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]
AI功能从“选配”变“标配”：涂鸦智能发布最新财报，AI交互数高达每日1.5亿次