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涂鸦智能(02391) - 2025 Q2 - 季度业绩
2025-08-26 14:17

Company Announcements and Legal Disclaimers This section provides legal disclaimers, forward-looking statements, and essential company information including its board composition Legal Disclaimers and Forward-Looking Statements This section outlines disclaimers from HKEX and SEHK, and clarifies forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995 - The announcement contains forward-looking statements protected by the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, cautioning investors about inherent risks and uncertainties, and advising against over-reliance on Q2 results4 Company Information and Board Composition Tuya Inc., a Cayman Islands-registered limited liability company, is listed on HKEX (2391) and NYSE (TUYA), with a board composed of executive and independent non-executive directors - Tuya Inc. (Tuya Smart) is listed on the Hong Kong Stock Exchange (2391) and the New York Stock Exchange (TUYA), with a board comprising four executive directors and four independent non-executive directors235 Q2 2025 Performance Overview This section provides an overview of Tuya Inc.'s Q2 2025 financial and operational performance, highlighting key growth metrics and profitability improvements Financial Highlights Q2 2025 saw Tuya Inc.'s total revenue grow 9.3% to $80.1 million, with gross margin at 48.4%, operating profit of $1.1 million, and net profit of $12.6 million Q2 2025 Key Financial Metrics | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | YoY Growth/Improvement | | :--- | :--- | :--- | :--- | | Total Revenue | 80.1 | 73.3 | +9.3% | | PaaS Revenue | 58.1 | 54.3 | +7.0% | | SaaS and Other Revenue | 11.1 | 9.6 | +15.6% | | Smart Solutions Revenue | 10.9 | 9.4 | +16.7% | | Overall Gross Margin | 48.4% | 48.0% | +0.4 percentage points | | Operating Profit Margin | 1.4% | -14.1% | +15.5 percentage points | | Non-GAAP Operating Profit Margin | 10.7% | 10.0% | +0.7 percentage points | | Net Profit Margin | 15.7% | 4.3% | +11.4 percentage points | | Non-GAAP Net Profit Margin | 25.1% | 28.4% | -3.3 percentage points | | Net Profit | 12.6 | 3.1 | +302.4% | | Non-GAAP Net Profit | 20.1 | 20.8 | -3.4% | | Net Cash from Operating Activities | 18.2 | 11.8 | +53.8% | Operational Highlights Tuya achieved robust H1 2025 profitability and growth despite global uncertainties, with non-GAAP operating profit up 127% and AI developers exceeding 1.514 million - The company's H1 revenue grew approximately 15% year-over-year, with non-GAAP operating profit increasing by approximately 127% year-over-year, demonstrating business model resilience and effective operating leverage12 - In Q2 2025, the total number of PaaS customers was approximately 2,100, and total customers were approximately 3,000, consistent with the prior year period13 - As of June 30, 2025, the number of premium PaaS customers increased to 285 (from 280 in Q2 2024), contributing approximately 88.6% of PaaS revenue (up from 84.8% in Q2 2024)13 - As of June 30, 2025, registered AI developers exceeded 1,514,000, a 15% increase from December 31, 202413 Detailed Financial Analysis for Q2 2025 This section offers a detailed financial analysis of Tuya Inc.'s Q2 2025 performance, covering revenue, costs, gross profit, operating expenses, and net income Revenue and Cost of Revenue Q2 2025 total revenue grew 9.3% to $80.1 million, driven by PaaS, SaaS, and smart solutions, with cost of revenue increasing 8.7% to $41.4 million Q2 2025 Revenue and Cost of Revenue | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 80.1 | 73.3 | +9.3% | | Cost of Revenue | 41.4 | 38.1 | +8.7% | Gross Profit and Gross Margins by Business Segment Q2 2025 total gross profit increased 10.1% to $38.7 million, with overall gross margin at 48.4%, and varied performance across business segments Q2 2025 Gross Profit and Gross Margins | Metric | Q2 2025 (million USD/%) | Q2 2024 (million USD/%) | YoY Change | | :--- | :--- | :--- | :--- | | Total Gross Profit | 38.7 | 35.2 | +10.1% | | Overall Gross Margin | 48.4% | 48.0% | +0.4 percentage points | | PaaS Gross Margin | 48.7% | 47.6% | +1.1 percentage points | | SaaS and Other Gross Margin | 72.0% | 71.0% | +1.0 percentage points | | Smart Solutions Gross Margin | 22.5% | 26.8% | -4.3 percentage points | - PaaS revenue grew 7.0% to $58.1 million, driven by increased demand and strategic focus on customer needs and product enhancements; despite tariff-related headwinds, PaaS DBNER slowed from 127% to 114%18 - SaaS and other revenue increased 15.6% to $11.1 million, primarily due to increased cloud software product revenue18 - Smart solutions revenue grew 16.7% to $10.9 million, primarily driven by increased customer demand for smart devices with integrated intelligent software functionalities beyond IoT18 Operating Expense Analysis Q2 2025 operating expenses decreased 17.3% to $37.7 million, driven by reduced share-based compensation and professional service costs across all categories Q2 2025 Operating Expenses | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Expenses | 37.7 | 45.5 | -17.3% | | Research and Development Expenses | 22.4 | 23.0 | -2.7% | | Sales and Marketing Expenses | 7.8 | 9.4 | -16.6% | | General and Administrative Expenses | 9.4 | 16.9 | -44.3% | - R&D expenses decreased primarily due to lower share-based compensation expenses, partially offset by increased cloud service costs and employee-related costs22 - Sales and marketing expenses decreased primarily due to lower employee-related costs and share-based compensation expenses22 - General and administrative expenses significantly decreased primarily due to lower share-based compensation expenses and reduced professional service costs22 Operating Profit and Net Profit Q2 2025 saw a significant turnaround to $1.1 million operating profit, with net profit surging 302.4% to $12.6 million and non-GAAP net profit at $20.1 million Q2 2025 Operating Profit and Net Profit | Metric | Q2 2025 (million USD/%) | Q2 2024 (million USD/%) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Profit | 1.1 | -10.3 | Turned profitable | | Operating Profit Margin | 1.4% | -14.1% | +15.5 percentage points | | Non-GAAP Operating Profit | 8.6 | 7.4 | +16.2% | | Non-GAAP Operating Profit Margin | 10.7% | 10.0% | +0.7 percentage points | | Net Profit | 12.6 | 3.1 | +302.4% | | Net Profit Margin | 15.7% | 4.3% | +11.4 percentage points | | Non-GAAP Net Profit | 20.1 | 20.8 | -3.4% | | Non-GAAP Net Profit Margin | 25.1% | 28.4% | -3.3 percentage points | Net Income Per American Depositary Share Q2 2025 basic and diluted net income per ADS increased to $0.02, with non-GAAP basic and diluted net income per ADS at $0.03 Q2 2025 Net Income Per American Depositary Share | Metric | Q2 2025 (USD) | Q2 2024 (USD) | YoY Change | | :--- | :--- | :--- | :--- | | Basic Net Income Per ADS | 0.02 | 0.01 | +0.01 | | Diluted Net Income Per ADS | 0.02 | 0.01 | +0.01 | | Non-GAAP Basic Net Income Per ADS | 0.03 | 0.04 | -0.01 | | Non-GAAP Diluted Net Income Per ADS | 0.03 | 0.04 | -0.01 | Cash Flow and Cash Reserves As of June 30, 2025, total cash reserves were $1,006.3 million, slightly down due to dividends, while net cash from operations grew 53.8% to $18.2 million Cash and Cash Equivalents at End of Q2 2025 | Metric | As of June 30, 2025 (million USD) | As of December 31, 2024 (million USD) | | :--- | :--- | :--- | | Total Cash and Cash Equivalents, Time Deposits, and Treasury Bills | 1,006.3 | 1,016.7 | - Net cash from operating activities in Q2 2025 was $18.2 million, a 53.8% year-over-year increase (from $11.8 million in Q2 2024), primarily due to working capital changes in the ordinary course of business1026 Business Outlook and Dividend Policy This section outlines Tuya Inc.'s business outlook amidst global uncertainties and details the board's approved cash dividend declaration Business Outlook Despite global trade and supply chain uncertainties, Tuya Inc. remains confident in its long-term business, focusing on enhancing AI capabilities, expanding its customer base, and optimizing efficiency - Uncertainties persist in the global trade environment and consumer electronics supply chain, yet the company observes active exploration and adoption of AI technologies and hardware by global enterprises and consumers27 - The company remains confident in its long-term business prospects, committed to iterating and enhancing products and services, especially AI capabilities, expanding its core customer base, investing in innovation, diversifying revenue streams, and optimizing operational efficiency2728 - Future development may face challenges including shifts in consumer spending patterns, regional economic disparities, inventory management, currency and interest rate fluctuations, new tariffs or trade barrier adjustments, and geopolitical uncertainties28 Cash Dividend Declaration The Board approved a cash dividend of $0.054 per ordinary share/ADS, totaling approximately $33 million, with record date September 11, 2025, and payment in October 2025 - The Board approved a cash dividend of $0.054 per ordinary share or $0.054 per American Depositary Share29 - The total cash dividend is approximately $33 million, payable in USD cash from the company's remaining cash and share premium account29 - The record date is the close of business on September 11, 2025, HKT/NYT; payment for ordinary shareholders is expected around October 13, 2025, and for ADS holders around October 20, 20252930 Company Profile and Non-GAAP Measures Explanation This section provides an overview of Tuya Inc., details its upcoming conference call, and explains the use and reconciliation of Non-GAAP financial measures Conference Call and Investor Relations A conference call to discuss financial results is scheduled for August 26, 2025, ET, with online registration and investor relations contact information provided - The company will host a conference call to discuss financial results on Tuesday, August 26, 2025, at 8:30 PM Eastern Time31 - A live webcast or replay of the conference call will be available on the company's investor relations website at https://ir.tuya.com[32](index=32&type=chunk) - Investor relations contacts include Tuya Inc. Investor Relations at ir@tuya.com and Haiyan LI-LABBE of HL Strategy at hl@hl-strategy.com37 About Tuya Inc. Tuya Inc. is a leading global AI cloud platform provider, building an AI developer ecosystem and enabling smart everything through PaaS, SaaS, and smart solutions - Tuya Inc. is a leading global AI cloud platform service provider, with a mission to build an AI developer ecosystem and empower smart everything33 - The company pioneered a dedicated AI cloud platform with cloud computing and generative AI capabilities, offering PaaS, SaaS, and smart solutions for smart devices, commercial applications, and industry developers33 Explanation of Non-GAAP Financial Measures Non-GAAP financial measures, excluding share-based compensation and long-term investment impairment, are used to assess performance and plan business, reconciled to GAAP - The company uses Non-GAAP financial measures (such as Non-GAAP operating expenses, operating profit, net profit, and net profit per share) as supplementary indicators to evaluate operating performance and formulate business plans34 - Non-GAAP financial measures exclude the impact of share-based compensation expenses and credit-related impairment of long-term investments on the respective GAAP financial measures34 - Non-GAAP financial measures have limitations, may differ from non-GAAP data used by other companies, thus have limited comparability, and should be reconciled to the most directly comparable U.S. GAAP measures35 Safe Harbor Statement This press release contains forward-looking statements protected by the 1995 U.S. Private Securities Litigation Reform Act, involving inherent risks and uncertainties, with no obligation for public updates - The press release contains forward-looking statements protected by the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, involving inherent risks and uncertainties36 - The company is under no obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances, and all forward-looking statements should be evaluated based on their inherent uncertainties36 Unaudited Condensed Consolidated Financial Statements This section presents Tuya Inc.'s unaudited condensed consolidated financial statements, including balance sheets, comprehensive income, and cash flow statements Consolidated Balance Sheets As of June 30, 2025, total assets were $1,104.118 million, total liabilities $93.734 million, and shareholders' equity $1,010.384 million Unaudited Condensed Consolidated Balance Sheets (as of June 30, 2025) | Metric | As of December 31, 2024 (thousand USD) | As of June 30, 2025 (thousand USD) | | :--- | :--- | :--- | | ASSETS | | | | Total Current Assets | 903,016 | 896,603 | | Total Non-Current Assets | 200,764 | 207,515 | | TOTAL ASSETS | 1,103,780 | 1,104,118 | | LIABILITIES | | | | Total Current Liabilities | 94,337 | 91,612 | | Total Non-Current Liabilities | 1,995 | 2,122 | | TOTAL LIABILITIES | 96,332 | 93,734 | | SHAREHOLDERS' EQUITY | | | | Total Shareholders' Equity | 1,007,448 | 1,010,384 | | TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,103,780 | 1,104,118 | Consolidated Statements of Comprehensive Income For Q2 2025, total revenue was $80.130 million, gross profit $38.746 million, and net profit $12.587 million, with H1 net profit at $23.604 million Unaudited Condensed Consolidated Statements of Comprehensive Income (for the three months ended June 30, 2025) | Metric | Q2 2025 (thousand USD) | Q2 2024 (thousand USD) | | :--- | :--- | :--- | | Revenue | 80,130 | 73,279 | | Cost of Revenue | (41,384) | (38,087) | | Gross Profit | 38,746 | 35,192 | | Total Operating Expenses | (37,658) | (45,536) | | Operating Profit/(Loss) | 1,088 | (10,344) | | Profit Before Income Tax | 13,222 | 3,720 | | Income Tax Expense | (635) | (592) | | Net Profit | 12,587 | 3,128 | Unaudited Condensed Consolidated Statements of Comprehensive Income (for the six months ended June 30, 2025) | Metric | H1 2025 (thousand USD) | H1 2024 (thousand USD) | | :--- | :--- | :--- | | Revenue | 154,817 | 134,941 | | Cost of Revenue | (79,820) | (70,264) | | Gross Profit | 74,997 | 64,677 | | Total Operating Expenses | (75,361) | (91,388) | | Operating Profit/(Loss) | (364) | (26,711) | | Profit Before Income Tax | 24,976 | 833 | | Income Tax Expense | (1,372) | (1,248) | | Net Profit | 23,604 | (415) | Share-based Compensation Expenses (Included in Operating Expenses) | Expense Category | Q2 2025 (thousand USD) | Q2 2024 (thousand USD) | | :--- | :--- | :--- | | Research and Development Expenses | 1,460 | 3,376 | | Sales and Marketing Expenses | 582 | 1,169 | | General and Administrative Expenses | 5,437 | 10,864 | Consolidated Statements of Cash Flows For Q2 2025, net cash from operating activities was $18.191 million, with net cash used in investing and financing activities, and period-end cash reserves at $724.071 million Unaudited Condensed Consolidated Statements of Cash Flows (for the three months ended June 30, 2025) | Metric | Q2 2025 (thousand USD) | Q2 2024 (thousand USD) | | :--- | :--- | :--- | | Net Cash from Operating Activities | 18,191 | 11,829 | | Net Cash from/(used in) Investing Activities | (21,215) | 73,890 | | Net Cash (used in)/from Financing Activities | (36,914) | (104) | | Cash and Cash Equivalents and Restricted Cash at Period-End | 724,071 | 614,919 | Unaudited Condensed Consolidated Statements of Cash Flows (for the six months ended June 30, 2025) | Metric | H1 2025 (thousand USD) | H1 2024 (thousand USD) | | :--- | :--- | :--- | | Net Cash from Operating Activities | 27,543 | 26,319 | | Net Cash from/(used in) Investing Activities | 79,968 | 90,085 | | Net Cash (used in)/from Financing Activities | (36,912) | 150 | | Cash and Cash Equivalents and Restricted Cash at Period-End | 724,071 | 614,919 | Reconciliation of Non-GAAP Measures This section provides detailed reconciliations of GAAP financial measures to their Non-GAAP counterparts, including operating expenses, operating profit, and net profit Reconciliation of Operating Expenses to Non-GAAP Operating Expenses Q2 2025 adjusted R&D, sales & marketing, and G&A expenses were $20.913 million, $7.243 million, and $3.922 million respectively, primarily adjusted for share-based compensation Reconciliation of Operating Expenses to Non-GAAP Operating Expenses (for the three months ended June 30, 2025) | Metric | Q2 2025 (thousand USD) | Q2 2024 (thousand USD) | | :--- | :--- | :--- | | Research and Development Expenses (GAAP) | (22,373) | (22,993) | | Add: Share-based Compensation Expenses | 1,460 | 3,376 | | Adjusted Research and Development Expenses (Non-GAAP) | (20,913) | (19,617) | | Sales and Marketing Expenses (GAAP) | (7,825) | (9,387) | | Add: Share-based Compensation Expenses | 582 | 1,169 | | Adjusted Sales and Marketing Expenses (Non-GAAP) | (7,243) | (8,218) | | General and Administrative Expenses (GAAP) | (9,386) | (16,861) | | Add: Share-based Compensation Expenses | 5,437 | 10,864 | | Add: Credit-related Impairment of Long-term Investments | 27 | 189 | | Add: Litigation Expenses | – | 2,100 | | Adjusted General and Administrative Expenses (Non-GAAP) | (3,922) | (3,708) | Reconciliation of Operating Profit to Non-GAAP Operating Profit Q2 2025 Non-GAAP operating profit was $8.594 million, with a 10.7% margin, adjusted for share-based compensation, long-term investment impairment, and litigation expenses Reconciliation of Operating Profit to Non-GAAP Operating Profit (for the three months ended June 30, 2025) | Metric | Q2 2025 (thousand USD/%) | Q2 2024 (thousand USD/%) | | :--- | :--- | :--- | | Operating Profit (GAAP) | 1,088 | (10,344) | | Add: Share-based Compensation Expenses | 7,479 | 15,409 | | Add: Credit-related Impairment of Long-term Investments | 27 | 189 | | Add: Litigation Expenses | – | 2,100 | | Non-GAAP Operating Profit | 8,594 | 7,354 | | Non-GAAP Operating Profit Margin | 10.7% | 10.0% | Reconciliation of Net Profit to Non-GAAP Net Profit Q2 2025 Non-GAAP net profit was $20.093 million, with a 25.1% margin, adjusted for share-based compensation, long-term investment impairment, and litigation expenses Reconciliation of Net Profit to Non-GAAP Net Profit (for the three months ended June 30, 2025) | Metric | Q2 2025 (thousand USD/%) | Q2 2024 (thousand USD/%) | | :--- | :--- | :--- | | Net Profit (GAAP) | 12,587 | 3,128 | | Add: Share-based Compensation Expenses | 7,479 | 15,409 | | Add: Credit-related Impairment of Long-term Investments | 27 | 189 | | Add: Litigation Expenses | – | 2,100 | | Non-GAAP Net Profit | 20,093 | 20,826 | | Non-GAAP Net Profit Margin | 25.1% | 28.4% | Non-GAAP Net Income Per Share (for the three months ended June 30, 2025) | Metric | Q2 2025 (USD) | Q2 2024 (USD) | | :--- | :--- | :--- | | Non-GAAP Basic Net Income Per Share | 0.03 | 0.04 | | Non-GAAP Diluted Net Income Per Share | 0.03 | 0.04 |