According to Duan Yongping's theory, Xiaomi is likely to be relatively difficult in the future 🤔 to be big but not strong, with a shallow moat, and it can even be said that it has almost none. The smartphone and electric vehicle industries and their internal competition make it very hard to differentiate. With over 2,000 products under its umbrella, a conglomerate that does well is hard to find worldwide.

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