Group 1: Fundraising and Project Changes - The company announced a change in fundraising strategy, terminating the "Expansion of Large-Sized Light Guide Plate Project" to improve fund utilization efficiency [1] - Remaining funds will be redirected to the TAC film project at Anhui Jiguang and the reflective polarizing film project at Suzhou Yijia [1] Group 2: Market Analysis and Competitive Landscape - The demand for TAC film is projected to reach 1.229 billion square meters by 2025, with over 70% of panel production capacity located in mainland China [2] - TAC film accounts for over 50% of the cost of polarizing film materials, significantly impacting the profitability of polarizing film manufacturers [2] - Currently, 75% of the TFT-grade TAC film used in mainland China is imported, primarily from Japanese suppliers [2] Group 3: Project Progress and Development - Anhui Jiguang obtained the construction permit in June 2025, and the factory construction is progressing steadily [2] - Major equipment for the TAC film project is expected to be delivered and tested in the first half of this year [2] - Initial test results of trial films sent to downstream polarizing film and panel manufacturers show no significant discrepancies with Anhui Jiguang's internal testing [2]

Group 1 - Tianlu Technology's stock increased by 5.1%, reaching 37.90 CNY per share, with a trading volume of 55.52 million CNY and a turnover rate of 2.37%, resulting in a total market capitalization of 4.181 billion CNY [1] - Suzhou Tianlu Optical Technology Co., Ltd. was established on November 9, 2010, and went public on August 13, 2021. The company's main business involves the research, production, and sales of light guide plates, with revenue composition being 97.85% from light guide plates and 2.15% from other sources [1] Group 2 - Among Tianlu Technology's top ten circulating shareholders, a fund under Dacheng Fund holds a position. The Dacheng CSI 360 Internet + Index A (002236) reduced its holdings by 13,800 shares in the third quarter, now holding 640,800 shares, which is 1% of the circulating shares. The estimated floating profit today is approximately 1.1791 million CNY [2] - The Dacheng CSI 360 Internet + Index A (002236) was established on February 3, 2016, with a current scale of 754 million CNY. Year-to-date returns are 9.8%, ranking 1497 out of 5546 in its category; the one-year return is 53.39%, ranking 1147 out of 4261; and since inception, the return is 263.13% [2]

Core Viewpoint - Tianlu Technology plans to terminate its original fundraising project "Expansion of Large-size Light Guide Plate Project" to improve the efficiency of fundraising and align with strategic development needs [1] Group 1: Fundraising and Project Termination - The company intends to redirect the remaining funds from the terminated project into two new projects: the TAC film project of its subsidiary Anhui Jiguang and the reflective polarizing enhancement film project of Suzhou Yijia [1] - Both new projects fall under the category of domestic substitution, aiming to expand into adjacent segments of the display industry [1] Group 2: Strategic Development - The shift in funding is part of the company's strategy to build a second growth curve [1]

Group 1: Fundraising and Project Adjustments - The company announced the termination of the original fundraising project "Expansion of Large-size Light Guide Plate Project" to improve fundraising efficiency, reallocating the remaining funds to the TAC film project and reflective polarizing film project [1] - The TAC film and reflective polarizing film projects are aimed at addressing domestic supply chain issues, with both being critical for the company's second growth curve [1] Group 2: Market Overview and Competition - The TAC film market is primarily dominated by Japanese suppliers, with major players including Fujifilm, Konica Minolta, and others, accounting for approximately 80% of the global market [2] - The company plans to establish a production line for TAC optical film with an annual capacity of 1 million square meters, with potential for further expansion based on the progress of the initial project [2] Group 3: Investment and Shareholding Structure - Following recent financing, the company's shareholding in Anhui Jiguang is expected to be 56.4603%, maintaining a stake above 50% to ensure consolidation in financial reporting [2]

Core Viewpoint - Tianlu Technology is shifting its fundraising focus to enhance efficiency and support the development of its TAC film project and reflective polarizer project, aiming to create a second growth curve in adjacent display industry segments [3]. Group 1: Investor Relations Activity - The investor relations activity was a targeted research meeting held on January 21, 2026, at Tianlu Technology's fifth-floor conference room, attended by Tianhong Fund and Western Securities [2]. Group 2: Fundraising Purpose Change - The company plans to terminate the original fundraising project for the "Expansion of Large-Sized Light Guide Plate Project" and redirect the remaining funds to the TAC film project at Anhui Jiguang and the reflective polarizer project at Suzhou Yijia [3]. Group 3: TAC Film Project Progress - The TAC film project is progressing in three areas: - Construction of the factory is underway, with a construction permit obtained in June 2025 [4]. - Major equipment is expected to arrive and undergo testing in the first half of this year [4]. - Laboratory test samples have been sent to downstream manufacturers for evaluation, confirming no significant discrepancies in testing results [4]. Group 4: Shareholder Support and Financial Status - The shareholder structure of Anhui Jiguang covers key participants in the TAC film supply chain, providing technical and financial support throughout various project phases [5]. - The company has sufficient funding due to multiple rounds of financing and government subsidies [5]. Group 5: TAC Film Capacity Planning - The initial phase of the TAC film project will involve the construction of one production line, with future expansion plans contingent on the progress of the initial project [6].

Core Viewpoint - Tianlu Technology plans to terminate its original fundraising project "Expansion of Large-Sized Light Guide Plate Project" to improve the efficiency of fundraising usage, reallocating the remaining funds to its subsidiaries' TAC film project and reflective polarizing film project [1] Group 1: Company Strategy - The company aims to extend its business horizontally into the display industry's niche areas by leveraging its light guide plate business as a foundation [1] - The focus on TAC film and reflective polarizing film projects is part of the company's strategy to create a second growth curve [1] Group 2: Industry Context - Both optical film projects are categorized under domestic substitution, addressing the industry's "bottleneck" issues [1]

Group 1: Fundraising and Project Adjustments - The company announced a change in fundraising strategy, terminating the "Expansion of Large-Sized Light Guide Plate Project" to improve fund utilization efficiency. Remaining funds will be allocated to the TAC film project and the reflective polarizing film project [1] - The TAC film and reflective polarizing film projects are aimed at addressing domestic supply chain issues, with TAC film currently monopolized by Japanese suppliers and reflective polarizing film primarily supplied by American and Japanese companies [2] Group 2: TAC Film Project Progress - As of June 2025, Anhui Jiguang has obtained the construction permit for the factory, and construction is progressing steadily [3] - Major equipment for the TAC film project is expected to arrive and undergo testing in the first half of 2026 [3] - Laboratory test samples have been sent to downstream polarizer and panel manufacturers for evaluation, with results aligning closely with Anhui Jiguang's internal assessments [3] Group 3: Financing and Stakeholder Support - Anhui Jiguang has received support from various stakeholders, including Sanlipu (representing the polarizer segment) and Beijing Electric Control Investment (representing panel manufacturers), ensuring comprehensive industry participation [4] - The company has secured multiple rounds of financing and government subsidies, resulting in sufficient funding for project advancement [4] Group 4: Production Capacity Planning - The first phase of the TAC optical film production line is designed to produce approximately 60 million square meters annually [4] - Future expansion plans will depend on the progress of the initial project phase [4]

Core Viewpoint - Tianlu Technology indicates that the main raw material for TAC film, triacetate cellulose, has three major global suppliers, suggesting the potential for domestic sourcing in the supply chain [1] Group 1: Supply Chain and Sourcing - The three major suppliers of triacetate cellulose are Sichuan Pushi, Japan's Daicel, and the US's Eastman, with Sichuan Pushi being a domestic company [1] - The TAC film supply chain is more likely to achieve full domestic production compared to other optical film products, which is a significant reason for the company's collaboration with BOE Technology Group to develop TAC film [1] - The company has established business relationships with the three suppliers and has conducted multiple tests on incoming materials [1]

证券代码：301045 证券简称：天禄科技 苏州天禄光科技股份有限公司 投资者关系活动记录表 编号：2026-005 投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 ☑ 路演活动 □现场参观 □电话会议 □其他： （请文字说明其他活动内容） 参与单位名称 申万菱信、华宝基金、东方证券资管 时间 2026 年 1 月 20 日 地点 上海 公司接待人员 姓名 投资者关系总监：李艳茹女士 投资者关系活 动主要内容介 绍 投资者提出的问题及公司回复情况 1、TAC膜主要依赖从日本进口，请介绍目前全球主要厂 商。 目前，TFT级偏光片用TAC膜供应商主要有五家：日本的富 士胶片、日本的柯尼卡美能达、韩国的晓星化学、中国台湾的 达辉和日本的瑞翁。其中富士胶片、柯尼卡美能达、瑞翁合计 约占全球市场的 80%，由此可以看出TFT级偏光片用TAC膜是一 款基本由日本厂商垄断的产品。 2、TAC膜的市场空间及竞争格局如何，近期中日关系对项 目推进有何影响？ 根据市场机构数据，TAC膜的需求量 2025 年有望达到 12.29 亿平方米。其下游的面板环节超过 70%产能在中国大陆，偏光 ...

Group 1 - On January 19, a total of 14 companies were investigated by institutions, with 8 companies being surveyed by funds [1] - Shu Dao Equipment received the most attention, with 4 funds participating in the survey, while Mingyang Electric and Ruipu Biotech had 3 and 2 funds respectively [1] - Among the surveyed companies, there is 1 company from the main board, 6 from the ChiNext board, and 1 from the Sci-Tech Innovation board [1] Group 2 - The total market capitalization of the surveyed A-share companies includes 1 company with a market cap over 50 billion yuan and 5 companies with a market cap below 10 billion yuan, including Tianlu Technology and Shu Dao Equipment [1] - In terms of market performance, 6 of the surveyed stocks increased in the past 5 days, with the highest gains seen in Shiji Information (21.98%), Tianlu Technology (11.08%), and Mingyang Electric (6.95%) [1] - Conversely, 2 stocks experienced declines, with Longxin Technology and Shu Dao Equipment showing the largest drops of 9.72% and 4.68% respectively [1]