Tuya创始人兼首席执行官王学集先生表示："在全球贸易环境仍存不确定性的背景下，公司在第三季度 再次展现了稳健的执行力和良好的经营韧性。在核心PaaS 与SaaS产品的稳定需求带动下，加上产品组 合持续优化，我们已连续九个季度录得收入同比增长。展望未来，我们将继续深化与核心客户的合作， 推进全球市场布局，并加快AI驱动的软件及开发者服务创新。透过严格的营运管理及对关键技术的持 续投入，我们将努力为客户、合作伙伴和股东创造长期价值。" 涂鸦智能-W(02391)公布2025年第三季度业绩，总收入为8250万美元，同比增长约1.1%;整体毛利率为 48.3%，同比上升2.3个百分点。营业利润率为4.6%，同比改善25.6个百分点。净利润1497.2万美元，同 比扭亏为盈;每股美国存托股份基本及摊薄净利润为0.02美元。 Tuya董事兼首席财务官杨懿先生补充道："第三季度，本公司保持坚实的财务基础。毛利同比提升至 48.3%，以及透过严格的成本管理，我们继续扩大营运槓桿。公认会计准则净利润扭亏为盈，较上一年 度有明显改善，非公认会计准则盈利能力保持强健，净利润率为24.4%。我们于本季度产生3000万美元 的经营性 ...

Core Insights - Tuya Smart-W (02391.HK) reported a 1.1% year-on-year increase in total revenue for Q3 2025, reaching $82.5 million [1] - The company's PaaS revenue grew by 2.4% year-on-year to $59.2 million, driven by increased demand and strategic focus on customer needs and product enhancements, despite challenges from tariffs affecting the international business environment [1] - SaaS and other revenue saw a significant increase of 15.4% year-on-year to $11.5 million, primarily due to higher income from cloud software products [1] Financial Performance - Overall gross margin improved to 48.3%, up 2.3 percentage points from 46.0% in Q3 2024 [2] - PaaS gross margin rose to 48.8%, an increase of 1.9 percentage points from 46.9% in Q3 2024 [2] - The net profit for Q3 2025 was $15 million, a turnaround from a loss of $4.4 million in the same period last year [2] - Non-GAAP net profit for Q3 2025 remained stable at $20.1 million, consistent with the previous year, showcasing continued profitability and leverage improvement [2] Management Commentary - The CEO highlighted the company's robust execution and operational resilience amid global trade uncertainties, emphasizing stable demand for core PaaS and SaaS products and ongoing product optimization [2] - The CFO noted the solid financial foundation with a gross margin increase and effective cost management, leading to a significant improvement in net profit and a strong cash flow of $30 million for the quarter [2]

Core Insights - Tuya Smart-W (02391) reported Q3 2025 total revenue of $82.5 million, a year-on-year increase of approximately 1.1% [1] - The overall gross margin improved to 48.3%, up 2.3 percentage points year-on-year [1] - Operating profit margin reached 4.6%, reflecting a year-on-year improvement of 25.6 percentage points [1] - Net profit was $14.972 million, marking a return to profitability compared to the previous year [1] - Basic and diluted net profit per American Depositary Share was $0.02 [1] Financial Performance - The company maintained a solid financial foundation with a gross margin increase to 48.3% [1] - Strict cost management allowed the company to continue expanding operational leverage [1] - The net profit margin under Generally Accepted Accounting Principles (GAAP) showed significant improvement, with a non-GAAP net profit margin of 24.4% [1] - The company generated $30 million in operating cash flow during the quarter and maintained a strong net cash reserve of over $1 billion [1] Strategic Outlook - The CEO highlighted the company's robust execution and operational resilience amid global trade uncertainties [1] - Continued stable demand for core PaaS and SaaS products, along with ongoing product mix optimization, contributed to nine consecutive quarters of year-on-year revenue growth [1] - The company plans to deepen collaboration with core clients, advance global market expansion, and accelerate AI-driven software and developer service innovations [1] - Ongoing investment in key technologies and strict operational management aims to create long-term value for customers, partners, and shareholders [1]