Ok, engine is a Jialing 125 which is good,
they have a strong gearbox, and top end can be upgraded later if you want a bit more power.
Yeah you'll need a new lower tripple clamp, measure the diameter of the fork tube where it clamp's on (might be 48mm ?)
Flush the old brake fluid out and replace it with Dot 4 (local part's place should have it), bleed brake's etc
With the oil cooler bypass hose being too long, you could buy a short jumper link to replace that hose
Or buy a oil cooler kit for it
Make sure you check the size of the banjo bolt's that screw into the engine for the hose end's they may be 8mm or 10mm before you buy a oil cooler
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New disc pad's, you will need to take the wheel off and replave the caliper to see what type of disc pad's it use's
You might be able to take a picture of the caliper and show it to TBolt or a pit bike shop and match up some disc pad's
Get the gold coloured copper/sintered pad's for it they stop a lot better than the organic one's