不上市、不融资！信发集团靠父子两代人硬扛，反成山东最大巨头

Core Insights - The article highlights the remarkable success of Xinfeng Group, a company with nearly 350 billion in annual revenue and hundreds of billions in profit, which has chosen to remain private and not engage in financing or debt issuance [1][3]. Company Overview - Xinfeng Group is led by Zhang Gang's family, which has recently topped the wealth rankings in Shandong with a net worth exceeding 140 billion [3]. - The founder, Zhang Xuexin, is described as a pioneer of Chinese industry, having started from a small power plant in the 1990s and innovatively addressing the challenges of electricity sales by establishing an electrolytic aluminum project [5][9]. Business Model - The company operates on a unique "self-sufficient power plant + full industry chain" model, which allows it to control costs effectively [15][36]. - By producing its own electricity, Xinfeng significantly reduces operational costs, with a decrease of 0.01 yuan in electricity price saving 100 yuan per ton of aluminum [17]. Leadership Transition - In 2012, Zhang Gang took over leadership, continuing his father's principles while adopting a more aggressive approach to resource acquisition and market positioning [19][21]. - Under Zhang Gang, Xinfeng capitalized on the booming photovoltaic industry by leveraging its low-cost aluminum to capture 45% of the market for solar panel frames [26]. Strategic Investments - The company has made substantial investments in high-purity silicon and industrial silicon projects, utilizing its own cheap electricity and steam from aluminum production to maintain a competitive edge [32][34]. - Xinfeng's acquisition of a major zinc mine further exemplifies its strategy of securing valuable resources for future growth [34]. Long-term Vision - The article emphasizes Xinfeng Group's long-term, self-sustaining business model, which allows it to operate independently of market fluctuations and external financing pressures [38]. - This approach positions Xinfeng as a unique entity in the fast-paced business world, embodying the principles of long-termism and industrial integration [40].