A further alternative embodiment of the present invention comprises a resistance generation device for generating a resisting force to the flywheel of the exercise equipment. The resistance generation device is provided with a discharge power element and a discharge resistor serially connected to the discharge power element. A resistance controller connected between the plurality of stator windings of the permanent-magnet synchronous motor and the resistance generation device. The resistance controller is provided with a first rectifier and filter and a PWM control circuit connected between the first rectifier and filter and the discharge power element of the resistance generation device. An interlock control is used to control the operation of the motor driving circuit and the PWM control circuit of the resistance controller. In a first operation mode, under control of the interlock control of the control device, the processing unit generates a first PWM control signal to the PWM control circuit of the resistance controller to control the discharge power element, while disables sending of a second PWM control signal to the motor driving circuit. Under such an operation mode, the external rotor of the permanent-magnet synchronous motor is rotated by a cycling motion generated by the operator pedaling the flywheel to move, so that the permanent-magnet synchronous motor is operating in a generator mode to generate an AC generation voltage at the stator winding, wherein the generation voltage is fed to the resistance controller and converted into a DC voltage by means of the first rectifier and filter circuit, and then the DC voltage is applied through the discharge resistor to generate an enlarged current to thereby change a resisting force applied to the flywheel. In a second operation mode, under control of the interlock control of the control device, the processing unit of the control device generates the second PWM control signal to the motor driving circuit to control the motor driving circuit, while disables sending of the first PWM control signal to the PWM control circuit 642. Under such an operation mode, the electrical energy is supplied from the power supply circuit, and the motor driving circuit supplies a driving current for the permanent-magnet synchronous motor under control of the second PWM control signal, so that the permanent-magnet synchronous motor is operating in a motor mode to generate an acceleration on the external rotor of the permanent-magnet synchronous motor.