涂鸦智能：业绩回顾-2025 年第四季度业绩显著超预期；随着关税压力缓解及 AI 部署规模化，2026 年前景改善；给予买入评级

Tuya (TUYA) 3 March 2026 | 9:24PM HKT Equity Research Earnings Review: 4Q25 results solid beat; Improving visibility into 2026 as tariff headwinds ease and AI deployment scales; Buy TUYA 12m Price Target: $3.40 Price: $2.49 Upside: 36.5% Tuya, the world's largest IoT PaaS platform in terms of the number of smart devices powered, reported a solid beat in its 4Q25 results with revenue +3% yoy to US$84.5mn (+6%/+4% above GSe/Visible Alpha Consensus Data) and non-GAAP operating profit +10% yoy to US$9.3mn (+22% ...