The 'blue ocean track mining + product definition' brings first mover advantage, which is the result of a specific window period in industry transformation. The underlying logic lies in 'the significant difference in experience when switching from fuel vehicles to new energy vehicles (including energy form/space definition/smart cockpit/smart driving)'. This window period for industry transformation occurs only once, and Li Auto was the first to seize this opportunity, which also reflects the ability of its founder to gain user insights from years of experience at Autohome—a perfect combination of timing, location, and human factors.

As the penetration rate of new energy vehicles exceeds 50%, the difference in experience when switching from extended-range/hybrid to pure electric is much smaller compared to switching from fuel to new energy, as the level of intelligence is already aligned, with the main change being the energy form. This also highlights the challenges in Li Auto's pure electric strategy, with several attempts falling short of expectations.

Therefore, I do not believe that 'blue ocean track mining + product definition' is a sustainable long-term competitive advantage for Li Auto. The window for switching from fuel vehicles to new energy vehicles occurs only once—seizing it is a combination of capability and luck. However, such a window period will not repeat, and the future will be a real test of strength.