For firms lacking core competitiveness in emerging market countries, their competitive advantage is more likely to stem from the creative use of common resources in the catching-up process. Based on the composition-based view （CBV） which is proposed by Luo Yadong and other scholars, this paper takes the case study of the Nice Group and explores the characteristics of latecomer firms’ strategies and the strategic change process by means of a analytical framework of the composition-based strategy consisting of compositional offerings, compositional competitions and compositional capabilities. The case study finds that in the process of strategic changes, the composition-based strategy evolves from " edge catching-up” to " innovation and upgrading” and finally to " integration”. In addition, the market position and the value chain of latecomer firms are both evolving from low-end to high-end. The competitive advantage gradually evolves from cost leadership to differentiation. This paper summarizes that latecomer firms need to adopt the composition-based strategy flexibly according to their own situations, so as to achieve rapid catch-up from late-development to first-development. The conclusion enriches the relevant theoretical system of the composition-based view and strategic changes, and contributes to advance the evolution of the composition-based strategy and reveal the essence of the strategy change process of Chinese latecomers.