Financial Performance - Tuya's total revenue for Q3 2025 was $82.5 million, a 1% year-over-year increase[9] - The company's gross margin was 48% in Q3 2025[9] - Non-GAAP operating profits reached $8.9 million, representing an 11% margin, a 21% year-over-year increase[9] - Non-GAAP net profits were $20.1 million, with a 24% margin[9] - GAAP net profits were $15.0 million, with an 18% margin, a 442% year-over-year increase[9] - The company's net cash balance stood at $1.027 billion as of September 30, 2025[9] Business Highlights - Tuya is the largest 3rd party AI developer platform globally[9] - International revenue accounts for 85%~90% of the total revenue[9] - The company has a dividend for 2025 H1 of $33 million[9] - The current market capitalization is between $1.25 billion and $1.7 billion[9] - The company has served approximately 7,000 global brands[12] - Tuya's technology powers approximately 880 million smart devices[12]

Tuya创始人兼首席执行官王学集先生表示："在全球贸易环境仍存不确定性的背景下，公司在第三季度 再次展现了稳健的执行力和良好的经营韧性。在核心PaaS 与SaaS产品的稳定需求带动下，加上产品组 合持续优化，我们已连续九个季度录得收入同比增长。展望未来，我们将继续深化与核心客户的合作， 推进全球市场布局，并加快AI驱动的软件及开发者服务创新。透过严格的营运管理及对关键技术的持 续投入，我们将努力为客户、合作伙伴和股东创造长期价值。" 涂鸦智能-W(02391)公布2025年第三季度业绩，总收入为8250万美元，同比增长约1.1%;整体毛利率为 48.3%，同比上升2.3个百分点。营业利润率为4.6%，同比改善25.6个百分点。净利润1497.2万美元，同 比扭亏为盈;每股美国存托股份基本及摊薄净利润为0.02美元。 Tuya董事兼首席财务官杨懿先生补充道："第三季度，本公司保持坚实的财务基础。毛利同比提升至 48.3%，以及透过严格的成本管理，我们继续扩大营运槓桿。公认会计准则净利润扭亏为盈，较上一年 度有明显改善，非公认会计准则盈利能力保持强健，净利润率为24.4%。我们于本季度产生3000万美元 的经营性 ...

Core Insights - Tuya Smart-W (02391.HK) reported a 1.1% year-on-year increase in total revenue for Q3 2025, reaching $82.5 million [1] - The company's PaaS revenue grew by 2.4% year-on-year to $59.2 million, driven by increased demand and strategic focus on customer needs and product enhancements, despite challenges from tariffs affecting the international business environment [1] - SaaS and other revenue saw a significant increase of 15.4% year-on-year to $11.5 million, primarily due to higher income from cloud software products [1] Financial Performance - Overall gross margin improved to 48.3%, up 2.3 percentage points from 46.0% in Q3 2024 [2] - PaaS gross margin rose to 48.8%, an increase of 1.9 percentage points from 46.9% in Q3 2024 [2] - The net profit for Q3 2025 was $15 million, a turnaround from a loss of $4.4 million in the same period last year [2] - Non-GAAP net profit for Q3 2025 remained stable at $20.1 million, consistent with the previous year, showcasing continued profitability and leverage improvement [2] Management Commentary - The CEO highlighted the company's robust execution and operational resilience amid global trade uncertainties, emphasizing stable demand for core PaaS and SaaS products and ongoing product optimization [2] - The CFO noted the solid financial foundation with a gross margin increase and effective cost management, leading to a significant improvement in net profit and a strong cash flow of $30 million for the quarter [2]

Core Insights - Tuya Smart-W (02391) reported Q3 2025 total revenue of $82.5 million, a year-on-year increase of approximately 1.1% [1] - The overall gross margin improved to 48.3%, up 2.3 percentage points year-on-year [1] - Operating profit margin reached 4.6%, reflecting a year-on-year improvement of 25.6 percentage points [1] - Net profit was $14.972 million, marking a return to profitability compared to the previous year [1] - Basic and diluted net profit per American Depositary Share was $0.02 [1] Financial Performance - The company maintained a solid financial foundation with a gross margin increase to 48.3% [1] - Strict cost management allowed the company to continue expanding operational leverage [1] - The net profit margin under Generally Accepted Accounting Principles (GAAP) showed significant improvement, with a non-GAAP net profit margin of 24.4% [1] - The company generated $30 million in operating cash flow during the quarter and maintained a strong net cash reserve of over $1 billion [1] Strategic Outlook - The CEO highlighted the company's robust execution and operational resilience amid global trade uncertainties [1] - Continued stable demand for core PaaS and SaaS products, along with ongoing product mix optimization, contributed to nine consecutive quarters of year-on-year revenue growth [1] - The company plans to deepen collaboration with core clients, advance global market expansion, and accelerate AI-driven software and developer service innovations [1] - Ongoing investment in key technologies and strict operational management aims to create long-term value for customers, partners, and shareholders [1]

香港交易及結算所有限公司以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，並明確表示概不會就因本公告全部或任何部分內容而產生或因 倚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） 內幕消息 截至2025年9月30日止季度的未經審計財務業績 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09條及證券及期貨條 例（香港法例第571章）第XIVA部刊發。 Tuya Inc.（「Tuya」或「本公司」）欣然宣佈本公司及其附屬公司及合併聯屬實體 （「本集團」）截至2025年9月30日止三個月的未經審計簡明合併業績。 本公司欣然宣佈，本集團截至2025年9月30日止三個月的未經審計簡明合併業績 （「第三季度業績」），乃根據美國證券交易委員會（「美國證交會」）的適用規則刊 發。 第三季度業績乃根據美國公認會計準則（「美國公認會計準則」）（有別於國際財務 報告準則）編製。 本公告附表I為本公司於2025年11月24日（美國東部時間 ...

Core Viewpoint - Tuya Inc. reported strong financial performance in Q3 2025, achieving its ninth consecutive quarter of year-over-year revenue growth despite global trade uncertainties. The company aims to deepen customer relationships, enhance global presence, and advance product innovation, particularly in AI-driven software and developer services [4][20]. Financial Highlights - Total revenue for Q3 2025 increased by 1.1% to US$82.5 million from US$81.6 million in Q3 2024 [5]. - Gross profit rose by 6.1% to US$39.8 million, with a gross margin of 48.3%, up from 46.0% in the same period last year [7][14]. - GAAP net profit turned positive at US$15.0 million, compared to a loss of US$4.4 million in Q3 2024 [13][14]. - Non-GAAP net profit remained stable at US$20.1 million, with a net margin of 24.4% [13][14]. Revenue Breakdown - Platform-as-a-Service (PaaS) revenue increased by 2.4% to US$59.2 million [8][9]. - Software-as-a-Service (SaaS) and others revenue grew by 15.4% to US$11.5 million [9]. - Smart solution revenue decreased by 14.6% to US$11.8 million [9]. Cost and Margin Analysis - Cost of revenue decreased by 3.2% to US$42.7 million [6]. - Operating expenses fell by 34.1% to US$36.0 million, while non-GAAP operating expenses increased by 2.6% to US$30.9 million [11]. - Operating margin improved to 4.6%, up 25.6 percentage points from negative 21.0% in Q3 2024 [12]. Cash Flow and Financial Position - Operating cash flow for Q3 2025 was US$30 million, up 25.7% year-over-year [17]. - Total cash and cash equivalents reached US$1,026.5 million as of September 30, 2025, compared to US$1,016.7 million at the end of 2024 [16]. Customer Metrics - PaaS customers remained stable at approximately 2,200, while total customers were around 3,100 [8]. - Premium PaaS customers contributed approximately 88.0% of PaaS revenue [8]. - The dollar-based net expansion rate (DBNER) for PaaS softened to 109% from 124% year-over-year [9]. Strategic Outlook - The company is focused on enhancing its AI capabilities and expanding its developer ecosystem to drive diversified revenue streams [19][20]. - Tuya aims to navigate external uncertainties while investing in long-term growth initiatives [20].

Core Insights - Tuya Smart participated in the launch of the United Nations Solutions Hub (UNSH) at COP30, emphasizing its commitment to global sustainability through AIoT solutions [1][2][9] Company Initiatives - Tuya's AIoT technologies are widely adopted in energy management across various sectors, including homes, commercial buildings, and cities, enabling real-time data utilization for informed decision-making [3][9] - The company showcased its Home Energy Management System (HEMS) in France, which helps households reduce electricity consumption by 25%-30% through AI-driven monitoring and scheduling [4] - In Brazil, Tuya partnered with WEG to develop smart home applications that enhance energy management and promote low-carbon living [5] - Collaborations with Hometree have led to the creation of AI-powered solutions for energy-saving in residential settings, including motion-activated lighting and real-time energy monitoring [6] Urban Solutions - Tuya supports intelligent urban planning by integrating AIoT into civil and municipal street lighting projects, allowing cities to manage energy use centrally and dynamically adjust brightness to reduce consumption [7] Industry Collaboration - At the "Turning Innovation into Impact" workshop, Tuya's Regional Director engaged with industry leaders to discuss data-driven solutions and the importance of education in fostering sustainable innovation [8] Future Outlook - Tuya aims to leverage the UNSH platform to showcase how innovation and partnerships can accelerate sustainable transformation, focusing on quantifiable carbon reduction tools and enhancing user experiences [9]

Core Insights - The "2025 SparkS Global AI Hardware Innovation Competition" has been officially launched in Hangzhou, aiming to recruit AI hardware projects with commercial potential globally, focusing on "AI hardware" and "application scenarios" [1][3] - The competition is designed to connect global AI elites, industry resources, and investment institutions, creating a world-class AI innovation ecosystem that integrates technological innovation, industrial implementation, and capital connection [3][4] Group 1: Competition Overview - The competition is organized by the Hangzhou local government, Hangzhou Talent Group, Hangzhou Chuang (AI) Camp, and Tuya Smart, leveraging the city's AI industry resources [1] - It features five innovation tracks: AI + Life, AI + Business, AI + Industry, AI + Transportation, and AI + Social Governance, addressing the forefront applications of AI technology across various fields [3] Group 2: Developer Engagement - The competition has attracted significant attention from global AI developers, with Tuya Smart collaborating with popular digital influencer "He Tongxue" to create the "AI Cow Finder" smart hardware for farmers in remote areas [2] - Developers can utilize Tuya Smart's open-source framework and AIAgent development platform to rapidly prototype AI hardware solutions, exemplified by the "AI Cow Finder" project, which was developed in just one month [2] Group 3: Support and Resources - The competition will select 30 groundbreaking AI hardware innovation projects for the final round, with 10 projects receiving the "Outstanding Application Award" [3] - Winning teams will gain access to various support resources from the government and organizing institutions, including capital connection, technical empowerment, policy support, and practical implementation [3]

Market Overview - The majority of European and American stock markets closed lower on November 14, with the Dow Jones Industrial Average down 0.65% at 47147.48 points, the S&P 500 down 0.05% at 6734.11 points, and the Nasdaq up 0.13% at 22900.59 points [1][2] - For the week, the Dow Jones increased by 0.34%, the S&P 500 by 0.08%, while the Nasdaq decreased by 0.45% [1] Chinese Concept Stocks - The Nasdaq China Golden Dragon Index fell by 1.61%, while the Wind Chinese Concept Technology Leaders Index dropped by 2.28% [2] - Popular Chinese concept stocks mostly declined, with notable drops including Futu Holdings down over 7%, Gaotu Group down over 5%, and Xpeng Motors down over 5% [4] Oracle Corporation - Oracle's stock fell nearly 7% this week, reflecting growing concerns over AI themes and high valuations in tech stocks [5] - The company has committed to investing thousands of billions in chip purchases and data center construction to fulfill agreements with OpenAI, leading to a nearly 30% drop in stock price over the past month [5][6] - Barclays downgraded Oracle's debt rating to "underweight," warning that its credit rating could fall to BBB-, just above junk status, and highlighted the risk of exhausting cash reserves by November 2026 [6][7] Federal Reserve and Interest Rates - Market expectations for a rate cut by the Federal Reserve in December have decreased significantly, with the probability dropping from 67% to below 50% [8] - Kansas City Fed President Jeff Schmieding expressed concerns that further rate cuts could entrench high inflation rather than support the labor market [8] Commodity Prices - International gold prices fell over 2%, with COMEX gold futures down 2.62% to $4084.4 per ounce, while silver futures dropped 5.21% to $50.4 per ounce [9] - The decline in gold prices is attributed to reduced optimism regarding Fed rate cuts, as rising interest rates diminish the appeal of non-yielding assets like gold [9] - Crude oil prices saw an increase, with West Texas Intermediate rising 2.15% to $59.95 per barrel, influenced by geopolitical tensions [9]

Core Insights - Tuya Smart has become one of the first strategic partners of the United Nations Climate Solutions (Digital) Platform during COP30, aiming to share, verify, and promote replicable climate solutions to accelerate the implementation of the Paris Agreement and Sustainable Development Goals (SDGs) [1][3] Group 1: AI Technology and Climate Solutions - Tuya Smart emphasizes that AI technology should be transformed into quantifiable and replicable carbon reduction tools to eliminate "invisible waste" and provide users with a more comfortable, safe, and controllable smart living environment [1][3] - The company is collaborating with global partners to deeply integrate AI into energy management, equipment scheduling, and daily production and living, achieving energy efficiency improvements and energy savings [1][3] Group 2: Industry Responsibility and Collaboration - In the workshop "Transforming Innovation into Impact," Tuya Smart highlighted that corporate responsibility in climate governance extends beyond internal emission reduction efforts to empowering the entire industry chain and ecological partners through technological innovation [3] - Tuya Smart aims to build an open and collaborative AI cloud platform that standardizes and modularizes complex AI energy management capabilities, significantly lowering the barriers for enterprises to participate in climate action [3] Group 3: Practical Applications and Partnerships - Tuya Smart's partnership with energy-saving brands like Xanlite, Mazda, and Thaleos in France showcases its commitment to AI-driven low-carbon energy practices, helping users monitor energy consumption and manage devices in real-time [3] - In Brazil, Tuya collaborates with smart home company Hometree to create an AI whole-house solution focused on energy savings, utilizing AI hardware and algorithms to optimize energy usage [3] - The partnership with Brazilian energy equipment manufacturer WEG involves a customized app for whole-house smart control and energy management, providing a low-carbon and high-quality living experience [3]