Tuya Inc. (TUYA) 2026 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 2026 earnings conference call. At this time, all participants are in listen-only mode. After the speaker’s presentation, there will be a question-and-answer session.

各位女士、各位先生，早安、晚安。感謝各位撥冗等候，歡迎參加塗鴉智能（Tuya Inc.）2026 年第一季度業績電話會議。目前所有與會者均處於僅收聽模式。管理層簡報結束後，將進入問答環節。

Briefly informed that today’s conference is being recorded. I’ll now turn the call over to the first speaker today, Ms. Regina Wang, Investor Relations Associate Director of Tuya. Please go ahead.

簡要提醒各位，今天的會議將被錄音。現在我將把電話交給今天的第一位發言人——塗鴉投資者關係副總監 Regina Wang 女士。請開始。

Thank you. Hi, Yang. Hello, everyone. To our first quarter 2026 earnings conference call. Joining us today are our Founder and CEO, Mr. Jerry Wang; and our co-Founder and CFO, Mr. Alex Yang. Our results and webcast of the conference call are available at ir.tuya.com.

謝謝。嗨，Yang。各位好，歡迎參加我們 2026 年第一季度業績電話會議。今天與會的有我們的創辦人兼執行長 Jerry Wang 先生，以及共同創辦人兼財務長 Alex Yang 先生。我們的業績公告與本次電話會議的網路直播可於 ir.tuya.com 查閱。

A replay of this call will also be available on our IR website in a few hours. Before we continue, I’d like to refer you to our safe harbor statement in our earnings press release, which applies to this call as we will make forward-looking statements.

本次電話會議的重播也將在數小時後於我們的投資者關係網站提供。在繼續之前，我想請各位參閱我們在業績新聞稿中的「安全港聲明」，該聲明同樣適用於本次電話會議，因為我們將發表前瞻性陳述。

With that, I will now turn the call over to our Founder and CEO, Mr. Jerry Wang. Jerry will give his remarks in Chinese and English translation follows. Jerry, please.

接下來，我將把電話交給我們的創辦人兼執行長 Jerry Wang 先生。Jerry 將以中文發言，隨後提供英文翻譯。Jerry，請。

(interpreted)

（口譯）

Hello, everyone, and thank you for joining Tuya’s earnings conference call for the first quarter of 2026.

各位好，感謝大家參加塗鴉 2026 年第一季度業績電話會議。

During the quarter, despite ongoing uncertainties in the external environment and disturbances from certain regional factors, the company delivered solid growth momentum and a strong execution capability. Benefiting from a continued recovery in downstream demand, our business scale has been expanding modestly since the fourth quarter.

本季度，儘管外部環境仍存在不確定性，且受到部分地區因素的擾動，公司仍展現出穩健的成長動能與強勁的執行力。受益於下游需求持續回暖，自第四季度以來，我們的業務規模保持溫和擴張。

(interpreted)

（口譯）

Total revenue increased by 8.3% year over year, with growth momentum improving quarter-on-quarter and posting positive growth for multiple consecutive quarters. Gross margin remained at a healthy level, reflecting the continued enhancement of our product value proposition and platform competitiveness.

總營收年增 8.3%，成長動能較上一季度進一步改善，並已連續多個季度實現正成長。毛利率維持在健康水準，反映出我們產品價值主張與平台競爭力的持續提升。

(interpreted)

（口譯）

In terms of execution of our key strategies, we continue to advance our AI-driven development strategy. As we have mentioned earlier, AI is shifting from simple feature stacking towards deep integration with hardware devices and vertical industry scenarios.

在關鍵策略的落地執行方面，我們持續推進 AI 驅動的發展策略。正如我們先前提到的，AI 正從簡單的功能堆疊，轉向與硬體設備及垂直行業場景的深度融合。

It is gradually evolving from a mere conversational tool into an intelligent agent that interacts and operates in the physical world. This trend has been further validated by a richer portfolio of application offerings and customer scenarios in quarter one 2026.

它正逐步從單純的對話工具，演進為能在物理世界中互動與執行的智慧代理（intelligent agent）。在 2026 年第一季度，更豐富的應用供給與客戶場景進一步驗證了這一趨勢。

(interpreted)

（口譯）

At the same time, we are accelerating the transition of AI capabilities from the platform layer to application layer and the scenario-based products. With successful deployment across multiple real-world use cases, we keep upgrading our developer tools and platform capabilities, empowering growth global developers to access and apply cutting-edge AI technologies at lower cost and higher efficiency. The sustained growth in AI-related revenue also reflects steady progress across our commercialization efforts.

同時，我們正加速將 AI 能力從平台層下沉至應用層與場景化產品。隨著在多個真實用例中的成功部署，我們持續升級開發者工具與平台能力，賦能全球開發者以更低成本、更高效率接入並應用前沿 AI 技術。AI 相關收入的持續成長也反映出我們商業化工作的穩步推進。

(interpreted)

（口譯）

During the quarter, we introduced a range of applications aligned with this direction, including the AI-powered smart life assistant, Hey Tuya, and AI Security Guardian. The significance of these initiatives lies not only in single products, but in validating the capabilities of AI agents to move beyond handling digital tasks into physical world execution and device coordination. We are seeing AI gradually develop the ability to operate across both digital and physical worlds, marking a critical step forward in the real world deployment of physical AI.

本季度，我們推出了一系列符合上述方向的應用，包括 AI 驅動的智慧生活助理 Hey Tuya，以及 AI Security Guardian。這些舉措的意義不僅在於單一產品本身，更在於驗證 AI 代理能從處理數位任務進一步走向物理世界的執行與設備協同。我們看到 AI 正逐步具備跨越數位與物理世界運作的能力，這標誌著物理 AI 在真實世界部署上邁出了關鍵一步。

(interpreted)

（口譯）

Looking ahead, we will further deepen our strategic focus on the following key areas. First, we will continue to advance AI-native application innovation, centering on high engagement categories such as smart toys. We will accelerate the penetration and large scale adoption of AI capabilities in consumer scenarios, extending physical AI into a wider range of everyday use cases.

展望未來，我們將進一步聚焦以下幾個重點方向。第一，我們將持續推進 AI 原生應用創新，聚焦智慧玩具等高互動品類，加速 AI 能力在消費者場景中的滲透與規模化採用，將物理 AI 延伸至更廣泛的日常使用場景。

Second, we will scale the global rollout of proven AI solutions, particularly in the energy and green technology sectors. By bringing mature solutions to international markets, we aim to enhance our industry recognitions globally.

第二，我們將擴大已驗證 AI 解決方案的全球推廣，特別是在能源與綠色科技領域。透過將成熟方案推向國際市場，我們希望提升公司在全球範圍內的行業認可度。

Third, we will continue to strengthen our developer ecosystem. Through open platforms and enhanced tool capabilities, we will lower the barriers to AI application development and work closely with industry partners to drive deeper exploration and the commercialization of AI technologies.

第三，我們將持續強化開發者生態。透過開放平台與更強的工具能力，降低 AI 應用開發門檻，並與產業夥伴緊密合作，推動 AI 技術更深入的探索與商業化落地。

(interpreted)

（口譯）

Now, let me turn the call over to our co-Founder and CFO, Alex Yang, for a closer look at our financial performance and business progress.

接下來，我把電話交給我們的共同創辦人兼財務長 Alex Yang，請他更詳細地介紹我們的財務表現與業務進展。

Hello, everyone. This is Alex. I will provide a brief overview of our first quarter results. Please note that unless otherwise stated, all figures are in US dollars and all comparisons are on year-over-year basis.

各位好，我是 Alex。我將簡要回顧我們第一季度的業績。請注意，除非另有說明，所有金額均以美元計，且所有比較均為同比口徑。

In the first quarter of 2026, we generated total revenue of approximately USD80.9 million, representing a year-over-year increase of around 8.3%. Despite ongoing uncertainties in external environment, the company maintained its steady growth trajectory. Our core platform business remained stable, while AI-related business continued to demonstrate a strong growth trend.

2026 年第一季度，我們實現總營收約 8,090 萬美元，同比增長約 8.3%。儘管外部環境仍存在不確定性，公司仍保持穩健的成長軌跡。我們的核心平台業務保持穩定，而 AI 相關業務持續展現強勁的成長趨勢。

On profitability, our operating margin continued to improve. GAAP operating margin reached 9.2%, representing a significant year over year increase, while non-GAAP operating margin was 10%. Net margin further improved to 19.5%, reflecting continued optimization in operating efficiency and cost structure. Overall, the combination of improvements in revenue mix and disciplined expense management has driven sustained profitability gains.

在獲利能力方面，我們的營業利潤率持續改善。按 GAAP 口徑，營業利潤率達 9.2%，同比顯著提升；按 non-GAAP 口徑，營業利潤率為 10%。淨利潤率進一步提升至 19.5%，反映出營運效率與成本結構的持續優化。整體而言，收入結構改善與嚴格的費用管理共同推動了獲利能力的持續提升。

Before going to segment details, we would like to note that we have adjusted the names of certain business segments this quarter. The former SaaS and Others segment has been renamed to AI application and others, reflecting our continued push forward AI-enabled software services and more applications accurately at capturing the transition from traditional cloud services to AI application services.

在進入分部細節之前，我們想說明：本季度我們調整了部分業務分部的名稱。原「SaaS 及其他」分部更名為「AI 應用及其他」，以反映我們持續推進 AI 賦能的軟體服務與更多應用，並更準確地呈現從傳統雲服務向 AI 應用服務轉型的趨勢。

Meanwhile, the former Smart Solution segment has been renamed to Smart Home and Robot Products, highlighting our increased focus on AI-powered home products, household robotics, and scenario-driven AI initial devices on the hardware side. We would like to emphasize that these changes are purely presentational and do not affect the revenue composition, recognition methods, or historical comparabilities of each segments.

同時，原「智慧解決方案」分部更名為「智慧家庭與機器人產品」，以凸顯我們在硬體端對 AI 驅動的家居產品、家用機器人以及場景驅動的 AI 初始設備的投入重點。我們強調，這些變更僅為呈現方式調整，不影響各分部的收入構成、收入確認方法或歷史可比性。

Within our segments, the PaaS business generates revenue of USD59 million this quarter, representing a year over year increase of approximately 9.8%. As customer demand gradually recovered, we continue to drive steady growth in our core business through ongoing optimization of our customer mix and those capabilities. At the end of this first quarter, the number of PaaS premium customers reached 306, reflecting the stability of our core customer base and the structural resilience of the platform business.

在各分部中，本季度 PaaS 業務收入為 5,900 萬美元，同比增長約 9.8%。隨著客戶需求逐步回升，我們透過持續優化客戶結構及相關能力建設，推動核心業務穩健成長。截至第一季度末，PaaS 付費高級客戶數達到 306 家，反映出核心客戶群的穩定性以及平台業務的結構性韌性。

The AI application and Others segments generated revenue of USD11.6 million in this quarter, representing a year over year increase of approximately 16.9%, continuing to outpace overall company growth. This growth was primarily driven by increased revenue from the cloud software services and AI application services, including AI cloud storage, energy management and serving, value-added services like SMS and voice services, as well as app OEM and SDK offerings.

本季度「AI 應用及其他」分部收入為 1,160 萬美元，同比增長約 16.9%，持續快於公司整體增速。該增長主要由雲端軟體服務與 AI 應用服務收入提升所帶動，包括 AI 雲端儲存、能源管理與服務，以及簡訊與語音等增值服務，並包含 App OEM 與 SDK 相關供給。

This reflecting the continuous progress in commercialization of our AI applications. As more software products completed their AI-driven upgrades, this segment is gradually become a more growth-oriented and software service-centric component of our revenue mix.

這反映出我們 AI 應用商業化的持續進展。隨著更多軟體產品完成 AI 驅動升級，該分部正逐步成為我們收入結構中更具成長導向、以軟體服務為核心的組成部分。

The Smart Home and Robot Product segment generated revenue of USD10.2 million, representing a year-over-year decrease of approximately 6.9%. The fluctuation in this segment primarily reflects our proactive effort to phase out relatively low-value hardware products and optimize the product mix, and reallocate resources towards higher value-added, especially AI-native hardware terminals. As the segments undergoes structural adjustments, we expect its long-term profitabilities and scalabilities to gradually improve within a higher mix of a higher value production.

「智慧家庭與機器人產品」分部本季度收入為 1,020 萬美元，同比下降約 6.9%。該分部的波動主要反映我們主動淘汰相對低價值的硬體產品、優化產品組合，並將資源重新配置至更高附加價值、尤其是 AI 原生硬體終端。隨著分部進行結構性調整，我們預期在更高價值產品占比提升的帶動下，其長期獲利能力與可擴展性將逐步改善。

From an operational perspective, several vertical this quarters has demonstrated structural opportunities driven by the integration of AI and smart hardware. Like in the Security segment, our smart door lock business achieved 73% year-over-year growth, driven by upgrades in the multi-modeling Wi-Fi solutions, video intercoms, as well as AI voices and vision capabilities.

從營運角度來看，本季多個垂直領域在 AI 與智慧硬體整合的帶動下，展現出結構性機會。例如在安防（Security）領域，我們的智慧門鎖業務年增 73%，主要受惠於多模 Wi-Fi 解決方案、可視對講的升級，以及 AI 語音與視覺能力的導入。

PaaS revenue from Wi-Fi-enabled smart door locks increased 75% year-over-year growth. At the same time, the AI application revenues from the video-enabled locks increased substantially 500% year over year. This demonstrate that AI and multi-modeling capabilities are driving the traditional smart lock vertical to evolve from a standalone hardware model into a higher value business model of hardware plus software service plus AI capability combined.

Wi-Fi 智慧門鎖帶動的 PaaS 收入年增 75%。同時，具備影像功能的門鎖所帶來的 AI 應用收入大幅年增 500%。這顯示 AI 與多模能力正推動傳統智慧門鎖垂直領域，從單一硬體模式演進為「硬體 + 軟體服務 + AI 能力」結合的更高價值商業模式。

In the energy sector, related PaaS products, including the EV chargers, metering products, and professional metering solutions, are emerging on new growth drivers. We are also continuous to advancing the higher value solutions such as AI-enabled display, gateway, and voice capabilities, providing a strong foundation for our customers’ product upgrades and the future growth.

在能源領域，包含 EV 充電樁、計量產品與專業計量解決方案等相關 PaaS 產品，正成為新的成長動能。我們也持續推進更高價值的解決方案，例如 AI 賦能的顯示、閘道器與語音能力，為客戶的產品升級與未來成長提供堅實基礎。

In the AI energy, demand in the European market for home energy management, energy storage, and AI-driven energy-saving solutions continue to grow. During this quarter, we made solid progress in advancing AI energy-related initiatives with key milestones achieved in the commercialization of energy storage and ecosystem accessories.

在 AI 能源方面，歐洲市場對家庭能源管理、儲能，以及 AI 驅動的節能解決方案需求持續成長。本季我們在推進 AI 能源相關計畫上取得扎實進展，並在儲能與生態系配件的商業化方面達成多項關鍵里程碑。

Our customers received a very positive feedback and secured multiple channel partnerships and orders at the exhibition such as Light + Building in Frankfurt and the Solar Solutions in the Netherlands. In the Singapore’s HDB project, new capabilities, app panels, and deliverables are progressing on schedule. AI energy is gradually evolving towards a comprehensive solutions model integrating hardware bundles, software, and AI orchestration, plus channel operations.

我們的客戶回饋非常正面，並在法蘭克福 Light + Building、荷蘭 Solar Solutions 等展會上取得多項通路合作與訂單。在新加坡 HDB 專案中，新能力、App 面板與交付項目均按計畫推進。AI 能源正逐步朝向整合硬體套裝、軟體與 AI 編排（orchestration）以及通路營運的整體解決方案模式演進。

From a regional and scenario perspective, Europe remains a key deployment market for energy and green technology solutions, with growing demand for AI energy, smart electrical systems, spatial intelligence applications, AI smartphone appliances, and AI safety and security products.

從區域與場景角度來看，歐洲仍是能源與綠色科技解決方案的關鍵部署市場，對 AI 能源、智慧電氣系統、空間智慧應用、AI 智慧家電，以及 AI 安全與安防產品的需求持續成長。

In Asia Pacific region, the Singapore HDB projects continue to move through implementation and validation, while Southeast Asia and other emerging markets are beginning to generate opportunities in energy management, spatial intelligence, and SME scenarios as well. In China, AI-enabled smart door locks, AI toy, and AI home products, including AI companion, continue to attract strong customer interest, with some customers already advancing project upgrades and solution integrations.

在亞太地區，新加坡 HDB 專案持續推進落地與驗證；同時，東南亞及其他新興市場也開始在能源管理、空間智慧與中小企業（SME）場景上產生機會。在中國，AI 賦能智慧門鎖、AI 玩具與 AI 家居產品（包含 AI 陪伴）持續吸引強勁客戶興趣，部分客戶已在推進專案升級與解決方案整合。

On margins, our blended gross margin for this quarters was 46.9%, with a slightly year-over-year fluctuation, primarily due to the change in the product mix and certain upstream cost variations. By segment, gross margin for PaaS was 46.1%. Gross margin for AI application and others was 71.7%, remain stable and reflecting the structural advantage of software and AI-driven business.

在毛利率方面，本季綜合毛利率為 46.9%，年對年略有波動，主要由於產品組合變化及部分上游成本波動所致。分業務來看，PaaS 毛利率為 46.1%；AI 應用及其他業務毛利率為 71.7%，保持穩定，並反映軟體與 AI 驅動業務的結構性優勢。

The gross margin for Smart Home and Robot Product was 23%, maintaining a level of above 20%. While advancing AI applications and high value, we continue to focus on the cost efficiency and product value.

智慧家庭與機器人產品的毛利率為 23%，維持在 20% 以上水準。在推進 AI 應用與高價值產品的同時，我們也持續聚焦成本效率與產品價值。

Our expenses, we maintain disciplined cost management during the quarter, with total operating expenses, OpEx, of approximately USD30.4 million, while continually investing in core AI development and platform capability. Improvements driven by AI and digitalization, and digitalizing public operations enable further operating leverage.

在費用方面，我們本季維持嚴謹的成本管理，營業費用（OpEx）合計約 3,040 萬美元，同時持續投入核心 AI 研發與平台能力建設。由 AI 與數位化帶動的改善，以及公共營運的數位化，將進一步帶來營運槓桿。

In terms of profitability, we recorded profit from operations of about USD7.5 million for this quarter. Non-GAAP profit from operations was approximately USD8.1 million.

在獲利方面，本季我們錄得營業利益約 750 萬美元；非 GAAP 營業利益約 810 萬美元。

Net profit reached USD15.8 million. The improvement was primarily driven by positive contribution from gross profit growth, as well as lower share-based compensation expenses.

淨利達 1,580 萬美元。改善主要來自毛利成長的正向貢獻，以及較低的股份基礎給付（share-based compensation）費用。

Our net operating cash flow remained positive during this quarter. At the end of this quarter, the company’s total cash equivalent, time deposits, and treasury securities amount to approximately USD1 billion plus. The strong cash positions provide solid support for our continuing investment in long-term AI capability development, our ability to navigate external uncertainties and opportunities, and our commitment to enhance shareholders’ returns.

本季淨營運現金流維持為正。截至本季末，公司現金及約當現金、定期存款與國庫券合計約 10 億美元以上。強勁的現金部位為我們持續投入長期 AI 能力建設、因應外部不確定性與把握機會，以及提升股東回報的承諾提供了堅實支撐。

We will also prudently evaluate and pursue higher quality strategic investment opportunities. Overall, the company continued to deliver revenue growth and improved profitabilities amid a complex environment, while the accelerated development of AI application business is driven the ongoing evaluation of our revenue mix towards a higher value segment.

我們也將審慎評估並尋求更高品質的策略投資機會。整體而言，公司在複雜環境下持續實現營收成長並提升獲利能力；同時，AI 應用業務的加速發展正推動我們的營收結構持續向更高價值的業務板塊演進。

Next, I will briefly walk you through our progress in the AI development ecosystem. Within our development ecosystem during the first quarter, we continued to advance to the open source capabilities of TuyaOpen and further development on our AI agents. To better address the diverse needs of AI-native developers, we also launched our new offerings, including the ultra-lightweight agent kit for the hard developers and the Vibe Coding based on the powered by Tuya hardware applications. So the Vibe Coding will be able to help lower the bar for many new developers as well.

接下來，我將簡要介紹我們在 AI 開發生態系的進展。在第一季的開發生態系中，我們持續推進 TuyaOpen 的開源能力，並進一步開發我們的 AI agents。為了更好地滿足 AI 原生開發者的多元需求，我們也推出了新產品，包括面向硬體開發者的超輕量 agent kit，以及基於 Tuya 硬體應用所驅動的 Vibe Coding。因此，Vibe Coding 也將有助於降低許多新開發者的門檻。

Those tools enable developers to build a wide range of AI-native hardware products in a more flexible and agile manner. We remain committed to lower the bar for AI hardware and application developments while enhancing flexibility and openness, allowing developers, brands, solution providers to accelerate the process from ideation and prototyping to product commercialization.

這些工具使開發者能以更靈活、更敏捷的方式打造各類 AI 原生硬體產品。我們仍致力於降低 AI 硬體與應用開發門檻，同時提升靈活性與開放性，讓開發者、品牌方與解決方案供應商能加速從構想到原型，再到產品商業化的流程。

At the end of the first quarter of 2026, the number of registered AI developers on our platform exceeded 1.96 million, maintaining steady growth. At the same time, engagement within the TuyaOpen community continued to increase. Based on our current acquisition data, the TuyaOpen documentation platform has been accumulated over 340,000 views, with more than 16,000 community members. It has accumulated abundant open-source projects, resources, and launched a standardized demo cases library covering mainstream applications scenarios and development needs. TuyaOpen is gradually evolving from an open source framework into an open ecosystem infrastructure for AI hardware innovation.

截至 2026 年第一季末，我們平台上的註冊 AI 開發者數量超過 196 萬，保持穩健成長。同時，TuyaOpen 社群的參與度持續提升。根據目前的獲取數據，TuyaOpen 文件平台累計瀏覽量已超過 34 萬次，社群成員超過 1.6 萬人；並累積了豐富的開源專案與資源，推出涵蓋主流應用場景與開發需求的標準化 Demo 案例庫。TuyaOpen 正逐步從開源框架演進為 AI 硬體創新的開放式生態系基礎設施。

For our deployment perspective, AI capabilities are increasingly extending from the platform layer into a broader range of end device formats. Whether in AI-enabled door locks, energy management solutions, sensors, AI companion toys, or AI robots, they all reflect the same underlying trend. AI is evolving from isolated functions towards deep integration with the devices, scenarios, and user needs. This is fully aligned with our previously articulated vision of physical AI, enabling AI to engage in real-world environments and actively participate in sensory decision-making and execution in real life.

從部署角度來看，AI 能力正日益從平台層延伸至更廣泛的終端裝置形態。無論是 AI 賦能門鎖、能源管理解決方案、感測器、AI 陪伴玩具或 AI 機器人，都反映出相同的底層趨勢：AI 正從孤立功能走向與裝置、場景與使用者需求的深度整合。這也完全符合我們先前所闡述的「物理 AI（physical AI）」願景，使 AI 能在真實世界環境中運作，並在現實生活中主動參與感知、決策與執行。

In summary, our first quarter performance further validates the commercial viability of our AI strategy. Our core PaaS business continue to provide a solid growth foundation, while the deep integration of AI application services with physical hardwares is emerging as a new driver for the value creation. At the same time, we have achieved meaningful progress in deploying AI solutions across high-value scenarios such as energy, entertainment, and security.

總結來說，我們第一季的表現進一步驗證了 AI 策略的商業可行性。我們的核心 PaaS 業務持續提供穩固的成長基礎，而 AI 應用服務與實體硬體的深度整合正成為新的價值創造驅動力。同時，我們在能源、娛樂與安防等高價值場景部署 AI 解決方案方面也取得了實質進展。

Looking ahead, we will remain focused on two key priorities: physical AI scenarios and higher value-added AI products. While maintaining financial discipline, we will accelerate the transition of AI technology from a 2-level capability to products with tangible commercial value, creating sustainable long-term returns to our shareholders.

展望未來，我們將持續聚焦兩大重點：物理 AI 場景與更高附加價值的 AI 產品。在維持財務紀律的同時，我們將加速推動 AI 技術從「二級能力」轉化為具備可衡量商業價值的產品，為股東創造可持續的長期回報。

Thank you, all. Operators, we can begin the Q&A right now.

謝謝各位。接線員，我們現在可以開始問答環節。

(Operator Instructions)

（接線員指示）

Yang Liu, Morgan Stanley.

楊柳，摩根士丹利。

Thank you for the opportunity to ask questions, and congratulations on the solid result. I would like to ask about the value chain, because a lot of the sectors are suffering from the chipsets shortage globally. Could management update us in terms of Tuya’s situation in value chain, especially the chipsets sourcing? Also update us the pricing strategy, if there’s any shortage or constraint from the value chain, and how to pass through the inflationary cost to the downstream. Thank you.

感謝給我提問的機會，也恭喜你們取得穩健的業績。我想請教供應鏈（value chain）相關問題，因為全球許多產業都正受到晶片短缺的影響。管理層能否更新一下塗鴉在供應鏈方面的情況，特別是晶片的採購（sourcing）？也請更新一下你們的定價策略：若供應鏈存在短缺或限制，將如何把通膨帶來的成本向下游傳導（pass through）？謝謝。

Thank you, Liu. Yeah, we already noticed those kind of fluctuations around one and a half quarters ago. That’s why we give a heads up of that type of trends around end of last year. The things we’re doing is, the first one is that, considering of large buyers of some of the major chips that in the industry we are. The fluctuations we maintain as limited as we could because of the buying power.

謝謝你，Liu。是的，我們大約在一個半季度前就已經注意到那類波動。這也是為什麼我們在去年年底左右就先行提醒這類趨勢。我們正在做的事情，第一點是，考量到我們所處產業中部分主要晶片的大型買家。由於採購力的關係，我們會盡可能把波動控制在有限範圍內。

In the same time that for those costs that inevitably will have to increase, we’ll pass through those costs to the downstream side. That would be the basic idea and how we’ve been doing. You can notice that there are several reactions where we’ve been doing.

同時，對於那些不可避免必須上升的成本，我們會把這些成本向下游端傳導。這就是基本想法，也是我們一直以來的做法。你可以注意到，我們已經採取了幾個對應的動作。

The first one is that, in Q1, we’re really do some strategic purchasing before any cost change. You can notice that in our balance sheet that our inventory increased slightly. That majorly is that is kind of the procurement. We do that before the cost increased. That reflected to my inventory level, and including my net cash as well. That’s the first one. We try to use a larger inventories to buying more times to working through the fluctuations.

第一個是，在第一季，我們確實在任何成本變動之前做了一些策略性採購。你可以從我們的資產負債表看到，存貨略有增加，主要就是這類採購。我們在成本上升前先做了採購，這反映在我的存貨水位，也包括我的淨現金。這是第一點。我們嘗試用較高的存貨水位、多買幾次，來消化這些波動。

The second one is that you already noticed that, especially on the PaaS side, the change or those kind of difference of the gross margin of PaaS reflects that we’re really starting to pass through the cost. We didn’t add the margin on the cost change because we don’t want to bring more burden for my downstream side. That reduced slightly on my gross margin on the PaaS as well.

第二個是，你也已經注意到，特別是在 PaaS 端，PaaS 毛利率的變化或差異反映出我們確實開始把成本傳導出去。我們沒有在成本變動上再加價提高毛利，因為我們不想讓下游端承擔更多負擔。因此 PaaS 的毛利率也略有下降。

We’ll continue to keep focused on that and to working along with my customers and through those fluctuations. No matter using our scalabilities to manage the cost difference at the least level as we could, in the same time that we’re using our inventories to try to bring more balance coming through with the time.

我們會持續聚焦在這件事上，並與客戶一起度過這些波動。不論是運用我們的規模效益，盡可能把成本差異控制在最低，同時也運用存貨，嘗試在時間推移中帶來更好的平衡。

So that would be the basic idea there. But we found that the shortage and the density of the momentum continued to increase in Q2, in the beginning of Q2.

所以基本想法就是這樣。但我們發現，在第二季、尤其是第二季初期，短缺情況以及動能的強度仍在持續上升。

Thank you.

謝謝。

Goldman Sachs. Mr. Timothy Zhao.

高盛。Timothy Zhao 先生。

Thank you, management, for taking my question, and congrats on the solid results. I think my question is on the revenue front. I noticed that this quarter you achieved a pretty solid sequential acceleration on the revenue growth. However, given the very dynamic geopolitical and the macro environment globally right now, I was wondering what is your latest thoughts on the demand outlook and revenue growth outlook for the rest of this year? What measures have you taken to stabilize or further boost the demand?

謝謝管理層回答我的問題，也恭喜你們交出穩健的業績。我想我的問題是關於營收。我注意到本季你們的營收成長在季比上有相當不錯的加速。不過，鑑於目前全球地緣政治與總體環境非常動態，我想請問你們對今年剩餘時間的需求展望與營收成長展望，最新看法是什麼？你們採取了哪些措施來穩定或進一步提升需求？

And ny second question is I noticed, as you mentioned, you changed the reporting line or changed the reporting name of the two of the segments that you report. Just -- could you further elaborate on the rationale behind and the specificity, AI applications and robotic products? Just wondering if you can share more color on your plan regarding these two specific sub-segments. Thank you.

第二個問題是，我注意到如你們所提到的，你們調整了兩個報告分部的歸類或名稱。能否進一步說明背後的理由，以及 AI 應用與機器人產品的具體內容？也想請你們分享更多關於這兩個特定子分部的規劃。謝謝。

Okay. Yes, thank you for that. First of all, on the market environment, we already noticed that, as we share the coverage when we released our Q4 results, we found that while the international trading environment becomes stable after the November of last year, the momentum is starting to recover, and the customer is trying to return to a growing plan on the business side.

好的。是的，謝謝你的問題。首先就市場環境而言，我們已經注意到，正如我們在發布第四季業績時所分享的觀察，我們發現自去年 11 月之後，國際貿易環境趨於穩定，動能開始回升，客戶也在業務端嘗試回到成長規劃。

It’s not that conservative. Starting from December, we already see that they’re starting to recover. It’s not overnight, so they’re doing that gradually. Even though in March we’ll know that there will be a new fluctuation coming home. Overall speaking, that the downstream side is recovering. We have to break down into different sectors.

他們不再那麼保守。從 12 月開始，我們已經看到他們開始復甦。這不是一夕之間發生的，而是逐步進行。即便我們在 3 月知道會有新的波動出現，但整體而言，下游端正在復甦。我們需要拆分到不同的產業領域來看。

What we see here is that, like the appliances, like the energy, like the innovative devices, including the securities or the locks, we found that the growth momentums are more positive and almost for sure. Because no matter is that we found a more solid demand or pinpoint on the user side, or is and those sectors, those companies are doing a better.

我們看到的是，例如家電、能源、創新裝置（包括保全或門鎖），我們發現成長動能更為正向，幾乎可以確定。因為不論是我們看到更扎實的需求、或在使用者端有更明確的痛點，或是這些領域的公司本身經營得更好。

In some other sectors, like the lightings, we don’t see significant recovery. It’s kind of the still doing in what we call is into evaluating stage on the lighting side. Some sectors that those chipset cost variations, not from our side, but from their own side, like the cameras or like some control panels with a screen.

在其他一些領域，例如照明，我們沒有看到明顯復甦。照明端仍處於我們所說的評估階段。有些領域的晶片組成本變動並非來自我們，而是來自他們自身，例如攝影機，或是帶螢幕的一些控制面板。

The memory chip cost variations will bring a more significant cost difference for the device side. The factories and the brands, they can do less to change that directions. That price increase might be significant for them. Like the camera for business, the entry-level cameras, usually the FOB price or the retail price will be like $20, and FOB will be below $10.

記憶體晶片的成本變動會為裝置端帶來更顯著的成本差異。工廠與品牌方能做的調整相對有限，對他們而言，漲價幅度可能會很大。以商用攝影機、入門級攝影機為例，通常 FOB 價或零售價大約是 20 美元，而 FOB 會低於 10 美元。

But during those kind of memory chip and the amount chip increase, we’ve noticed that the FOB price might be able to hit above $15, which mean that the retail price have to increased around to $30 to $35. That significant increase on the retail price side might influence the consumer’s buying decision. So we already notice some sectors might be more sensitive or be more impacted more on the cost increase, some will be more resilient. So that will be on the product sector side.

但在這類記憶體晶片與用量晶片上漲期間，我們注意到 FOB 價可能會上升到 15 美元以上，這意味著零售價必須提高到約 30 到 35 美元。零售端如此顯著的漲幅可能會影響消費者的購買決策。因此我們已經注意到，有些領域可能對成本上升更敏感、受影響更大；有些則更具韌性。這就是產品領域面的情況。

On the region side, combined with that is that still for the energy that Europe and Southeast Asia is a strong demand for, including Australia, is a very strong demand for the energy management solution. Especially in this year, while people are trying to notice that the energy become more and more, how can I say -- energy become more and more crucial and on the cost sustainability side. They have to pre-invest. They have more willing to pre-invest on any energy efficiency, so for that part.

就區域面而言，結合前述觀察，能源相關在歐洲、東南亞（包括澳洲）需求仍然強勁，對能源管理解決方案的需求非常強。尤其在今年，當人們開始意識到能源變得越來越——怎麼說——能源在成本可持續性方面變得越來越關鍵，他們必須提前投資，也更願意在任何提升能源效率的方案上預先投入，所以這一塊是如此。

For some other regions, like the Latin America, they are more price sensitive. Like I mentioned, that some sectors like the cameras for this market consider that they have a lower buying power based on the macroeconomy in that sector, in that region. So for them, that’s -- some sectors will meet some challenge out there.

對於其他一些地區，例如拉丁美洲，他們對價格更敏感。就像我提到的，某些領域例如攝影機，在這個市場因為該領域、該地區的總體經濟因素，購買力較低。因此對他們而言——某些領域會在那裡面臨一些挑戰。

So for us, is that still that we’re trying to use our very comprehensive hardware category mixed and combined with a multi-region mix to going against different type of fluctuations. We’re always looking for opportunity in some regions that -- to balance the seesaw on the other side. So that’s overall for the macro environment.

所以對我們來說，我們仍然嘗試運用非常全面的硬體品類組合，再搭配多區域的組合，來對抗不同類型的波動。我們一直在某些地區尋找機會——用來平衡另一端的翹翹板。因此，這就是對總體環境的整體看法。

And the second one is for the AI transition. So mainly is the AI application or the Home and Robot Products. So both sides that we’re looking for, to give the market the signal, is that we’re doing so hard to reallocate our resources since 2023 that to transit our previous, we’ll call it, the first version of smart devices offering into the AI initial offering.

第二點是 AI 轉型。主要是 AI 應用或家用與機器人產品。就這兩個方向，我們想向市場傳遞的訊號是：自 2023 年以來，我們一直非常努力地重新配置資源，把我們先前（我們稱之為）第一版的智慧裝置方案，轉型為 AI 的初始方案。

So starting from the end of 2023, we really upgrade our entire platform architectures into large language model agnostic, which mean that since end of 2023 and all those decision-making on the platform side for the device and the software applications can be based on the different large language model or the mainstream one.

因此從 2023 年底開始，我們確實把整個平台架構升級為「不綁定特定大型語言模型」（large language model agnostic），這意味著自 2023 年底起，裝置端與軟體應用端在平台層的所有決策，都可以基於不同的大型語言模型或主流模型來進行。

And in 2024 -- May of 2024, we already launch our hardware agent platform that enable our customer to design an agent on top of the devices. So, make the devices be more smart and doing some things autonomously, but even no customers understand what it is, what is the agent.

並且在 2024 年——2024 年 5 月，我們已經推出硬體 Agent 平台，讓客戶能在裝置之上設計 Agent。也就是讓裝置更智慧、能夠自主完成一些事情，即使有些客戶還不理解它是什麼、什麼是 Agent。

In last year, we launched our new AI platform as a new AI foundation that, including the multi-modeling offerings, including the open-source projects to open some new doors for the new innovative ideas for those customers, and then give them a bridge, giving a path at how they can combine technology into innovative ideas and make it come true.

去年，我們推出了全新的 AI 平台，作為新的 AI 基礎底座，其中包含多模態（multi-modeling）產品組合，也包含一些開源專案，為客戶打開新的大門、激發新的創新想法；同時也為他們搭起一座橋樑，提供一條路徑，讓他們知道如何把技術與創新想法結合並落地實現。

And in April, in our new developer summit, we launched our new offerings, including the Agent Kit that allow the hardware designers to do things more freely and including our Vibe Coding, and tools that right now they can design any software, including the apps, including the firmware on the hardware side, including the cloud services, they can do that all through Vibe Coding.

而在四月的全新開發者峰會上，我們發布了新的產品組合，包括讓硬體設計師能更自由開發的 Agent Kit，也包括我們的 Vibe Coding，以及一系列工具；目前他們可以透過 Vibe Coding 設計任何軟體，包括 App、硬體端的韌體，以及雲端服務，都可以用 Vibe Coding 來完成。

So all the things we’re doing is that we -- to show that we are kind of initial in AI user and AI enabler. And so for that things, we’re trying to upgrade our offering in those two segments. So take the AI application, for example. We’re really starting to provide that for all the AI cloud storage on the camera side that right now come with AI capability.

因此，我們正在做的所有事情，就是要展示我們在 AI 使用者與 AI 賦能者（enabler）方面屬於較早的先行者。基於此，我們正嘗試在這兩個細分領域升級我們的產品與服務。以 AI 應用為例，我們正開始為攝影機端、目前已具備 AI 能力的 AI 雲端儲存提供相關能力。

So customer will be able to customize the event. It’s not just a dummy detect any movement on the picture and give you the alarm. You can find that you get so many false alarm, then you have to turn down the notification, right? Because the camera cannot tell whether it’s something you should pay attention to or not. Any, like -- the delivery boys come by, that anyone come from your door that you get alarm.

因此，客戶將能夠自訂事件。它不再只是很笨地偵測畫面中任何移動就發出警報。你會發現會有很多誤報，然後你就不得不把通知關掉，對吧？因為攝影機無法判斷那是不是你需要關注的事情。比如說——外送員經過、或任何人從你家門口走過，你都會收到警報。

So starting from there that you can build an event that. So if it’s a package, so don’t give me notification. If someone stay at my front door, like over 10 minutes a day, I notice. If someone showed up every day and seems like very suspicious, give me a notice. So people start to be able to create their own event and then have the camera to watch out for them. So that things will be provide significant more values and killing more annoying pain point for the end user side.

所以從這裡開始，你就可以建立一個事件規則：如果是包裹，就不要通知我；如果有人在我家門口停留超過 10 分鐘，我才需要注意；如果有人每天都出現而且看起來很可疑，就提醒我。這樣一來，使用者就能開始建立自己的事件，讓攝影機替他們看守。這將為終端使用者帶來顯著更高的價值，並解決更多惱人的痛點。

So that kind of seamless upgrade on those kind of offerings is it’s a natural upgrade for our previous SaaS offering. So we think that right now, we’re starting to provide more and more AI capabilities seamlessly to the previous SaaS. And we show that the normal users starting to subscribe that services, because of the AI offering, and then we’re doing the upgrade on the AI applications. And that’s -- no matter if it’s a scale, it’s a agent, or it’s a purely services on the recurring model.

這種在產品組合上的無縫升級，其實是我們既有 SaaS 服務的自然升級。我們認為，目前我們正把越來越多的 AI 能力無縫地加入到原有的 SaaS 中。我們也看到一般使用者因為 AI 產品而開始訂閱這些服務；同時我們也在持續升級 AI 應用。不論是規模化（scale）、是 agent，或是純粹以訂閱續費（recurring）模式提供的服務，都是如此。

And for the home products and robotics, so some scenarios include like the Companion, that’s when we’re offering the two AI toy, one AI toy. For some customers, they have their own brands, they have their own very good toy design capabilities and the channel distributions, but they don’t have the capability to design things from scratch, especially if they don’t know anything about coding, they don’t know anything about the circuit boards, about the microphone array design.

至於家用產品與機器人，一些場景包括像 Companion（陪伴型產品），也就是我們提供的兩款 AI 玩具（或其中一款 AI 玩具）。對某些客戶而言，他們有自己的品牌、有很強的玩具設計能力與通路分銷能力，但他們沒有從零開始設計的能力，尤其是他們不懂寫程式、不懂電路板、不懂麥克風陣列設計。

So for some of that part, we’re starting to offer in the entire solution. Through that, we’ll put more focus not on some, what we call is the first generation of smart devices. We’re trying to focus more on the AI, what we call, AI-native devices, so like the toy. They need the multi-modal capability. They need the very huge noise canceling and the microphone array design engine. They need the string projection technologies to reflect different type of reactions from the toy side.

因此在這一部分，我們開始提供整體解決方案。透過這個方向，我們會把重點放在我們所稱的第一代智慧裝置之外；我們更聚焦於 AI，我們稱之為 AI 原生（AI-native）裝置，例如玩具。它們需要多模態能力；需要很強的降噪與麥克風陣列設計引擎；也需要聲音投射（string projection）等技術，以呈現玩具端不同類型的反應。

So for that part, that’s how we allocated the resources since last year. And so right now for this segment, the directions is that we guide the entire department to focus on all those kind of AI-enabled and AI-native devices. And usually, those devices will come naturally with AI, not only the AI feature, but combined with larger opportunity for the AI application business.

這就是我們自去年以來如何配置資源的方式。就目前這個細分領域而言，我們的方向是引導整個部門聚焦在各類 AI 賦能與 AI 原生裝置上。通常這些裝置會天然地搭載 AI，不僅僅是 AI 功能本身，還會與更大的 AI 應用業務機會結合。

That’s how we driving force to that. So not a kind of connected devices segment anymore. It’s become a more AI-native offering for those customers by helping through that. Yeah. So that would be the typical use cases.

這就是我們推動的核心動力。因此它不再只是連網裝置（connected devices）的細分市場，而是透過協助客戶，轉變為更 AI 原生的產品供給。是的，這些就是典型的使用案例。

Thank you very much for the very detailed explanation.

非常感謝您非常詳細的說明。

Thank you for the question.

謝謝您的提問。

Kai Xiao, CICC.

中金公司（CICC）肖凱。

Thank you. This is Kai, and I have two questions. First one is on computation. Following the emergence of agents. On device agent deployment has become an industry trend. Could you share how has the competitive landscape evolved in Q1, and how do you view Tuya’s advantage in this field?

謝謝。我是凱，我有兩個問題。第一個是關於算力。隨著 agents 的興起，端側（on-device）agent 部署已成為產業趨勢。能否分享一下第一季競爭格局如何演變，以及您如何看待塗鴉在這個領域的優勢？

And my second question is on R&D. Could you share how is the company applying AI tools like agent coding tools in internal R&D, and what’s the potential impact on margin and profitability? Thank you.

第二個問題是關於研發。能否分享公司如何在內部研發中應用像 agent coding tools 這類 AI 工具，以及對毛利率與獲利能力可能帶來的影響？謝謝。

Yeah. So the first one, I already covered some of the parts in the market environment side. So as we see here is the two things: the first one is since the customer is trying to kind of escape from over conservative -- I mean, momentum in US years. They’re trying to get back into the growth path. What we’re doing is that we just identify the right roadmap along with them and to fulfill that and help them to providing a better products, better offerings on their shelf, on their own channels, and to catch the customers -- catch their own end users, what I mean.

好的。第一個問題，我在市場環境部分其實已經涵蓋了一些。我們看到兩點：第一，客戶正試圖擺脫——我是說，美國這幾年過度保守的動能，他們正嘗試回到成長軌道。我們所做的是與他們一起識別正確的路線圖並加以落實，幫助他們提供更好的產品、在貨架上與自有通路上提供更好的方案，並抓住客戶——也就是抓住他們自己的終端使用者。

In the same time, we really see that end user’s thickness on AI are growing very healthily. So which mean that more and more users are trying at whatever AI features and AI offerings. And I believe that it’s not that significant right now, but in the near futures and the consumers, when they’re sourcing the smart devices. AI features or what type of AI features will be kind of the key differentiations or key factors for them to make the decision.

同時，我們也確實看到終端使用者對 AI 的接受度正在非常健康地提升。這意味著越來越多使用者在嘗試各種 AI 功能與 AI 服務。我相信目前影響還沒那麼顯著，但在不久的將來，當消費者選購智慧裝置時，是否具備 AI 功能、以及具備何種 AI 功能，將成為他們做決策的關鍵差異點或關鍵因素。

So we are very happy to see that since second half of last year’s that our penetration among my ecosystem to integrate AI capabilities we offer to their new products design and become significant and proved. So that will help us capture the trend. That’s for the -- for this part.

因此我們很高興看到，自去年下半年以來，我們在生態系客戶中導入我們所提供的 AI 能力、並整合到他們新產品設計中的滲透率顯著提升且得到驗證。這將幫助我們抓住這一趨勢。這就是——這部分的回答。

What we see that will always be kind of the early adapter and to notice the trend for the industry maybe two or three quarters ahead is that, because I can see that what type of technology my customer is trying to pre-study, starting to try, and when they starting to implement that into the new product roadmap and produce that.

我們看到，我們之所以總能成為較早的採用者並提前兩到三個季度洞察產業趨勢，是因為我能看到客戶正在預研什麼技術、開始嘗試什麼，以及他們何時開始把它落到新的產品路線圖中並進行量產。

So what we see is that, in that, you consider as a early education for the entire industry, or in most of the sectors we cover, that to give them type of the right educational coach, that AI will be considered as the next generation of key differentiations for any new things they built and to the market. They need to try that or need to try to understand and to learn that. Starting from the second half of last year, that the customers, majority of the new products or the new projects that they kicked off, they try that.

因此我們看到的是：在我們覆蓋的大多數領域，這可以被視為對整個產業的早期教育——我們提供正確的教育與引導，讓他們理解 AI 將成為下一代、他們打造並推向市場的任何新事物的關鍵差異化。他們需要去嘗試、需要去理解並學習。從去年下半年開始，客戶啟動的大多數新產品或新專案，都在嘗試這件事。

And so then the new products they start to offer maybe at the end of the last year or at the second half of this year. Bring that into market, going through a long procedure into the development, manufacturing, logistics, and to the end of design. So that's what we see here. It will be a very positive trend.

接著，這些新產品可能在去年年底或今年下半年開始推出，並在漫長的流程中進入市場，包括研發、製造、物流，以及最終的設計定案。這就是我們目前看到的情況。這將是一個非常正向的趨勢。

On the second part is, for the AI usage. I’d like to share some things. First one is that, at the end of last year, the front end, which means that those ones design the UI user interface and the UX user experience, using a most of our R&D set overall. And so at the end of last year, around 40% of the codes we design for UI side are doing through AI. That’s the first one.

第二部分是關於 AI 的使用。我想分享幾點。第一點是，在去年年底，前端團隊——也就是負責 UI（使用者介面）與 UX（使用者體驗）設計的人員——使用了我們整體研發資源中的很大一部分。因此在去年年底，我們在 UI 端所設計的程式碼中，約有 40% 是透過 AI 完成的。這是第一點。

And we’re improving that as well, considering that in this year, in this Q1, that the AI coding capability improved a lot, we found that we can use more AI to do more terminals, including the agent kit I mentioned for the hardware designers. The Agent Kit -- a significant part of that is doing by AI. And while we open that kit, we also combine with the Vibe Coding tool for that kit as well. And which mean that not us design the agent kit for AI, the customer will be do that through the Vibe Coding more freely as well, and very quickly to turn that into a hardware prototype.

我們也在持續提升這個比例。考量到今年、在今年第一季，AI 的寫程式能力提升很多，我們發現可以用更多 AI 來做更多終端相關的工作，包括我提到給硬體設計師使用的 Agent Kit。Agent Kit——其中相當大的一部分是由 AI 完成的。而在我們開放這個 kit 的同時，也把 Vibe Coding 工具結合到這個 kit 裡。這代表不只是我們用 AI 來設計 Agent Kit，客戶也可以透過 Vibe Coding 更自由地、而且非常快速地把它轉化為硬體原型。

I would also -- in the same time, the AI usage is not only used for the R&D. So all our departments, including the financial, including the human resources, including the legal department, we’re using heavily through AI, so no matter it’s improving our efficiencies on some office processing, office work processing, but also including the data analytics, the BI and decision makings, et cetera.

同時我也想補充，AI 的使用不只用在研發上。我們所有部門，包括財務、人力資源、法務部門，都在大量使用 AI；不論是提升一些辦公流程、辦公作業處理的效率，也包括資料分析、BI 與決策等。

We consider that AI to improve the efficiency in two parts. The first one is that to release some of my labors to focus more on higher value works. That’s the first one. And the second one is that even on the coding side, on the development side, that is to enlarge our capacity that to meet the future demand growth.

我們認為 AI 提升效率主要有兩個面向。第一，是釋放部分人力，讓大家能更專注在更高價值的工作上。第二，即使在寫程式、開發端，也能擴大我們的產能，以滿足未來需求成長。

Because we already noticed that while more and more AI-native developer coming in, that trend is very good one, is that, in this year, we noticed more and more new developers that not come from the hardware industry. Which mean that people trying to identify that the AI capability might be a new opportunity for new team to engage in the new smart devices business sectors that only come in a new idea and something that didn’t happen in the hardware world before.

因為我們已經注意到，隨著越來越多 AI-native（AI 原生）的開發者加入，這個趨勢非常好。今年我們看到越來越多新開發者並非來自硬體產業。這代表大家開始認知到 AI 能力可能是新的機會，讓新團隊能以新的想法切入新的智慧裝置業務領域，帶來一些在過去硬體世界從未發生過的事情。

So special one is like the toy companion ones that many of my very fast-growing customers in the toy sectors, they are not toy players out there. We’ll see, including some of the youth market, like they do the batch, is animation batch, is the folks on the cartoon. Those batch players, they don’t have that business before, that type of industry breakthrough or crossover players. And they require more on the AI capability usage themselves, and also they are more come with the AI initial ideas or native ideas.

一個特別的例子是玩具陪伴類產品。我們在玩具領域有許多成長非常快的客戶，他們其實不是傳統玩具業者。我們看到包括一些年輕族群市場，例如他們做的是「批次」——動畫批次、卡通相關的族群。這些做「批次」的玩家，以前沒有這樣的業務，屬於產業突破或跨界的玩家。他們對 AI 能力的使用需求更高，也更常帶著 AI 的初始想法或原生想法進來。

Not only to reduce the cost, but also use the same level of cost to improve the capacities to capture those demands. That’s where we’ll have more priority to check out too. Like I mentioned that, the net cash flow considered as a strategic strategy for the company, not only for the future competition, but also for the future opportunity. And I think that’s even more important is that while the industry are growing faster and, some breakthrough happen, especially like the crash over happened, that we’re not hesitate to increase the investment to capture those demands.

不只是為了降低成本，也是在相同成本水準下提升產能，以承接並捕捉這些需求。這也是我們會更優先去檢視的方向。就像我提到的，淨現金流被視為公司的策略性策略，不只是為了未來競爭，也是為了未來機會。我認為更重要的是，當產業成長更快、出現一些突破，尤其是發生跨界（crossover）時，我們不會猶豫增加投資來捕捉這些需求。

And I think that will be the overall momentum. And so how we use the AI and we empower customer with AI, once we see that, we need to be a very powerful AI user, and until then, we’ll be able to empower customers.

我想這會是整體的動能。因此我們如何使用 AI、以及如何用 AI 賦能客戶——一旦我們看到這點，我們必須先成為非常強大的 AI 使用者，之後才有能力去賦能客戶。

Thank you.

謝謝。

That’s all. Thank you.

以上就是全部。謝謝。

Matt Ma, Jefferies.

Matt Ma，Jefferies。

Hey, good morning, management. Thank you for taking my question. I have two questions. The number one is on the Smart Home and Robot Product segment. I would like to know how do we think about the growth trajectory of this segment in 2026? Should we expect a growth recovery in the coming quarters?

各位管理層早安，謝謝讓我提問。我有兩個問題。第一個是關於智慧家庭與機器人產品（Smart Home and Robot Product）業務分部。我想了解我們如何看待該分部在 2026 年的成長軌跡？未來幾季是否應該期待成長回升？

And my second question is on the AI application segment. We are seeing that the growth margin of this segment has declined by 2.7 percentage point year over year in the first quarter. Are there any specific reasons behind that? That’s all. Thank you.

第二個問題是關於 AI 應用（AI application）分部。我們看到該分部第一季的毛利率年對年下降了 2.7 個百分點。背後是否有任何特定原因？以上，謝謝。

Yeah. So the first one is for the Smart Home and Robot Product that we’re looking for to have the recovery in the coming quarter or in the coming two quarters. Because it’s a structural change, we have to make the hard decisions. You can see that even to maintain the revenue and the gross profit growth, in the same time, we cut off some of the production. Even we got the orders, we decided we’re not to do that anymore because we don’t like the model out there for the long term.

好的。第一個，關於智慧家庭與機器人產品，我們預期在接下來一季或兩季會出現回升。因為這是一個結構性的改變，我們必須做出艱難的決定。你可以看到，即使為了維持營收與毛利成長，我們同時也砍掉了一些生產。即便拿到訂單，我們也決定不再做，因為我們不喜歡那種模式的長期發展。

So there is structural hard decisions. Even we’ll miss some not that good numbers, we’re looking to speed up to catch it up. So we’re having a new offerings starting to taking places in Q2, and we’re looking for to capture on orders and to deliver that to make it up.

所以這是結構性的艱難決策。即使我們會錯過一些不那麼好看的數字，我們也希望加速把它追趕回來。我們在第二季開始會有新的產品/方案（offerings）逐步落地，我們希望能拿到訂單並交付，以把缺口補回來。

So either it’s end of the Q2 or it’s Q3, we’re looking for to get that recovery. That’s the first one for the Home and Robot Production.

因此不論是第二季末或第三季，我們都期待能看到回升。這是第一點，關於家用與機器人產品。

And for the AI applications, yes. We found a seasonal difference. It’s very interesting that we found that the key part is that the AI applications is relying on the usage of the end users based around the devices that are running. And the typical things that we found that maybe is that in the Q1, the US usage is always kind of the lower seasons for the entire year. So that’s why that -- why the usage is kind of low, so the service-based revenue is become lower for us.

至於 AI 應用，是的，我們發現有季節性差異。很有意思的是，我們發現關鍵在於 AI 應用依賴終端使用者在運行中的裝置上的使用情況。我們觀察到一個典型現象：第一季在美國通常是全年使用量相對較低的淡季。因此使用量偏低，導致以服務為基礎的營收對我們而言也較低。

Maybe one of the reason is that, the Q1, many of the users -- kind of the new users and will have the new devices for the Christmas, for the holiday season promotions, while they start to try the products, usually the combined with some of the vacations, the usage start to dropped. So we’re looking for to see that the natural recovery and on the usage side will start to taking places on Q2.

可能其中一個原因是，第一季有不少使用者——算是新使用者——在聖誕節、假期促銷期間買了新裝置；當他們開始嘗試產品時，通常會搭配一些假期/休假，之後使用量就開始下滑。因此我們預期會有自然回升，使用端的回升會在第二季開始發生。

So that will be the stuff. It’s kind of very interesting one.

大概就是這樣。這點還蠻有意思的。

Got it. Thank you.

了解，謝謝。

Thank you for the question. I’ll now hand the call back to management team for closing remarks.

謝謝你的提問。接下來我把電話交回管理團隊做結語。

There are no more questions from the line. Allow me to find the call back. Thank you.

線上沒有更多問題了。請允許我把電話交回。謝謝。

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

好的。謝謝接線員，也再次感謝各位今天參與。如果還有任何進一步問題，歡迎隨時聯絡 [TriLogiX] IR 團隊。再見，我們下季見。

That does conclude today’s conference call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝各位參與。您現在可以掛斷電話。