Poor pick up on my Honda CD125K?

I'm in the process of restoring an old honda CD125K. Bike doesn't have CDI, and runs on points. I have changed the oil, fixed a new carburetor with a new air cleaner, new spark plugs, etc. But it has very poor pick up on the 1st gear… Engine revs very well but the pick up is really bad. How do i improve this?

Set the ignition timing according to the book
may be the piston rings are worn out hence poor compression
and so poor pickup
is there smoke from the exhaust pipe?
it will be a very satisfying project to change it to CDI
so that the spark will be strong

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