Group 1: Fundraising and Project Changes - The company announced a change in fundraising strategy, terminating the "Expansion of Large-Sized Light Guide Plate Project" to improve fund utilization efficiency [1] - Remaining funds will be allocated to the TAC film project at Anhui Jiguang and the reflective polarizing film project at Suzhou Yijia [1] Group 2: Market Analysis and Competitive Landscape - The demand for TAC film is expected to reach 1.229 billion square meters by 2025, with over 70% of panel production capacity located in mainland China [2] - TAC film accounts for over 50% of the cost of polarizing film materials, making it a critical component for profitability in the polarizing film industry [2] - Currently, 75% of the TFT-grade TAC film used in mainland China is imported, primarily from Japanese suppliers [2] Group 3: Project Progress and Development - Anhui Jiguang obtained the construction permit in June 2025, and the factory construction is progressing steadily [2] - Major equipment for the TAC film project is expected to be delivered and tested in the first half of this year [2] - Initial test results of the trial film sent to downstream polarizing film and panel manufacturers show no significant discrepancies with Anhui Jiguang's internal testing [2]

天禄科技（301045.SZ）2月2日在投资者互动平台表示，公司现有产品导光板的终端应用涵盖台式显示 器、笔记本电脑、液晶电视、平板电视等领域，目前MNT导光板的产能较为充足，公司将持续关注新 增市场需求。公司将持续进行产品创新，重点打造高品质、高可靠、应用于高端机型的差异化产品，实 现盈利能力的提升。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司在MNT面板的产能分配上是否有调整计划， 以最大化高毛利尺寸的产出？此外，公司如何看待海外产能收缩的长期影响，是否有计划进一步拓展 MNT市场的份额？ ...

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 - Tianlu Technology's stock price decreased by 1.78% on January 29, with a trading volume of 226 million yuan [1] - The financing data on January 29 shows that Tianlu Technology had a financing buy-in amount of 18.99 million yuan and a financing repayment of 40.35 million yuan, resulting in a net financing outflow of 21.35 million yuan [1] - As of January 29, the total margin balance for Tianlu Technology was 174 million yuan, accounting for 4.63% of its market capitalization, indicating a high level compared to the past year [1] Group 2 - As of January 20, the number of shareholders for Tianlu Technology was 8,951, a decrease of 5.53% from the previous period, while the average circulating shares per person increased by 5.85% to 7,145 shares [2] - For the period from January to September 2025, Tianlu Technology reported an operating income of 447 million yuan, a year-on-year decrease of 9.93%, while the net profit attributable to the parent company was 25.27 million yuan, reflecting a year-on-year increase of 26.56% [2] Group 3 - Since its A-share listing, Tianlu Technology has distributed a total of 18.75 million yuan in dividends [3] - As of September 30, 2025, among the top ten circulating shareholders of Tianlu Technology, the Dazhong CSI 360 Internet + Index A (002236) ranked as the eighth largest shareholder, holding 640,800 shares, a decrease of 13,800 shares from the previous period [3]

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 enhance the efficiency of fund usage [1] - Remaining funds will be redirected to the TAC film project at Anhui Jiguang and the reflective polarizing film project at Suzhou Yijia [1] - The company aims to extend its business from light guide plates to adjacent fields, establishing a second growth curve through these optical films [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] - TAC film constitutes over 50% of the cost of polarizing film materials, significantly impacting the profitability of polarizing film manufacturers [2] - Currently, the TFT-grade TAC film used in mainland China is heavily reliant on imports, with Japanese suppliers holding approximately 75% of the global market share [2] Group 3: Project Progress and Development - Anhui Jiguang obtained the construction permit for its factory in June 2025, with steady progress in construction [2] - Major equipment for the TAC film project is expected to be delivered and tested in the first half of this year [2] - Initial test results of trial films sent to downstream polarizing film and panel manufacturers show no significant discrepancies from internal testing results [2]

Group 1: General Information - Research object: Tianlu Technology [17] - Industry: Optics and optoelectronics [17] - Reception time: January 26, 2026 [17] - Company receptionist: Investor Relations Director Li Yanru [17] Group 2: Research Institutions - Institutions participating in the research: Xitai Asset Management, Zhongyou Securities [2][18] Group 3: Core Views and Business Strategies - 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 [22] - The two optical film projects are domestic substitution projects to solve the "choke point" problem, with TAC film mainly monopolized by Japanese suppliers and reflective polarizing brightness enhancement film mainly supplied by US and Japanese companies [22] Group 4: TAC Film Market and Competition - The demand for TAC film is expected to reach 1.229 billion square meters in 2025 [23] - Over 70% of the downstream panel capacity and about 70% of the polarizer capacity after integration are in mainland China [23] - TAC film accounts for over 50% of the polarizer film material cost and is a key material affecting polarizer companies' profitability [23] - Mainland China's TFT - grade TAC film is basically imported, with Japanese manufacturers Fuji Film and Konica Minolta accounting for about 75% of the global market [24] Group 5: TAC Film Project Progress - In terms of factory building construction, Anhui Jiguang obtained the construction permit in June 2025 and the construction is progressing steadily [26] - Main equipment will be delivered and commissioned in the first half of this year [26] - The trial - produced film has been sent to downstream polarizer and panel factories for testing, and the results are consistent with Anhui Jiguang's self - testing [26] Group 6: TAC Film Equipment Procurement - TAC film production lines are customized, requiring the company to have in - depth knowledge of product characteristics [27] - There have been no new TAC film production lines overseas in nearly 10 years, and the company had to purchase equipment in segments globally [27] - Some overseas suppliers' unreasonable demands led to delays, but the company replaced them and will use more domestic equipment in the second phase [27] - Equipment procurement difficulties have been gradually overcome since last下半年, and the first batch of equipment will arrive after the Spring Festival for installation [27]

Investment Rating - The report maintains a rating of "Accumulate" for Tianlu Technology [5] Core Views - The company is expected to see significant revenue growth driven by the upcoming TAC optical film project, which is anticipated to break the foreign monopoly in the market [7] - The company has a stable position in the main business of light guide plates, with a projected increase in net profit from 27 million yuan in 2024 to 134 million yuan in 2027 [5][7] - The report highlights the potential of the reflective polarizing enhancement film project, which aims to meet domestic demand and reduce reliance on imports [7] Financial Summary - The total share capital is 110.32 million shares, with a market price of 38.34 yuan, resulting in a market capitalization of approximately 4,229.61 million yuan [5] - Revenue projections show a growth from 596 million yuan in 2023 to 1,343 million yuan in 2027, with a compound annual growth rate (CAGR) of 54% from 2025 to 2027 [5][8] - The net profit is expected to grow from 9 million yuan in 2023 to 134 million yuan in 2027, reflecting a significant increase in profitability [5][8]

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].

Core Viewpoint - Tianlu Technology (301045) has decided to terminate its original fundraising project "Expansion of Large-size Light Guide Plate Project" to improve the efficiency of fund utilization, 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 adjacent segments of the display industry through the TAC film industry layout, and subsequently develop the reflective polarizing film project to establish a second growth curve for future development [1] - Both optical films are part of domestic substitution projects addressing critical supply issues, with TAC film primarily monopolized by Japanese suppliers and reflective polarizing film mainly supplied by American and Japanese companies [1]

Group 1: Fundraising and Project Changes - The company announced a change in fundraising strategy, 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 [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] - TAC film accounts for over 50% of the cost of polarizing film materials, significantly impacting the profitability of polarizing film manufacturers [2] - Currently, 75% of the TFT-grade TAC film used in mainland China is imported, primarily from Japanese suppliers [2] Group 3: Project Progress and Development - Anhui Jiguang obtained the construction permit in June 2025, and the factory construction is progressing steadily [2] - Major equipment for the TAC film project is expected to be delivered and tested in the first half of this year [2] - Initial test results of trial films sent to downstream polarizing film and panel manufacturers show no significant discrepancies with Anhui Jiguang's internal testing [2]