In the previous article "Aito VS Li Auto: The Duel of Two Giants, Who is the Winner?", Dolphin Research conducted a detailed review of the reasons behind the success of $Li Auto(LI.US) and $SERES(601127.SH). Li Auto has built a moat by exploring the blue ocean market and deeply cultivating excellent product definitions. However, this model is actually a double-edged sword. The advantage lies in not only enjoying the beta benefits brought by the blue ocean market but also building its own alpha through first-mover advantage. Yet, advantages coexist with disadvantages, as the moat of range extension technology itself is not high, causing Li Auto's market share in range extension to continue to erode...