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Authors
Wu, Guo
Zhang, Tianjing
Dong, Ailin
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Funding
Funding for this research was provided by:
Humanities and Social Sciences Project of the Ministry of Education, China (24YJCZH339)
Sanda University Research Fund (2025BSZX04)
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Article History
Received: 27 April 2025
Accepted: 11 March 2026
First Online: 27 March 2026
Competing interests
: The authors declare no competing interests.
: Ethical approval was not required for this study as it analyzed exclusively publicly available secondary data. The research did not involve human participants or animals. The research is observational and analytical. It poses no physical, psychological, social, legal, or economic risks to any individual.
: Informed consent is not applicable to this study. The research involved a non-interventional, retrospective analysis exclusively based on secondary data obtained from publicly available sources. The study did not involve any direct interaction with, experimentation on, or recruitment of human participants. The research was conducted in China. It also does not involve the processing of personal information as defined by China’s Personal Information Protection Law. The data are corporate in nature, pertaining to listed companies as legal entities, and do not contain any personally identifiable information of individuals. No primary data collection methods such as surveys, interviews, or experiments were employed.
