偏不上市，这位80后却成了山东首富

Core Viewpoint - The article discusses the wealth and business operations of the Zhang family, particularly focusing on Zhang Gang and his father Zhang Xuexin, who control the Xinfeng Group, a major player in the aluminum industry in China. Despite their significant wealth, the company remains private and does not disclose financial statements, raising questions about their operational strategies and financing methods [4][9][13]. Group 1: Company Overview - Xinfeng Group, based in Chipping, Shandong, ranks 20th on the 2025 list of China's top 500 private enterprises, with a revenue of 302.89 billion yuan in 2024, surpassing state-owned enterprises like China Minmetals [8][9]. - The company has a simple ownership structure, with Zhang Gang holding 51% and his mother 19.6%, while three other shareholders hold 9.8% each, indicating a family-controlled business model [9][12]. - The group has expanded its operations from power generation to a comprehensive aluminum industry chain, including bauxite mining, alumina production, and aluminum processing [4][10]. Group 2: Financing and Growth Strategies - Xinfeng Group has been actively acquiring upstream resources, such as a 40% stake in the "Huoyun" lead-zinc mine for approximately 5.5 billion yuan and various bauxite mining rights for a total of 71.81 billion yuan [4][10]. - The company has historically relied on employee fundraising for financing, with high returns promised to investors, which has fostered a strong internal funding mechanism [15][17]. - As of 2023, the group has secured a total bank credit line of 380 billion yuan, with significant loans from local banks, indicating a robust relationship with financial institutions despite not being publicly listed [15][16].