In 2014, at the World Internet Conference, Jack Ma once said that Alibaba's goal was to "cultivate more companies like JD.com" and make these companies profitable. Looking back now, this statement has obviously fallen short, but we won't evaluate it today. Instead, the logical structure of this statement reminds me of another more interesting comparison today, which is between Pinduoduo and Xiaomi. Both companies have benefited from the term "cost-performance ratio," but their core logics are completely different. Xiaomi is a strong brand that wants to become a platform. Pinduoduo is a strong platform that suppresses brands while also supporting them. Xiaomi is first and foremost a brand, a national brand with its own traffic...