Market growth analysis: First, commercial real estate recovery, the national commercial real estate new construction area increased by 22.3% year-on-year in the first quarter of 2026, driving the growth of escalator demand; Second, accelerated rail transit construction, subway and light rail projects in many cities across the country started intensively, driving a substantial increase in demand for public transport escalators; Third, old equipment renewal, old escalators with a service life of more than 15 years have entered the peak renewal period, and the renewal demand accounts for 35%; Fourth, increased proportion of smart products, the proportion of smart escalators has increased to 68%, driving the increase of average product prices and market scale expansion; Fifth, export growth, China's escalator export volume increased by 35.7% year-on-year in the first quarter of 2026, and the export markets are mainly concentrated in Southeast Asia, the Middle East and Africa.