$XIAOMI-W(01810.HK)Xiaomi is abandoning the track it's familiar with and switching to electric vehicles, just like JD.com and Alibaba switching tracks to compete with Meitu. It seems simple, but it's full of pitfalls, and they're still deeply mired in it now. If Xiaomi's car business collapses, Xiaomi's disaster will arrive. Now is the beginning of the downward slide, still in a slow, dragging decline, and the most brutal phase is still far from over.