Tuya Inc (TUYA) 2025 Q1 法說會逐字稿

Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to Tuya Inc.'s first-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，早安、晚上好。感謝您的支持，歡迎參加塗鴉智能 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I'll now turn the call over to your first speaker today, Mr. Reg Chai, Investor Relations Director of Tuya. Please go ahead, Reg.

現在我將電話轉給今天的第一位發言者，塗鴉智慧投資者關係總監 Reg Chai 先生。請繼續，Reg。

Thank you. Hello, everyone. Welcome to our first-quarter 2025 earnings call. Joining us today are founder and CEO of Tuya, Ms. Jerry Wang; and our co-Founder and CFO, Ms. Alex Yang.

謝謝。大家好。歡迎參加我們的 2025 年第一季財報電話會議。今天與我們一起參加活動的有塗鴉智慧創辦人兼執行長王傑瑞女士；以及我們的共同創辦人兼財務長 Alex Yang 女士。

The first quarter of 2025 financial results in the webcast of this conference call are available at ir.tuya.com. A replay of this call will also be available on our website in a few hours.

本次電話會議網路直播中2025年第一季的財務表現可在ir.tuya.com上查閱。這次通話的重播也將在幾個小時後在我們的網站上提供。

Before we continue, I refer you to our Safe Harbor statement in our earnings press release, which applies to this call, as we will make for a looking statement.

在我們繼續之前，請參閱我們收益新聞稿中的安全港聲明，該聲明適用於本次電話會議，因為我們將做出展望聲明。

With that, I will now turn the call to our founder and CEO, Ms. Jerry Wang. Jerry will deliver his remarks in Chinese, which will be followed by corresponding English translation. Jerry, please.

現在，我將把電話轉給我們的創辦人兼執行長 Jerry Wang 女士。傑瑞將以中文發表講話，隨後將提供相應的英文翻譯。傑瑞，請。

(spoken in Chinese)

（用中文說）

Hello, everyone. This quarter, building in a high growth base from Q1 last year, we achieved approximately 21% year-over-year revenue growth, while maintaining a solid growth margin. Our stable team structure and organizational management supported a strong operating leverage, coupled with the continued declining historical share-based compensation expenses will achieve the record GAAP net profit in what is traditionally an off-season, with a net profit margin of around 15%, a significant improvement.

大家好。本季度，在去年第一季高成長基礎上，我們實現了約 21% 的年成長，同時保持了穩健的成長幅度。我們穩定的團隊結構和組織管理支撐了強勁的經營槓桿，再加上歷史性股權激勵費用的持續下降，將在傳統淡季實現創紀錄的GAAP淨利潤，淨利潤率達到15%左右，這是一個顯著的提升。

From the rapid advancement of AI technology to treat fluctuations under geopolitical pressures, the smart consumer electronics sector, and its upstream and downstream supply chains have faced immense challenges. Some of these we can manage through internal adjustments, while others require an industry-wide response. In such a context, it's even more critical for us to stay the course strategically and leverage our unique value to navigate uncertainties and embrace a new landscape.

從人工智慧技術的快速進步到應對地緣政治壓力下的波動，智慧消費電子領域及其上下游供應鏈面臨巨大挑戰。其中一些我們可以透過內部調整來應對，而其他一些則需要整個行業的回應。在這樣的背景下，我們更需要堅持策略方向，發揮自身獨特價值，應對不確定性，迎接新的機會。

Following the launch of our AI agent development platform last year, we continued to expand our AI capabilities from cloud to device in Q1, covering a wide range of AI agents and smart solutions. On April 23, we hosted our first Global Developer Conference of 2025, unveiling four AIoT development engines and a series of AI hardware solutions to support global developers and partners in commercializing AI-powered products. The conference attracted over 2,700 on-site attendees, including enthusiastic participations from customers across Europe, Latin America, South Africa, and Asia Pacific. We firmly believe that Tuya's unique platform model, not only facilitates the deep integration of AI and smart hardware, but also drives continuous improvement in industry-wide intelligence adoption.

繼去年推出AI代理開發平台後，我們在第一季繼續將AI能力從雲端拓展到裝置端，涵蓋了廣泛的AI代理和智慧解決方案。4月23日，我們舉辦了2025年首屆全球開發者大會，發表了四大AIoT開發引擎和一系列AI硬體解決方案，支持全球開發者和合作夥伴實現AI產品商業化。會議吸引了超過2,700名現場與會者，其中包括來自歐洲、拉丁美洲、南非和亞太地區的客戶的熱情參與。我們堅信塗鴉獨特的平台模式，不僅能促進人工智慧與智慧硬體的深度融合，更能推動全產業智慧化水準的不斷提升。

Operationally, we will maintain efficient organization execution, safeguard a favorable environment for R&D and technology development amid external uncertainties, and remain disciplined in managing costs to maximize operating profits and shareholder returns.

經營上，我們將維持高效率的組織執行力，在外部不確定因素下維護良好的研發和技術發展環境，嚴把成本管理關，實現經營利潤和股東回報最大化。

Now, I will turn it over to Tuya's co-Founder and CFO, Alex Yang, who will walk you through the financial results and business highlights.

現在，我將把時間交給塗鴉的聯合創始人兼財務長 Alex Yang，他將向您介紹財務表現和業務亮點。

Hello, everyone. This is Alex. Please note that all the figures I mentioned below is in US dollars and all the compensation year-over-year based.

大家好。這是亞歷克斯。請注意，我下面提到的所有數字都是以美元為單位，並且所有薪酬都是基於同比的。

In Q1 of 2025, we delivered approximately USD74.7 million revenue and representing a year-over-year growth of about 21.1%. The past revenue grows by roughly 70.9% with strong performance across major categories led by home appliances, and followed by security sensor, and then electrical and lighting products.

2025年第一季度，我們營收約7,470萬美元，年增約21.1%。過去的收入成長了約 70.9%，主要類別表現強勁，以家用電器為首，其次是安全感測器，然後是電氣和照明產品。

Such and others generated about USD10 million revenue, growing approximately 15.5% year over year, primarily driven by the steady growth of in. Smart solution revenue reaches approximately USD11 million, with a year-over-year increase of about 47.1%, with excellent growth in smart video products, central control, innovative appliances, and professional lighting solutions.

該等業務及其他業務創造了約 1000 萬美元的收入，同比增長約 15.5%，主要得益於 in 的穩步增長。智慧解決方案營收約1,100萬美元，較去年同期成長約47.1%，其中智慧視訊產品、中央控制、創新電器、專業照明解決方案等均有優異成長。

From a regional revenue source perspective, Europe accounted for about one-third of the of the total revenue, and then come after that is Asia Pacific, excluding China, and then China, and Latin America, each of them contributing around 15%. And then with many regions such as the Pacific and the Middle East contributing in a combined of 5%, maintaining our diversified revenue structures in regional basis.

從區域收入來源來看，歐洲約佔總收入的三分之一，其次是亞太地區（不包括中國），然後是中國和拉丁美洲，每個地區的貢獻率約為15％。然後，太平洋和中東等許多地區合計貢獻了 5%，從而保持了我們在區域基礎上的多元化收入結構。

It is worth to mention that since we empower and serve the smart hardware sector, our revenue also reflects a unique pattern and the seasonality of the hardware industry, especially on the international manufacturing, representing the results of the business actions and strategies from the past several quarters or even longer.

值得一提的是，由於我們賦能和服務於智慧硬體領域，我們的收入也體現了硬體產業，特別是國際製造業特有的規律和季節性，代表了過去幾季甚至更長的商業行動和策略的成果。

In Q1, the blended gross margin stood at about 48.5%. with all three revenue lines maintain steady margins. Specifically, this quarter's past growth margin rose to 48.4%, primarily due to structural improvements raised by product mix change. Smart Solutions and SaaS had a growth margin of 25.7% and 74.4%, continually to demonstrate the value proposition related through software and technology.

第一季度，綜合毛利率約為48.5%。三條收入線均維持穩定的利潤率。具體而言，本季的成長率從過去的48.4%上升至48.4%，主要得益於產品組合變化帶來的結構性改善。智慧解決方案和SaaS的成長率分別為25.7%和74.4%，繼續透過軟體和技術展示相關的價值主張。

In the meantime, our net operation expenses for this quarter were USD37.7 million, a nearly 18% decrease from the same period last year, primarily benefiting from a substantial reduction in share-based compensation expenses, a trend that is expected to continue.

同時，本季我們的淨營業費用為3,770萬美元，較去年同期下降近18%，主要受益於股權激勵費用的大幅減少，預計這一趨勢將持續下去。

Excluding equity incentives and other non-operational business factors, our non-GAAP net operational expenses were USD29.4 million, down 2% year over year. The vast majority of our operational expenses are related to product development and technical teams.

剔除股權激勵等非經營性業務因素，我們的非美國通用會計準則淨營運費用為2,940萬美元，較去年同期下降2%。我們的絕大部分營運費用與產品開發和技術團隊有關。

Thanks to the groundwork led during our AI transformation since 2023, we have completed the foundational AI product development and service system, while maintaining a good discipline in ongoing development. Those structural improvements directly drive the release of upgrading average, enabling us to achieve over USD11 million in GAAP net profit in Q1, more than double that of last years full year.

由於我們自2023年以來在AI轉型中所奠定的基礎，我們已經完成了基礎的AI產品開發和服務體系，同時在持續開發中保持了良好的紀律。這些結構性改進直接推動了升級平均值的發布，使我們在第一季實現了超過 1,100 萬美元的 GAAP 淨利潤，是去年全年的兩倍多。

Non-GAAP net profit reaches USD19.3 million, a nearly 60% year-to-year increase, with a non-GAAP net profit margin of 25.8%. This matrix provides strong support of the company's future business operations, capital expenditures, and shareholder returns. So that includes a brief overview of Q1 financial performance.

Non-GAAP淨利達1,930萬美元，年增近60%，Non-GAAP淨利率為25.8%。這個矩陣為公司未來的業務營運、資本支出、股東回報提供了強而有力的支撐。這包括第一季財務業績的簡要概述。

And also, in Q1 is a typical off-season for the industry we serve. So we usually focus our efforts on exploring ideas, opportunities across our product lines. And then next, I'll talk about some key moves that we made in our business over the past few months.

而且，第一季對於我們所服務的行業來說是一個典型的淡季。因此，我們通常集中精力探索整個產品線的想法和機會。接下來，我將談談過去幾個月我們在業務中採取的一些關鍵舉措。

As we anticipated at the beginning of this year, 2025 marks as a structural transformation year for the entire industry to embrace AI. so AI is penetrating various industries at pretty decent speed, and for Tuya and the smart sector. This presents a clear window of strategic opportunity for the future. Although the physical nature of hardware devices means that the commercialization of AI capability on devices is a gradual and long-term process, technical and product reserves in software can take the lead, and then that is precisely our strategy.

正如我們年初所預期的，2025年是整個產業擁抱人工智慧的結構性轉型年。所以人工智慧正以相當快的速度滲透到各個產業，對於塗鴉和智慧領域來說也是如此。這為未來展現了一個清晰的戰略機會之窗。雖然硬體設備的物理特性決定了AI能力在設備上的商業化是一個漸進且長期的過程，但軟體方面的技術和產品儲備可以佔據先機，這正是我們的策略。

So first, we are committed to foundationizing and generalizing the AI capability needed in the smart era to solve the end users' problems and issues. This allows developers to select whatever they needed based on their commercial goals and product designs, thereby promoting the AI adoption.

因此，首先，我們致力於基礎化和推廣智慧時代所需的人工智慧能力，以解決最終用戶的問題和難題。這使得開發人員可以根據他們的商業目標和產品設計來選擇他們需要的東西，從而促進人工智慧的採用。

So focus on four-core areas. So large language model integration, hardware development, edge deployment, and open source ecosystems. We released our four-core engines at the end of April Developer Conference globally, the Tuya AI agent development platform, the Tuya.AI, Tuya Open, and Hedwig.

因此，重點關註四個核心領域。因此，大型語言模型整合、硬體開發、邊緣部署和開源生態系統。我們在四月底的全球開發者大會上發布了四大核心引擎，塗鴉AI智能體開發平台、塗鴉.AI、塗鴉Open、Hedwig。

So the Tuya AI agent development platform significantly reduced the technical threshold for developers to access any mainstream logic-language model and build various intelligence agents functions, such as semantic understandings and image recognitions. So that is for the agent development.

因此塗鴉AI智能體開發平台大幅降低了開發者接觸主流邏輯語言模型的技術門檻，可以建構語意理解、影像辨識等各種智能體功能。這就是代理開發。

To add to AI, the second one provides a full-process toolchain from high-performance edge AI modeling to smart cloud deployment, greatly lowering the difficulty and social time for AI hardware development.

除了AI之外，第二代AI提供了從高效能邊緣AI建模到智慧雲端部署的全流程工具鏈，大大降低了AI硬體開發的難度和社會時間。

And to Open, as our open-source framework enables developers to perform differentiated development innovations and integrate into the ecosystem.

開放，我們的開源框架使開發人員能夠進行差異化的開發創新並融入生態系統。

The Hedwig platform offers a controllable and secure edge AI computing environment for enterprise customers requiring localized deployment and data platforms and compliances. This entire system forms the technical foundations of our AI platform capabilities that provides a solid support for the large-scale implementation of AI products in the long term.

Hedwig平台為需要在地化部署、資料平台及合規性的企業客戶提供可控、安全的邊緣AI運算環境。這整個體系構成了我們AI平台能力的技術基礎，為AI產品的長期規模化落地提供了堅實的支撐。

At the same time, we're increasing investment in the development ecosystem, developer ecosystem around 2.0 OS, 2.0 Open, and the T5AI development boards. Initially, establishing a content-plus-tools-plus-community trialed framework for the developers. Since the developer conference, we have released eight open-source DIY projects, such as open-source desktop packs, AI wash boxes, and AI robots, aimed at building a developer creativity incubation system

同時，我們正在加大對2.0 OS、2.0 Open和T5AI開發板的開發生態系、開發者生態系的投入。初期為開發者建立內容+工具+社群的試用框架。自開發者大會以來，我們已發布開源桌麵包、AI洗漱盒、AI機器人等8個開源DIY項目，旨在建立開發者創造力孵化體系

Our T5AI developer board has started to be adapted throughout collaborations with multiple developer platforms and communities, and our AI developer community has grown by more than 10,000 new members.

我們的T5AI開發板已開始與多個開發者平台和社群合作進行適配，我們的AI開發者社群也新增了10,000多位新成員。

Next, we are also committed to identifying the product-specific opportunities and driving customers' product launches through our smart solution offerings, directly increasing our revenue and gross profit and achieving high-quality commercial conversions.

其次，我們也致力於識別特定產品的機會，並透過我們的智慧解決方案產品推動客戶的產品發布，直接增加我們的收入和毛利，實現高品質的商業轉換。

For example, in the energy domain, we launched the [CoreNow] AI Energy Assistant with features like the strategy recommendation, power generation forecasting, load identification, and energy consumption diagnostics, combined with supporting hardware such as all-in-one energy storage system, circuit breaker, and energy data controllers. It forms a comprehensive integrated hardware software solution, primarily tacking in Europe and Southeast Asia market.

例如，在能源領域，我們推出了[CoreNow] AI能源助手，具有策略推薦、發電預測、負載識別、能耗診斷等功能，並結合一體化儲能係統、斷路器、能源數據控制器等支援硬體。形成全面的軟硬體一體化解決方案，主要針對歐洲及東南亞市場。

In video-related AI products, we continue to advance the AI capability of smart screens and video devices, focusing on models for detecting objectives, vehicles, birds, and flames combined with sound recognition and anomaly detections to build an integrated hardware and software general production solutions that covers basic home safety needs and extends it to semi-commercial scenarios, like hotels and real estate.

在視訊AI產品方面，我們持續提升智慧螢幕及視訊設備的AI能力，聚焦目標、車輛、鳥類、火焰等偵測模型，結合聲音辨識、異常偵測等，建構軟硬體整合的通用生產解決方案，涵蓋基礎居家安全需求，並延伸至飯店、地產等半商業場景。

In the meantime, we are also actively promoting external ecosystem collaborations to amplify the enabled efforts of the AI platform. For example, in Q1, we partnered with Volcano Engine under ByteDance to integrate with the dual biologic language model into our AI agent development platform, further enhancing the multi-modeling, understanding, and interaction capabilities of our AI agents.

同時，我們也積極推動外部生態合作，擴大AI平台的賦能作用。例如，在第一季度，我們與位元組跳動旗下的火山引擎合作，將雙生物語言模型融入我們的AI代理開發平台中，進一步增強了AI代理的多建模、理解和互動能力。

In addition, we are collaborating commercially with leading players in retail and marginal infant industries to join development of smart hardware, such as AI wearables and home robots, advancing the application of AI in children and families and salaries. Collaborations with upstream and downstream partners will further enrich our capabilities and ecosystem scope, strengthen Tuya's strategies' depth in the smart hardware sector that creates explanatory projects that global developers and customers can refer and replicate.

此外，我們也與零售、嬰幼兒邊緣產業的領導企業進行商業合作，共同開發AI穿戴裝置、家庭機器人等智慧硬件，推動AI在兒童、家庭和薪資領域的應用。與上下游合作夥伴的合作將進一步豐富我們的能力和生態系統範圍，加強塗鴉在智慧硬體領域的策略深度，創造出可供全球開發者和客戶參考和複製的解釋性項目。

Although the AI hardware ecosystem, community, and product developments are still in the early stage, we believe that explorations in functionality, experience, and business models will open up space for Tuya and the entire industry's future business exchanges, laying in the foundation of new engines of long-term growth.

雖然AI硬體生態、社群、產品發展尚處於起步階段，但我們相信，在功能、體驗、商業模式等方面的探索，將為塗鴉智慧乃至整個產業未來的商業交流開啟空間，奠定長期成長的新引擎。

So there above is our sharing on Tuya's Q1 2025 financial performance and recent company developments. Although, there has been partial improvements in the existential environment recently, yncertainty remains. In response, we will continue to operate diligently and to long-term approach of the technique-driven and platform-enabled developments, laying a solid foundation on the AIoT track, continuously capturing industry certainty trends and creating long-term value for Tuya.

以上就是我們對塗鴉智能2025年第一季財務業績及公司近期發展的分享。儘管最近生存環境有所改善，但不確定性依然存在。對此，我們將繼續勤勉經營，立足技術驅動、平台賦能的長遠發展，在AIoT賽道上打下堅實基礎，不斷掌握行業確定性趨勢，為塗鴉智能創造長期價值。

Finally, a piece of good news. MSCI recently upgraded updated our 2025 ESG rating from a single A into a double A, particularly in the fields of secure and compliance to achieve a full score of 10 points. Thanks to its extensive compliance experience and through our framework. We believe that whether in business, operations, or emerging areas such as ESG, steady, fast progress will bring rewards and recognition.

最後，一個好消息。MSCI近期將我們2025年的ESG評級由A上調至AA，特別是在安全合規領域取得滿分10分。得益於其豐富的合規經驗以及我們的框架。我們相信，無論在業務、運營，或ESG等新興領域，穩健、快速的進步都會帶來回報和認可。

Thank you all, operators, and right now we can begin our Q&A section.

謝謝各位接線生，現在我們可以開始問答環節了。

(Operator Instructions) Yang Liu, Morgan Stanley.

（操作員指示） Yang Liu，摩根士丹利。

(spoken in Chinese)

（用中文說）

Let me translate my question. I have two questions here. The first one is regarding the AIoT development. To have a development platform, could management share what kind of AIoT hardware is doing well in terms of our shipment, or is there any signposts to observe what kind of AI hardware can outperform relatively fast?

讓我翻譯一下我的問題。我這裡有兩個問題。第一個是關於AIoT的發展。有了開發平台，管理層能否分享一下，從我們的出貨量來看，哪種 AIoT 硬體表現良好，或者有沒有什麼路標可以觀察哪種 AI 硬體可以相對較快地勝出？

The second question is regarding the customer's behavior in the past one or two months, given the huge volatility in tariffs. Could management share what the customer is doing in the past two months?

第二個問題是關於客戶在過去一兩個月的行為，考慮到關稅的巨大波動。管理階層能否分享客戶過去兩個月的活動狀況？

Thank you. Thank you, Liu. So for the first questions, what we see here for the AI sectors, we found that there will be two major directions that show more interest. The first one is that the audio and the video interaction -- interacted experiences.

謝謝。謝謝你，劉。因此，對於第一個問題，我們在人工智慧領域看到的情況是，有兩個主要方向會引起更多的興趣。第一個是音訊和視訊的互動——互動體驗。

So one example is battlefield, which we mentioned in the past quarter. So to be able to help people to recognize the white lives and to interact with it, and that will be one thing.

其中一個例子就是我們在上個季度提到的戰場。因此，能夠幫助人們認識白人的生活並與之互動，這是一回事。

And the second one, second typical use cases would be like the toys or any type of use cases for kids that use the large language model capabilities that you can have a new way to interact with the kids, show as education, as entertainment, and as a companion as well. So that would be the one.

第二個典型的用例是玩具或任何類型的兒童用例，這些用例使用大型語言模型功能，您可以採用新的方式與孩子互動，以教育、娛樂和陪伴的形式呈現。所以就是這個了。

Updateabout the kits is that in China, we already signed a strategic partnership with , which we talked to the toy group in China. And we're looking forward to helping them to launch the products into the market pretty soon. And so that'd be one thing. So any type of audio, video, new interactive experience based on language model.

關於套件的最新情況是，在中國，我們已經與簽署了戰略合作夥伴關係，我們與中國的玩具集團進行了交談。我們期待著能夠幫助他們盡快將產品推向市場。這就是一件事。所以任何類型的音頻、視頻，新的互動體驗都是基於語言模型的。

And the second is on the data-based dynamic decision-making. So one typical use case will be the energy management system for our CoreNow. And through that, the AI agents, based on the new modeling, will be able to continue to, not only collect analysis at all those data from either the energy generators, but also from the energy consumptive consumption devices, but also in the same time that the agent will be able to come out different type of strategy and turn that into the specific actions and continues to re-analysis the new strategy and improve that.

二是基於數據的動態決策。因此，一個典型的用例就是我們的 CoreNow 的能源管理系統。透過這種方式，基於新模型的人工智慧代理將能夠繼續收集分析來自能源發電機和能源消耗設備的所有數據，同時代理還能夠制定不同類型的策略並將其轉化為具體行動，並繼續重新分析新策略並加以改進。

So that can help to do a lot to improve the energy efficiency, whether it's saving the total consumptions, be more greener, or saving the energy bill directly. So that would be the two very typical trends that we found to show more interest and have more short-term interactions coming directly from the customers and to the market as well. So that would be the first question.

因此，這有助於大幅提高能源效率，無論是節省總消耗量、更環保，還是直接節省能源費用。因此，我們發現這兩個非常典型的趨勢是，表現出更多的興趣，並且有更多直接來自客戶和市場的短期互動。這是第一個問題。

And the second one, yes, the tariffs has become a major topic for the entire market, not only the United States. So in the past couple of years, In the past four or five weeks right after the new tariff topic raised, I think the very direct reaction from the customers is that every people on the international trading pipeline become more concerned and hesitate because nobody knows what comes out.

第二，是的，關稅已經成為整個市場的一個主要話題，而不僅僅是美國。因此，在過去的幾年裡，在新的關稅問題提出後的四五週內，我認為客戶的直接反應是，國際貿易管道上的每個人都變得更加擔心和猶豫，因為沒有人知道會發生什麼。

So right now, people are waiting for some certainty. And even now we have 90 days of certainty between China and the US. So people are trying to do some very careful decisions based on the 90 days terms. But I think the longer terms, I think we need to wait for the final answers between the national negotiations. That would be one thing.

所以現在人們正在等待一些確定性。即使現在，中美之間已經有 90 天的確定性。因此人們正試圖根據 90 天的條款做出一些非常謹慎的決定。但我認為從長遠來看，我們需要等待國家談判的最終答案。那是一回事。

But I have to mention that for the short term, every people are slowing down or become more conscious about any and proactive or aggressive decisions. But the unique business model and a better position for Tuya is that the first one, the tariffs are not directly acted on us because what we deliver will be a portion or key component and technology, especially the software, of the finished goods. So the tariffs are more directly related to my customers either my brand customers or my manufacturer customers. So that'll be one thing. So we are like the indirectly connected.

但我必須提到，就短期而言，每個人都在放慢腳步或對任何積極主動或激進的決定變得更加自覺。但塗鴉獨特的商業模式和更有利的地位在於，第一，關稅不會直接作用於我們，因為我們交付的是成品的一部分或關鍵部件和技術，尤其是軟體。因此，關稅與我的客戶（無論是我的品牌客戶還是我的製造商客戶）更直接相關。所以這是一回事。所以我們就像是間接的連結。

And the second one is that, so for us in the past couple of years, what we have been doing is we just follow the flow that if there's the trend that the entire global economy are re-localizing manufacturing supply chain. We just follow the customers to do that. So not have to be stick to one or some specific manufacturers in specific locations. So right now, the manufacturers we should already cover over 11 countries out there. That would be the second one.

第二點是，對我們來說，在過去的幾年裡，我們一直在做的就是順應潮流，如果整個全球經濟都有重新在地化製造供應鏈的趨勢。我們只是照著顧客的要求去做。因此不必局限於特定地點的某個或某些特定製造商。目前，我們的製造商應該已經涵蓋了 11 個國家。那是第二個。

And the third one is that so the tablets are majorly focused on the finished goods. And it's only a portion of the cost of that goods. So that would be, that's one.

第三點是，平板電腦主要集中在成品。而這只是商品成本的一部分。就是這樣，這就是其中之一。

But for the tariffs, for us that will pay more attention on the macro impact, so starting from the buying forces demand impact on the US market. So whether that will bring into the retail price raising and to lower the buying forces for the end-user of the American barrels, and also whether that kind of single-nation economy impact is going to bring a wider, multinational macroeconomy slowing down or recession. So I think that would be the more long-term.

但對於關稅，我們將更加關注宏觀影響，因此從購買力需求對美國市場的影響開始。那麼這是否會導致零售價格上漲並降低美國石油終端用戶的購買力，以及這種單一國家經濟影響是否會導致更廣泛的跨國宏觀經濟放緩或衰退。所以我認為這是更長期的。

Got it. Thank you.

知道了。謝謝。

Timothy Zhao, Goldman Sachs.

高盛的趙蒂姆。

(spoken in Chinese)

（用中文說）

Thank you, management, for taking my question and congrats on the very strong quarterly results. Two questions here. The first question is on the AI monetization. Wondering how or in which area that we would have to plan to monetize the opportunities bring by AI and what is the difference in terms of the pricing model and cost between the new AIoT portal and services versus the traditional IoT PaaS services that you provide?

謝謝管理層回答我的問題，並祝賀您取得非常強勁的季度業績。這裡有兩個問題。第一個問題是關於AI貨幣化。想知道我們必須如何或在哪個領域規劃來將人工智慧帶來的機會貨幣化，以及新的 AIoT 入口網站和服務與您提供的傳統 IoT PaaS 服務在定價模式和成本方面有何不同？

And secondly is on your full year and second quarter outlook on revenue and profitability. Could measurement share any color? And specifically, on the AIoT path segment, we have seen very steady upward trend in gross margin of this segment. Could measurement provide an outlook for this segment as well? Thank you.

其次是關於全年和第二季收入和盈利的展望。測量可以共享任何顏色嗎？具體來說，在AIoT路徑部分，我們看到該部分的毛利率呈現非常穩定的上升趨勢。測量是否也能為這部分提供前景？謝謝。

Yeah, thank you. I think that for the first question, it's a good one. That's all my customers being asking at the end of last year. So what we are offering for the AI capabilities to the customers, that we seamlessly integrate the AI capabilities into my existing three business models. So I still offer that as a patch, as a solution.

是的，謝謝。我認為第一個問題問得好。這些都是去年年底我所有的客戶所問的問題。因此，我們為客戶提供的 AI 功能是將 AI 功能無縫整合到我現有的三種商業模式中。因此我仍然將其作為補丁、作為解決方案提供。

So for the customers, it will be very, very friendly. They don't have to be educated for a new type of business model and how can mix that with their existing one. So it's like a seamless transition. And for the AI income that even I offer as a -- maybe it's AI-empowered new patch or AI new SaaS that we will consider some of the repricing. Some example is that recently we offered for the audio-interacted AI based on the LLMs so the patch pricing will be different than the regular, my regular patch in the same categories. So that would be one.

因此對於顧客來說，這將非常非常友好。他們不需要接受有關新型商業模式的培訓，也不需要學習如何將其與現有的商業模式結合。所以這就像一個無縫過渡。對於我提供的 AI 收入——也許是 AI 賦能的新補丁或 AI 新 SaaS，我們會考慮重新定價。例如，最近我們提供了基於 LLM 的音訊互動 AI，因此補丁定價將與同一類別中的常規補丁不同。所以這就是其中之一。

So we can look forward that either we use the seamless AI offering to speed up the penetrating of the entire smart devices' penetration in the global market, or we use that to repricing some of the offerings. So that would be one thing. And so also that will be very easy to continue to enlarge our partnership with the upstream providers.

因此，我們可以期待，要么利用無縫人工智慧產品來加速整個智慧設備在全球市場的滲透，要么利用它來重新定價一些產品。所以這是一回事。因此，繼續擴大我們與上游供應商的合作夥伴關係也將變得非常容易。

Because right now the major -- like the larger language model are providing through the major cloud guy. So this is the same way like how we cooperate with them on the cloud infrastructures. Right now we cooperate with them in the same model with a larger language model. So that'd be the first answer for the first question.

因為現在主要的——例如更大的語言模型都是透過主要的雲端運算提供的。這與我們在雲端基礎設施上與他們合作的方式相同。目前我們與他們合作，採用相同的模型，但採用更大的語言模型。這是第一個問題的第一個答案。

And on the second one, yes, let's combine with a tariff. Even we don't involve in the international supply chain or training business directly, but we are very deeply integrated into that part. We are a core part of that. So the tariffs indeed bring the short-term bumping about the demand cycle. So I can describe that very typically in the major weeks of April, for all those kind of order shipments to United States. And a lot of people, most people put a pause button on that and wait and see until the two countries make agreement.

關於第二個問題，是的，讓我們結合關稅。儘管我們沒有直接參與國際供應鏈或培訓業務，但我們已深入融入。我們是其中的核心部分。因此，關稅確實會對需求週期帶來短期衝擊。因此，我可以非常典型地描述四月份的主要幾週內發送到美國的所有訂單的情況。很多人，大多數人對此按下暫停鍵，等待兩國達成協議。

So we're seeing that this will have topics globally, majorly from China and US, but also side impact into the Southeast Asia and Mexico. and a partial US cash flow. So that type of topics will bring a bumping rise in the short term, maybe in a quarter or two. It depends on how soon that we can make an agreement and provide the certainty for the commercial -- for the commerce world.

因此，我們看到這將引起全球關注，主要來自中國和美國，但也會對東南亞和墨西哥產生負面影響。以及部分美國現金流。因此，這類主題將在短期內（可能在一、兩個季度內）帶來大幅成長。這取決於我們多快能夠達成協議並為商業世界提供確定性。

All the businessmen are waiting to see what type of price that they can pay extra and how they can observe that. So, for the short term, there will be a bumping, but it's not the first time we experienced that. So, this kind of new type of terms, challenge, are really starting to take place since 2018. So -- but this seems like the harsher bumping point.

所有的商人都在等著看他們能夠額外支付什麼樣的價格，以及他們如何觀察這一點。因此，短期內會出現一些波動，但這不是我們第一次經歷這種情況。所以，這種新類型的術語、挑戰，從 2018 年起才真正開始出現。所以——但這似乎是更嚴峻的考驗。

So for the short term, there's still uncertainty for that, and even US market only covers less than 20% of our business, but yeah, that's still 20%. So that's certainly, it's the same for us and my customers. We just wait and see, and every people are trying to take more careful actions and decisions every single day or week. So that's what you see.

因此，短期內仍存在不確定性，即使美國市場也只占我們業務的不到 20%，但仍是 20%。所以對於我們和我的客戶來說，這當然是一樣的。我們只是拭目以待，每個人每天或每週都在努力採取更謹慎的行動和決定。這就是你所看到的。

Then challenge exists. But for the long term, we believe that in a year or next year until -- I mean, right after the negotiations being settled and the entire demand and the penetrations will put it back into the normal model. And all the buying cycles and GTMs will get into the normal cycles again. So that would be what we see for the short term.

那麼挑戰就存在了。但從長遠來看，我們相信，直到一年或明年——我的意思是，在談判結束後，整個需求和滲透率將恢復正常模式。所有購買週期和 GTM 將再次進入正常週期。這就是我們在短期內看到的情況。

And for the past margin, I think that the past historical records have already proven that we take the high value propositions of an entire industrial cycle. We're good with it and we're satisfied with that.

而對於過去的邊際，我認為過去的歷史記錄已經證明，我們秉持了整個工業週期的高價值主張。我們對此很滿意並且很滿意。

For us, we don't think it will be very necessary to have to continue to push the margin into a higher cycle because we'll really be in the highest value proposition in the entire one. including my suppliers and my customers.

對我們來說，我們認為沒有必要繼續將利潤率推入更高的週期，因為我們確實處於整個週期中的最高價值主張。包括我的供應商和客戶。

We really take a very high position for that. So we think that the key part is to maintain the position but also in the same time be able to motivate either my suppliers or my customers to continue to invest in these sectors. I think that would be more important for us because their activity will ensure that where continuous to improve the penetrations, continuous to find more innovations, to turn that into reality, and bring that into market.

我們確實對此抱有很高的期望。因此，我們認為關鍵在於維持地位，同時也要能激勵我的供應商或客戶繼續在這些領域進行投資。我認為這對我們來說更為重要，因為他們的活動將確保不斷提高滲透率，並不斷尋找更多創新，將其變為現實，並將其推向市場。

So for the past, we think that it will be fine for us just to maintain at the right range. And for us, how we do that in the past two or three years. So we're satisfied with that. We don't have to ensure we push to the next level.

所以對於過去的情況，我們認為只要維持在一個適當的範圍內就可以了。對我們來說，過去兩三年我們是如何做到這一點的。所以我們對此很滿意。我們不必確保我們能晉升到下一個層級。

Thank you. That's very helpful.

謝謝。這非常有幫助。

(Operator Instructions) Kai Hsiao, CICC.

（操作員指示）Kai Hsiao，CICC。

(spoken in Chinese)

（用中文說）

So thanks, management, and congratulations for the jump quarter. I have two questions.

所以，感謝管理層，並祝賀本季業績飛躍。我有兩個問題。

First, could you share the progress of your cooperation with Singapore and Chery, and any similar projects can we expect in the coming quarters?

首先，您能否分享一下您與新加坡和奇瑞的合作進度，以及未來幾季我們可以期待哪些類似的項目？

And second one is, could you share the geography expansion of Tuya's AI developers? And is there any difference on the development of AI applications between domestic markets and overseas markets? Thank you.

第二個問題是，您能否分享塗鴉智慧開發人員的地理分佈？國內市場和海外市場在人工智慧應用發展上有何差異？謝謝。

Yeah. So thank you for the questions. So the first one is talking about the Singapore use cases. I like to put it into vital coverage. So Singapore use case will be a typical progress we like to take in places for the commercial or industrial OT solutions.

是的。感謝您的提問。第一個是談論新加坡的用例。我喜歡把它納入重要報道之中。因此，新加坡用例將成為我們在商業或工業 OT 解決方案方面採取的典型進展。

So the partnership we had or the contract we signed with the Singapore government is from the HDB, so it's Singapore Home Development Bureau. And they're managing over 1.4 million Singapore public apartments. So the majority of Singapore citizens living in the government-provided rental apartments. And it's actually managed that.

因此，我們與新加坡政府建立的合作夥伴關係或簽訂的合約來自 HDB，也就是新加坡住房發展局。他們管理超過 140 萬套新加坡公共公寓。因此大多數新加坡公民居住在政府提供的出租公寓。並且它確實做到了這一點。

And what we're offering is that it's a centralized energy management platform. That helps them to enable not only censoring the different consumptions in each of the apartments that might contribute a significant consumption of the total Singaporean nation power, but also, we offer them some controller. So to help them to identify how each of the households been using the power through what type of devices, by what purpose, and then through some AI-enabled modeling and control actions to reduce that.

我們提供的是一個集中式能源管理平台。這不僅可以幫助他們審查每間公寓中可能對新加坡全國電力總消耗產生重大影響的不同消耗，而且我們還為他們提供了一些控制器。因此，幫助他們確定每個家庭透過什麼類型的設備、出於什麼目的使用電力，然後透過一些人工智慧建模和控制措施來減少電力使用。

And sue our over one and a half years POC with HDB before we sign the contract, that there will be significant reductions about the total consumption of the powers, which can help the Singapore government to reach, we want to be the pioneer of ESG nation or smart nation. So that's what we want.

並且在我們簽署合約之前與建屋局進行了超過一年半的POC，以確保電力總消耗量將大幅減少，這可以幫助新加坡政府實現我們希望成為ESG國家或智慧國家的先驅。這就是我們想要的。

And the HDB's plan is that we're ready We're finalizing the deployment implementation of the entire platforms and we're really starting to produce the first shipment of the devices. It's an energy hub in the home. And so the first implementation about the software platform and the hardware into the first part of the household were taken places around the end of the Q3. And their plan is to be able to finish the phase one entire penetration of the homes in three years.

而建屋發展局的計畫是，我們已經準備好了，我們正在完成整個平台的部署實施，並且我們真正開始生產第一批設備。它是家裡的能源中心。因此，軟體平台和硬體首次應用於家庭的第一部分是在第三季末進行的。他們的計劃是能夠在三年內完成第一階段的全面入戶工作。

Yeah, so that'll be one stuff. And we are very excited by it because that will be show that, not only providing our DIY devices to penetrate in homes improvement through those kinds of decentralized devices, but we should be able to provide a centralized solutions through the right channels, like HDBs, to have an entire and regional end users to improve their lives. Yeah, so that would be one.

是的，那將是一件事情。我們對此感到非常興奮，因為這將表明，我們不僅可以透過這些分散的設備提供我們的 DIY 設備來滲透到家居裝修中，而且我們還應該能夠透過正確的管道（如 HDB）提供集中式解決方案，讓整個地區的最終用戶改善他們的生活。是的，那是一個。

And also, we found that using Singapore as a perfect use cases spot. We can and will be able to duplicate that and to influence that the other Southeast Asian countries, like the rental apartments, what we call, spatial management solutions, and really show a good potential of growth in Southeast Asia. So that's one thing.

而且，我們發現新加坡是一個完美的用例地點。我們能夠並且將能夠複製這一點並影響其他東南亞國家，例如租賃公寓，我們所說的空間管理解決方案，並真正顯示出東南亞良好的成長潛力。這是一回事。

And not only for the apartments management, but also, we're really penetrating quite well in some of the telecoms players in that area too. So that would be one thing. And also at the same time, two weeks later, we will open our new Singapore offices and by providing more local resources to supporting our customers, penetrations, implementations, but also at the same time to search for all business opportunities in that area and expanding to global market.

我們不僅適用於公寓管理，而且我們確實很好地滲透到了該地區的一些電信營運商。所以這是一回事。同時，兩週後，我們將在新加坡開設新的辦事處，並提供更多的本地資源來支持我們的客戶、滲透和實施，同時尋找該地區的所有商業機會並擴展到全球市場。

Yeah. So that would be the answers for the Singapore parts. Yeah, so that's it for that.

是的。這就是新加坡部分的答案。是的，就是這樣。

And then for the -- could you repeat the question? So the second one is about returns, right? The shareholders' returns, right?

然後——你能重複這個問題嗎？那麼第二個是關於回報的，對嗎？股東的回報，對吧？

The expansion of AI developers and the different. --

AI開發者的擴充和不同。--

Yeah, so AI developers, what we hear is that I think it's just started. I think right after the Deep Six exposure in January. And so the first one is that we found majority of my customers and developers are reaching out to back to us to asking about all the AI capability offering.

是的，所以對於人工智慧開發人員來說，我們聽到的是，我認為這才剛開始。我認為是在一月《深海六號》曝光之後。首先，我們發現大多數客戶和開發人員都在向我們詢問所有 AI 功能。

Because in the past, on the recognition side is that they know AI is there and a lot of news about AI, but they don't really think that the AI offering will be connected to their existing business. Either it's more expensive, too expensive, unaffordable, or it will be too difficult. So I think that right after the Deep Six exposure, both in America and the China market, every person is aware that they can bring AI into the physical use cases. And then I think the first one is that we get so many calls.

因為在過去，從認知方面來說，他們知道人工智慧的存在，也知道很多關於人工智慧的新聞，但他們並不認為人工智慧產品會與他們現有的業務有任何關聯。要嘛比較貴，要嘛太貴，要嘛買不起，要嘛太難。因此我認為，在 Deep Six 曝光之後，無論是在美國還是中國市場，每個人都意識到他們可以將 AI 帶入實體用例中。然後我認為第一個是我們接到了很多電話。

And then we use that time windows to launch, either launch our new platform, the AI agent development platform, but also to hold our -- to launch that at our developer conference. So that brings up very positive and very active feedback. And so right now, the AI developer penetration is that we're trying to educate those customers who calls and by telling them what capabilities are out there in the platform and how they can develop upon those capabilities to turn that into the real devices use cases. It's more like an educating period.

然後我們利用這個時間窗口來發布我們的新平台，即人工智慧代理開發平台，也可以在我們的開發者大會上發布它。因此這會帶來非常積極和非常活躍的回饋。因此，現在，人工智慧開發人員的滲透就是我們試圖教育那些打電話的客戶，並告訴他們平台上有哪些功能，以及如何開發這些功能以將其轉化為真正的設備用例。這更像是一個教育時期。

And right now, we see that the demand comes from the global market. So majority of my major or key customers either from Europe, from America, from Latin America, and Southeast Asia. Those customers will have very strong retention channels, will have very strong brands who can do quite well about the end users' education and marketing. So those customers will be the major cost on the demanding side.

現在，我們看到需求來自全球市場。我的主要客戶或關鍵客戶大多來自歐洲、美國、拉丁美洲和東南亞。這些客戶將擁有非常強大的保留管道，擁有非常強大的品牌，可以很好地進行最終用戶的教育和行銷。因此這些客戶將成為需求方的主要成本。

And on the technical development side, so in two parts. The first part is that those ones who are focused on turn the AI or integrate the AI capability into the device. So it's more following the right penetration on the device development and manufacturing. So maybe a bigger portion come from mainland China, but still we got multiple ones from Korea, from Turkey, from Southeast Asia too. And so that following the perfectly -- fit the penetration about the hardware manufacturing deployment. That's the first one.

從技術開發方面來看，分為兩部分。第一部分是那些專注於轉變人工智慧或將人工智慧功能整合到設備中的人。因此，它更多地遵循設備開發和製造的正確滲透。因此，可能有更大一部分來自中國大陸，但我們也從韓國、土耳其和東南亞獲得了多個。這樣就完美地適應了硬體製造部署的滲透。這是第一個。

And the second one is about software. So software, I'll say that it's more diversified and either it's through different type of software innovators through the MCP protocols and more come from the mobile internet developer ecosystem and also the cloud-based developers and who come through the cloud infrastructures into us. Yeah, so it's more diversified on a global basis.

第二個是關於軟體的。因此，我認為軟體更加多樣化，要么是透過 MCP 協議，透過不同類型的軟體創新者，要么是來自行動互聯網開發者生態系統，還有基於雲端的開發者，他們透過雲端基礎設施進入我們。是的，因此從全球角度來看它更加多樣化。

I think that's for the first quarter or including till now. It's shown in the phase one. It's about the recognition about capability, education about the developer kit, and then a lot of prototype, POC, and demonstration deployment.

我認為這是第一季或截至目前為止的情況。它在第一階段就已展示。它是關於能力的認可、關於開發工具包的教育，然後是大量的原型、POC 和演示部署。

John Roy, Water Tower Research.

約翰·羅伊（John Roy），水塔研究公司。

Yeah. I have a slightly different question. I was wondering if you could give us any insight into how you're using AI internally, internal processes, documents, code development, et cetera, and if that can really possibly increase margins and decrease costs going forward? Thank you.

是的。我有一個稍微不同的問題。我想知道您是否可以向我們介紹一下您在內部如何使用人工智慧、內部流程、文件、程式碼開發等，以及這是否真的有可能提高利潤率並降低未來的成本？謝謝。

Yeah, thank you, John. So I think that every single department within the company is trying to use different types of AI tools. I can take some of the examples, right? Like for marketing team, right now, the majority of all the marketing resources we use are generated through AI.

是的，謝謝你，約翰。所以我認為公司內的每個部門都在嘗試使用不同類型的人工智慧工具。我可以舉一些例子，對嗎？例如對於行銷團隊來說，目前我們使用的所有行銷資源大部分都是透過人工智慧產生的。

So we don't require a lot of labor-based designers to do that. And including our operations team to do all the online training, webinars, I think a big portion of the webinar content are generated through AI too. And also, we have our TikTok live view to the end users, the AI helps a lot too. And that's the marketing side.

因此我們不需要大量的勞動力設計師來做這件事。包括我們的營運團隊進行的所有線上培訓、網路研討會，我認為網路研討會的很大一部分內容也是透過人工智慧產生的。此外，我們也向最終用戶提供 TikTok 即時視圖，而人工智慧也提供了很大幫助。這就是行銷方面。

And including the legal and human resources side, we're using AI to help us either to do the research and review on the candidate's resume and with the key words that we identify. And also to help us to double-check with all those standardized contracts that come directly from the customer side to see whether there's any modifications, et cetera. So use that to improve the efficiency about the internal processing of either the HR and the legal process. So that'd be one thing.

包括法律和人力資源方面，我們正在使用人工智慧來幫助我們對候選人的履歷以及我們識別的關鍵字進行研究和審查。並且還可以幫助我們仔細檢查所有直接來自客戶端的標準化合同，看看是否有任何修改等等。因此，利用它來提高人力資源和法律流程內部處理的效率。所以這是一回事。

And another use case is about the development, for sure. That we're using AI toolkit, different UI kits to do the project management and anonymizing about the progress of the development; and the coding, double-checking, debugging, presetting, and maintenance of the cloud infrastructure, so, what we call, the auto-patrolling on the maintenance of the cloud services as well.

當然，另一個用例與開發有關。我們正在使用 AI 工具包、不同的 UI 工具包進行專案管理並匿名化開發進度；以及雲端基礎設施的編碼、複查、調試、預設和維護，也就是我們所說的對雲端服務維護的自動巡查。

Yeah, so that would be typical things. We believe that in the future, like we mentioned, not only providing the AI capability to help the customers to build more commercialized or more higher ROI products, but also in the same time, that we continue to use AI internally to improve our operation efficiency. And so, either lowering the cost of the operation or to increase the income for our customers to enhance our lab operating average. That'd be some basic --

是的，這些都是很典型的事情。我們相信，未來就像我們提到的那樣，不僅提供AI能力幫助客戶打造更商業化或更高ROI的產品，同時我們內部也會持續利用AI來提升我們的營運效率。因此，要么降低營運成本，要么增加客戶收入，以提高我們實驗室的平均營運水平。這是一些基本的--

Excellent. Thank you so much, and congratulations on the quarter.

出色的。非常感謝，並祝賀本季取得佳績。

Thank you for that. We're excited about the long-term future, because this is the only very starting point for the AI penetration for the physical world, very, very early. We're very excited about it.

謝謝你。我們對長遠的未來感到興奮，因為這是人工智慧滲透到物理世界的唯一起點，非常非常早。我們對此感到非常興奮。

All right, thank you. There are no additional questions at this time. I'll now hand back to the management team for closing remarks.

好的，謝謝。目前沒有其他問題。現在我將把發言交還給管理團隊，請他們作最後發言。

Thank you, everyone. Thank you, operator. And thanks for all of you for participating our first quarter. See ou next week. See you next quarter. And have a nice day today. Bye. Thanks.

謝謝大家。謝謝您，接線生。感謝大家參與我們的第一季。下週見。下個季度見。祝您今天過得愉快。再見。謝謝。

Thank you for your participation in today's conference. This concludes the program. You may now disconnect your lines.

感謝大家參加今天的會議。本節目到此結束。現在您可以斷開線路了。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中的英文陳述是由現場翻譯人員宣讀的。翻譯由贊助此活動的公司提供。