Tianlu Technology Posts CNY 268 Million H1 Revenue as Two Optical Film Projects Enter Implementation

On the evening of August 25, Tianlu Technology released its 2026 interim report. Revenue in the first half reached RMB 268 million, with net profit attributable to shareholders of RMB 12.3928 million. Amid diverging end-market demand and volatile raw material prices, the light guide plate core business improved its gross margin by 5.67 percentage points year on year to 25.53% through product mix optimization, providing a solid foundation for the company's strategic transformation.

Mainland China now accounts for more than 70% of global panel and polarizer capacity, yet core optical films such as TAC film and reflective polarizer brightness enhancement film remain dominated by Japanese and US companies, which hold about 80% of the market, leaving the country heavily reliant on imports. Targeting this gap in domestic substitution, the company adjusted its use of raised funds at the beginning of this year, directing RMB 113 million to two high-end film material projects. R&D spending rose 15.63% year on year in the first half.

The TAC film project is being advanced through a joint venture with BOE and Sanli Spectrum, with Phase I designed for an annual capacity of 60 million square meters. The main plant structure is now complete, equipment installation and commissioning are under way, and trial samples have been sent to downstream customers for testing with no significant deviations reported. Backed by shareholder resources, customer adoption is expected to accelerate. The reflective polarizer brightness enhancement film project involves total investment of RMB 300 million and a planned annual capacity of 24 million square meters; once completed, it will break the monopoly held by overseas manufacturers such as 3M.

The orderly progress of the two projects marks Tianlu Technology's transformation from a single light guide plate supplier into a platform-based optical film materials company. As production line commissioning and customer validation continue to advance, domestic high-end optical films are poised to open up significant new growth space.