格隆汇11月18日丨天禄科技(301045.SZ)在投资者互动平台表示，TFT型偏光片用TAC膜供应商以日韩企 业为主，尤其日本厂商的份额约80%，目前中国大陆TFT级TAC膜基本依赖进口。公司于2023年设立了 子公司安徽吉光，已引入位于TAC膜产业链下游的三利谱、显智链、北京电控产投以及毅鸣、毅司等股 东，联合产业各方合力打破日韩对TAC膜的垄断，助力我国面板产业链的自主可控。目前TAC膜项目已 完成主要生产设备的订购工作，重点推进厂房建设及跟进设备交货进度等工作。 ...

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]

Core Viewpoint - Tianlu Technology (301045) demonstrated strong profitability and operational resilience in Q3 2025, achieving a net profit of 10.099 million yuan, a significant year-on-year increase of 106% despite industry cyclical adjustments and external challenges [1][2]. Financial Performance - In Q3 2025, the company reported an operating income of 151 million yuan, with a notable increase in net profit and a 125.87% growth in non-recurring net profit, indicating substantial improvement in core business profitability [2]. - The net cash flow from operating activities surged to 90.6104 million yuan, reflecting a year-on-year increase of 468.16%, showcasing effective capital turnover and cost control [2]. - As of September 30, 2025, total assets reached 1.486 billion yuan, a 9.28% increase from the previous year, while equity attributable to shareholders grew by 3.07% to 1.025 billion yuan [2]. Strategic Initiatives - The company has extended its focus beyond light guide plates to adjacent segments in the display industry, establishing Anhui Jiguang New Materials Co., Ltd. to specialize in the research, production, and sales of TAC film [3]. - TAC film is a critical raw material for display panels, playing a vital role in protecting polarizers and adjusting optical properties, positioning the company for a "second growth curve" [3]. R&D and Capacity Expansion - Tianlu Technology has maintained steady R&D investment, with expenses reaching 26.7604 million yuan, reflecting a commitment to technological innovation [4]. - The ongoing construction projects have increased by 45.09% since the beginning of the year, primarily due to the continuous advancement of optical plate and TAC film projects, indicating future capacity release and product structure optimization [4]. - Analysts note that the company has achieved counter-cyclical growth in a complex market environment, with improved cash flow and asset structure, making its future performance in high-end display materials promising [4].

Group 1 - Recent personnel changes have occurred in Rainbow Co., Lucky Film, and Luoyang Molybdenum [2] - Rainbow Co. announced the resignation of Vice President Li Yuxiang due to retirement, effective immediately upon submission of his resignation [3][5] - Li Yuxiang was originally set to serve until December 20, 2026, and his departure will not affect the company's normal operations [5][6] Group 2 - Lucky Film's Vice President Zhu Zhiguang also resigned on October 27 due to a job transfer, effective immediately [7] - Zhu Zhiguang has a background in medical materials and previously served as Vice President of Lucky Medical [7] Group 3 - Luoyang Molybdenum appointed Peng Xuhui as the new CEO, who previously served as the Chairman of Tianma Microelectronics [8][9] - Peng Xuhui has extensive experience in the electronics industry, having held various leadership roles at Tianma Microelectronics since 2007 [9] - Luoyang Molybdenum's main business includes mining and processing of basic and rare metals [9]

Core Viewpoint - Tianlu Technology (301045) announced on October 13 that its subsidiary, Anhui Jiguang, has established a TAC film laboratory, and the research and development work is progressing normally [1] Group 1 - The establishment of the TAC film laboratory indicates a strategic move towards enhancing R&D capabilities in advanced materials [1] - The normal progression of R&D work suggests a commitment to innovation and potential future product development [1]

Core Points - The company held its 44th meeting of the 8th Board of Directors on September 29, 2025, where Li Gang was elected as the Chairman of the Board [1][2] - The previous Chairman, Yin Kefa, resigned on September 1, 2025, and will not hold any positions in the company or its subsidiaries [3][4] - The company reported a revenue of 1.6 billion yuan for the first half of 2025, a slight decrease of 1.41% year-on-year, but a significant increase in net cash flow from operating activities by 2648.95% to 325 million yuan [4][5] Company Leadership Changes - Li Gang was elected as the Chairman of the 8th Board of Directors with a unanimous vote of 8 in favor [1][2] - Yin Kefa's resignation was effective immediately upon the board's receipt of the controlling shareholder's letter, and he will not hold any positions in the company post-resignation [3][4] Financial Performance - The company achieved a net profit attributable to shareholders of 35.23 million yuan for the first half of 2025, a decrease of 19.73% year-on-year [4][5] - The core business of polarizers generated 1.511 billion yuan in revenue, accounting for 94.41% of total revenue [4][5] - The overall gross margin improved by 0.47 percentage points to 14.87% despite challenges such as increased costs and R&D investments [5]

证券代码：600135 证券简称：乐凯胶片 公告编号：2025-042 乐凯胶片股份有限公司 2025 年第二季度主要经营数据 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚 假记载、误导性陈述或者重大遗漏负连带责任。 乐凯胶片股份有限公司（以下简称"本公司"）根据《上海证券交易所上市公 司自律监管指引第 3 号——行业信息披露》第十三号附件的相关规定，将 2025 年第二季度主要经营数据公告如下： 一、2025 年第二季度主要产品经营情况 | 产品名称 | 单位 | 产量 | 销量 | 销售收入 （人民币万元） | | --- | --- | --- | --- | --- | | 银盐产品 | | | | | | 彩色相纸 | 万平米 | 1,356.02 | 1,330.28 | 14,784.89 | | 光伏产品 | | | | | | 太阳能电池背板 | 万平米 | 82.70 | 115.20 | 639.40 | | 医疗产品 | | | | | | 医用干式胶片 | 万平米 | 388.36 | 404.94 | 5,528.17 | | 光电产品 | | | | | | ...

Core Viewpoint - LeKai Film Co., Ltd. announced the acquisition of LeKai Optoelectronic Materials Co., Ltd. and the completion of the TAC Film production line project, which is currently in trial production phase [1][4]. Group 1: Project Overview - The TAC Film production line project utilized fundraising of 250 million yuan, with an actual investment of 212.18 million yuan [4]. - The project includes the construction of a production line factory and the installation of a TAC film production line, with an expected annual production capacity of 24 million square meters upon reaching full production [4]. Group 2: Strategic Importance - The completion of the project is expected to enhance the company's product structure, profitability, and market competitiveness [4]. - The TAC film is a critical component of LCD polarizers, serving as a protective layer that ensures high light transmittance and stability of the display [4]. Group 3: Company Background - LeKai Optoelectronic primarily produces TAC films and related deep-processing products, with two modern casting production lines and an annual production capacity of approximately 25 million square meters [4].

Core Viewpoint - The completion of the TAC film production line project marks a significant milestone for the company, enhancing its production capacity and competitiveness in the market [1][8]. Fund Utilization and Project Overview - The company has repurposed part of the raised funds to acquire 100% of the equity of LeKai Optical Materials Co., Ltd. and to invest in the construction of the TAC film production line [1][8]. - The total amount raised from the non-public offering in 2014 was 600 million yuan, with the funds allocated for various projects including the TAC film production line [1][8]. - The TAC film production line project has a total investment of 25 million yuan, with 21.22 million yuan already invested, leaving a balance of 3.78 million yuan [9]. Project Progress - The TAC film production line project has been completed and is currently in the trial production phase, with plans to optimize equipment parameters and production processes [1][8]. - The expected annual production capacity of the project upon full operation is 24 million square meters [8]. Financial Impact - The completion of the project is expected to improve the company's product structure and enhance profitability and market competitiveness [9].

Core Viewpoint - The company announced a change in the use of part of the raised funds to acquire and increase investment in LeKai Optoelectronic Materials Co., Ltd. and to construct the TAC Film Production Line Project 3, which has now completed construction and entered the trial production phase [1] Group 1 - The company has completed the construction of the TAC Film Production Line Project 3 [1] - The project has entered the trial production phase [1] - Preparations for project settlement and acceptance have been completed following the trial production [1]