Group 1: Fundraising and Project Changes - The company announced the termination of the original fundraising project "Expansion of Large-Sized Light Guide Plate Project" to improve the efficiency of fund usage, reallocating the remaining funds 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 both being critical for the future growth of the company [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 the panel production capacity located in mainland China [2] - TAC film accounts for over 50% of the cost of polarizing film materials, making it a key component affecting the profitability of polarizing film manufacturers [2] - Currently, 75% of the global market for TFT-grade TAC film is dominated by Japanese suppliers, highlighting the need for domestic production capabilities [2] Group 3: Project Progress and Development - As of June 2025, the construction of the factory for the TAC film project has commenced, with steady progress reported [2] - Major equipment for the project is expected to be delivered and tested in the first half of the current year [2] - Initial test results from the experimental film produced in the laboratory align with the company's own testing, indicating no significant discrepancies [2]

Group 1: Fundraising and Project Changes - The company announced the termination of the original fundraising project "Expansion of Large-size Light Guide Plate Project" to improve fundraising efficiency and redirect 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 and enhancing the company's growth trajectory [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] - Currently, 75% of the global TAC film market is dominated by Japanese suppliers, highlighting the need for domestic production to reduce reliance on imports [2] Group 3: Project Progress and Challenges - As of June 2025, the construction of the factory for the TAC film project is progressing steadily, with major equipment expected to be installed and tested in the first half of the year [3] - The procurement of production equipment has faced challenges due to the need for customized machinery and the limited availability of suppliers, but these issues are being addressed [4] - The company plans to increase the use of domestic equipment in future phases of the project to enhance the localization of TAC film production [4]

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 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]