

7ɣ3%ə1ĉʉ5ʝ,529.ɵ+2ɗ&+7+Ì&+ʟ1*9ʑ,%,ɵ1ĉʋ,.+Ì+ɣ8&+26ə1;8ɛ7/Ó$ʕĉʉ1*%ɧ1*6Ñ1*&ʣ8/21*
i
9XLOzQJWUtFKGɢQQKɃVDX
&ʜF7UʊQJWUʄW&&$)69LɾQ.KRDKʄF7Kʞ\OʚL0LɸQ1DP9LɾQ4X\KRɘFK7Kʞ\OʚL0LɸQ1DP7ɤSEɚQĀʊUʞLURYj.ɶKRɘFKWKtFK
ʠQJYʒLELɶQĀʌLNKtKɤXFKRVɚQ[XɜWO~DʖĉʊQJEɨQJV{QJ&ʤX/RQJ&KɃɁQJWUuQK1JKLrQFʠXFʞD&*,$5Yɸ%LɶQĀʌLNKtKɤX1{QJ
QJKLɾSYj$QQLQKOɃɁQJWKʨFĉ{QJ1DPÉ+j1ʐL9LɾW1DP
&KɃɁQJWUuQK1JKLrQFʠXFʞD&*,$5Yɸ%LɶQĀʌL.KtKɤX1{QJQJKLɾSYj$QQLQKOɃɁQJWKʨF&&$)6
6ɚQSKɠPQj\OjPʐWSKɞQFʞD&KɃɁQJWUuQK1JKLrQFʠXFʞD&*,$5Yɸ%LɶQĀʌLNKtKɤX1{QJQJKLɾSYj$QQLQKOɃɁQJWKʨF&&$)6
ĀɃʚFWKʨFKLɾQGɃʒLVʨKʎWUʚWʢFiFQKjWjLWUʚFʞD&*,$5YjWK{QJTXDFiFWKʆDWKXɤQWjLWUʚVRQJSKɃɁQJ&KLWLɶWYXLOzQJWUX\FɤS
KWWSVFFDIVFJLDURUJGRQRUV
*Lɜ\SKpS7jLVɚQ6iQJWɘR&ʐQJĀʊQJ
7jLOLɾXQj\ĀɃʚF[XɜWEɚQWKHR*Lɜ\SKpS7jLVɚQViQJWɘR&ʐQJĀʊQJ*KLF{QJ²3KLWKɃɁQJPɘL².K{QJSKiLVLQK&KɃDFKX\ɺQĀʌL
7ɜWFɚFiFYĄQEɚQ[XɜWKLɾQWURQJWjLOLɾXQj\FyWKɺĀɃʚFWUtFKGɢQYjWiLEɚQYʒLĀLɸXNLɾQJKLU}QJXʊQ.K{QJĀɃʚFVʤGʜQJWjLOLɾX
Qj\ĀɺEiQOɘLKRɮFFiFPʜFĀtFKWKɃɁQJPɘLNKiF
0,ɻ175ʡ75É&+1+,ɽ0
7jLOLɾXQj\GRELrQVRɘQWURQJSKɘPYL&KɃɁQJWUuQK&&$)6YjFKɃDĀɃʚFEuQKGX\ɾW7ɜWFɚFiFTXDQĀLɺPWUuQKEj\WɘLĀk\OjTXDQĀLɺP
FʞDFiFWiFJLɚYjNK{QJQKɜWWKLɶWSKɚQiQKFKtQKViFKKRɮFTXDQĀLɺPFʞD&&$)6FiFErQWjLWUʚKD\ĀʈLWiF
7ɜWFɚKuQKɚQKYɢQOjWjLVɚQGX\QKɜWFʞDQJXʊQYjNK{QJĀɃʚFVʤGʜQJFKREɜWNƓPʜFĀtFKQjRPjNK{QJFyVʨFKRSKpSEɨQJYĄQ
EɚQFʞDQJXʊQ
&É&ĉɀ19ʁ7+ʧ&+,ɽ1
&ʜF7UʊQJWUʄW
&ʜF7UʊQJWUʄWOjWʌFKʠFWUʨFWKXʐF%ʐ1{QJQJKLɾSYj3KiWWULɺQQ{QJWK{Q9LɾW1DPWKʨFKLɾQFKʠFQĄQJWKDPPɃXJL~S%ʐWUɃʖQJ
TXɚQOëQKjQɃʒFYjWʌFKʠFWKʨFWKLSKiSOXɤWĀʈLYʒLFKX\rQQJjQKWUʊQJWUʄWWKXʐFSKɘPYLTXɚQOëQKjQɃʒFFʞD%ʐWKHRSKkQ
FɜSʞ\TX\ɸQFʞD%ʐWUɃʖQJ
CCAFS
&&$)6Oj&KɃɁQJWUuQKQJKLrQFʠXFʞD&iF7ʌFKʠF1JKLrQFʠX1{QJQJKLɾS4XʈFWɶ&*,$5Yɸ%LɶQĀʌLNKtKɤX1{QJQJKLɾSYj$Q
QLQKOɃɁQJWKʨFKʎWUʚWKtFKʠQJYjJLɚPQKɰWiFĀʐQJFʞDWuQKWUɘQJQyQJOrQWRjQFɞXYjDQQLQKOɃɁQJWKʨFWʒLFiFNʮWKXɤWFKtQK
ViFKYjELɾQSKiSQ{QJQJKLɾSWK{QJTXDKʚSWiFFKLɶQOɃʚFWRjQFɞX&&$)6ĀɃʚFWKʨFKLɾQEʖLVʨSKʈLKʚSFʞDWUXQJWkPYjFiF
FKɃɁQJWUuQKQJKLrQFʠXNKiFFʞD&*,$5KWWSVFFDIVFJLDURUJʕNKXYʨFĉ{QJ1DPÉ&KɃɁQJWUuQK&&$)6GR9LɾQ1JKLrQFʠX
/~DJɘR4XʈFWɶ,55,FKʞWUu
9LɾQ.KRDKʄF7Kʞ\OʚL0LɸQ1DP
9LɾQ.KRDKʄF7Kʞ\OʚL0LɸQ1DPOjĀɁQYʂVʨQJKLɾSNKRDKʄFF{QJQJKɾYjĀjRWɘRVDXĉɘLKʄFYɸWKʞ\OʚLʖFiFWʀQKSKtD1DPWUʨF
WKXʐF9LɾQ.KRDKʄF7Kʞ\OʚL9LɾW1DP9LɾQFyFKʠFQĄQJ[k\GʨQJQJKLrQFʠXFɁEɚQWKDPYɜQFKtQKViFKTX\KRɘFKNɶKRɘFK
TX\WUuQKTX\FKXɠQNʮWKXɤWWLrXFKXɠQYYYjFXQJFɜSFiFGʂFKYʜWURQJOŜQKYʨFWKʞ\OʚLWKʞ\ĀLɾQWKʞ\VɚQKɘWɞQJNʮWKXɤWQ{QJ
WK{QYjEɚRYɾP{LWUɃʔQJ
9LɾQ4X\KRɘFK7Kʞ\OʚL0LɸQ1DP
9LɾQ4X\KRɘFK7Kʞ\OʚL0LɸQ1DPOjĀɁQYʂVʨQJKLɾSF{QJOɤSWUʨFWKXʐF%ʐ1{QJQJKLɾSYj3KiWWULɺQQ{QJWK{QFyFKʠFQĄQJ
ĀLɸXWUDFɁEɚQQJKLrQFʠXNKRDKʄFFKX\ɺQJLDRF{QJQJKɾĀjRWɘRYjKʚSWiFTXʈFWɶWɃYɜQYjGʂFKYʜĀɺOɤSTX\KRɘFKWKʞ\OʚL
QKɨPĀLɸXKzDVʤGʜQJEɚRYɾYjSKiWWULɺQEɸQYʦQJQJXʊQQɃʒFP{LWUɃʔQJYjFKɜWOɃʚQJQɃʒFʖFiFWʀQKWKjQKSKʈSKtD1DP

7ɣ3%ə1ĉʉ5ʝ,529.ɵ+2ɗ&+7+Ì&+ʟ1*9ʑ,%,ɵ1ĉʋ,.+Ì+ɣ8&+26ə1;8ɛ7/Ó$ʕĉʉ1*%ɧ1*6Ñ1*&ʣ8/21* ii
/ʓ,1Ð,ĉɝ8
URQJQKʦQJQĄPJɞQĀk\ĀɺʠQJSKyYʒLFiFWiFĀʐQJWLrXFʨFQJj\FjQJWĄQJFʞDELɶQĀʌLNKtKɤXĀɶQVɚQ[XɜWQ{QJQJKLɾSFy
QKLɸXViQJNLɶQNKRDKʄFF{QJQJKɾĀmĀɃʚFĀɸ[XɜWWKtĀLɺPJL~SF{QJWiFTXɚQOëYjWʌFKʠFVɚQ[XɜWOɤSNɶKRɘFKFɚQKEiR
UʞLUR¬ĀɃʚFKLɾXTXɚKɁQ0ʐWWURQJQKʦQJɃXWLrQOjF{QJWiFGʨEiRVʒPYj[k\GʨQJFiFNʂFKEɚQWKtFKʠQJYʒLELɶQĀʌLNKtKɤX
ĉʊQJEɨQJV{QJ&ʤX/RQJOjYQJVɚQ[XɜWO~DKjQJĀɞX9LɾW1DPĀDQJSKɚLĀʈLPɮWYʒLUʞLURNKtKɤXQJj\FjQJWĄQJ7KʨFWɶFKRWKɜ\
KɘQKiQ[kPQKɤSPɮQYjQJɤSOŹĀmJk\ɚQKKɃʖQJĀɶQGLɾQWtFKQĄQJVXɜWVɚQOɃʚQJO~D7URQJVʈFiFJLɚLSKiSĀɃʚFĀɃDUDĀɺJyS
SKɞQJLɚLTX\ɶWWuQKWUɘQJQj\%ɚQĀʊUʞLURYj.ɶKRɘFKWKtFKʠQJYʒLELɶQĀʌLNKtKɤX&60$3ĀmJySSKɞQQkQJFDRKLɾXTXɚYɸFɚQK
EiRVʒPYj[k\GʨQJFiFNɶKRɘFKʠQJSKyOLQKKRɘW
%ʐ1{QJQJKLɾSYj3KiWWULɺQQ{QJWK{QĀiQKJLiFDRVʨKʚSWiFJLʦD&ʜF7UʊQJWUʄW&KɃɁQJWUuQK%LɶQĀʌLNKtKɤX1{QJQJKLɾSYj$Q
QLQKOɃɁQJWKʨFĉ{QJ1DPÉ9LɾQ.KRDKʄF7Kʞ\OʚL0LɸQ1DPYj9LɾQ4X\KRɘFK7Kʞ\OʚL0LɸQ1DPWURQJYLɾF[XɜWEɚQ7ɤSEɚQĀʊ
Qj\JySSKɞQKʎWUʚF{QJWiFTXɚQOëYjWʌFKʠFVɚQ[XɜWO~DWɘLFiFWʀQKĉʊQJEɨQJV{QJ&ʤX/RQJ
/r4XʈF'RDQK
7KʠWUɃʖQJ%ʐ1{QJQJKLɾSYj3KiWWULɺQQ{QJWK{Q
/ʓ,&ə0ɀ1
K~QJW{LFKkQWKjQKFɚPɁQVʨʞQJKʐSKʈLKʚSFʞDFiFĀɁQYʂĀmFyQKʦQJĀyQJJySTXëEiXWURQJTXiWUuQK[k\GʨQJELrQVRɘQ
Yj[XɜWEɚQ7ɤSEɚQĀʊUʞLURYj.ɶKRɘFKWKtFKʠQJYʒLELɶQĀʌLNKtKɤX&60$3FKRVɚQ[XɜWO~DʖĉʊQJEɨQJV{QJ&ʤX/RQJ
%ʐ1{QJQJKLɾSYj3KiWWULɺQQ{QJWK{Q
6ʖ1{QJQJKLɾSYj3KiWWULɺQQ{QJWK{QFiFWʀQKWKjQKSKʈ
7UXQJWkP.KX\ɶQQ{QJ4XʈFJLD
9LɾQ4X\KRɘFK7Kʞ\OʚL
9LɾQ1JKLrQFʠX/~DJɘR4XʈFWɶ9ĄQSKzQJ9LɾW1DP
&iFWʌFKʠFYjFiQKkQNKiFFyOLrQTXDQ
&K~QJW{LNtQKPRQJWLɶSWʜFQKɤQĀɃʚFFiFJySëĀɺKLɾXFKʀQKKRjQWKLɾQ7ɤSEɚQĀʊQj\FKRQKʦQJOɞQ[XɜWEɚQWLɶSWKHR
7UkQWUʄQJ
&ʜF7UʊQJWUʄW
&KɃɁQJWUuQK%LɶQĀʌLNKtKɤX1{QJQJKLɾSYj$QQLQKOɃɁQJWKʨFĉ{QJ1DPÉ
9LɾQ.KRDKʄF7Kʞ\OʚL0LɸQ1DP
9LɾQ4X\KRɘFK7Kʞ\OʚL0LɸQ1DP
'$1+0ʛ&7ʡ9,ɵ77ɥ7
113717 1{QJQJKLɾSYj3KiWWULɺQQ{QJWK{Q
%ĉ.+ %LɶQĀʌLNKtKɤX
&&$)6 &KɃɁQJWUuQKQJKLrQFʠXFʞD&*,$5Yɸ%LɶQĀʌLNKtKɤX
1{QJQJKLɾSYj$QQLQKOɃɁQJWKʨF
&*,$55HVHDUFK3URJUDPRQ&OLPDWHFKDQJH
$JULFXOWXUHDQG)RRG6HFXULW\
&*,$5 +LɾSKʐL&iFWʌFKʠF1JKLrQFʠX1{QJQJKLɾS4XʈFWɶ
&RQVXOWDWLYH*URXSRQ,QWHUQDWLRQDO$JULFXOWXUDO5HVHDUFK
&60$3 %ɚQĀʊUʞLURYj.ɶKRɘFKWKtFKʠQJYʒLELɶQĀʌLNKtKɤX
&OLPDWH6PDUW0DSSLQJDQG$GDSWDWLRQ3ODQQLQJ
ĉ%6&/ ĉʊQJEɨQJV{QJ&ʤX/RQJ
7
C

7ɣ3%ə1ĉʉ5ʝ,529.ɵ+2ɗ&+7+Ì&+ʟ1*9ʑ,%,ɵ1ĉʋ,.+Ì+ɣ8&+26ə1;8ɛ7/Ó$ʕĉʉ1*%ɧ1*6Ñ1*&ʣ8/21*
iii
0ʛ&/ʛ&
&iFĀɁQYʂWKʨFKLɾQ
/ʔLQyLĀɞX
/ʔLFɚPɁQ
'DQKPʜFWʢYLɶWWɦW
*LʒLWKLɾXYɸ7ɤSEɚQĀʊUʞLURYj.ɶKRɘFKWKtFKʠQJYʒLELɶQĀʌLNKtKɤX
4XiWUuQK[k\GʨQJ
&iFKĀʄFEɚQĀʊ&60$3
ʟQJGʜQJFʞDEɚQĀʊ&60$3
&iFEɚQĀʊFɜSYQJĉʊQJEɨQJV{QJ&ʤX/RQJ
&iFEɚQĀʊFɜSWʀQK
L
LL
LL
LL

7ɣ3%ə1ĉʉ5ʝ,529.ɵ+2ɗ&+7+Ì&+ʟ1*9ʑ,%,ɵ1ĉʋ,.+Ì+ɣ8&+26ə1;8ɛ7/Ó$ʕĉʉ1*%ɧ1*6Ñ1*&ʣ8/21* 1
*LʒLWKLɾXYɸ7ɤSEɚQĀʊUʞLURYj.ɶKRɘFKWKtFKʠQJYʒLELɶQĀʌLNKtKɤX
FKRVɚQ[XɜWO~DʖĉʊQJ%ɨQJ6{QJ&ʤX/RQJ
4XiWUuQK[k\GʨQJ
3KɃɁQJSKiS/ɤSEɚQĀʊFyVʨWKDPJLDOjSKɃɁQJSKiSFʈWO}LWURQJTXiWUuQK[k\GʨQJWɤSEɚQĀʊ&60$3FKRĉʊQJEɨQJV{QJ&ʤX
/RQJĉ%6&/WURQJĀyFRLKLɺXELɶWĀʂDSKɃɁQJOjWUʜFʐWFʞDTXiWUuQKOɤSEɚQĀʊ7URQJSKɃɁQJSKiSOɤSEɚQĀʊFyVʨWKDPJLDFiF
FKX\rQJLDQKjNKRDKʄFYjQJɃʔLĀʂDSKɃɁQJFiQEʐTXɚQOëQ{QJQJKLɾSWKʞ\OʚLWjLQJX\rQP{LWUɃʔQJNKX\ɶQQ{QJYjQ{QJGkQ
[iFĀʂQKFiFYɜQĀɸVDXĀyWuPKLɺXFiFJLɚLSKiSFʜWKɺFʞDĀʂDSKɃɁQJWK{QJTXDĀʈLWKRɘLJLʦDFiFErQOLrQTXDQ
1KuQFKXQJTX\WUuQKOɤSEɚQĀʊFyVʨWKDPJLDFyWKɺĀɃʚFWyPWɦWWURQJEɃʒFVDX
%ɃʒF1KɤQĀʂQKFiFUʞLURNKtKɤX
7URQJEɃʒFQj\SKɃɁQJSKiSWKɚROXɤQQKyPYjSKʆQJYɜQWUʨFWLɶSĀɃʚFVʤGʜQJĀɺOLɾWNrFKLWLɶWFiFORɘLUʞLURNKtKɤXWKʔLJLDQ[XɜW
KLɾQNKXYʨFɚQKKɃʖQJYjPʠFĀʐWKLɾWKɘLĀʈLYʒLVɚQ[XɜWO~D&iFQJKLrQFʠXYɸGLɼQELɶQYjGʨEiRUʞLURNKtKɤXOLrQTXDQWʒLĀʂD
SKɃɁQJFŹQJĀɃʚFWKɚROXɤQĀɺJL~SFiQEʐĀʂDSKɃɁQJQKɤQĀʂQKFiFQJX\FɁUʞLURYjSKɘPYLɚQKKɃʖQJFyWKɺ[ɚ\UDWURQJWɃɁQJODL
%ɃʒF;iFĀʂQKSKɘPYLUDQKJLʒLFiFPʠFĀʐUʞLUR
%ɚQĀʊĀʂDKuQKʖWʬOɾEɚQĀʊFɁVʖEɚQĀʊKLɾQWUɘQJVʤGʜQJĀɜWYjNLQKQJKLɾPWKʨFWɶFʞDFiFFiQEʐĀʂDSKɃɁQJĀɃʚF
VʤGʜQJĀɺ[iFĀʂQKQKʦQJNKXYʨFVɚQ[XɜWO~DFyQJX\FɁWKLɾWKɘLQɶXUʞLURNKtKɤX[iFĀʂQKʖEɃʒF[ɚ\UDĉʈLYʒLPʎLORɘLUʞLUR
YQJFyQJX\FɁĀɃʚF[iFĀʂQKYʒLNʂFKEɚQDʖFiFQĄPEuQKWKɃʔQJFyNKɚQĄQJ[ɚ\UDUʞLURQKɃQJʖPʠFĀʐWUXQJEuQKYjEʖ
FiFQĄPFʨFĀRDQFyNKɚQĄQJ[ɚ\UDUʞLURJk\ɚQKKɃʖQJQJKLrPWUʄQJ0ʎLNʂFKEɚQĀɃʚFYɴEɨQJE~WPjXWUrQPʐWOʒSSKLPWURQJ
ĀɮWFKʊQJOrQEɚQĀʊJLɜ\
%ɃʒFĉɸ[XɜWFiFNɶKRɘFKWKtFKʠQJ
'ʨDWUrQNɶWTXɚWKXĀɃʚFʖEɃʒFFiFĀɘLELɺXWLɶSWʜFWKɚROXɤQYɸFiFELɾQSKiSYjNɶKRɘFKWKtFKʠQJSKLF{QJWUuQKFKRWʢQJYQJ
QJX\FɁWɃɁQJʠQJYʒLPʎLPʠFĀʐYjNʂFKEɚQUʞLUR&iFELɾQSKiSYjNɶKRɘFKĀɃʚFĀɸ[XɜWGʨDWUrQQJX\rQWɦFFyWtQKWKʨFWLɼQ
\rXFɞXĀɞXWɃWʈLWKLɺXYjFyNKɚQĄQJWULɺQNKDLQKDQK
%ɃʒF+LɾXFKʀQKFiFEɚQĀʊQJX\FɁUʞLURNKtKɤXYjFiFNɶKRɘFKWKtFKʠQJ
&iFOʒSWK{QJWLQEɚQĀʊWKXĀɃʚFWʢEɃʒFYjEɃʒFĀɃʚFVʈKyDYjELrQWɤSWUrQQɸQEɚQĀʊFɁVʖʖWʬOɾ&iFEɚQĀʊQj\
VDXĀyĀɃʚFKLɾXFKʀQKYjFKLWLɶWKyDʖWʢQJWʀQKWK{QJTXDFiFFXʐFWKɚROXɤQJLʦDOmQKĀɘR6ʖ113717&KLFʜF7UʊQJWUʄWYj%ɚR
YɾWKʨFYɤW&KLFʜF7Kʞ\OʚLYjFiFFɁTXDQOLrQTXDQFʞDWʀQK
%ɃʒF.ɶWKʚSNɶKRɘFKWKtFKʠQJFʞDFiFWʀQKWKHRWLɺXYQJVLQKWKiLYjWRjQYQJĉ%6&/
7URQJEɃʒFQj\NɶKRɘFKWKtFKʠQJFʞDFiFWʀQKULrQJUɴĀɃʚFWʌQJKʚSWKjQKNɶKRɘFKFʞDWʢQJWLɺXYQJVLQKWKiLYjWRjQYQJĉ%6&/
YjĀɃʚFĀɘLGLɾQ6ʖ113717FiFWʀQKYjFiFQKjNKRDKʄFFQJWKɚROXɤQWK{QJTXDPʐWKʐLWKɚRWKDPYɜQ&iFYɜQĀɸYɸSKʈLKʚS
TXɚQOëWjLQJX\rQYɤQKjQKKɾWKʈQJWɃʒLWLrXFKLDVɲFɁVʖKɘWɞQJYjQJXʊQOʨFJLʦDFiFWʀQKQKɨPWKtFKʠQJYʒLWiFĀʐQJFʞD%ĉ.+
ĀɃʚFFiFĀɘLELɺXWUDRĀʌLFKLWLɶWĀɺWuPUDJLɚLSKiSFKXQJFKRWRjQYQJPʐWFiFKWKtFKKʚSQKɜW
&KLWLɶWYɸ3KɃɁQJSKiS[k\GʨQJ&60$3ĀɃʚFWUuQKEj\FKLWLɶWWURQJ´7jLOLɾXKɃʒQJGɢQ;k\GʨQJEɚQĀʊUʞLURYjNɶKRɘFKWKtFK
ʠQJYʒLELɶQĀʌLNKtKɤX&60$3FKRVɚQ[XɜWO~Dʖ9LɾW1DPµ
+uQK4X\WUuQKOɤSEɚQĀʊUʞLURNKtKɤX
YjNɶKRɘFKWKtFKʠQJ

