Core Insights - The company reported a steady performance in the first three quarters of 2025, achieving operating revenue of 20.601 billion yuan and a net profit attributable to shareholders of 810 million yuan, with a notable recovery in Q3 where revenue reached 7.032 billion yuan, marking an 8.51% year-on-year increase [1] Group 1: Financial Performance - The company’s operating cash flow turned positive and saw significant growth, with a net cash flow from operating activities of 416 million yuan in the first three quarters, representing a year-on-year increase of 184.56% [2] - In Q3 alone, the net cash flow from operating activities reached 812 million yuan, indicating a substantial optimization of cash flow [2] Group 2: Business Strategy and Growth Drivers - The company’s growth is driven by its deep engagement in multiple sectors including construction waterproofing, civil building materials, mortar powder, building coatings, pipe industry, and anti-corrosion [1] - The company has made significant progress in international market expansion, injecting new momentum into its performance growth [1] - Continuous optimization of product structure, deepening channel networks, and enhancing the value of the entire service chain are practical measures taken by the company to effectively withstand market fluctuations [1]

Core Viewpoint - Tuya Smart (2391.HK) experienced a significant stock price increase of 18.24%, reaching a new high of 24.24 HKD since April 1, 2025, indicating strong market performance and investor confidence [1]. Financial Performance - In Q2 2025, Tuya Smart reported total revenue of 80.1 million USD, reflecting a year-on-year growth of approximately 9.3% [3]. - The revenue breakdown includes: - Platform as a Service (PaaS) revenue of 58.1 million USD, up by about 7.0% year-on-year [3]. - Software as a Service (SaaS) and other revenue of 11.1 million USD, showing a year-on-year increase of approximately 15.6% [3]. - Smart solutions revenue of 10.9 million USD, with a year-on-year growth of about 16.7% [3]. - The net profit for the period was 12.6 million USD, a substantial increase of approximately 302.4% compared to 3.1 million USD in Q2 2024 [3]. - The net profit margin improved to 15.7%, an increase of 11.4 percentage points year-on-year [3]. Management Commentary - The CEO of Tuya, Wang Xueji, highlighted the company's robust profitability and business growth despite uncertainties in the global trade environment and ongoing supply chain pressures in the consumer electronics sector [3]. - The company achieved a year-on-year revenue growth of approximately 15% in the first half of 2025, with a 127% increase in non-GAAP operating profit, showcasing the resilience of its business model and effective operational leverage [3].