Core Viewpoint - Tuya Smart (TUYA.US; 02391) reported strong financial performance for Q2 and H1 2025, demonstrating resilience and growth in a challenging global trade environment [1][5]. Financial Performance - H1 2025 total revenue reached $155 million, a year-over-year increase of approximately 14.7%; PaaS revenue was $112 million, while SaaS and other revenue amounted to $21 million [1]. - Q2 2025 total revenue was $80.1 million, reflecting a year-over-year growth of about 9.3%; the company achieved its first GAAP operating profit in a single quarter, with operating profit increasing by $11.4 million [3]. - Net profit for Q2 was $12.6 million, a significant increase of approximately 302.4% compared to $3.1 million in the same period of 2024, with a net profit margin improvement of 11.4 percentage points to 15.7%; Non-GAAP net profit margin reached 25.1% [3]. Business Strategy and Growth - The CEO emphasized the company's commitment to long-termism, focusing on core customers and regional market opportunities while optimizing resource allocation to create long-term value for shareholders [5]. - As of June 30, 2025, the number of registered developers on Tuya's AI developer platform exceeded 1.514 million, indicating stable growth and the value of Tuya's open and neutral platform [5]. AI Development and Ecosystem - Tuya is leveraging its TuyaOpen open-source development framework and AI Agent development platform to provide developers with accessible AI technology and ecosystem support, significantly lowering AI development barriers [10]. - By June 30, 2025, 93.05% of Tuya's shipped products included AI capabilities, with the AI Agent services providing 150 million interactions per day across various applications [10]. Collaboration and Commercialization - Since Q2, Tuya has collaborated with ecosystem partners to host multiple hackathon events, resulting in the creation of numerous commercially viable AI hardware prototypes [11]. - The company is actively promoting the commercialization of community-driven projects, such as the Otto robot, and is integrating AI hardware development into educational programs for developers [11]. Dividend and Future Outlook - Based on its current financial performance, Tuya approved a cash dividend of approximately $33 million, reflecting confidence in its industry outlook and long-term development [12].
涂鸦智能(02391)发布2025年Q2及H1财报：营收稳健增长 加速Physical AI创新