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    Matt Ma

    Research Analyst at Jefferies

    Matt Ma is an Equity Research Analyst at Jefferies, specializing in technology and artificial intelligence sectors with a particular focus on leading AIoT companies such as Tuya Inc. He has demonstrated strong analytical performance, issuing highly regarded recommendations such as a Buy rating on Tuya that align with robust company fundamentals and market performance, including a notable 43% year-to-date gain for the covered company. Matt Ma has established his research career at Jefferies, where he is known for precise forecasting and actionable insights. He holds requisite professional securities licenses and is recognized for his rigorous research standards and consistent track record in the sector.

    Matt Ma's questions to Tuya (TUYA) leadership

    Matt Ma's questions to Tuya (TUYA) leadership • Q2 2025

    Question

    Matt Ma of Jefferies asked if Tuya is observing a supply chain shift out of China due to U.S. tariffs and the potential impact on the company, such as incremental costs. He also questioned the reason for the relatively lower gross margin in the Smart Solutions segment in Q2 and inquired about the company's expected margin profile over the next three to five years.

    Answer

    Co-founder, COO, and CFO Alex Yang explained that supply chain shifts have been ongoing for years, and Tuya adapts by delivering modules to customers' chosen manufacturing locations. He noted short-term uncertainty is high as tariffs affect multiple countries. Regarding the Smart Solutions margin, Mr. Yang attributed the slight Q2 dip to 22.5% to the initial rollout of new products like AI toys, which start with lower margins that are expected to improve with scale.

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