According to the 2024 National Special Equipment Safety Status Report released by SAMR, by the end of 2024, the national elevator stock reached 11.5324 million units, ranking first in the world for many years consecutively. In terms of structure, there are more than 900,000 old elevators over 15 years old, increasing at a rate of about 10% every year, with safety hazards and renewal demands becoming increasingly prominent. The industry presents two major trends: 1. Stock-Driven: In 2026, old elevator replacement and elevator installation together accounted for 35.2% of the new demand, and the market driving force shifted from "new installation" to the dual-wheel drive of "stock renewal + technical upgrading"; 2. Market Space: It is estimated that the scale of the stock renewal market will exceed 100 billion yuan by 2027, becoming the core engine of industry growth. At the same time, the number of fault complaints of domestic elevators in 2024 decreased by 37% compared with 2019, and the safety level was significantly improved, providing a quality basis for stock renewal.