Group 1: Industry Overview - The two-wheeled electric vehicle industry is entering a high prosperity cycle driven by policies that focus on "standardization + consumption promotion," which includes new national standards and subsidies for replacing old vehicles [3][4] - The new standards are raising technical barriers, promoting smart upgrades, and leading to market consolidation towards leading enterprises [3][4] - The industry is shifting competition towards technology and service dimensions, benefiting leading companies and core supply chain enterprises [3] Group 2: Policy Impact - The 2024 policies include a comprehensive action plan for safety issues, a consumption promotion plan, and new safety technical specifications for lithium-ion batteries [5] - The new standards will phase out outdated products and require significant upgrades, leading to a reshaping of the market competition landscape [4][5] Group 3: Market Dynamics - Revenue performance in 2024 is mixed, with a shift in consumer demand towards quality, performance, and smart features, benefiting mid-to-high-end products while pressuring low-end products [6] - Companies like Ninebot and Niu are experiencing growth, with Ninebot achieving nearly 40% revenue growth, indicating a widening gap between smart and traditional electric vehicles [6] - Traditional brands dominate the market below 4000 yuan, while Ninebot leads in the high-end segment with over 600,000 units sold [6]