$Tuya(TUYA.US) Agree but not completely.
For Tuya's ToB business, look at scale, look at profit margin ✅ For example, Tuya is the front-end supply chain, but I value more the user stickiness of the back-end to the front-end (BtoB).
Without stickiness, having scale or profit margin makes it hard to sustain growth in a red ocean market.
ToB 看定价，ToC 看复购。
$Tuya(TUYA.US)
$Trip.com(TCOM.US)
$JD.com(JD.US)
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