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Clutch Shoes (The "Weights"): These are the two metal curved pieces inside the assembly. They are designed to swing outward as the engine speed increases.
Friction Material: The outer edges of those shoes should have a lining (though yours look quite worn or dirty). This material grabs the outer drum to transfer power.
The Hub: The center part with the keyed hole. This mounts directly onto the engine's crankshaft.
The Drum (The Outer Ring): This is the housing that the shoes press against. When the shoes spin fast enough, they "flail" out, grab this drum, and make the wheels (or chain) turn.
It operates on the principle of centrifugal force.
At Idle: The shoes are held inward by springs (which might be missing or hidden in your photo). The engine spins, but the clutch doesn't grab, so the vehicle stays still.
When Revved: As RPM increases, the force overcomes the spring tension. The shoes fly outward, friction hits the drum, and the power is transferred to the drivetrain.
From the photo, this unit looks very heavily used.
Build-up: There is significant "clutch dust" and grime inside.
Wear: The friction surfaces appear thin. If you're having trouble with the engine revving but the bike not moving (or "slipping"), these shoes are likely glazed or worn down past their limit.