Group 1 - The core point of the article is that BOE Technology Group Co., Ltd. has obtained a patent for a display image compensation method, with the patent number CN119993061B, applied for on March 2025 [1] - BOE Technology Group Co., Ltd. was established in 1993 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices, with a registered capital of 37,413.88 million RMB [1] - The company has invested in 73 enterprises, participated in 303 bidding projects, and holds 775 trademark records and 5,000 patent records, along with 47 administrative licenses [1] Group 2 - Chengdu BOE Optoelectronics Technology Co., Ltd. was established in 2007 and is located in Chengdu, primarily engaged in the manufacturing of instruments and meters, with a registered capital of 2,500 million RMB [1] - Chengdu BOE has participated in 921 bidding projects and holds 5,000 patent records, along with 522 administrative licenses [1]

Group 1 - The core point of the article is that BOE Technology Group Co., Ltd. has obtained a patent for "display panels," with the authorization announcement number CN119968034B, and the application date is January 2025 [1] - BOE Technology Group Co., Ltd. was established in 1993 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices. The registered capital is approximately 37.41 billion RMB [1] - The company has invested in 73 enterprises, participated in 303 bidding projects, and has 775 trademark records and 5000 patent records, along with 47 administrative licenses [1] Group 2 - Chengdu BOE Optoelectronics Technology Co., Ltd. was established in 2007 and is located in Chengdu, primarily engaged in the manufacturing of instruments and meters. The registered capital is approximately 2.5 billion RMB [1] - Chengdu BOE has participated in 921 bidding projects, holds 5000 patent records, and has 522 administrative licenses [1]

国家知识产权局信息显示，京东方科技集团股份有限公司取得一项名为"显示模组及电子设备"的专利， 授权公告号CN117222197B，申请日期为2023年9月。 成都京东方光电科技有限公司，成立于2007年，位于成都市，是一家以从事仪器仪表制造业为主的企 业。企业注册资本2500000万人民币。通过天眼查大数据分析，成都京东方光电科技有限公司参与招投 标项目921次，专利信息5000条，此外企业还拥有行政许可522个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 天眼查资料显示，京东方科技集团股份有限公司，成立于1993年，位于北京市，是一家以从事计算机、 通信和其他电子设备制造业为主的企业。企业注册资本3741388.0464万人民币。通过天眼查大数据分 析，京东方科技集团股份有限公司共对外投资了73家企业，参与招投标项目303次，财产线索方面有商 标信息775条，专利信息5000条，此外企业还拥有行政许可47个。 ...

Group 1 - The core point of the article is that BOE Technology Group Co., Ltd. has obtained a patent for "driving circuit, driving method, driving module, and display device," with the authorization announcement number CN119604926B, and the application date is May 2023 [1] Group 2 - BOE Technology Group Co., Ltd. was established in 1993 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices. The registered capital is approximately 37.41 billion RMB [1] - The company has invested in 73 enterprises and participated in 303 bidding projects, with 775 trademark records and 5000 patent records, in addition to holding 47 administrative licenses [1] Group 3 - Chengdu BOE Optoelectronics Technology Co., Ltd. was established in 2007 and is located in Chengdu, primarily engaged in the manufacturing of instruments and meters. The registered capital is approximately 2.5 billion RMB [1] - The subsidiary has participated in 921 bidding projects, holds 5000 patent records, and has 522 administrative licenses [1]

Group 1 - The core viewpoint of the article highlights the performance of the AI Fund, which reported a profit of 6.1281 million yuan in the fourth quarter of 2025, with a net value growth rate of 3.55% [3] - As of January 22, the fund's unit net value stands at 1.183 yuan, and the fund manager, Cai Zhen, oversees 13 funds [3] - The highest one-year return among the funds managed is 54.44% for the Zhaoshang CSI 1000 Enhanced Strategy ETF, while the lowest is 5.32% for Zhaoshang Anyang Bond A [3] Group 2 - The fund management indicated that the highest weight in their portfolio is in the banking sector, with a strategy to keep the allocation to the CSI Dividend Index below 3% [4] - The fund is currently overweight in the machinery and electronics sectors, while underweight in transportation and coal, based on growth potential considerations [4] - The top ten holdings of the fund as of the end of the fourth quarter of 2025 include BOE Technology Group, Sany Heavy Industry, Hikvision, Jiangsu Bank, Shanghai Bank, CRRC Corporation, Haier Smart Home, Ping An Insurance, Weichai Power, and Shanghai Rural Commercial Bank [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The company plans to terminate the original fundraising project "Expansion of Medium and Large-sized Light Guide Plate Project" and invest the remaining funds in the TAC film project of its subsidiary Anhui Jiguang and the reflective polarizing brightness enhancement film project of Suzhou Yijia to achieve the second growth curve of the company's future development [23]. - The TAC film and reflective polarizing brightness enhancement film are domestic substitution projects to solve the "bottleneck" problem. The TAC film is mainly monopolized by Japanese suppliers, and the main suppliers of the reflective polarizing brightness enhancement film are American and Japanese companies [23]. - In the current geopolitical situation, the necessity of the TAC film project is further strengthened, and Anhui Jiguang will promote the project more resolutely with the support of all parties in the industry [25]. 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - Research object: Tianlu Technology [17]. - Industry: Optoelectronics [17]. - Reception time: January 23, 2026 [17]. - Listed company reception personnel: Investor Relations Director Li Yanru [17]. 3.2 Detailed Research Institutions - Fund management company: Dongwu Fund [18]. - Securities companies: Shanxi Securities, Northeast Securities [18]. 3.3 Research Institutions Proportion No information provided. 3.4 Main Content Data - **Change of Raised Funds**: The company plans to terminate the original fundraising project and invest the remaining funds in the TAC film project of Anhui Jiguang and the reflective polarizing brightness enhancement film project of Suzhou Yijia to achieve the second growth curve [23]. - **TAC Film Market Space and Competition Pattern**: The demand for TAC film is expected to reach 1.229 billion square meters in 2025. More than 70% of the downstream panel production capacity and about 70% of the polarizer production capacity after integration are in mainland China. TAC film accounts for more than 50% of the polarizer film material cost. Japanese manufacturers Fuji Film and Konica Minolta account for about 75% of the global market [23][24]. - **TAC Film Project Progress**: In terms of factory building construction, Anhui Jiguang obtained the construction project construction permit in June 2025 and the construction is progressing steadily; in terms of equipment procurement, the main equipment will be delivered and debugged in the first half of this year; in terms of R & D, the trial - produced film in the laboratory has been sent to downstream polarizer and panel manufacturers for testing, and the test results are consistent with Anhui Jiguang's own detection [25].

Group 1 - BOE Technology Group Co., Ltd. has obtained a patent titled "Device, Method, Display Device, Equipment, Medium, and Program Product for Determining Compensation Data," with authorization announcement number CN118538133B, and the application date is May 2024 [1] - BOE Technology Group Co., Ltd. was established in 1993 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices. The registered capital of the company is approximately 37.41 billion RMB [1] - The company has invested in 73 enterprises, participated in 303 bidding projects, and has 775 trademark records and 5000 patent records, along with 47 administrative licenses [1] Group 2 - Chengdu BOE Optoelectronics Technology Co., Ltd. was established in 2007 and is located in Chengdu, primarily engaged in the manufacturing of instruments and meters. The registered capital of this company is approximately 2.5 billion RMB [1] - Chengdu BOE Optoelectronics Technology Co., Ltd. has participated in 921 bidding projects, holds 5000 patent records, and has 522 administrative licenses [1]

Group 1 - BOE Technology Group Co., Ltd. has obtained a patent titled "Shift Register, Drive Circuit, Driving Method and Display Device," with authorization announcement number CN118609502B, and the application date is May 2024 [1] - BOE Technology Group Co., Ltd. was established in 1993 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices. The registered capital is approximately 37.41 billion RMB [1] - The company has invested in 73 enterprises, participated in 303 bidding projects, and holds 775 trademark records and 5000 patent records, along with 47 administrative licenses [1] Group 2 - Chengdu BOE Optoelectronics Technology Co., Ltd. was established in 2007 and is located in Chengdu, primarily engaged in the manufacturing of instruments and meters. The registered capital is approximately 2.5 billion RMB [1] - Chengdu BOE Optoelectronics Technology Co., Ltd. has participated in 921 bidding projects, holds 5000 patent records, and possesses 522 administrative licenses [1]

Core Viewpoint - Tianlu Technology indicates that the demand for TAC film is expected to reach 1.229 billion square meters by 2025, highlighting the growing importance of this material in the display panel industry [1] Industry Summary - Over 70% of the production capacity for the panel segment is located in mainland China, with a similar expectation for the polarizer segment after capacity consolidation [1] - TAC film accounts for over 50% of the cost of polarizer film materials, making it a critical component affecting the profitability of polarizer manufacturers [1] - The TFT-grade TAC film used in mainland China is primarily imported, with Japanese companies Fujifilm and Konica Minolta holding approximately 75% of the global market share [1] Company Summary - In 2023, BOE Technology Group, as a leader in the panel industry chain, has partnered with local polarizer company Sanli Pu to establish a subsidiary, Anhui Jiguang, to engage in the TAC film project [1] - This collaboration aims to break Japan's monopoly on TAC film and enhance the self-sufficiency of China's panel industry chain [1] - The necessity of this project has been further emphasized by current geopolitical relations, with strong support from various industry stakeholders to ensure the project's advancement [1]

Core Viewpoint - Visionox has been experiencing a long-term revenue-cost inversion, reflecting significant challenges within the company, including a notably low gross margin compared to peers and a high depreciation and amortization expense ratio. Additionally, the company's debt ratio continues to rise, with guaranteed net assets exceeding three times, raising concerns about potential deleveraging pressure following state-owned capital acquisition [1][17][28]. Financial Performance - Visionox announced an expected net loss for the fiscal year 2025, with cumulative losses exceeding 10 billion yuan over the past five years [3][18]. - In the first half of 2025, the company achieved a revenue of 4.121 billion yuan, with OLED product revenue accounting for approximately 3.994 billion yuan, representing over 90% of total revenue [4][20]. Market Position - In the AMOLED smartphone panel market, Visionox ranks third globally and second domestically, with a market share of 13.7% as of Q3 2025, despite a significant increase in shipments [5][21]. - The company has seen its market share grow from 6.8% in 2022 to 9% in 2023, and is projected to reach 11.2% in 2024 [7][23]. Gross Margin and Cost Structure - Visionox's gross margin has been negative for most of the past five years, with a severe cost-revenue inversion leading to a gross margin of -35.29% in 2023 [7][23]. - The company's depreciation and amortization expense ratio is significantly higher than that of peers, ranging from 33% to 44%, compared to 12% to 20% for competitors like BOE and Tianma [9][25]. Production Efficiency - The production yield of Visionox's G6 full-flexible production line is at the lower end of the industry standard, with a yield of 80% [8][24]. - The company has invested heavily in production lines, with over 100 billion yuan in investments and seven production lines currently operational [28]. Industry Dynamics - The panel industry is characterized by cyclical attributes influenced by supply-demand dynamics and technological iterations, with a typical production line construction cycle of 2-3 years [10][26]. - Visionox is lagging behind competitors like BOE and Samsung in the deployment of next-generation production lines, which are expected to significantly reduce costs and improve yields [11][27]. Debt and Financing - Visionox's debt level has surged from 54.6% in 2021 to 84.36% by Q3 2025, with short-term debt exceeding 13 billion yuan while cash reserves are below 8 billion yuan [12][28]. - Following the acquisition by state-owned capital, the company faces potential pressure to reduce leverage, with a guarantee ratio reaching 339.36% of its audited net assets [15][31].