-RXUQDORI(QDP0HGLFDO&ROOHJH 9RO1R-DQXDU\ &DVH5HSRUW $<HDU2OG:RPDQZLWK0DUIDQ¶V6\QGURPH 6KHNKDU%KDWWDFKDUMHH6ZDSQD%KDWWDFKDUMHH 5HFHLYHG$XJXVW$FFHSWHG0D\ $EVWUDFW 0DUIDQV\QGURPH0)6LVDV\VWHPLFFRQQHFWLYHWLVVXHGLVRUGHU,WLVDQDXWRVRPDOGRPLQDQW GLVRUGHU FDXVHG E\ PXWDWLRQV LQ WKH H[WUDFHOOXODU PDWUL[ SURWHLQ ILEULOOLQ JHQH ORFDWHG RQ FKURPRVRPH ,W KDV YDULDEOH UDQJH RI H[SUHVVLRQV &DUGLRYDVFXODU PDQLIHVWDWLRQV LQ 0DUIDQ¶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¶VV\QGURPH$QHXU\VP5HJXUJLWDWLRQ -(QDP0HG&RO±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β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¶V V\QGURPH ZLOO GHYHORSFDUGLDFFRPSOLFDWLRQV -(QDP0HG&RO9RO1R )ROORZLQJ WKH GHYHORSPHQW RI PROHFXODU GHWHFWLRQ RI GHIHFWLYH ILEULOOLQ JHQH )%1, GLDJQRVWLF FULWHULD IRU 0DUIDQ¶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β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β EORFNHU 9DULRXV UHWURVSHFWLYH VWXGLHV KDYH VKRZQ PDWHUQDO PRUWDOLW\ RI DURXQG 1HYHUWKH LPSRUWDQWUROHRIβ EORFNHULQSUHYHQWLRQRISURJUHVVLRQ OHVV DFFRUGLQJ WR WKH (XURSHDQ 6RFLHW\ RI RI DRUWLF GLODWDWLRQ LQ SDWLHQWV ZLWK 0)6 ZKLFK LV &DUGLRORJ\ SUHJQDQF\ LV QRW FRQWUDLQGLFDWHG LQ DWWULEXWHG WR UHGXFWLRQ RI DRUWLF ZDOO VWUHVV E\ QHJDWLYH SDWLHQWV ZLWK DQ DRUWLF URRW GLDPHWHU RI FKURQRWURSLF DQG LQRWURSLF HIIHFWV &XUUHQW PP 3DWLHQWV ZLWK DQ DRUWLF GLDPHWHU ! PP UHFRPPHQGDWLRQ DGYLVHV HDUO\ XVH RI β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¶V V\QGURPH$P-0HG*HQHW± 1DQGD 1& *UDPLDN 5 6KDK 30 'LDJQRVLV RI DRUWLF URRW GLVVHFWLRQ E\ HFKRFDUGLRJUDSK\ &LUFXODWLRQ 0RRWKDUW5:6SDQJOHU5'%ORXQW6*(FKRFDUGLRJUD SK\ LQ DRUWLF URRW GLVVHFWLRQ DQG GLODWDWLRQ$P &DUGLRO /DZVRQ 0/ 0HOOLQV 5% 7DEDQJLQ 0 .HOO\ 5( -U &URLWRUX '3 *RUHWVN\ 0- HW DO ,PSDFW RI SHFWXV H[FDYDWXP RQ SXOPRQDU\ IXQFWLRQ EHIRUH DQG DIWHU UHSDLUZLWKWKHQXVVSURFHGXUH-3DHG6XUJHU\ ± *HUVRQ\20F&ODXJKOLQ5-LQ=0$*HUVRQ\:0 7KHHIIHFWRIEHWDEORFNHUWKHUDS\RQFOLQLFDORXWFRPHLQ SDWLHQWV ZLWK 0DUIDQ V V\QGURPH D PHWDDQDO\VLV ,QW - &DUGLRO± 6KRUHV - %HUJHU .5 0XUSK\ ($ 3\HULW] 5( 3URJUHVVLRQ RI DRUWLF GLODWDWLRQ DQG WKH EHQHILW RI ORQJ WHUPEHWDDGUHQHUJLFEORFNDGHLQ0DUIDQ VV\QGURPH1 (QJO-0HG± +DRX]L$%HUJOXQG+3HOLNDQ3&0DXUHU*6LHJHL5- $OWKRXJK UKHXPDWLF IHYHU LV VWLOO WKH PRVW FRPPRQ +HWHURJHQHRXV DRUWLF UHVSRQVH WR DFXWH EHWDDGUHQHUJLF FDXVH RI DRUWLF DQG PLWUDO UHJXUJLWDWLRQ LQ EORFNDGH LQ 0DUIDQ V\QGURPH $P +HDUW - ± %DQJODGHVKWKHSUHVHQFHRISXUHUHJXUJLWDQWPXUPXU GHPDQGV FRPSOHWH SK\VLFDO H[DPLQDWLRQ RI WKH .HDQH0*3\HULW]5(0HGLFDOPDQDJHPHQWRI0DUIDQ SDWLHQWWRORRNIRUPDUIDQRLGIHDWXUHVVRWKDWSURSHU V\QGURPH&LUFXODWLRQ± PDQDJHPHQW LQFOXGLQJ IDPLO\ VFUHHQLQJ PD\ EH 9HWPDQ$7%RUQHPHLHU5$0F&ULQGOH%:8VHIXOQHVV RIIHUHG WR WKH SDWLHQW EHIRUH LW LV WRR ODWH RIHQDODSULOYHUVXVSURSUDQRORORUDWHQROROIRUSUHYHQWLRQ )XUWKHUPRUH WKHUH LV DQ DFWLYH DUHD IRU PRUH WULDOV RIDRUWLFGLODWLRQLQSDWLHQWVZLWKWKH0DUIDQV\QGURPH DQG UHVHDUFK WR LPSURYH SKDUPDFRORJLFDO WUHDWPHQW $P-&DUGLR± WR GHOD\ DRUWLF DQHXU\VPDO SURJUHVVLRQ LQ WKHVH 0DWW 3 +DEDVKL - &DUUHO 7 &DPHURQ '( 9DQ (\N -( SDWLHQWV 'LHW]+&HWDO5HFHQWDGYDQFHVLQXQGHUVWDQGLQJ0DUIDQ &RQVHQW V\QGURPH VKRXOG ZH QRZ WUHDW VXUJLFDO SDWLHQWV ZLWK ORVDUWDQ"-7KRUDF&DUGLRYDVF6XUJ± :ULWWHQ LQIRUPHG FRQVHQW ZDV REWDLQHG IURP WKH SDWLHQW IRU SXEOLFDWLRQ RI WKH FDVH UHSRUW ZLWK DFFRPSDQ\LQJSLFWXUHV ;LRQJ:.QLVSHO5$'LHW]+&5DPLUH])%D[WHU%7 'R[\F\FOLQHGHOD\VDQHXU\VPUXSWXUHLQDPRXVHPRGHO RI0DUIDQV\QGURPH-9DVF6XUJ± 5HIHUHQFHV 0DMLG$.KDQ0$6KDK3$%KDW0</DQNHU66-. 3UDFWLWLRQHU± $EGXO+XVVLHQ + +DQHPDDLMHU 5 9HUKHLMHQ -+ YDQ %RFNHO-+*HHONHUNHQ5+/LQGHPDQ-+'R[\F\FOLQH WKHUDS\ IRU DEGRPLQDO DQHXU\VP LPSURYHG SURWHRO\WLF EDODQFHWKURXJKUHGXFHGQHXWURSKLOFRQWHQW-9DVF6XUJ ± 1DWLRQDO 0DUIDQ )RXQGDWLRQ 3RUW :DVKLQJWRQ 1< 0$5)$1$YDLODEOHDW KWWSZZZPDUIDQRUJ$FFHVVHG0DUFK *RWW9/*UHHQH36$OHMR'(&DPHURQ'(1DIWHO'& 0LOOHU '& HW DO 5HSODFHPHQW RI WKH DRUWLF URRW LQ -(QDP0HG&RO9RO1R -DQXDU\ SDWLHQWV ZLWK 0DUIDQ V V\QGURPH 1 (QJO - 0HG ± 0DUIDQ V V\QGURPH (XU - 2EVWHW *\QHFRO 5HSURG %LRO± 3HDUVRQ*''HYHUHX[5/RH\V%0DVOHQ&0LOHZLF] ' 3\HULW] 5 HW DO 5HSRUW RI WKH 1DWLRQDO +HDUW /XQJ DQG %ORRG ,QVWLWXWH DQG 1DWLRQDO 0DUIDQ )RXQGDWLRQ :RUNLQJ *URXS RQ 5HVHDUFK LQ 0DUIDQ 6\QGURPH DQG 5HODWHG'LVRUGHUV&LUFXODWLRQ± 7KH -RLQW 7DVN )RUFH RQ WKH 0DQDJHPHQW RI 9DOYXODU +HDUW 'LVHDVH RI WKH (XURSHDQ 6RFLHW\ RI &DUGLRORJ\ (6& DQG WKH (XURSHDQ $VVRFLDWLRQ IRU &DUGLR 7KRUDFLF 6XUJHU\ ($&76 *XLGHOLQHV RQ WKH PDQDJHPHQWRIYDOYXODUKHDUWGLVHDVHWKHWDVNIRUFHRQ WKH PDQDJHPHQW RI YDOYXODU KHDUW GLVHDVH RI WKH (XURSHDQ 6RFLHW\ RI &DUGLRORJ\ (XU +HDUW - ± 'DYLG7($UPVWURQJ60DJDQWL0&ROPDQ-%UDGOH\ 7-/RQJWHUPUHVXOWVRIDRUWLFYDOYHVSDULQJRSHUDWLRQV LQSDWLHQWVZLWK0DUIDQV\QGURPH-7KRUDF&DUGLRYDVF 6XUJ± %KXGLD 6.7URXJKWRQ 5 /DP %. 5DMHVZDUDQ - 0LOOV :5*LOOLQRY$0HWDO0LWUDOYDOYHVXUJHU\LQWKHDGXOW 0DUIDQ V\QGURPH SDWLHQW $QQ 7KRUDF 6XUJ ± 1DWLRQDO 0DUIDQ )RXQGDWLRQ 10) 3$% (QGRFDUGLWLV 3URSK\OD[LV *XLGHOLQHV $YDLODEOH DW KWWSZZZPDUIDQRUJPDUIDQ10)3$% (QGRFDUGLWLV3URSK\OD[LV*XLGHOLQHV $FFHVVHG$SULO /DOFKDQGDQL6:LQJILHOG03UHJQDQF\LQZRPHQZLWK 0DURQ%-&KDLWPDQ%5$FNHUPDQ0-%D\pVGH/XQD $ &RUUDGR ' &URVVRQ -( 5HFRPPHQGDWLRQV IRU SK\VLFDODFWLYLW\DQGUHFUHDWLRQDOVSRUWVSDUWLFLSDWLRQIRU \RXQJ SDWLHQWV ZLWK JHQHWLF FDUGLRYDVFXODU GLVHDVHV &LUFXODWLRQ± /OHGR % 7HQ - *DODQ )0 %HUQDEHX 5 3UHLPSODQWDWLRQ JHQHWLF GLDJQRVLV RI 0DUIDQ V\QGURPH XVLQJ PXOWLSOH GLVSODFHPHQWDPSOLILFDWLRQ)HUWLO6WHULO± )LQNERKQHU 5 -RKQVWRQ ' &UDZIRUG (6 &RVHOOL - 0LOHZLF] '0 0DUIDQ V\QGURPH /RQJWHUP VXUYLYDO DQG FRPSOLFDWLRQV DIWHU DRUWLF DQHXU\VP UHSDLU &LUFXODWLRQ±
© Copyright 2026 Paperzz