What Tunghsu Group does

Tunghsu Group (东旭集团) is a privately held Chinese high-technology industrial group founded in 1997 by Li Zhaoting and headquartered in Beijing (registered in Hebei Province). The group operates six core business segments — optoelectronic display materials, high-end equipment manufacturing, semiconductor silicon carbon materials, new energy power generation and components, new energy vehicles, and high-end medical pharmaceutical glass packaging — through three Shenzhen-listed operating subsidiaries: Dongxu Optoelectronics (SZSE: 000413), Dongxu Blue Sky (SZSE: 000040), and Jialinjie (SZSE: 002486). Tunghsu reports 23,000+ employees and over 200 billion RMB in total assets, with cumulative patent output of approximately 9,800 applications and 6,500 grants.

The group's foundational business is optoelectronic display materials, where it is the only domestic company simultaneously mastering overflow down-drawing and float forming processes for electronic-grade glass. Tunghsu produces LCD glass substrates, OLED carrier glass, LTPS glass substrates, Ultra-Thin Flexible Glass (UTG), and the "King Panda" (王者熊猫) high-aluminum cover glass brand. With 20+ production lines covering G5 through G8.5 generations and 4,000万平方米 of capacity, the company ranks fourth globally and first domestically in LCD glass substrate capacity. This domestic supply base has driven a 60-80% price reduction versus imports and lifted China's glass-substrate self-sufficiency from zero to 25%, generating over 200 billion RMB in cumulative downstream cost savings for Chinese panel manufacturers. Tunghsu has received the National Science and Technology Progress First Prize (2018), National Science and Technology Progress Second Prize (2016, 2018), two China Patent Gold Awards (2015, 2020), and one China Patent Silver Award (2023), and operates the only national engineering laboratory for flat panel display glass technology and equipment.

Tunghsu monetizes through direct B2B sales of display materials to panel manufacturers (BOE, LG, Samsung) and cover glass to smartphone OEMs (Huawei, Apple, Xiaomi, VIVO, Lenovo); government-enterprise co-investment in industrial parks (Anyang, Qingdao, Mianyang, Tianshui); B2B/B2G sales of new energy buses and hydrogen fuel cell vehicles under the Shenlong (申龙) brand; recurring-revenue photovoltaic operation and maintenance services across ~3 GW of capacity (1 GW self-owned, 2 GW third-party); and exports of photovoltaic modules to more than 25 countries. Following a 2020 liquidity crisis that triggered a "second entrepreneurship" restructuring phase, the group has accelerated capital deployment with 19 billion RMB of industrial park investment at Anyang (September 2024) and Qingdao (October 2024), and launched China's first domestic one-step molding UTG production line at Aksu (November 2023).

Name

Tunghsu Group

Legal name

东旭集团有限公司 (Tunghsu Group Co., Ltd.)

Website

http://www.dong-xu.com/

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Tunghsu Group is a privately held Chinese industrial group manufacturing optoelectronic display glass substrates, OLED carrier glass, and King Panda high-aluminum cover glass for panel makers (BOE, LG) and smartphone OEMs, plus new energy vehicles and photovoltaic operations.

Ownership category

akta.pro rank

Product category

Optoelectronic Display Materials

NAICS

Flat Glass Manufacturing (327211), Semiconductor and Other Electronic Component Manufacturing (33441), Motor Vehicle Electrical and Electronic Equipment Manufacturing (336320)

SIC

Semiconductors & Related Devices (3674), Glass & Glassware, Pressed Or Blown (3220), Electronic Components & Accessories (3670)

akta.pro primary industry

Electrical & Electronics Film/Sheet Extrusion (Insulating Films, Display/Optical Films) (IMANACAE)

akta.pro secondary industries

Solar PV Module & Cell Manufacturing (Crystalline, Thin-Film) (EUAMAHAA), Automotive Instrument Clusters, Displays & HMI Electronics Manufacturing (IMACAJAG)

Keywords

• Optoelectronic display materials
• LCD glass substrates
• OLED carrier glass
• Ultra-thin flexible glass
• High-end equipment manufacturing

Headquarters

HQ city

Beijing

HQ country

China

HQ region

Asia

Offices15 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Operations, Infrastructure, Personnel, Supply Chain

Revenue model

1. Photoelectric Display Materials Sales: Sales of LCD glass substrates, OLED carrier glass, UTG, cover glass, and related display materials to panel manufacturers
2. New Energy Power Generation: Investment and operation of photovoltaic and wind power stations generating clean energy; self-owned 57 stations with ~1GW capacity
3. Smart Energy Operation Services: O&M services for third-party PV stations, station inspection/testing, optimization, spare parts management; serves ~2GW of external projects
4. New Energy Vehicles (申龙客车): Manufacturing and sales of conventional and new energy buses, logistics vehicles; hydrogen fuel cell vehicles included
5. Functional Textiles (嘉麟杰): Production and sales of functional fabrics and garments including Olympic uniform supplies
6. Ecological/Environmental Projects: Ecological governance, water environment restoration, soil/mining remediation, hazardous waste treatment via PPP/EPC model

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Tunghsu Group manufactures optoelectronic display materials — primarily LCD glass substrates, OLED carrier glass, ultra-thin flexible glass (UTG), and high-aluminum cover glass — alongside the proprietary high-end equipment used to produce them. It also sells new energy power generation systems, photovoltaic modules, new energy vehicles (hydrogen fuel cell and electric buses), functional textiles, and pharmaceutical glass packaging, supplying panel makers, smartphone OEMs, automotive groups, and government industrial park partners.

Product overview

Tunghsu Group operates six core business segments spanning the industrial technology value chain: Optoelectronic Display Materials (its foundational segment including liquid crystal glass substrates, OLED carrier boards, LTPS glass substrates, ultra-thin flexible glass, and 'King Panda' high-aluminum cover glass), High-end Equipment Manufacturing (designing and building production equipment for display materials), Semiconductor Silicon Carbon Materials, New Energy Power Generation and Components (PV power generation, wind power, and high-end photovoltaic modules through listed subsidiary Dongxu Lantian), New Energy Vehicles (hydrogen fuel cell and electric buses under the Shenlong brand), and High-end Medical Pharmaceutical Glass Packaging Materials. The group also maintains supporting technology platforms including a proprietary PV power station remote centralized intelligent O&M platform and the Dongxu Smart Energy Service Cloud for micro-grid energy management. The business model is anchored in self-developed core technologies and proprietary equipment, spanning from upstream material R&D and production through to finished product manufacturing and energy services, unified under the group's industrial control over strategic national security materials.

Differentiator

Problem solved

Functional benefit

Brands

• 王者熊猫 (Wangzhe Panda): China's first domestically developed high-aluminum cover glass product line for touchscreen and display protection. Widely used in smartphones, tablets, and automotive displays. First launched in 2014; the second generation 'Wangzhe Panda II' features significantly improved bend resistance and drop resistance.
• 东旭蓝天 (Dongxu Blue Sky)
• 嘉麟杰 (Jialinjie)
• 赤炎玻璃 (Chigan Glass)

Products and services

• Optoelectronic Display Materials (LCD glass substrates, OLED carrier boards, LTPS glass substrates, UTG, King Panda cover glass) Core upstream raw materials for semiconductor display panels — liquid crystal glass substrates, OLED carrier glass, LTPS substrates, UTG, and King Panda high-aluminum cover glass — supplied to panel manufacturers and OEMs for smartphones, tablets, TVs, and automotive displays.
• High-end Equipment Manufacturing Design and manufacture of production equipment and turnkey production lines for photoelectric display materials, including platinum channel equipment and oxygen-fuel melting systems; the only domestic company simultaneously mastering both overflow down-drawing and float forming processes.
• Semiconductor Silicon Carbon Materials Semiconductor-grade silicon carbon materials supporting the upstream supply chain for semiconductor manufacturing.
• New Energy Power Generation and Components Solar PV power generation, wind power, and high-end photovoltaic module manufacturing with 1GW capacity, operated via Dongxu Blue Sky and Dongxu Kangtu; exports modules to 25+ countries.
• New Energy Vehicles (Shenlong buses) Manufacturing of new energy buses, city buses, logistics vehicles, and specialty vehicles (4-18m lengths) under the Shenlong brand, including hydrogen fuel cell vehicles operating in Beijing, Shanghai, and Zhangjiakou with -30°C cold start and 15-minute refueling.
• High-end Medical Pharmaceutical Glass Packaging Materials Neutral borosilicate pharmaceutical glass tubes and packaging materials for the high-end pharmaceutical packaging supply chain.
• King Panda (Wangzhe Panda) high-aluminum cover glass China's first domestically developed high-aluminum cover glass for smart touch terminals; widely used in smartphones, tablets, and vehicle displays supplied to Huawei, Xiaomi, LG, VIVO, BOE, Lenovo, and Apple.
• OLED Carrier Glass OLED display substrate material manufactured by Dongxu as the sole domestic producer; supplied to major panel manufacturers for mobile devices, tablets, PCs, and automotive displays.
• Ultra-thin Flexible Glass (UTG)

Quantifiable outcome

• LCD glass substrate price reduced by 60%-80% compared to imported products
• +4 more outcomes

Named customers11 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature10 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• 青岛西海岸新区管理委员会 (Qingdao West Coast New Area)coreStrategic or Co-development Partner · 18 October 2024Joint construction of Qingdao Optoelectronics Industrial Park Phase 1 with 16 billion RMB investment; provides core materials and equipment for northern China's display industry
• 河南投资集团 (Henan Investment Group)coreStrategic or Co-development Partner · 20 September 2024Cooperation on Anyang New Display Materials Industrial Park; Henan Precision Glass Research Institute established; joint investment of 3 billion RMB for display material production
• 苏州园林设计院 (Suzhou Landscape Architecture Design Institute)minorStrategic or Co-development PartnerJoint construction of Xingtai Garden Expo Park project; received 2020 IFLA AAPME Honor Award; Dongxu responsible for river improvement and water system restoration
• 亿华通 (SinoHytec)minorStrategic or Co-development PartnerStrategic cooperation on hydrogen fuel cell vehicle manufacturing; combined Dongxu's vehicle manufacturing with SinoHytec's fuel cell engine technology
• 安踏 (ANTA)minorStrategic or Co-development PartnerJialinjie supplies uniform fabrics for Beijing Winter Olympics staff, volunteers, and Chinese delegation; also provides warm knit fabrics for national team jackets
• 吉电股份 (Jidian Shares)minorStrategic or Co-development PartnerStrategic cooperation agreement signed for equity cooperation, R&D cooperation, and joint development of smart energy projects; reached agreement on Wangqing 70MW photovoltaic project
• 上海嘉麟杰纺织科技有限公司 (Shanghai Jialinjie Textile Technology)minorStrategic or Co-development PartnerSubsidiary participating in Yangtze River Delta technology collaboration; joint development of composite functional fiber materials with Jiangsu Functional Fiber Research Institute

Scale indicators17 records

Recent moves10 records

Expansion highlights8 records

Direct peers

• Corning Incorporated: Corning is the global leader in LCD glass substrates (EAGLE XG) and smartphone cover glass (Gorilla Glass), making it Tunghsu's most direct international competitor across both of Tunghsu's flagship product lines.
• AGC Inc. AGC is one of the 'Big Three' global suppliers of TFT-LCD glass substrates (AN Wizus) and competes head-to-head with Tunghsu in supplying Asian panel manufacturers including LG Display.
• Nippon Electric Glass (NEG): NEG is the third major global LCD glass substrate producer (OA-10G, OA-31G) and a key Japanese competitor in display glass, supplying similar panel customers to Tunghsu.
• Schott AG: Schott is a leading specialty glass manufacturer with operations in pharmaceutical glass packaging and display glass substrates, directly comparable to Tunghsu's high-end medical glass packaging and OLED carrier glass businesses.
• Lens Technology: Lens Technology is China's largest smartphone cover glass manufacturer and a direct Apple supplier, competing directly with Tunghsu's 'King Panda' high-aluminum cover glass across the same Chinese handset OEMs.
• Flat Glass Group: Flat Glass Group is a major Chinese producer of PV cover glass and TCO glass used in solar and display applications, directly comparable to Tunghsu's photovoltaic module and display glass operations.
• CSG Holding: CSG Holding is a leading Chinese diversified glass manufacturer with major operations in solar PV glass, architectural glass, and display-related glass, overlapping with Tunghsu across multiple glass product categories.
• Irico Display Electronics: Irico Display Electronics is a Chinese producer of display panels and glass substrates for CRTs and FPDs, serving similar customers and overlapping with Tunghsu in the domestic display materials supply chain.

Broad incumbents

• BOE Technology Group: BOE is China's largest display panel manufacturer and Tunghsu's largest LCD glass substrate customer; while not a direct glass competitor, BOE's vertical integration ambitions and scale make it the dominant force in Tunghsu's core market.
• China Triumph International Engineering (CTIEC): CTIEC is a state-owned Chinese glass and construction materials conglomerate with operations in display glass and solar PV glass, providing a state-backed alternative comparable in scope to Tunghsu's diversified portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance19 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tunghsu Group