According to Duan Yongping's theory, Xiaomi's future is expected to be quite difficult🤔 to be big but not strong, with shallow moats, and it can even be said that there is almost no differentiation. The smartphone and electric vehicle industries are highly competitive and internally competitive, making it hard to create differentiation. It has over 2,000 products under its umbrella, and a conglomerate that does well is hard to find worldwide.