Why did Lulai go bankrupt, but Leica survived in the digital age?

Because Leica is lucky, in fact, Leica is going bankrupt. Fortunately, it was acquired by Hermes, and then Hermes built Leica into a luxury camera. In the era of rapid global economic expansion in 1980s and 1990s, 135 was a cheap Japanese camera, and the world needed a luxurious Leica, so it survived.

However, because Lulai concentrated on 120 frame, Hasselblad and Linkov were extravagant in this respect, and Fuji and mamia were cheap, Lulai fell down.