Core Viewpoint - Tianlu Technology indicates that the main companies engaged in TFT-level TAC film research and development in mainland China include Leike Film and Anhui Jiguang, highlighting the high technical barriers and the expectation of limited new competitors in the short term [1] Industry Summary - The competitive landscape for domestic substitution in the TAC film market is relatively mild, with all participants having sufficient market development space [1] - The company and its peers are committed to contributing to the localization of high-end film materials [1]

Core Viewpoint - Tianlu Technology's subsidiary, Anhui Jiguang, is engaged in the research and production of TAC optical films, receiving broad support from the industry chain [1] Group 1: Company Developments - The project has garnered support from stakeholders including polarizer manufacturer Sanlipu and panel manufacturer BOE, contributing to technology pathways, equipment selection, product validation, and sales channels [1] - The construction of the factory is progressing steadily, with major equipment expected to be installed and tested in the first half of 2026 [1] - The laboratory-produced films have been sent to downstream customers for testing, with results meeting expectations [1] Group 2: Production Capacity - The first phase of the project plans to establish one production line with an annual capacity of approximately 60 million square meters [1] - Future expansion plans for the second phase will be determined based on the progress of the initial phase [1]

Core Viewpoint - Tianlu Technology indicates that since December 2025, the demand for TV panels has increased due to factors such as inventory preparation for sports events, leading to a rise in panel shipments and potential price increases in the context of manufacturers adopting a "just-in-time production" strategy [1] Group 1: TV Panel Market - Brand manufacturers are actively purchasing, which is driving up TV panel shipment volumes [1] - The price of TV panels is expected to rise due to the current production strategy and increased demand [1] Group 2: MNT Panel Market - Some brand clients are releasing inventory replenishment demands, contributing to structural supply tightness for certain panel sizes [1] - Price increases have been observed on a month-over-month basis due to capacity constraints from TV and other products, as well as a contraction in overseas production [1] Group 3: Overall Panel Production - The overall panel utilization rate is expected to maintain a high level, driven by advanced demand and inventory preparation, continuing from the high levels seen in December 2025 [1]

（记者 曾健辉） 每经AI快讯，天禄科技发布公告称，2026年1月14日，天禄科技接受鹏华基金调研，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。 每经头条（nbdtoutiao）——海利生物增值9倍并购的企业，估值8个月"腰斩"，其第一大客户竟是尚未 成立的公司，离奇的事还不少…… ...

Business Overview - Suzhou Tianlu Technology Co., Ltd. operates in three main business segments, focusing on optical films, including TAC film and reflective polarizing films, to address domestic supply chain challenges and enhance growth potential [1][2]. TAC Film Market Insights - The demand for TAC film is projected to reach 1.229 billion square meters by 2025, with over 70% of the panel production capacity located in mainland China [2]. - Currently, Japanese suppliers dominate the TAC film market, holding approximately 75% of the global market share [2]. - The cost of TAC film constitutes over 50% of the polarizer film material costs, making it a critical component for profitability in the polarizer industry [2]. Competitive Landscape - Key players in the domestic TFT-grade TAC film development include LeKai Film and Anhui Jiguang, with limited new entrants expected due to high technical barriers [3]. - The market competition for domestic alternatives is relatively mild, allowing ample growth opportunities for existing players [3]. Project Development and Financing - Anhui Jiguang has received support from major stakeholders across the supply chain, including Sanli Film and Beijing Electric Control Investment, enhancing project advancement through technical and operational assistance [4]. - The construction of Anhui Jiguang's factory is progressing, with a production line expected to yield approximately 60 million square meters of TAC optical film annually [5]. Reflective Polarizing Film Project - The global market for reflective polarizing films is anticipated to reach $1.438 billion by 2025, primarily dominated by suppliers from the US, Japan, and South Korea [6]. - Suzhou Yijia, a subsidiary established in 2025, aims to produce reflective polarizing films, with plans for two production lines capable of generating 2.4 million square meters annually [7]. Financial Strategy - The investment for the reflective polarizing film project is estimated at approximately 300 million yuan, with initial funding sourced from capital raising and company funds, alongside plans for external financing to optimize governance and equity structure [7]. Market Trends and Production Capacity - The LCD panel market is experiencing upward price trends due to increased demand from upcoming sports events and proactive inventory management by brand manufacturers [7]. - The production capacity utilization rate is expected to remain high, driven by preemptive demand and inventory replenishment strategies [7].

证券日报网讯1月13日，天禄科技（301045）在互动平台回答投资者提问时表示，根据中国结算公司定 期下发的股东名册，截至2026年1月9日，公司股东人数为9475户。 ...

Group 1 - A total of 11 companies were investigated by funds on January 12, with a focus on Xingfa Group, Jintian Co., and Tianlu Technology [1] - Among the companies surveyed, Xingfa Group received the most attention with 18 funds participating, while both Jintian Co. and Tianlu Technology had 7 funds each [1] - The surveyed companies included 6 from the Shenzhen Main Board, 2 from the ChiNext Board, and 3 from the Shanghai Main Board, covering 7 different industries [1] Group 2 - The electronic industry had the highest representation with 3 companies, followed by home appliances and basic chemicals, each with 2 companies [1] - Among the surveyed companies, 2 had a total market capitalization exceeding 50 billion yuan, with one exceeding 100 billion yuan, while 5 companies had a market capitalization below 10 billion yuan [1] - In terms of market performance, 10 out of the surveyed stocks increased in value over the past 5 days, with Liou Co., Newcap, and Tianlu Technology showing the highest gains of 32.42%, 21.60%, and 16.17% respectively [1] Group 3 - In terms of net capital inflow over the past 5 days, 5 stocks saw positive inflows, with Liou Co. leading at 64.48 million yuan [2] - The only company to release an annual performance forecast among the surveyed was Whirlpool, expecting a net profit of 505 million yuan, representing a year-on-year increase of 150% [2] - The detailed list of surveyed companies includes Xingfa Group, Tianlu Technology, Jintian Co., Newcap, Huadian Co., Liou Co., Taihe New Materials, China National Heavy Duty Truck, Changhong Meiling, Yidao Information, and Whirlpool [2]

Core Viewpoint - Tianlu Technology is making steady progress on the Anhui Jiguang TAC film project, with the construction of the factory advancing as planned and expected to obtain the construction permit by June 2025 [1] Group 1: Project Development - The construction of the factory for the Anhui Jiguang TAC film project is progressing steadily [1] - The project is expected to receive the construction engineering permit by June 2025 [1] - Major equipment is anticipated to be installed and tested in the first half of 2026 [1] Group 2: Production Capacity - The first phase of the project plans to build one TAC optical film production line with an annual capacity of approximately 60 million square meters [1] - Future expansion plans for the second phase will depend on the progress of the first phase [1] Group 3: Funding Sources - The funding for the project comes from shareholder contributions, government subsidies, and future financing arrangements [1] - Overall funding for the project is considered to be sufficient [1]

Group 1: Fundraising and Project Changes - The company announced a change in fundraising, 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 [2] Group 2: TAC Film Project Overview - The TAC film market is projected to reach 1.229 billion square meters by 2025, with over 70% of panel production capacity located in mainland China [2] - Currently, 75% of the TFT-grade TAC film used in mainland China is imported, primarily from Japanese suppliers [3] - The project aims to break Japan's monopoly on TAC film, with support from local enterprises like JD.com and Sanlipu [3] Group 3: Investment and Financial Status - The total investment for the TAC film phase one project is estimated at 620 million RMB, with 450 million RMB already secured from shareholders [4] - The project is financially sound, with additional government subsidies and future financing plans in place [4] Group 4: Project Progress and Capacity Planning - Construction of the Anhui Jiguang factory is progressing, with a construction permit obtained in June 2025 [5] - The first production line is expected to produce approximately 60 million square meters of TAC optical film annually [5] - Future expansion plans will depend on the progress of the initial project [5] Group 5: Reflective Polarizing Film Project - The reflective polarizing film project is expected to increase brightness by approximately 60% and is projected to reach a market size of 14.38 billion USD by 2025 [6] - Suzhou Yijia was established to focus on this project, with equipment procurement starting in the second half of 2025 [6] - The investment for the reflective polarizing film project is estimated at 300 million RMB, with plans for external financing to optimize governance and equity structure [6]

Core Viewpoint - Tianlu Technology has decided to terminate the "Expansion of Large-Sized Light Guide Plate Project" due to a decline in demand in the LCD panel industry, reallocating remaining funds to two new optical film projects and postponing the "New Optical Board Project" to August 13, 2026 [3][4]. Group 1: Project Adjustments - The company has approved the termination of the "Expansion of Large-Sized Light Guide Plate Project" primarily due to the industry's cyclical downturn, which has led to reduced demand for light guide plates since 2022 [4]. - Remaining funds of 11,333 million yuan will be invested in two new projects: 4,333 million yuan for the TAC Optical Film Project in Anhui Jiguang and 7,000 million yuan for the New Optical Film Production Project in Suzhou Yijia [4][5]. Group 2: Financial Details - The total investment for the TAC Optical Film Project is 620 million yuan, with a construction period from January 2024 to December 2026, aiming for an annual production capacity of 60 million square meters [6]. - The tax return period for the TAC project is approximately 7.97 years, with a post-tax internal rate of return of about 16.44% [6]. - The New Optical Film Production Project in Suzhou Yijia has a total investment of 300 million yuan, with a construction period from January 2026 to December 2028, targeting an annual production capacity of 24 million square meters [6]. - The tax return period for the Suzhou project is approximately 4.58 years, with a post-tax internal rate of return of about 40.03% [6]. Group 3: Shareholding and Project Timeline - Following the capital increase, Tianlu Technology's shareholding in Anhui Jiguang will rise to 56.4603%, with an additional investment of 30 million yuan from Chengdu Yuanhe Yuandian Venture Capital Partnership [6]. - The deadline for the "New Optical Board Project" has been extended from February 13, 2026, to August 13, 2026, based on macroeconomic conditions and construction progress [6].