涂鸦智能-W2025中期报告

246121520404180 公司資料 A10310012 33191912 PO Box 309Ugland HouseGrand Cayman, KY1-1104Cayman Islands 22 公司資料 Davis Polk & Wardwell3A10 Maples Fund Services (Cayman) Limited PO Box 1093, Boundary HallCricket SquareGrand CaymanKY1-1102Cayman Islands 1826 488 399 1812628 390 183171712-1716 2391 TUYA ir.tuya.com 重點摘要 2025630 •154.814.7%2024630134.9•PaaS111.912.0%202463099.9•SaaS21.015.6%202463018.2•21.930.1%202463016.8•48.4%0.5202463047.9%PaaS48.6%1.5202463047.1%•0.2%19.6202463019.8%10.0%5.020246305.0%•15.2%15.520246300.3%25.4%0.9202463024.5%•27.54.7%202463026.3•20256301,006.3202412311,016.7 2025630 •2025630PaaS12,70020246302,70020256304,10020246304,100•202563012PaaS22852024630122802025630PaaS88.8%202463085.1%PaaS•202563012PaaSDBNER3114%202463012127%•20256301,514,000202412311,316,00015%1.PaaSPaaS2.PaaS12PaaS100,0003.12PaaS12PaaS12PaaSPaaS12DBNERDBNERDBNER 管理層討論與分析 2025630 2025630154.82024134.914.7% •2025630PaaSPaaS202499.912.0%111.920244PaaS202563012DBNER114% •2025630SaaS202418.215.6%21.0 •202563021.9202416.830.1% 202563079.8202470.313.6% 202563075.0202464.716.0%202563048.4%202447.9% •2025630PaaS48.6%202447.1%•2025630SaaS73.2%202471.6%•202563024.1%202427.5% 202563075.4202491.417.5%202563059.6202457.92.9% •202563045.2202446.52.8%(i)(ii)202563041.7202439.6 •202563016.2202418.412.0%(i)(ii)202563014.9202415.8 •202563018.3202432.343.4%(i)(ii)20256307.320248.3 •20256304.3 20256300.4202426.798.6%202563015.420246.8126.7% 20256300.2%202419.8%19.6202563010.0%20245.0%5.0 管理層討論與分析 202563023.620240.4202563039.4202433.119% 202563015.2%20240.3%15.5202563025.4%202424.5% 20256300.0420240.00AA 20256300.0620240.06 20256301,006.3202412311,016.7 202563027.5202426.32025630 202563023.620240.42025630546.2202563027.5202463026.3 202134904.7202275AA19.37,300,000A70.0 20256301,006.3202412311,016.7 2025630 2025630 管理層討論與分析 202563020241231 2025630(i)211.2(ii)20256305%2025630 20245212024630400,000,0002024620 50.671.0 202563063.3 2025630 2025630 管理層討論與分析 8302025630 2025630 業務回顧及展望 2025 20251.5515%PaaSSaaSAI 202548% AIAIAI10%127%25.4%15.2% 20252,7003,700202563010 2025AIAIAIAIAI151TuyaOpenAIAgentAI 20258263,300 AI AIAIAI202593%AIAIAIAgent1.5AIAIAIAIAIAIAIAIAIAI AI9,300AIAgentTuyaOpenDiscordRedditAI27,00055230AI 2025AIIPAI7AdventureXAdventureX2025800 OttoT5AIAIAIoT AIAI AgentAIAIAI 業務回顧及展望 2025AI AIAIoTAIAIAI Agent AIAI AI ABAB Tuya Group Inc.Tenet GroupTenet GlobalTenet GlobalTenet SmartTenet SmartTMF (Cayman) Ltd.TMF (Cayman) Ltd.Tuya Group Inc.75,347,647A43,352,353BUnileo1,989,100A26,810,900B 1,054,692A201577,336,747A70,163,253B(a)24.13%(b)24.18%(c)62.74%AB 企業管治 B1:1ABA70,163,253AA11.48%A 8A.22BBB (i)8A.17(1)(2)(3)(4)(ii)BB8A.18(iii)B8A.18(2)(iv)BA B 2025630C1 C.2.1 (i)(ii)(iii) C32025630 企業管治 3.21 24102025630 3.25 8A.27 8A.30 其他資料 2025630XV(a)XV78(b)352(c) (1)2025630539,353,673A70,163,253BL(2)Tenet GroupTenet GlobalTenet GlobalTenet SmartTenet SmartTMF (Cayman) Ltd.TMF (Cayman)Ltd.Tuya Group Inc.Tuya Group Inc.20256305,100,000ATenet Group68,815,497A34,784,503BTuya Group Inc.1,432,150A8,567,850B(3)Unileo2025630Unileo1,989,100A26,810,900B(4)20256305,800,000A700,000A(5)2025630145,283A(i)A(ii)A(iii)A(6)2025630117,500A200,000A 2025630XV(a)352(b) 其他資料 2025630XV23336 (1)2025630539,353,673A70,163,253BLS(2)New Enterprise Associates 14, L.P.NEA Partners 14 L.P.NEA Partners 14 L.P.NEA 14 GP, LTD.NEA Partners 14 L.P.NEA 14 GP, LTD.New Enterprise Associates 14, L.P.35,821,715A(3)Tencent Mobility LimitedTencent Mobility Limited55,924,749A2,375,000A(4)Tenet GroupTenet GlobalTenet GlobalTenet SmartTenet SmartTMF (Cayman) Ltd.TMF (Cayman)Ltd.Tuya Group Inc.Tuya Group Inc.TuyaGroup Inc.TenetGlobalTenetSmartTMF(Cayman)Ltd.TenetGroup68,815,497ATenetVision34,784,503BTuya Group Inc.1,432,150A8,567,850B(5)The Bank of New York Mellon CorporationThe Bank of New York Mellon Corporation224,204,777 (L)220,885,382 (S)A(6)UnileoUnileo26,810,900B(7)Anchor V Pte. Ltd.Anchor @ 65 Pte. Ltd.Anchor Fund @ 65 Limited PartnershipAnchor Fund @ 65Limited PartnershipAnchor GP Pte. Ltd.Anchor GP Pte. Ltd.Anchor Fund @ 65 Limited PartnershipAnchor @ 65Pte. Ltd.Anchor V Pte. Ltd.74,626,900A(8)Anchor GP Pte. Ltd.65EP Investment IV Pte. Ltd.65EP Investments Pte. Ltd.65EP Investments Pte.Ltd.65 Equity Partners Group Pte. Ltd.65 Equity Partners Pte. Ltd.65 Equity Partners Pte. Ltd.ThomsonCapital Pte.Ltd.TembusuCapital Pte.Ltd.Tembusu Capital Pte.Ltd.TemasekHoldings(Private) LimitedTemasek Holdings (Private) LimitedAnchor V Pte. Ltd.74,626,900A 2025630336 20141223201520207202122022615172023112024611202462020242015202417 2015202552024219,000A20242024A160,000 其他資料 2015 2015201412232020720212202261520246202015 2015 2015 2015AA 20152015 2015(i)(ii)2015482728 A201564,889,052A2015AA10%49,914,656A 201520152015A30% 7,183,641A2015A1.33%AB1.18%7,183,641A3,735,641AA0.69%AB0.61% 202462020242015(i)2015(ii)2015A2015 2015A A12AA1% 2015(a)A2015A(b)A10%2015 其他資料 2015 201520246202024