Huning shares: The downward trend of the elevator industry has gradually stabilized, and there are significant opportunities for structural renovation and upgrading of elevators.

In institutional research, Huning Shares stated that the elevator industry is closely related to the real estate industry, and in recent years the industry's upstream and downstream have been affected to varying degrees by the cyclical fluctuations in the real estate market. However, with the issuance of the ultra-long-term special national bond policy in 2024 and its deep implementation in 2025, the demand for elevator replacement and renovation nationwide has significantly increased, effectively offsetting the pressure from the decline in new elevator demand. The current number of in-service elevators in China is estimated to be around 12 million units, with huge potential in the existing market, and there is always a rigid demand for renovation and replacement. Therefore, the company believes that after experiencing fluctuations, the overall downward trend of the elevator industry has gradually stabilized, and the structural opportunities for renovation and replacement of elevators are significant.