文 | 王方玉 编辑 | 苏建勋 9.9 美元的AI翻译耳机卖爆海外，Meta AI眼镜销量超200万，可本地部署DeepSeek的AIPC被消费者抢 购……AI大模型的热潮催生了一大批现象级的AI硬件爆品，让AI与硬件的结合成为科技新趋势。 紧抓这一趋势，以AI云平台起家的涂鸦智能正在将大模型、智能算法等前沿AI技术与端侧AI能力相结 合，助力B端客户快速响应市场变化，让更多AI硬件落地生活。 4月23日，涂鸦智能在深圳召开全球开发者大会，正式发布了四大产品：开源开发框架TuyaOpen、边缘 计算平台海德薇（HEDV）、Tuya.AI以及全新升级的AI Agent开发平台，帮助全球客户捕捉AI Agent时 代的新机遇。 "从智能设备到AI Agent平台，对于涂鸦来说是一个自然而然的演进方向和路线。" 涂鸦智能创始人兼 CEO王学集告诉36氪，涂鸦自成立开始做带有联网能力的智能硬件，现在又在云端加入了AI大模型能 力，是近水楼台先得月。 据介绍，2021年涂鸦上市时就已经在为客户提供AI应用的服务，帮助客户融入苹果、谷歌等主流智能 家居生态，不过当时的AI还不是AI大模型，而是自然语言处理（NLP）技术 ...

SANTA CLARA, Calif., April 24, 2025 /PRNewswire/ -- Tuya Inc. ("Tuya" or the "Company") (NYSE: TUYA; HKEX: 2391), a global leading AI cloud platform service provider, today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission (the "SEC") on April 24, 2025, U.S. Eastern Time. The annual report can be accessed on the Company's investor relations website at ir.tuya.com and on the SEC's website at www.sec.gov. The Comp ...

Table of Contents Commission file number: 001-40210 Tuya Inc. (Exact name of Registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report N/A (Translation of Registra ...

Core Insights - Tuya Smart emphasizes the integration of AI and IoT at the 2025 TUYA Global Developer Summit, showcasing its commitment to advancing AIoT technologies [1] - The company introduced its AI Agent Development Platform and three major technology engines—Tuya.AI, TuyaOpen, and HEDV—to enhance developer capabilities and accelerate AI commercialization [1] AI Agent Development Platform - The AI Agent Development Platform provides developers with tools to manage intelligent agents, integrating global large language models for seamless functionality [2] - Developers can create customized smart agents for various applications, enhancing user experiences [3] Tuya.AI - Tuya.AI offers comprehensive AI hardware development solutions, addressing challenges in mass production and enabling rapid market access for developers [4][5] - The platform allows for quick integration of AI capabilities into smart devices, significantly improving commercial value and reducing time-to-market [5] TuyaOpen - TuyaOpen is an open-source development framework aimed at fostering innovation in the AIoT industry, supporting a wide range of creative implementations [6][7] - It inherits capabilities from TuyaOS and integrates an AI inference engine, facilitating cloud-edge integration and expediting product commercialization [8] HEDV - The HEDV edge computing platform addresses the need for robust data security and customized development in complex business scenarios [9][10] - It features a distributed architecture for flexible deployment, ensuring data security while maintaining scalability for high-concurrency environments [11] Future Outlook - Tuya aims to empower global developers with advanced tools for AIoT implementation, fostering innovation and driving the commercial era of AIoT [12]

4月23日，全球化 AI 云开发者平台——涂鸦智能举办的2025 TUYA 全球开发者大会在深圳开幕，汇聚 全球智能硬件开发者与产业先锋，共探产业智能化转型。作为 AI 硬件技术与生态共建的重要力量，火 山引擎智能算法负责人吴迪受邀出席主论坛圆桌，围绕 "AI 如何重塑行业生态"分享了火山引擎在 AI+IoT 领域的洞察。 涂鸦智能是全球领先的 AI 云平台服务提供商，致力于构建智慧解决方案的 AIoT 开发者生态，赋能万物智能。 吴迪指出，未来几年 AIoT 芯片与端侧能力将呈几何级爆发，端侧需承担"数据优化师"角色——提供更 精确的传感器输入、更聪明的信息预处理、低功耗低延迟完成意图识别。云侧则依托大模型处理高难 度、高智商的任务。 关于端云协同，吴迪补充道，在断网或高隐私场景下，AIoT 与端模型不可或缺；联网时，端侧完成预 处理后与云侧大模型协作处理复杂任务。长期来看，端侧与云侧互为增益、深度协同。端侧越强，采集 数据越丰富，反哺云侧大模型智能提升；云侧越智能，越能推动用户拥抱 AGI 与智能硬件，形成正向 循环。 依托 ASR 能力，涂鸦智能 AI 产品语音指令识别准确率提升超20%，日常或嘈杂环境 ...

xTool品牌成立于2021年，母公司为创客工场Makeblock。xTool主要产品为激光雕刻机、激光切割机 等，用于个人创造、教育、工业等领域。EqualOcean曾报道，xTool2023年营收超过10亿元。而根据多 个信源，硬氪称，2024年，xTool营收在20亿到30亿元之间。 xTool的发展也历经波折。2013年，王建军成立创客工场Makeblock，主攻STEAM教育，推出的主要是 教育机器人和创客工具。2021年，因为教育业务放缓，公司成立了xTool品牌，开始转型消费级激光雕 刻机和3D打印。xTool最早做工业级激光设备，后来转型C端。 xTool也在探索激光打印机之外的产品路径。根据天眼查信息，xTool作为投资方参与了深圳快造科技有 限公司（Snapmaker）的B轮融资，后者主要做3D打印机。二者合作的产品也有谍照曝光，但尚未得到 官方确认。 智通财经APP获悉，据硬氪消息，涂鸦智能(02391,TUYA.US)前CFO刘尧已加入深圳激光雕刻机公司 xTool，负责财务及部分交付工作。据悉，多位投资人表示，目前xTool已经进入准备上市阶段。刘尧这 次加入或为xTool在香港或美 ...

访问36氪出海网站letschuhai.com，获取更多全球商业相关资讯。 今日好文 涂鸦智能前 CFO 加入明星硬件公司 xTool，后者营收已超20亿 xTool 的迅猛增长背后是海外 DIY 赛道的广阔需求，但现在这个行业也开始拥挤。 关注｜小米SU7事故，会成为车企出海路上的一片乌云么？ 当技术走向全球时，其安全性、可靠性以及与当地法规的契合度，也会成为新的"门槛"。 iMile 斋月单量同比增长52%创新高 成功实现旺季"零积压"，展现了其在中东物流市场的强大实力。 指南｜短剧出海中东"财富密码"：阿联酋主体有什么优势？ 当国内短剧市场竞争白热化，六亿人口的阿拉伯语区域却处于内容供给不足的"蓝海"状态。先行者已通过阿联酋自由区实现低成本布局、高效益回报。那 么，在各有千秋的自由区中，短剧公司如何选择更适合自己的据点？ 热点快讯 雷军回应安徽 SU7 事故：无论发生什么，小米都不会回避 小米创办人、董事长兼 CEO 雷军发文回应安徽 SU7 事故。他表示团队第一时间成立了专项小组，30 日赶赴了现场，31 日配合警方调取并提交了所掌握的 车辆数据。目前由于事故还在调查，一直没有接触到事故车，很多问题此 ...

Core Viewpoint - Liu Yao, former CFO of Tuya Smart, has joined Shenzhen-based laser engraving machine startup xTool, where he will oversee financial and operational aspects. xTool, established in 2021, focuses on laser engraving and cutting machines for various sectors including personal creation, education, and industry. The company is projected to achieve revenue between 2 billion to 3 billion yuan in 2024, following a revenue of over 1 billion yuan in 2023 [1][2]. Company Overview - xTool is a brand under Makeblock, founded in 2021, and specializes in laser engraving and cutting machines. The founder, Wang Jianjun, has a background in aerospace engineering and has maintained a low public profile [1][2]. - The company transitioned from industrial-grade laser equipment to consumer-grade products, leveraging Makeblock's supply chain and marketing channels to become a leading brand in its niche [3]. Financial Performance - xTool's revenue exceeded 1 billion yuan in 2023, with expectations to reach between 2 billion to 3 billion yuan in 2024 [1][2]. - The company has successfully crowdfunded its flagship product, xTool M1, raising over 2.6 million USD in 2021, and its latest clothing printing machine has raised nearly 5 million USD on Kickstarter [3]. Market Dynamics - The global laser engraving machine market was valued at 658 million USD in 2023 and is projected to grow to 1.88 billion USD by 2030, with a compound annual growth rate (CAGR) of 14.67% [4]. - The demand for DIY products has surged, particularly during the pandemic, leading to increased interest in laser engraving machines [4]. Competitive Landscape - While xTool is currently a leading player in the market, it faces competition from emerging brands like Flux and Snapmaker. The industry is becoming crowded, prompting xTool to explore product diversification beyond laser engraving machines [5]. - xTool has participated in the B-round financing of Shenzhen Fast Manufacturing Technology Co., which focuses on 3D printers, indicating a strategic move towards expanding its product offerings [5]. Strategic Importance of Leadership - Liu Yao's extensive experience in strategic planning and fundraising, particularly from his tenure at Swiss Bank, is expected to be crucial for xTool's growth and potential public listing [2][6].

Core Insights - Tuya Smart is redefining the role of AI in the smart home ecosystem by transforming technology into emotionally intelligent companions [1][12] - The collaboration with DeepSeek enables Tuya to integrate advanced AI capabilities into its AIoT platform, enhancing the emotional resonance of smart home devices [2][12] Group 1: Emotional Intelligence in Smart Devices - Tuya's integration of DeepSeek's AI model allows smart devices to engage in more natural, human-like communication, improving user interactions and emotional dynamics at home [3][12] - Examples of emotionally responsive devices include companion robots that can initiate relevant conversations based on user cues, enhancing feelings of being noticed and understood [4][12] Group 2: Innovative AI Companion Products - Tuya and DeepSeek are exploring new AI-driven companion products, such as holographic projection companions that provide immersive interactions and personal coaching [7][8] - Other innovative products include AI pet robots that simulate real pet interactions and AI jewelry that detects emotional fluctuations, offering companionship through light and temperature changes [9][10] Group 3: Future Directions and Market Opportunities - The partnership aims to inspire global developers to create emotionally intelligent products, expanding business opportunities in the companion economy [7][12] - Tuya's focus on the evolving companion economy will drive innovation in companion services, infusing the intelligent era with warmth and care [12]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of $5.30, representing an 81% upside potential [8][17]. Core Insights - The company achieved a revenue of $298.6 million in 2024, marking a 29.8% year-over-year growth, and recorded its first positive net income of $5 million under GAAP [3][17]. - The growth was primarily driven by strong performance in IoT PaaS and smart solutions, with IoT PaaS revenue reaching $217.1 million, up 29.4% [4][17]. - The overall gross profit margin improved to 47.4%, with IoT PaaS gross margin increasing by 3.4 percentage points [4][17]. - The company successfully reduced total operating expenses by 11.0% year-over-year through strategic team streamlining and cost control [4][17]. - The number of premium IoT PaaS customers increased to 298, contributing 86.9% of total revenue, indicating enhanced customer stickiness [4][5]. Financial Data and Forecast - Revenue projections for 2025-2027 are $359 million, $425 million, and $494 million, with respective growth rates of 20.2%, 18.3%, and 16.3% [3][8]. - Non-GAAP net profit is expected to grow significantly, reaching $110 million by 2027, with a corresponding EPS of $0.18 [3][8]. - The company maintains a strong liquidity position with a net cash balance exceeding $1 billion by the end of 2024 [4][17]. Business Strategy and Development - The company continues to invest in AI technologies, launching the Tuya AI Agent development platform, integrating major language models to enhance developer capabilities [6][7]. - The focus remains on developing AI devices and smart applications, particularly in audio-video interaction and decision automation [7][8]. - The company is committed to returning value to shareholders, having approved a second dividend totaling approximately $37 million for 2024 [7][8].