Structure analysis: First, after-market composition, maintenance 52%, renovation 28%, renewal 15%, others 5%; Second, regional distribution, East China 41%, South China 23%, North China 18%, after-market share in first-tier cities exceeds 55%; Third, old elevator scale, 2.16 million elevators over 15 years old, accounting for 18%, annual renewal demand 120,000 units; Fourth, retrofit elevators, 42,000 units installed in Q1, up 17.5% year-on-year, fully covered by national and local subsidies; Fifth, technology penetration, intelligent maintenance coverage 38%, green energy-saving elevators account for 67%.