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]

（记者 曾健辉） 每经头条（nbdtoutiao）——短剧大爆发，吸纳69万人就业！一度送外卖的演员也找到工作：收入还算 可观但太累，剧组常备速效救心丸，拍睡觉戏真能睡着 每经AI快讯，天禄科技发布公告称，2026年1月19日，天禄科技接受交银施罗德基金等投资者调研，公 司投资者关系总监李艳茹女士参与接待，并回答了投资者提出的问题。 ...

Group 1 - The core viewpoint of the article highlights the progress and feasibility of domestic production of TAC film in China, driven by the acceleration of the localization of the polarizer segment [2][6] - The transfer path of the liquid crystal display industry chain is outlined as "USA-Japan-Korea-Taiwan-China," with Japan still dominating core component technology [2] - The domestic production of LCD panels has reached approximately 70% of global capacity since BOE established its first production line in 2005 [2] Group 2 - The collaboration between BOE and Tianlu Technology for the TAC film project began in 2020, driven by the trend of polarizer localization [3] - The construction of the factory for the TAC film project is progressing steadily, with the main equipment expected to be installed and tested in the first half of 2026 [4] - The company holds a 56.4603% stake in Anhui Jiguang after the recent financing round, ensuring it will continue to consolidate the financial results of the subsidiary [5]

Group 1: Industry Background and Development - The TAC film technology has been mastered in Japan since the 1990s, but China has not been able to produce TFT-grade TAC film in bulk for over two decades due to the historical transfer of the LCD industry chain from the US to Japan, Korea, Taiwan, and finally to mainland China [1] - The LCD panel industry in mainland China has seen significant growth, with current production capacity accounting for approximately 70% of the global market [2] - The global production capacity of LCD polarizers is expected to reach 76% in mainland China by 2024, following acquisitions by companies like Shanshan and Hengmei [2] Group 2: TAC Film Project and Collaborations - The establishment of the TAC film project company, Anhui Jiguang, in 2023 was a strategic decision made in collaboration with industry leaders like BOE and Sanli [2][3] - The partnership with BOE's investment fund, Enlightened Chain, aims to address the domestic production of TAC film, marking a significant step in the project [2] Group 3: Project Progress and Financials - As of 2025, Anhui Jiguang has obtained construction permits, and the factory construction is progressing steadily [4] - Major equipment for the project is expected to arrive and undergo testing in the first half of the year, with initial test results aligning with internal assessments [4] - Following recent financing, the company's stake in Anhui Jiguang is 56.4603%, with expectations to maintain a majority share for consolidation purposes [4]

Business Overview - The company operates in three main business segments, focusing on optical films, particularly the TAC film, which is crucial for the display industry [1] - The TAC film market is dominated by Japanese suppliers, while the reflective polarizing film is primarily supplied by American and Japanese companies, indicating a reliance on foreign technology [1] Investment and Support - Shareholders of Anhui Jiguang, including representatives from the optical film and panel manufacturing sectors, provide significant support in technology, equipment selection, and sales channel development [2] - The involvement of investment firms specializing in new materials enhances the project’s advancement through technical and operational guidance [2] Project Progress - As of June 2025, Anhui Jiguang has obtained construction permits, and the factory construction is progressing steadily [3] - Major equipment is expected to arrive and undergo testing in the first half of 2026, with initial product testing showing consistent results with internal assessments [3] Competitive Landscape - The market for TAC film faces competition from PMMA, COP, and PET, with TAC film maintaining a significant share due to its established position in the optical film market [3][4] - The global market for TAC film has seen limited new capacity in the past decade, while demand from panel manufacturers continues to rise, creating opportunities for market share expansion [3][4] Environmental Considerations - The production process for TAC film is noted for its environmental benefits, including the recyclability of solvents and the use of cotton as a primary raw material, making it a greener option compared to competitors [4] Investment in Related Ventures - The company holds a minor stake (approximately 0.0072%) in Yushu Technology through an investment fund, which is not expected to have a significant impact on its operations [4]

Group 1 - The core investment amount for the reflective polarizing enhancement film project is approximately 300 million yuan [2] - The initial funding will primarily come from raised funds and the company's own capital, with preparations for financing already underway [2] - The company plans to introduce some external investors to optimize its governance and equity structure [2]