194] Corporate Governance and Compliance - The company has complied with relevant laws and regulations that significantly impact its operations during the reporting period[69] - The board of directors has undergone changes, with Liu Yao resigning as an executive director effective September 16, 2024, and Zhang Yan appointed as an executive director effective November 18, 2024[62] - The company is committed to corporate sustainability through strong relationships with stakeholders, including employees, customers, and suppliers[67] - The independent non-executive directors confirmed that the ongoing related party transactions were conducted in the ordinary course of business and on normal commercial terms[99] Shareholder Information and Equity Structure - The company has a dual-class share structure, with Class A shares having one vote per share and Class B shares having ten votes per share, allowing certain beneficiaries to exert significant control despite not holding a majority economic interest[104] - The total number of Class A and Class B shares controlled by key individuals represents approximately 24.19% of the company's issued shares and about 62.88% of the effective voting power[107] - The company will continue to disclose details related to the contractual arrangements and ongoing related party transactions as required[100] - The largest customer accounted for 3.2% of total revenue, while the top five customers together represented 13.0% of total revenue for the year ended December 31, 2024[109] Leadership and Management - The company has a strong leadership team with over 21 years of experience in software technology and more than 10 years in the IoT industry, led by CEO Wang Xueji[192] - The Chief Operating Officer and newly appointed Chief Financial Officer, Yang Yi, has extensive experience in capital markets and business development[194] - Independent non-executive directors bring over 20 years of experience in the technology and internet sectors, enhancing the board's expertise[197][199] - The leadership team has a strong academic background, with degrees from prestigious institutions, contributing to the company's strategic direction[193][200] Stock Options and Incentive Plans - The company adopted the 2024 Share Plan on June 20, 2024, terminating the 2015 Equity Incentive Plan, aligning with the current requirements of the Listing Rules[146] - The maximum number of Class A ordinary shares that may be issued to service providers under the 2024 Share Plan is 5,745,925 shares, equivalent to 1% of the total issued shares as of June 20, 2024[166] - The total number of options or awards that may be issued for the fiscal year 2024 under the 2015 Equity Incentive Plan and the 2024 Share Plan is 250,000 shares, representing approximately 0.05% of the weighted average of the issued Class A ordinary shares[146] - The total number of unexercised restricted stock units as of December 31, 2024, was 5,810,000 and 4,224,750, accounting for approximately 0.95% and 0.69% of the total shares issued, respectively[154]