The trend of the two-wheeler industry is upward and the structure is better

4.3. High appearance level design appeals to younger groups

According to the "White Paper on the intelligence of electric two-wheelers", the passenger base of electric two-wheelers is younger, of which the proportion of users aged 26-30 is up to 32%, and the proportion of female users is slightly as high as 54%. We believe that the high appearance level and young design of electric two-wheelers is conducive to continuing to broaden the target customer groups such as young and female, and better support the development of the industry.

4.4. The intelligent trend drives up the industry's product strength and profitability

Under the trend of intelligent electric two-wheelers, the intelligent function of the products of various manufacturers continues to iterate, pushing the product force to continue to rise, changing the inherent cognition of the relatively low-end electric two-wheelers, thus opening up the market space and achieving the same increase in volume and price. Among them, the whole series of products of No. 9 company are equipped with a number of intelligent functions, which is outstanding in many manufacturers. In addition, Emma Engine MAX series, Yadi Crown series, calf's multi-series products, and the sodium battery two-wheeled vehicles launched by each family in the future will jointly promote the industry's product power and profitability.

4.5. Industry concentration is expected to continue to increase

Under the trend of stricter policies and upward product force, industry concentration continues to increase, and CR2 from 22% to 46% in 2017-2021, we believe that leading enterprises will benefit from the increase in industry concentration. Learn from the air conditioning industry, which has both manufacturing and consumption attributes and is also a durable consumer goods, similar to the situation of the air conditioning industry around 2012, the CR2 of the industry has reached 40%-50%, and the CR2 of the industry has gradually increased since 2012.