塗鴉智能 目錄 | | 頁次 | | --- | --- | | 公司資料 | 2 | | 重點摘要 | 4 | | 管理層討論與分析 | 6 | | 業務回顧及展望 | 12 | | 企業管治 | 15 | | 其他資料 | 20 | | 中期財務資料審閱報告 | 40 | | 未經審計簡明合併財務報表及附註 | 41 | | 釋義 | 80 | 公司資料 王學集先生 （聯席董事長兼本公司首席執行官） 陳燎罕先生 （聯席董事長） 楊懿先生 張燕女士 獨立非執行董事 黃宣德先生 邱昌恒先生 郭孟雄先生 葉栢東先生 審計委員會 黃宣德先生 （主席） 郭孟雄先生 葉栢東先生 薪酬委員會 執行董事 王學集先生 邱昌恒先生 （主席） 葉栢東先生 提名委員會 張燕女士 邱昌恒先生 （主席） 郭孟雄先生 企業管治委員會 邱昌恒先生 （主席） 葉栢東先生 聯席公司秘書 柴曉浪先生 鄧景賢女士 授權代表 楊懿先生 鄧景賢女士 中國總部及主要營業地點 中國 浙江省 杭州市西湖區 華策中心A座10層 郵編：310012 羅兵咸永道會計師事務所 執業會計師 註冊公眾利益實體審計師 香港 中環 太子大廈22樓 02 塗鴉智能 202 ...

Core Insights - Isabel Allende's novel "The House of the Spirits" has sold over 70 million copies globally and is regarded as a significant 20th-century literary work [2] - A new adaptation of the novel will be released on Prime Video in 2026, featuring an eight-episode series format [3] - The adaptation aims to authentically represent Allende's vision, being filmed entirely in Spanish and on-location in Chile [5] Production Details - The series is produced by FilmNation Entertainment and supported by Chilean producer Fabula, with Allende serving as an executive producer alongside Eva Longoria and Courtney Saladino [10] - The cast includes Alfonso Herrera as Esteban Trueba, Nicole Wallace as Clara, and Fernanda Urrejola as Blanca Trueba, among others [6][7] Narrative Overview - The story follows the Trueba family across four generations, beginning with the del Valle family and focusing on sisters Clara and Rosa [8] - Clara has clairvoyant abilities and foresees her marriage to Esteban Trueba, as well as a tragic event involving her sister Rosa [9] - The narrative intertwines themes of love, political upheaval, and social change, incorporating elements of magical realism [9]

Core Insights - Tuya Inc. has shown strong stock performance with a year-to-date gain of 48.76%, prompting Jefferies to raise its price target to $3.60 from $3.49, maintaining a Buy rating [1][2] - The company reported a 9% revenue growth in Q2, with net profit increasing by 302%, attributed to stable gross margins and operational leverage [2] - Tuya is positioned to benefit from the growing adoption of Artificial Intelligence of Things (AIoT), with 93% of its device categories incorporating AI functions [3] Company Overview - Tuya Inc. is a global AIoT platform provider that enables brands, manufacturers, and developers to create and sell smart devices and solutions [4] - The company offers a cloud-based platform with SaaS and PaaS offerings, providing access to hardware, cloud services, app development tools, and AI capabilities [4] Market Position - The SaaS business of Tuya continues to grow at an impressive rate, which helps to offset the slowdown in IoT PaaS and Smart Solutions [3]

Core Points - Tuya Smart (02391) announced the issuance of 1.6425 million shares on September 8, 2025, as part of the 2015 equity incentive plan [1] Summary by Category - **Company Announcement** - Tuya Smart will exercise options or restricted stock units totaling 1.6425 million shares [1] - The issuance is scheduled for September 8, 2025, under the 2015 equity incentive plan [1]

Core Viewpoint - Tuya Smart-W (02391) announced the issuance of a total of 1.6425 million shares on September 8, 2025, in accordance with the 2015 equity incentive plan for exercising options or restricted stock units [1] Summary by Category - **Company Announcement** - Tuya Smart-W will issue 1.6425 million shares as part of its equity incentive plan [1]

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 Viewpoint - Tuya Smart is integrating AI technology into its developer tools and hardware applications, emphasizing the importance of AI in the future of connected devices and its commitment to the AIoT sector [3]. Financial Performance - For the first half of the year, Tuya Smart reported a revenue increase of 14.7% year-on-year to $155 million, up from $135 million in the same period last year [3]. - The core PaaS business, which accounts for about two-thirds of total revenue, grew by 12% year-on-year, increasing from approximately $100 million to $112 million [3]. - The number of high-quality customers contributing nearly 90% of PaaS revenue rose to 285, up from 280 in the previous twelve-month period [3]. - The company achieved a net profit of $23.6 million, reversing a loss of $400,000 in the same period last year, indicating a significant improvement in operating profit margins [5]. AI Integration and Strategy - As of the end of June, approximately 93% of products deployed on Tuya's developer platform are equipped with AI capabilities [2][7]. - Tuya's AI strategy focuses on empowering developers and optimizing AI products on its platform, with a goal to lower the barriers for developers using Tuya's platform [2][8]. - The company supports an average of 150 million AI interactions daily across various fields, including translation, healthcare, energy management, and robotics [7]. Developer Ecosystem Expansion - Tuya has registered over 1.51 million developers across 200 countries and regions, marking a growth of about 15% from the end of 2024 [8]. - The company is actively lowering the entry barriers for developers through initiatives like the TuyaOpen framework and hosting hackathons to accelerate AI technology penetration [8]. - Tuya is also collaborating with educational institutions to integrate AI hardware development into curricula, providing students with practical AI application opportunities [8]. Future Outlook - Management has reiterated its commitment to advancing AI-driven products and expanding its ecosystem, focusing on deepening customer relationships and accelerating the commercialization of AI hardware [9].

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]

Core Viewpoint - 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, as evidenced by a 14.7% year-on-year revenue growth and a net profit margin increase to 15.2% [2][3]. Revenue and Growth - The total revenue for Tuya Smart reached $154.8 million, reflecting a year-on-year growth of 14.7%, with all three business segments—PaaS, SaaS, and smart solutions—achieving double-digit growth [3]. - The shipment of products equipped with AI capabilities accounted for an impressive 93.05%, indicating that AI has transitioned from a conceptual exploration to a scalable application in the physical world [3][4]. Market Demand and AI Integration - The demand for AI features is evolving from optional to essential, with over 90% of shipments now incorporating AI as a core functionality rather than a marketing gimmick [3][4]. - Tuya's AI developer platform has facilitated over 150 million AI interactions daily, demonstrating the high frequency and depth of AI applications in everyday scenarios [4][6]. Developer Ecosystem and Innovation - The Tuya AI developer platform has registered over 1.514 million developers, a 15% increase from the end of 2024, and serves 4,100 global customers, indicating significant ecosystem vitality [8]. - Tuya's initiatives, such as the TuyaOpen framework, lower the barriers for AI hardware development, enabling a comprehensive innovation ecosystem from technical support to commercialization [10][12]. Commercialization and Market Strategy - Tuya has established a complete closed-loop from code to commercialization, accelerating product incubation and market promotion through partnerships and subsidy programs [13][19]. - The company is actively seeking investment opportunities in high-potential AI projects, providing comprehensive support across key development stages [18][19]. Future Outlook and Market Position - Tuya Smart is positioned to capitalize on the explosive growth of the AI hardware market, leveraging its dual-driven model of "technology platform + ecosystem co-construction" to drive large-scale innovation [20][24]. - The company’s ecosystem is becoming a foundational infrastructure for the Physical AI era, with a focus on enabling developers and fostering sustainable growth [24].