Group 1: TAC Film Market Overview - The global market for TAC film is primarily dominated by five suppliers, with Japanese companies Fuji Film, Konica Minolta, and Rion accounting for approximately 80% of the market share [1] - 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 [3] - TAC film constitutes over 50% of the cost of polarizer materials, making it a critical component affecting the profitability of polarizer manufacturers [3] Group 2: Project Development and Strategic Partnerships - JD.com, a leader in the panel industry, has partnered with local companies to establish Anhui Jiguang, aimed at breaking the Japanese monopoly on TAC film [3] - The necessity of the TAC film project has been reinforced by current geopolitical relations, with strong support from various industry stakeholders [3] Group 3: Progress on TAC Film Project - As of June 2025, Anhui Jiguang has obtained construction permits, and the factory construction is progressing steadily [4] - Major equipment for the TAC film production is expected to arrive and undergo testing in the first half of the year [4] - Initial test samples of the TAC film have been sent to downstream polarizer and panel manufacturers for evaluation, showing no significant discrepancies from internal testing results [4] Group 4: Equipment and Production Process - Equipment such as liquid adjustment tanks and carbon fiber rollers have already arrived on-site, with the liquid adjustment phase being critical for ensuring solution purity and stability [5]

Group 1: TAC Film Market Overview - The global market for TAC film is dominated by five main suppliers, with Japanese companies Fuji Film, Konica Minolta, and Rion accounting for approximately 80% of the market share [1] - 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 [3] - TAC film constitutes over 50% of the cost of polarizer film materials, significantly impacting the profitability of polarizer manufacturers [3] Group 2: Project Development and Strategic Partnerships - JD.com, a leader in the panel industry, has partnered with local companies to establish Anhui Jiguang, aimed at breaking the Japanese monopoly on TAC film [3] - The necessity of the TAC film project has been reinforced by current geopolitical relations, with strong support from various industry stakeholders [3] - As of June 2025, Anhui Jiguang has obtained construction permits, and the factory construction is progressing steadily [4] Group 3: Equipment and R&D Progress - Key equipment for TAC film production is scheduled to arrive and undergo testing in the first half of 2026 [4] - Initial test samples of TAC film have been sent to downstream polarizer and panel manufacturers for evaluation, showing no significant discrepancies from internal testing results [4] - Equipment such as liquid tanks and carbon fiber rollers have already been delivered, with the liquid adjustment phase being critical for ensuring solution purity and stability [5]

1. Reported Industry Investment Rating - No information provided 2. Core Views of the Report - The TFT - level TAC film for polarizers is basically monopolized by Japanese manufacturers, with Fuji Film, Konica Minolta, and Rayon accounting for about 80% of the global market, and Fuji Film and Konica Minolta accounting for about 75% [23][24]. - The demand for TAC film reached 1.229 billion square meters in 2025. Over 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 over 50% of the polarizer film material cost [23]. - In 2023, BOE, Sanlipu, and Tianlu Technology jointly established Anhui Jiguang to engage in the TAC film project to break the Japanese monopoly and promote the self - controllability of the panel industry chain. The project's necessity is further strengthened under the current geopolitical situation [24]. 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - Research object: Tianlu Technology [17] - Industry: Optoelectronics [17] - Reception time: 2026 - 02 - 26 [17] - Listed company receptionist: Investor Relations Director Li Yanru [17] 3.2 Detailed Research Institutions - Institution: Fund management company - Fuguo Fund [20] 3.3 Research Institution Proportion - No information provided 3.4 Main Content Data - **Global TAC film manufacturers**: The main suppliers of TFT - level TAC film for polarizers are Fuji Film and Konica Minolta from Japan, Hyosung Chemical from South Korea, Dahui from Taiwan, China, and Rayon from Japan. Fuji Film, Konica Minolta, and Rayon together account for about 80% of the global market [23]. - **Market space and competition pattern of TAC film**: The demand for TAC film reached 1.229 billion square meters in 2025. Over 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 over 50% of the polarizer film material cost. Mainland China's TFT - level TAC film is basically imported, with Fuji Film and Konica Minolta accounting for about 75% of the global market [23][24]. - **Project progress**: Anhui Jiguang obtained the construction permit in June 2025, and the plant construction is progressing steadily. The main equipment will be installed and debugged in the first half of this year. 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]. - **Equipment arrival situation**: Before the Spring Festival, the liquid - mixing tank and some carbon fiber rollers have arrived. The liquid - mixing tank is at the front end of the TAC film production process [25].

Core Viewpoint - Tianlu Technology (301045) is strategically positioning itself to break Japan's monopoly on TAC film, which is crucial for the profitability of polarizer manufacturers in the display panel industry [1] Group 1: Market Demand and Production - The demand for TAC film is projected to reach 1.229 billion square meters by 2025 according to market institution data [1] - 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] Group 2: Cost Structure and Dependency - TAC film accounts for over 50% of the cost of polarizer materials, making it a key factor influencing the profitability of polarizer companies [1] - The TFT-grade TAC film used in mainland China is primarily imported, with Japanese manufacturers Fujifilm and Konica Minolta holding approximately 75% of the global market share [1] Group 3: Strategic Initiatives - In 2023, BOE, a leader in the panel industry, partnered with domestic polarizer company Sanli Pu (002876) to establish a subsidiary, Anhui Jiguang, focused on the TAC film project [1] - This initiative aims to collaboratively break Japan's monopoly on TAC film, enhancing the self-sufficiency of China's panel industry [1] - The necessity of this project has been further emphasized by current geopolitical relations, with strong support from various industry stakeholders ensuring decisive project advancement [1]

Group 1: TAC Film Market Overview - The global market for TAC film is dominated by five main suppliers, with Japanese companies Fuji Film, Konica Minolta, and Rion accounting for approximately 80% of the market share [1] - 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 [3] - TAC film constitutes over 50% of the cost of polarizer materials, significantly impacting the profitability of polarizer manufacturers [3] Group 2: Project Development and Strategic Partnerships - JD.com, a leader in the panel industry, has partnered with local companies to establish Anhui Jiguang, aimed at breaking Japan's monopoly on TAC film production [3] - The necessity of the TAC film project has been reinforced by current geopolitical relations, with strong support from various industry stakeholders [3] Group 3: Progress on TAC Film Project - As of June 2025, Anhui Jiguang has obtained construction permits, and the factory construction is progressing steadily [4] - Major equipment for the TAC film production line is expected to arrive and undergo testing in the first half of the year [4] - Initial test samples of the TAC film have been sent to downstream polarizer and panel manufacturers for evaluation, showing no significant discrepancies from internal testing results [4] Group 4: Equipment and Production Process - Equipment such as liquid mixing tanks and carbon fiber rollers have already arrived on-site, with the mixing tanks being critical for ensuring solution purity and stability [5]

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]

Group 1: Research Basic Information - The research object is Tianlu Technology, belonging to the optoelectronic industry. The reception time was January 20, 2026, and the listed company's reception staff was Li Yanru, the director of investor relations [17] Group 2: Detailed Research Institutions - The research institutions include Shenwan Lingxin (a fund management company), Huabao Fund (a fund management company), and Orient Securities Asset Management (an asset management company) [18] Group 3: Main Content TAC Film Manufacturers - The main suppliers of TFT - grade polarizer TAC film are Fuji Film and Konica Minolta in Japan, Hyosung Chemical in South Korea, Dah Huei in Taiwan (China), and Zeon in Japan. Fuji Film, Konica Minolta, and Zeon together account for about 80% of the global market [24] Market Space, Competition Pattern, and Project Impact - The demand for TAC film is expected to reach 1.229 billion square meters in 2025. Over 70% of the downstream panel production capacity is in mainland China, and after capacity integration, about 70% of the polarizer production capacity is also expected to be in mainland China. TAC film accounts for over 50% of the polarizer film material cost. In 2023, BOE, Sanlipu, and Tianlu Technology jointly established Anhui Jiguang to engage in the TAC film project. Under the current geopolitical situation, the necessity of this project is further strengthened [25][26] Raw Material Supply Pattern and Localization - The main raw material of TAC film is cellulose triacetate, and the global main suppliers are Sichuan Push (a subsidiary of Yibin Paper), Daicel in Japan, and Eastman in the United States. Tianlu Technology has established business relationships with these three suppliers [27] Financing Plan for Anhui Jiguang - With the capital investment from shareholders and government subsidies, Anhui Jiguang has sufficient funds and low liquidity pressure. Its financing work is in the final stage, and the company will promote it according to the situation [28]

Core Viewpoint - Tianlu Technology emphasizes the dominance of Japanese and Korean companies in the supply of TAC film for TFT polarizers, with Japanese firms holding approximately 80% market share, indicating a heavy reliance on imports for TFT-grade TAC film in mainland China [1] Group 1 - The company established a subsidiary, Anhui Jiguang, in 2023 to address the reliance on imported TAC film [1] - The subsidiary has attracted shareholders from downstream companies in the TAC film industry chain, including Sanlipu, Xianzhi Chain, Beijing Electric Control Investment, Yiming, and Yisi [1] - The initiative aims to break the monopoly of Japanese and Korean firms on TAC film and support the self-sufficiency of China's panel industry chain [1]

Core Viewpoint - Tianlu Technology (301045.SZ) is addressing the reliance on imported TAC film for TFT polarizers, with a focus on breaking the monopoly held by Japanese and Korean companies in this sector [1] Group 1: Company Developments - The company has established a subsidiary, Anhui Jiguang, in 2023 to collaborate with various stakeholders in the TAC film industry chain, including Sanlipu, Xianzhi Chain, Beijing Electric Control Investment, and others [1] - The TAC film project has completed the procurement of major production equipment and is currently advancing the construction of the factory and monitoring equipment delivery schedules [1] Group 2: Industry Context - The supply of TAC film for TFT polarizers is predominantly controlled by Japanese manufacturers, who hold approximately 80% of the market share, indicating a significant dependency on imports for China's TFT-grade TAC film [1]

Core Viewpoint - Tianlu Technology (301045.SZ) is addressing the reliance on imported TAC film for TFT polarizers, with Japanese companies holding approximately 80% market share, by establishing a subsidiary to enhance domestic production capabilities [1] Group 1: Company Developments - The company has established a subsidiary, Anhui Jiguang, to collaborate with various stakeholders in the TAC film industry chain to break the monopoly held by Japanese and Korean firms [1] - The TAC film project has completed the procurement of major production equipment and is focusing on factory construction and monitoring equipment delivery progress [1] Group 2: Industry Context - The current supply of TFT-grade TAC film in mainland China is heavily dependent on imports, highlighting a significant opportunity for domestic production [1] - The involvement of downstream partners such as Sanlipu, Xianzhi Chain, Beijing Electric Control Investment, and others indicates a collaborative effort to strengthen the domestic supply chain [1]