Tuya Inc (TUYA) 2025 Q2 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 second quarter 2025 earnings conference call.

女士們、先生們，大家早安、晚上好。感謝各位的支持，歡迎參加塗鴉智慧2025年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, we are recording today's call. If you have any objections, you may disconnect at any time. I will now like to turn the call over to Ms. Regina Wang, Investor Relations Senior Manager of Tuya. Regina, please go ahead.

提醒一下，今天的電話會議正在錄音。如果您有任何異議，可以隨時掛斷。現在，我想將電話轉給塗鴉智慧投資者關係高級經理 Regina Wang 女士。 Regina，請講。

Thank you, operator. Hello, everyone. Welcome to our second quarter 2025 earnings call. Joining us today are our founder and the CEO of Tuya, Mr. Jerry Wang, our Co-Founder and CFO, Mr. Alex Yang.

謝謝接線生。大家好。歡迎參加我們2025年第二季財報電話會議。今天參加會議的有塗鴉智慧創辦人兼執行長王建軍先生，以及共同創辦人兼財務長楊志強先生。

The second quarter 2025 financial results and webcast of the conference call are available at ir.tuya.com. A replay of this call will also be available on our IR website in a few hours. 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 forward-looking statements.

2025年第二季財務業績及電話會議網路直播可在ir.tuya.com上取得。本次電話會議的重播也將在幾個小時後在我們的投資者關係網站上提供。在我們繼續討論之前，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，因為我們將做出前瞻性陳述。

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

現在，我將把電話轉給我們的創辦人兼執行長王傑瑞先生。王傑瑞將用中文致辭，隨後將提供相應的英文翻譯。請王傑瑞發言。

(interpreted) Hello, everyone. Thank you for joining Tuya's earnings call for the second quarter of 2025. Let me start with a brief overview of our performance in the first half of 2025, Tuya generated revenue of approximately USD155 million, representing about 15% year-over-year growth. Revenue in the second quarter reached around USD80.1 million, an increase of 9.3% year over year. During the quarter, global trade uncertainties intensified with US tariff policy significantly disrupting the global discretionary consumer electronics industry. As a result, downstream retail channels, brands, importers, and exporters delayed or adjusted their ordering pace and planning. Nevertheless, Tuya remained resilient delivering positive outcomes across multiple fundamentals, including revenue growth, gross margin, and profitability, as well as AI products and ecosystem development.

（譯）大家好。感謝您參加塗鴉智慧2025年第二季財報電話會議。首先，我簡單回顧一下我們2025年上半年的業績。塗鴉智能營收約1.55億美元，年增約15%。第二季營收約8,010萬美元，較去年同期成長9.3%。本季度，全球貿易不確定性加劇，美國關稅政策嚴重擾亂了全球非必需消費性電子產業。下游零售通路、品牌商、進出口商因此推遲或調整了下單節奏和計劃。儘管如此，塗鴉智慧依然保持韌性，在收入成長、毛利率和獲利能力，以及AI產品和生態系統發展等多個基本面方面均取得了積極成果。

In terms of profitability, we maintained a blended gross margin of around 48% for both the second quarter and the first half, with all three business segments achieving stable gross margin, both sequentially and year over year.On the operating profit side, despite the seasonal softness in the first half and global external challenges, we still achieved a 10% non-GAAP operating margin and a 25% net margin. Notably, non-GAAP operating profit grew approximately 127% year over year, highlighting the operating leverage embedded in Tuya's business model, which remains sustainable even in a complex environment.

獲利能力方面，我們第二季和上半年的綜合毛利率均維持在48%左右，三大業務部門的毛利率較上月及年比均維持穩定。營運利潤方面，儘管上半年受到季節性疲軟和全球外部挑戰的影響，我們仍實現了10%的非美國通用會計準則營運利潤率和25%的淨利潤率。值得注意的是，非美國通用會計準則營運利潤年增約127%，凸顯了塗鴉智慧商業模式中蘊含的營運槓桿，即使在複雜環境下也能維持永續性。

Opportunities and challenges from both AI adoption and the global trading environment are driving higher market penetration, while also encouraging our developer platform to deliver high value and next-generation AI experiences. As of the end of the second quarter, the number of global developers on our platform has reached over 1.51 million. We will remain committed to long-termism, leveraging initiatives such as Tuya Open and our AI agent development platform to broaden access to AI developer tools and build a business ecosystem that supports Tuya's and the industry's long-term growth.

人工智慧應用和全球貿易環境帶來的機會與挑戰，正在推動市場滲透率的提升，同時也激勵我們的開發者平台提供高價值的下一代人工智慧體驗。截至第二季末，我們平台上的全球開發者數量已超過151萬人。我們將持續秉持長期主義，利用塗鴉開放平台和我們的人工智慧代理開發平台等舉措，拓寬人工智慧開發者工具的取得管道，建構支援塗鴉及整個產業長期發展的商業生態系統。

Now let me turn the call over to our Co-Founder and CFO, Alex Yang, who will share more details about our financial performance and business progress.

現在，我將把電話轉給我們的聯合創始人兼財務長 Alex Yang，他將分享有關我們的財務業績和業務進展的更多細節。

Hello, everyone. This is Alex. I will now provide more details on our second quarter results. Please note that all figures are in US dollars and all the comparisons are year-over-year based unless stated otherwise.

大家好，我是 Alex。現在我將詳細介紹我們第二季的業績。請注意，所有數據均以美元為單位，所有比較數據均為同比數據，除非另有說明。

Let's start with the financial performance. In the second quarter of 2025, Tuya delivered revenue of about [USD80.1 million] (corrected by company after the call), representing 9.3% year-over-year growth. By segment, PaaS leverage its diversified product ecosystem to capture essential consumption demand in home appliances, delivering year-over-year growth of 7%. Smart solutions, supported by focused hardware offering and differentiated solutions tailored to various customer segments, withstood macro pressures and achieved year over year of 16.7%. SaaS & Others revenue was about [USD11.1 million] (corrected by company after the call), up 15.6% year over year, driven by the continued increase in recurring revenue, which exceeded [60%] (corrected by company after the call) in Q2.

首先從財務表現來看。 2025年第二季度，塗鴉智慧營收約[8,010萬美元]（公司電話會議後修正），較去年同期成長9.3%。分部門來看，PaaS業務憑藉其多元化的產品生態，抓住家電領域的核心消費需求，較去年同期成長7%。智慧解決方案業務憑藉專注的硬體產品和針對不同客戶群的差異化解決方案，頂住了宏觀經濟壓力，較去年同期成長16.7%。 SaaS及其他業務營收約為[1,110萬美元]（公司電話會議後修正），較去年同期成長15.6%，這得益於經常性收入的持續成長，第二季經常性收入增幅超過[60%]（公司電話會議後修正）。

From a regional perspective, leading long-term customers in Europe achieved a double-digit growth in niche categories such as the ambient lighting and home appliances, including air conditioners and air fryers. New customers included a top Turkish solar storage companies and leading HVAC manufacturers in Austria and other regions, too, who began corporations on energy saving product lines. In Asia Pacific, various rollouts progressed as expected. Several Southeast Asian telecom customers, starting with the Cube platform deployment entered the larger-scale delivery phase, while smart home and real estate projects in Singapore advanced into implementations, contributing meaningful revenue across both hardware and software in the now quarter and the future.

從區域來看，歐洲領先的長期客戶在環境照明和家用電器（包括空調和氣炸鍋）等細分領域實現了兩位數成長。新客戶包括土耳其頂級太陽能儲能公司以及奧地利和其他地區領先的暖通空調製造商，他們也開始在節能產品線上展開合作。在亞太地區，各項部署工作進展順利。幾家東南亞電信客戶從Cube平台部署開始，已進入更大規模的交付階段，而新加坡的智慧家居和房地產專案也已進入實施階段，為本季及未來在硬體和軟體方面帶來了可觀的收入。

In North America, our flagship AI solutions, the Smart Bird Feeder, saw strong momentum and demand, reflecting consumers' sustained willingness to pay for emotional-driven experience by AI. In China, AI Toy solutions garnered positive feedback in Q2 with plans to expand IP collaborations and target diversified audiences.

在北美，我們的旗艦人工智慧解決方案——智慧餵鳥器——發展勢頭強勁，需求旺盛，反映出消費者持續願意為人工智慧帶來的情感驅動體驗付費。在中國，人工智慧玩具解決方案在第二季度獲得了正面的回饋，並計劃擴大IP合作，瞄準多元化受眾。

Admittedly, ever since shifting tariff policies introducing global trend uncertainties, stakeholders across the discretionary consumers electronics value chain have been acting in their own interest, significantly pressuring off-line retail system overseas.

不可否認，自從關稅政策變化引入全球趨勢不確定性以來，非必需消費性電子產品價值鏈上的利益相關者一直在為自身利益行事，給海外線下零售體系帶來巨大壓力。

Nevertheless, Tuya's diversified products ecosystem and software technology capability enabled us to take targeted approaches to withstand these pressures, demonstrating our structure resilience. On margins, Q2 blended gross margin was 48.4%. PaaS gross margin reached a historical high of 48.7%, while Smart Solutions and SaaS & Others delivered gross margin of 22.5% and 72%. Considering that Tuya’s gross margins reflect the outcome of a platform-based business model combined with a rich hardware ecosystem, Q2 margins were aligned with our management expectation. Maintaining stable, robust margins is the foundation for achieving strong operating leverage.

儘管如此，塗鴉智慧多元化的產品生態和軟體技術實力使我們能夠採取有針對性的措施來應對這些壓力，展現了我們結構性的韌性。利潤率方面，第二季綜合毛利率為48.4%。 PaaS業務毛利率達到48.7%的歷史新高，智慧解決方案業務毛利率為22.5%，SaaS及其他業務毛利率為72%。考慮到塗鴉智慧的毛利率反映了平台化業務模式與豐富硬體生態的結合，第二季的利潤率符合我們管理層的預期。維持穩定、強勁的利潤率是實現強勁經營槓桿的基礎。

On the expenses side, we maintained disciplined execution. Since early 2024, after right-sizing our team, we have managed to meet operational needs -- including upgrading AI capability, increasing investment in R&D cloud and AI technology, building our AI developer community, and hosting creative events -- while keeping non-GAAP net operating expense stable. So we have remained across USD30 million per quarter for six consecutive quarters.

在費用方面，我們保持了嚴格的執行。自2024年初以來，在精簡團隊規模後，我們成功滿足了營運需求——包括提升AI能力、加大對雲和AI技術的研發投入、構建AI開發者社區以及舉辦創意活動——同時保持了非公認會計準則淨運營費用的穩定。因此，我們已連續六個季度保持在每季3000萬美元的水平。

Additionally, in May, we achieved a decisive victory in the frivolous class action lawsuit initiated in 2022, successfully defending the rights of Tuya's stakeholders. This also marked as a conclusion for the related expenses and eliminated further risk for potential losses. As a result, our operating leverage improved significantly, and we delivered nearly an 11% non-GAAP operating margin in Q2. On net profit, we achieved a 25.1% non-GAAP net margin and a 15.7% GAAP net margin in Q2, with GAAP margin expanding over 11 percentage points.While interest rates cut absorbed part of the net margin increase, this was offset by a decline of over 50% in our accounting share-based compensation expenses, further unleashing accounting profitability. In terms of cash flow, we generated strong operating cash flow of over USD18 million in Q2 and paid out our second cash dividend of about USD37 million. Net cash balance stood at just above USD1 billion at the quarter end. Looking ahead, we will continue to explore ways to deploy excess capital to support our business.

此外，我們在5月於2022年發起的集體訴訟中取得了決定性的勝利，成功維護了塗鴉利害關係人的權益。這也標誌著相關費用的結束，並消除了進一步的潛在損失風險。因此，我們的經營槓桿率顯著提高，第二季度非公認的會計準則營業利潤率接近11%。淨利方面，第二季的非公認會計準則淨利率為25.1%，公認會計準則淨利率為15.7%，公認會計準則利潤率提升超過11個百分點。雖然降息吸收了部分淨利潤率的成長，但這被會計股權激勵費用下降超過50%所抵消，進一步釋放了會計獲利能力。現金流方面，我們在第二季產生了超過1,800萬美元的強勁經營現金流，並發放了約3,700萬美元的第二筆現金股利。季末淨現金餘額略高於10億美元。展望未來，我們將繼續探索部署過剩資本來支援我們業務的方法。

Next, let me share the quarter's updates on our AI developer ecosystem. So Tuya has always been at the forefront of the AI hardware and application deployment and we remain fully committed to advance the AIoT ecosystem. So our goal is to continually lower the development threshold of AI devices products and promote their broader AI innovations and adoption.

接下來，我想分享一下本季我們AI開發者生態系統的最新進展。塗鴉智慧一直走在AI硬體和應用部署的前沿，並將繼續全力推動AIoT生態系統的建設。我們的目標是不斷降低AI設備產品的開發門檻，並促進更廣泛的AI創新和應用。

So first of that, let me highlight two data points. As of June 30, 2025, 93% of Tuya’s shipped products categories were equipped with AI capabilities. Meanwhile, Tuya’s AI developer platform deliver AI agent services that supported 150 million AI interactions per day globally across scenarios such as AI Note, AI Translate, AI Health, AI Energy, AI Pet Care, AI Trendy Play, AI Dimming, AI Safety Guard and AI Robotics. So in line with this, we've also seen strong enthusiasm and rapid expansion across our developer ecosystem infrastructures. Over the past quarter, many AI developers activated TuyaOpen cloud services and commercial AI. Developers collectively created 9,372 AI Agents across categories, including toys, pet, appliances, electrical devices and securities.

首先，我想強調兩個數據。截至2025年6月30日，塗鴉智慧已出貨產品類別中93%的產品都配備了AI功能。同時，塗鴉智慧的AI開發者平台提供的AI智能體服務，在全球範圍內支援每天1.5億次AI交互，涵蓋AI筆記、AI翻譯、AI健康、AI能源、AI寵物護理、AI潮流玩樂、AI調光、AI安全守護和AI機器人等場景。同時，我們也看到了開發者生態系統基礎設施的強勁發展勢頭和快速擴張。在過去一個季度，許多AI開發者啟動了塗鴉智慧雲端服務和商業AI。開發者們共創造了9,372個AI智能體，涵蓋玩具、寵物、家電、電子設備和證券等類別。

These numbers reflect the growing penetration of AI into households and industrial smart devices. The TuyaOpen open-source community also gained strong traction across Discord, Reddit, WeChat groups, and other platforms, our global developer base surpassed 27,000 for the AI stuff, with documentations reaching 55 countries and regions, open-source code contributions exceeded 2.3 million lines, and the core contributors steadily emerging as the ecosystem scales. While driving developer engagement, we also emphasize co-creations within the ecosystem. Since Q2, we have partnered with ecosystem collaborators to host multiple hackathon events across online and offline channels, generating hundreds of maker AI hardware prototypes with the commercial potential.

這些數字反映了人工智慧在家庭和工業智慧設備領域的日益普及。塗鴉開源社群在Discord、Reddit、微信群等平台上也獲得了強勁的反響，我們的全球AI開發者規模已超過2.7萬人，文件覆蓋55個國家和地區，開源程式碼貢獻超過230萬行，核心貢獻者也隨著生態系統規模的擴大而穩步湧現。在推動開發者參與的同時，我們也強調生態系內的共創。自第二季以來，我們攜手生態系統合作夥伴，透過線上線下通路舉辦了多場黑客馬拉鬆活動，並產出了數百個具有商業潛力的創客AI硬體原型。

These events spanned universities, embedded engineer communities, maker spaces, incubators, cloud developer communities, and cultural/IP developer groups—continuously exploring ways to bring AI into millions of households worldwide.

這些活動涵蓋大學、嵌入式工程師社群、創客空間、孵化器、雲端開發者社群和文化/IP 開發者團體，不斷探索將人工智慧帶入全球數百萬家庭的方法。

For example, in late July, we co-hosted the mega hackathon AdventureX 2025, attracting over 800 young developers and makers globally. Over five days, participants created a range of original projects through teamwork and collaboration, which drew enthusiastic feedback from developers and broad media coverage, reaching over tens of millions of people.

例如，7月下旬，我們共同主辦了大型黑客馬拉松AdventureX 2025，吸引了全球800多位年輕開發者和創客參與。在為期五天的活動中，參賽者透過團隊合作和協作，創作了一系列原創項目，獲得了開發者們的熱烈反饋和媒體的廣泛報道，覆蓋人數超過數千萬人。

More importantly, we are exploring pathways for maker projects to commercialization. For example, the community-initiated Otto robot project has entered commercialization, with distribution partners fueling its marketing and promotion. It is also driving adoption of Tuya’s T5 development board across the developer ecosystem. Another category of AI pendant products, which won awards in hackathon competitions, attracted interest from celebrity agencies and the consumer market, drawing incubation attention from multiple commercial partners. In addition, our collaboration with the Openedv community is bringing AI hardware development into university and embedded developer curricula, enabling developersto practice AIoT applications during their studies.

更重要的是，我們正在探索創客計畫的商業化途徑。例如，社區發起的Otto機器人計畫已進入商業化階段，分銷合作夥伴正積極推動其市場推廣。該專案也正在推動塗鴉T5開發板在整個開發者生態系統中的應用。另一類AI掛件產品在黑客馬拉鬆比賽中屢獲殊榮，吸引了明星經紀公司和消費者市場的關注，並吸引了許多商業夥伴的孵化關注。此外，我們與Openedv社群的合作，將AI硬體開發引入大學和嵌入式開發者課程，使開發者能夠在學習期間實踐AIoT應用。

So looking ahead, we'll continue our effort in two directions. The first one, further lower the threshold of AI developers, leveraging the Tuya's AI developer platform, AI agent platform, AI coding tools and scenario-based teaching to help more developers to get started quickly with AI hardware development.

展望未來，我們會繼續從兩個方向努力。第一，進一步降低AI開發者的門檻，利用塗鴉的AI開發者平台、AI代理平台、AI程式設計工具以及場景化教學，幫助更多開發者快速上手AI硬體開發。

Secondly, accelerating the commercialization of more AI hardware innovations through collaborations within the developer community, co-creation mechanism and ecosystem partners to bring excellent products to market and create commercial opportunities.

其次，透過開發者社群、共創機制和生態合作夥伴的合作，加速更多人工智慧硬體創新的商業化，將優秀的產品推向市場，創造商業機會。

So to conclude, while we faced macro challenge in Q2, the company maintains a strong profitability in the first half of this year and made solid progress in smart solutions, AI devices, and developer ecosystem. Looking ahead, we remain focused on the long term, executing three major growth strategies to offset near-term macro challenges, while strengthening our foundation for sustainable growth.

總而言之，儘管第二季度面臨宏觀經濟挑戰，但該公司今年上半年仍保持強勁盈利能力，並在智慧解決方案、AI設備和開發者生態系統方面取得了紮實進展。展望未來，我們將繼續著眼長遠，實施三大成長策略以應對短期宏觀經濟挑戰，同時鞏固永續成長的基礎。

So the three major direction will be: the: first, we'll continue deepening relationship with the core customers. We will meet the different needs of both new and long-standing customers with differentiated approaches, providing tailored product solutions and the technical support to help them to maintain competitiveness in their respective market.

因此，我們將有三個主要方向：第一，我們將繼續深化與核心客戶的關係。我們將以差異化的方式滿足新舊客戶的不同需求，提供量身定制的產品解決方案和技術支持，幫助他們在各自的市場中保持競爭力。

Second, we'll boldly seize regional opportunities. In Europe, we will focus on high-demand categories such as AI-driven energy savings and air conditioners; in Asia-Pacific, we will promote smartification of residences, buildings, and campuses through integrated AIoT platforms combining hardware and software; in North America, we will focus on consumer scenarios exhibiting strong willingness to pay, such as pets and ambient entertainment; and in China, we will deepen partnerships with major companies, gradually build consumer awareness through e-commerce, and pursue industry penetration via real estate group channels.

第二，我們將大膽掌握區域機會。在歐洲，我們將聚焦AI節能、空調等高需求品類；在亞太，我們將透過軟硬體融合的AIoT平台，推動住宅、樓宇、園區的智慧化；在北美，我們將聚焦寵物、環境娛樂等消費意願強的場景；在中國，我們將深化與各大企業的合作，透過電商逐步建立消費者認知，並透過地產集團進行認知管道。

Third, we will accelerate AI innovation among developers, covering new AI-driven hardware applications as well as Agents intelligence building on hardware, driving the industry-wide shift of the smart products towards the AI Agent-enable hardware.

第三，加速開發者的AI創新，涵蓋AI驅動的硬體新應用以及基於硬體的Agent智慧構建，推動全行業智慧產品向AI Agent硬體轉變。

And finally, based on our current financial performance, our Board has approved a cash dividend totaling about USD33 million. Regular dividend payments reflects Tuya's commitment to returning value to the capital markets and our shareholders.They also underscored our enduring confidence in the company's industry perspective. products portfolio, competitive positions, and long-term growth potential regardless of the market conditions on the market side.

最後，基於我們目前的財務表現，董事會已批准派發總額約3,300萬美元的現金股利。定期派息體現了塗鴉智慧致力於為資本市場和股東創造價值的承諾，也彰顯了我們對公司產業前景、產品組合、競爭地位以及無論市場行情如何變化的長期成長潛力的堅定信心。

So thank you all. Operator, I think that's all we'd like to present today. We can begin with the Q&A session.

謝謝大家。接線員，我想今天我們就講到這裡。我們可以開始問答環節了。

(Operator Instructions)

（操作員指示）

Yang Liu, Morgan Stanley.

摩根士丹利的劉洋。

Two questions from my side. The first one is regarding the growth outlook given the changing global trade environment in second quarter and the third quarter, what is the management expectation of the business growth going into the third quarter or the rest of the year? Should we see some acceleration in top-line or the PaaS shipment growth?

我有兩個問題。第一個問題是，鑑於第二季和第三季全球貿易環境的變化，公司對成長前景有何預期？管理階層對第三季或今年剩餘時間的業務成長有何預期？我們是否應該看到營收或PaaS出貨量的成長有所加速？

The second question is regarding the FX impact. Could the management update us what is constant currency growth for top-line in the second quarter, and to help us to understand what is the FX impact to the P&L?

第二個問題是關於外匯影響的。管理階層能否更新第二季固定匯率下營收的成長情況，並幫助我們理解外匯對損益表的影響？

Yes. So I'll answer the first one. So yes, for Q3 and the rest of this year, we'll see that the uncertainty on the tariff situation continues, because till now, we still don't have a conclusion - we don't have the agreement between countries. So the rest of this year, we'll see that consumer electronic categories’ recovering right now is still under pressure.

是的。我來回答第一個問題。是的，對於第三季以及今年剩餘時間，我們會看到關稅情勢的不確定性持續存在，因為到目前為止，我們還沒有得出結論——各國之間還沒有達成協議。因此，今年剩餘時間，我們將看到消費性電子產品類別目前的復甦仍面臨壓力。

And also, for Q2, the first shipment of those products that have been tariffed and we will have to address the demand for these products to be sold, but the retail products tend to impact this. So we will have to keep a close eye on what the end-demand reflection will look like.

此外，第二季度，第一批被加徵關稅的產品即將出貨，我們必須滿足這些產品的銷售需求，但零售產品往往會對此產生影響。因此，我們必須密切注意終端需求的反映。

And as far as we know that right now for the major retailers for the North America and the brands, and the importers, and manufacturers. They all have the concern that the demand we're trying to have the risk of the decline after the retail price raising.

據我們所知，目前北美的主要零售商、品牌商、進口商和製造商都擔心零售價上漲後需求下降的風險。

So this year, we have already seen that for the promotion seasons like Christmas, Black Friday, Back to School, as well as all the new product planning, promotions, and forecasts, these buyers have already shown this concerned mindset, instead of being too optimistic.

所以今年我們已經看到，對於聖誕節、黑色星期五、返校季等促銷季，以及所有的新產品規劃、促銷和預測，這些買家已經表現出這種擔憂的心態，而不是過於樂觀。

Some orders have shift from the higher-value smart products to lower-value. entry-level products. And even including Europe, that they have the same type of uncertainty as well. So those kind of parties, they're not too optimistic. So they are very proactive in reviewing all the reflections from the end users dynamically in the very short term.

一些訂單已經從高價值的智慧產品轉向低價值的入門產品。甚至包括歐洲在內，他們也面臨同樣的不確定性。所以這類公司不太樂觀。因此，他們非常積極主動地在短期內動態地審查所有來自最終用戶的回饋。

And also, we are facing a very long supply chain. So from the core components to the manufacturing, to the internationally logistics, and to retail, we have more challenges in the supply chains and we have more noise from the uncertainty.

而且，我們面臨的供應鏈非常長。從核心零件到製造，再到國際物流和零售，我們在供應鏈中面臨更多挑戰，也面臨更多來自不確定性的干擾。

Typical stuff is that while the retail prices are under pressure to rise. And then so from the retailer side to the importer side, to the brands, and to the manufacturers, all parties are renegotiating how to address these kinds of raising costs. And this kind of negotiation across multiple roles, multiple entities takes longer. So what we see is that in the past couple of months, those kind of negotiations took place and didn’t end. A typical example we’ve seen is that for off-line retailers and e-commerce platforms, these price impacts and related effects are very direct,for instance, among some of the robotic vacuums, we can see here is that some of the fast-growing robotic vacuum brands from China have seen a sharp decline in gross margins and profits.. That's kind of because of the tariffs and the impact of bargaining pressures.

典型的情況是，零售價格面臨上漲壓力。因此，從零售商到進口商，再到品牌商和製造商，各方都在重新協商如何應對成本上漲。這種跨多個角色、跨多個實體的談判需要更長的時間。因此，我們看到，在過去的幾個月裡，這類談判一直在進行，而且沒有結束。一個典型的例子是，對於線下零售商和電商平台來說，這些價格影響及其相關效應非常直接。例如，在一些機器人吸塵器領域，我們可以看到，一些快速成長的中國機器人吸塵器品牌的毛利率和利潤大幅下降。這在一定程度上是由於關稅和議價壓力的影響。

So for Tuya, what we see is that the tariff impact is exist, and also in the same time last year, we did quite well for the energy saving incentive program in France and that incentive policy has been scaled back a little bit. And so what we see is that for Q3, yes, there is still pressure but it should be getting better in Q4. So that's for the first question.

所以對於塗鴉智慧來說，我們看到關稅的影響是存在的。而且，去年同期，我們在法國節能激勵計畫中表現相當不錯，但激勵政策已經略有縮減。因此，我們看到第三季仍然面臨壓力，但第四季應該會有所改善。這是第一個問題。

As for the second question, yes, there is some pressures on currency as well. But right now, what we see is that the currency situation is relatively stable. So there's pressure, but it's under control. That's all.

關於第二個問題，是的，貨幣方面也存在一些壓力。但目前，我們看到貨幣情勢相對穩定。所以壓力是有的，但還在可控範圍內。僅此而已。

Timothy Zhao, Goldman Sachs.

高盛的趙蒂莫西。

Great. Congrats on the very solid results. Also two questions from my side. One is really on the competitive landscape in the AIoT PaaS segment. Just wondering how much you can see the competitive advantage when I think the whole industry is moving from the traditional say, IoT PaaS to IoT and what are our ways to maintain that kind of competitive advantage globally?

太好了！恭喜您取得如此驕人的成績。另外，我還有兩點問題。一個是關於AIoT PaaS領域的競爭格局。我想問一下，當整個產業從傳統的物聯網PaaS轉向物聯網時，您認為競爭優勢有多大？我們如何在全球範圍內維持這種競爭優勢？

Secondly is on your shareholder return policy. I think it's very pleased to see the dividend declaration announcement from this quarter. Just wondering if Management can provide us more structural way in terms of understanding the shareholder return policy for the years ahead.

其次是關於股東回報政策。我很高興看到本季的股息聲明。我想知道管理階層能否提供更具結構性的方法，讓我們了解未來幾年的股東回報政策。

Yes. Thank you, Timothy. So for the first one, what we see is that we are doing a lot of things to drive those developers from the traditional IoT applications into the AI applications.

是的，謝謝你，Timothy。首先，我們正在做很多事情來推動開發人員從傳統的物聯網應用轉向人工智慧應用。

As I mentioned earlier, we're doing a lot through different webinars, trainings, and events to gather all those kind of ideas and innovative plans from the developer, while exploring how to integrate AI into new user experiences.

正如我之前提到的，我們透過不同的網路研討會、培訓和活動做了很多工作，以收集開發人員的各種想法和創新計劃，同時探索如何將人工智慧融入新的使用者體驗。

And A piece of data I already shared is that for the first half of this year, over 93% of the products that have been built on the Tuya platform for the first half of this year already come with AI capabilities. So we're already achieving quite good penetration in integrating the new AI feature set into the existing Tuya developer ecosystem and the existing customer base as well. So that's the first one.

我之前分享的一項數據是，今年上半年，基於塗鴉平台開發的產品中，超過 93% 已經具備 AI 功能。因此，我們在將新的 AI 功能整合到塗鴉現有的開發者生態系統和現有客戶群方面，已經取得了相當不錯的滲透率。這是第一點。

But we'll continue to do more because a very exciting opportunity we see is that through AI technology, this technology will be able to cover more product categories. And so like the toy, like this kind of emotional-driven entertainment,so without the large language models, these types of products did not exist, and we couldn’t see the opportunity to make them more engaging. But right now, it is. So we'll continue to do that to encourage more of our existing developers to start trying out the AI feature set, understand these kinds of AI technologies, and exchange creative ideas. So that's one thing. And also, another thing is that when we identify these kinds of great ideas or prototypes, we use our networks and marketing resources to incubate them and help our developers commercialize them. So that's what we continue to do.

但我們會繼續做更多，因為我們看到了一個非常令人興奮的機會，那就是透過人工智慧技術，這項技術將能夠涵蓋更多的產品類別。例如玩具，例如這種情感驅動的娛樂產品，如果沒有大型語言模型，這些類型的產品就不存在，我們也看不到讓它們更具吸引力的機會。但現在，它確實存在。所以我們會繼續這樣做，鼓勵更多現有的開發者開始嘗試人工智慧功能集，了解這些人工智慧技術，並交流創意。這是一方面。另一方面，當我們發現這些偉大的想法或原型時，我們會利用我們的網路和行銷資源來孵化它們，並幫助我們的開發者將其商業化。這就是我們將繼續做的事情。

And we're looking for to have more, I would say, AI essential applications be built out in the future for the long run. And so that's one.

我們希望未來能建構更多人工智慧關鍵應用，長遠來看也是如此。這就是其中之一。

And the second part for the dividend or for the shareholder return. So like we said for the two quarters before, we will consider dividends as a regular policy or solution for shareholders’ returns, in addition to other measures. And the dividend will based on the stable profitability of the company, the stability of our business model, steady growth, and very healthy net operating cash flow. So our dividend will be based on that, and we're offering as a regular solution for the shareholders. That all.

第二部分是關於股息，或者說股東回報。正如我們之前兩個季度所說的那樣，除了其他措施外，我們將股息視為股東回報的常規政策或解決方案。股息將基於公司穩定的獲利能力、穩定的業務模式、穩定的成長以及非常健康的淨營運現金流。因此，我們的股利將以此為基礎，並作為我們為股東提供的常規解決方案。僅此而已。

(Operator Instructions)

（操作員指示）

Kai Xiao, CICC.

肖凱，中金公司。

Okay. And I have two questions as well. My first question is on your gross margin. So with this quarter, your gross margin has steadily expanded with margin, in particular, is rising fast. So my question is what are the key drivers for the gross margin going forward and in particular, how would the AI-related revenue affect your overall gross margin mix. So that's for the gross margin question.

好的。我也有兩個問題。第一個問題是關於你們的毛利率。本季度，你們的毛利率穩定成長，尤其是利潤率成長迅速。所以我的問題是，未來毛利率的主要驅動因素是什麼？特別是，人工智慧相關的收入將如何影響你們的整體毛利率結構？以上是關於毛利率的問題。

And my second question is on the SaaS and smart device solutions. So could you share the primary growth engines for the two sectors? And what's your outlook going forward?

我的第二個問題是關於SaaS和智慧型裝置解決方案的。您能否分享這兩個領域的主要成長引擎？您對未來有何展望？

Okay. So the first one, I think that the gross margin represents I think the competitiveness of the technology to provide and also the value proposition for us in the entire industry.

好的。首先，我認為毛利率代表了我們所提供的技術的競爭力，以及我們在整個產業的價值主張。

So right now, all the customers have already seen our gross margin. As a public company, our gross margin is publicly available. But they continue to satisfy with what we're offering, no matter whether it is in the technology, in the services, or in what we can offer to help them transition from a legacy device maker into a smart device maker, from a device reselling business model into more like the software services, AI services-based recurring model.

所以現在，所有客戶都已經看到了我們的毛利率。作為一家上市公司，我們的毛利率是公開的。但他們仍然對我們提供的產品感到滿意，無論是在技術、服務方面，還是在我們提供的幫助方面，幫助他們從傳統設備製造商轉型為智慧設備製造商，從設備轉售業務模式轉型為更像軟體服務、基於人​​工智慧服務的循環模式。

So I think the gross margins will print that. And for us, is that we manage the three business models separately. So for the PaaS, we're offering. So we're satisfied with the gross margin range so far. And for the SaaS, the key part is that it's a regular software based. So gross margin above 70% will be regular based. So we're not looking forward to push that up like into 80% or 90%, because that's not realistic. But we're looking to scale that faster. As you can see, starting from Q2, we have really seen that SaaS grow faster than PaaS and because we're starting to acquire or transit more end users to those kind of SaaS offering as a premium feature as a recurring model. And we have more stickiness on the recurring side. So that's for the SaaS.

所以我認為毛利率會反映這一點。對我們來說，我們分別管理這三種業務模式。對於PaaS，我們提供的是…所以到目前為止，我們對毛利率範圍感到滿意。對於SaaS，關鍵在於它是基於常規軟體的。因此，70%以上的毛利率將是基於常規軟體的。我們並不期望將其推高到80%或90%，因為這不切實際。但我們希望更快擴大規模。正如你所看到的，從第二季度開始，我們確實看到SaaS的成長速度比PaaS更快，因為我​​們開始將更多終端用戶吸引或轉移到這類SaaS產品上，將其作為一項高級功能，作為一種循環模式。我們在循環方面擁有更高的用戶黏性。以上就是SaaS的情況。

And for the solutions, we're looking for the long run, is that because it's software and hardware combined and essentially has an increasing portion coming from the hardware side. So for that part is at above 20% of the gross margin for the solutions already represent that taking a higher value proposition for that part. And so I think that's what we're looking for to see that to maintain above 20% gross margin for the solutions is what looking forward to come around with scalability.

至於解決方案，我們著眼於長期發展，因為它是軟體和硬體的結合，而且本質上硬體部分的份額正在不斷增長。因此，解決方案的毛利率超過20%已經表明我們為該部分提供了更高的價值主張。所以，我認為，我們希望看到解決方案的毛利率維持在20%以上，並期待其具備可擴展性。

And I think that's the key part. So we feel comfortable about the current position so far, because we really take the higher values on the existing work we have in the industry. So we continue to push more scalability. I think that's for that part. And the second part is about the solution, right? And so I think for the solutions on the strategy side, is that the solutions are not open for everyone kindly. So the solution will more focus on the key customers or the top tier customer in the firm perspective market, either in their own region or in their own vertical industry.

我認為這是關鍵部分。我們對目前的狀況感到滿意，因為我們非常重視我們在這個行業中現有的工作。因此，我們會繼續推動更大的可擴展性。我認為這就是這一部分。第二部分是關於解決方案的，對吧？我認為，就戰略層面而言，解決方案並非面向所有人。因此，解決方案將更專注於公司目標市場中的關鍵客戶或頂級客戶，無論是在自己的區域還是在自己的垂直行業。

So the solutions are providing differentiated and the offerings for those customers to help them to provide a higher-value products to the market. So those key customers, either they have a better position that they can offer in a higher pricing products or they have a better position to provide a differentiated production. So we were not facing very brutal competitions on the commodities. So we don't offer the communities. So I think that's the first one.

因此，這些解決方案旨在為客戶提供差異化的產品和產品組合，幫助他們向市場提供更高價值的產品。因此，這些關鍵客戶要么擁有更有利的地位，能夠提供更高價格的產品，要么擁有更有利的地位，能夠提供差異化的產品。因此，我們在商品方面並沒有面臨非常激烈的競爭。因此，我們不提供針對社區的服務。我認為這是第一點。

And then, through that part, we are kind of working along with those key customers, to create a product roadmap for the next 6 to 12 months. And then we kind of become the key suppliers for all their most advanced products or flagship products for the long run.

然後，透過這個環節，我們與關鍵客戶合作，制定未來6到12個月的產品路線圖。之後，我們基本上會成為他們所有最先進產品或旗艦產品的長期關鍵供應商。

So I think that's what we our driving forces for the long term. So the more we start to deliver for those customers, the more opportunity we have working along with those customers for the long run, and the more opportunity we can take more portion of their business and for any type of smart devices for the long run. So I think that's a key part.

所以我認為這就是我們長期發展的驅動力。我們為這些客戶提供的服務越多，我們與這些客戶長期合作的機會就越大，我們就越有機會從他們的業務以及任何類型的智慧型裝置中分得一杯羹。所以我認為這是關鍵。

And what do we see a very good trend here is that starting with Q2, finally, we're starting to offer in the AI solutions. So not only the Smart Bird Feeders, that's what we try out for last year, but also for this Q2, we're starting to deliver AI toys in collaboration with two major leaders in the Chinese toy industry. So one is Haizi Wang, another one is a IP from NetEase. And so those feedbacks from the customer side and from end users side that become very positive. And then we're trying to scale that kind of totally new vertical categories that we don't have before. So while we have more and more AI essential, AI-empowered solutions offering, we already see that we're starting to open more doors.

我們看到一個非常好的趨勢是，從第二季開始，我們終於開始提供人工智慧解決方案了。不僅有去年嘗試的智慧餵鳥器，今年第二季度，我們也開始與中國玩具業的兩大巨頭合作推出人工智慧玩具。一個是汪海子，一個是網易的IP。客戶和終端用戶的回饋都非常積極。我們正在嘗試擴展這些以前從未有過的全新垂直類別。因此，隨著我們推出越來越多以人工智慧為基礎、由人工智慧賦能的解決方案，我們已經看到我們正在打開更多的大門。

And for the second half of this year, and our shipment for AI-based energy solution, we're starting to complish, and we're looking to grab that opportunity as fast as we can as well. So I think that's for the solution part.

今年下半年，我們基於人工智慧的能源解決方案的出貨量即將完成，我們也希望盡快抓住這個機會。所以我認為這是解決方案的部分。

Matt Ma, Jefferies.

馬特馬（Matt Ma），傑富瑞集團。

I have two questions. So the first one is also related to the US tariffs. Are we observing a shift of China-based supply chain to overseas for our brand customers. If so, what other impacts on Tuya and should we expect to see incremental costs, for example, in module logistics?

我有兩個問題。第一個問題也與美國關稅有關。我們是否觀察到我們的品牌客戶正在將中國供應鏈轉移到海外？如果是這樣，這對塗鴉智慧還有哪些影響？我們是否應該預期成本會增加，例如模組物流成本？

And the second question is related to margins. We are seeing that for Smart Solutions, its gross margin is 22.5% in the second quarter, which is relatively lower than previous quarters. Just wondering what is the reason behind that? And also, given our business model can enjoy very strong operating leverage. Over the next three to five years, what kind of margin profile do you expect to see the company to achieve?

第二個問題與利潤率有關。我們看到，Smart Solutions 第二季的毛利率為 22.5%，相對低於前幾季。我想知道背後的原因是什麼？而且，考慮到我們的商業模式可以享受非常強大的營運槓桿。在未來三到五年內，您預計公司的利潤率會達到什麼樣的水平？

Okay. Yes. So the first one is that, yes, after the tariff situation, every people talking about the shift in supply chains globally. But that kind of topic is not been discussed this year, because the first tariff rating took in place in 2018. So what we see here is that just for those products manufactured and so to United States, different categories react in different ways.

好的。是的。首先，關稅事件發生後，大家都在談論全球供應鏈的轉變。但今年沒有討論過這類話題，因為第一次關稅評級是在2018年實施的。所以我們現在看到的是，就那些在美國生產的產品而言，不同類別的產品的反應不同。

So for those categories, we acquire a less component and less rely on very diversified supply chain. So some simple stuff like the plugs, maybe LED box. So those type of categories, not only this year, I think that four or five years ago that many manufacturers trying to relocate it in other countries like Mexico, like Vietnam, Thailand, including India. So those manufacturers are already relocated somehow.

因此，對於這些類別，我們採購的零件較少，對高度多元化的供應鏈的依賴也較小。例如一些簡單的產品，像是插頭，也許是LED燈箱。這類產品，不只今年，我認為四、五年前，許多製造商就試圖將其轉移到其他國家，例如墨西哥、越南、泰國，包括印度。所以這些製造商已經以某種方式轉移了。

But some categories, super rely on the key components supplying, like the air conditioner. So they have way more complicated supply chain. It's not easy to move that out entirely. So the major air conditional manufacturers still they have to produce in China.

但有些產品類別非常依賴關鍵零件的供應，例如空調。因此，它們的供應鏈要複雜得多。要完全轉移這些供應鏈並不容易。因此，主要的空調製造商仍然必須在中國生產。

So different categories right now are impacting in different levels. But those shifting supply chain already took in place for years. So for us, is that we just follow the flow is that wherever the customers want to produce their finished products, we just deliver on modules to their location. So I think that's the first one.

所以目前不同類別的影響程度不同。但這些供應鏈的轉移已經持續多年。所以對我們來說，我們只是順應潮流，無論客戶想在哪裡生產成品，我們都會將模組運送到他們所在地。我認為這是第一點。

But the pressure comes from that especially in Q2, as we can see that those tariff policy, I mean, challenge is that United States or President Trump tried to raise the tariff almost every other country, including Mexico, including Japan, including Vietnam, and Thailand.So for the short term, that the importers don't know where is the safest place to produce or where is the stable place to do that. So I think that's where the shift comes from. But, what we see for the long term is that anyhow, this is a negotiation across multiple entities, across multiple nations. The negotiation is going to work out with a deal. So once there is a deal, there's a price that how people have to pay that. And then they will come up with a conclusion. So all the merchants, they know that how they can reprice that and is trying to sell that on a steady level, even with a higher price. So that's what we're looking forward to wait and find out. So those negotiations seems to progress somehow and seems to have a conclusion maybe in the next couple of months, right, where we see extended twice, but there should be a conclusion. So we're looking for have that. So that's the first one.

但壓力也隨之而來，尤其是在第二季。正如我們所見，這些關稅政策帶來的挑戰是美國，或者說川普總統試圖提高幾乎所有其他國家的關稅，包括墨西哥、日本、越南和泰國。因此，短期內，進口商不知道哪裡是最安全的生產地，哪裡是穩定的生產地。所以我認為這就是轉變的根源。但從長遠來看，我們看到的是，無論如何，這是一場跨多個實體、跨多個國家的談判。談判最終會達成協議。一旦達成協議，就會有一個價格，也就是人們必須支付的價格。然後他們會得出一個結論。所以，所有商家都知道如何重新定價，並試圖以穩定的水平銷售，即使價格上漲也是如此。這就是我們期待的結果。所以這些談判似乎取得了一些進展，並且可能在未來幾個月內得出結論。雖然我們看到談判延後了兩次，但應該會有一個結論。我們希望看到這一點。這是第一個問題。

So for the short term, there's no easy option for the manufacturing, for the manufacturers because almost everyone will be tariffed at a different price. But for the long run, that as long as there is a price and then people will figure out how to continue to do the business, because we're not cutting up. Yes, I think that's about tariffs.

因此，短期內，製造業和製造商沒有簡單的選擇，因為幾乎所有產品都會以不同的價格被徵收關稅。但長遠來看，只要有一個價格，人們就會想辦法繼續做生意，因為我們不會割肉。是的，我認為這與關稅有關。

And second one about the gross margin. I really share part of the parts on the previous questions, so we'll review the gross margin splitted into three sections, because either the PaaS or the SaaS or the smart solutions, they come to different value proposition and facing different type of competitions. So we'll more review those gross margins to see that whether we take the higher value proposition. For the smart solutions, maybe we'll take a higher propositions versus their in-house design team or versus any other solution providers. And for the PaaS, we review as whether we can really offer as a PaaS company or as a platform company and for the SaaS, it's whether we are really running a SaaS-based business. So for that part, the value propositions to show the competitiveness for us as a different role. So as I shared before that in the PaaS, the range was so far between 47% to 48%, we're satisfied with that. For the SaaS above 70% of the regular SaaS company, we're good with that. And for the solutions, a higher propositions is about 20%, I think that is good.

第二點是關於毛利率。我之前提到的部分問題我其實也同意，所以我們會把毛利率分成三個部分來考察。因為無論是PaaS、SaaS或智慧解決方案，它們的價值主張不同，面臨的競爭也不同。所以我們會進一步檢視這些毛利率，看看我們是否採取了更高的價值主張。對於智慧解決方案，我們可能會採取比他們的內部設計團隊或其他解決方案提供者更高的價值主張。對於PaaS，我們會檢視我們作為PaaS公司或平台公司是否能夠真正提供服務；對於SaaS，我們會檢視我們是否真正在經營基於SaaS的業務。因此，在這一方面，價值主張能夠展現我們作為不同角色的競爭力。正如我之前提到的，PaaS的毛利率目前在47%到48%之間，我們對此感到滿意。對於SaaS，如果能達到普通SaaS公司70%以上的水平，我們對此感到滿意。對於解決方案，較高的建議是大約 20%，我認為這很好。

So I think that's the key part we managed it. And one of the reasons, for the solutions, as you can see, the solution margin slightly declined in Q2. Reason being is that solution is more supply chain related. And in Q2, we started to offer some new solutions, like the AI toys. So at starting point of some new products or the new solutions, and we have the space to cost on, coming along with the scalability. So we're offering at the lower margin, we think it's fine. But to come along with our scale of the business, so we have more space that can free the cost. So I think that's a key part.

所以我認為這是我們成功的關鍵部分。如您所見，解決方案利潤率在第二季度略有下降的原因之一。原因是這些解決方案與供應鏈更相關。在第二季度，我們開始提供一些新的解決方案，例如人工智慧玩具。因此，在一些新產品或新解決方案的起步階段，我們有成本空間，並且具備可擴展性。我們認為以較低的利潤率提供服務是可以接受的。但隨著我們業務規模的擴大，我們擁有更大的空間來降低成本。所以我認為這是關鍵部分。

So the most important thing for us is that to proven those solutions really worked out coming along with a wide end user demand and come with the competitiveness that we can help the customer to face in any fold. In the same time, that's come along with the scalability, we'll be able to increase operating average and the margin performance for the long run. I think that's how we run that.

因此，對我們來說，最重要的是證明這些解決方案確實有效，能夠滿足廣泛的終端用戶需求，並具備競爭力，能夠幫助客戶應對各種挑戰。同時，憑藉可擴展性，我們將能夠長期提高平均營運成本和利潤率。我想這就是我們的運作方式。

Seeing no more questions in the queue. Let me turn the conference back over to Regina Wang for closing remarks.

隊列中沒有其他問題了。請 Regina Wang 做最後總結發言。

Thank you, operator, and thank you all once again for joining us today. If you have any further questions, please feel free to contact IR team of Tuya. Goodbye and see you next quarter.

謝謝接線員，再次感謝大家今天的參與。如果您還有其他問題，請隨時聯絡塗鴉的投資人關係團隊。再見，我們下個季度再見。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您可以掛斷電話了。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分由現場翻譯人員朗讀。該翻譯人員由贊助本次活動的公司提供。