CITIC Securities pointed out that the 3C certification for the new version of the electric bicycle has been replaced, linked to new strong standards such as electrical safety and lithium batteries. Certificates for multi-brand models will be suspended centrally, and overdue and unreplaced will be withdrawn and cannot be licensed for sale. Short-term production and sales are under pressure on both sides: the production side increases certification costs, slows down the pace and eliminates old models, the distribution side's inventory is slow to sell, and demand for returns rises. Looking at the execution scale and inventory digestion of the strong standard on November 1 in the short term, it is beneficial to increase head share and optimize the pattern after the pain of medium- to long-term regulation.

CITIC Securities pointed out that the 3C certification for the new version of the electric bicycle has been replaced, linked to new strong standards such as electrical safety and lithium batteries. Certificates for multi-brand models will be suspended centrally, and overdue and unreplaced will be withdrawn and cannot be licensed for sale. Short-term production and sales are under pressure on both sides: the production side increases certification costs, slows down the pace and eliminates old models, the distribution side's inventory is slow to sell, and demand for returns rises. Looking at the execution scale and inventory digestion of the strong standard on November 1 in the short term, it is beneficial to increase head share and optimize the pattern after the pain of medium- to long-term regulation.