一、两大巨头退出：GaN市场的"利润崩塌" 台积电曾是GaN代工领域的"老大哥"，巅峰时期拿下全球40%的市场份额；恩智浦也为GaN业务押注过 ——砸下数亿美元建ECHO氮化镓晶圆厂，原本寄希望于5G普及带动射频业务爆发。但现实却给了他们 沉重一击：美国5G基站部署进度远低于预期，射频业务未能如预期复苏，GaN芯片的利润反而因市场 竞争加剧持续缩水。 GaN市场的核心矛盾在于"成熟"二字：当前行业主流仍以6寸晶圆为主，8寸产能稀缺，技术门槛已 从"高高在上"降至"多数企业可及"。当技术差距缩小，竞争的核心迅速从"技术突破"转向"成本控 制"——你卖10元一片，我能压到8元，利润空间被反复挤压。台积电算了笔账：中国企业的GaN代工成 本比其低30%以上，继续竞争只会陷入亏损泥沼，不如趁早抽身；恩智浦更惨，美国本土芯片制造成本 本就居高不下，加上射频业务的持续低迷，根本撑不起GaN业务的运营。 二、中国企业的"卷"，是制造业能力的系统性碾压 中国企业能在GaN市场"卷"出优势，绝非靠简单的"价格战"，而是制造业能力的系统性输出。以产能利 用率为例：中国GaN代工企业的产能利用率普遍能达到90%以上，而台积电、恩智 ...

Core Insights - The Zheng Shuliang family ranks among the top ten on the Forbes 2025 China mainland rich list with a wealth of 180.9 billion yuan, attributed to the textile and aluminum empire built over two generations by the Zhang family [2][3] - The family business, which started from a struggling oil and cotton processing factory, has evolved into a multinational giant with annual revenues exceeding 500 billion yuan, serving over 120 countries [2][3] - The late Zhang Shiping, the founder, successfully navigated through various industry cycles and established a world-class enterprise, while his son Zhang Bo has continued to expand and innovate the business [2][4] Company Development - Zhang Shiping transformed a failing oil and cotton factory into a profitable enterprise by diversifying its operations and creating a complete industrial chain from cotton processing to textile manufacturing [6][8] - The establishment of Weiqiao Aluminum in 2001 marked a significant expansion into the aluminum industry, leveraging self-generated electricity to gain a competitive edge [7][8] - Under Zhang Bo's leadership, the company has pursued aggressive capital operations, including a 635 billion yuan resource integration plan to strengthen its global aluminum industry position [3][19] Strategic Innovations - Zhang Bo has embraced new growth opportunities by investing in the electric vehicle and photovoltaic sectors, recognizing the rising demand for aluminum in these industries [15][16] - The company has become a unique player in the automotive industry, extending its supply chain from aluminum production to vehicle assembly [18][19] - The strategic decision to privatize Weiqiao Textile and consolidate assets into A-share markets reflects a shift towards optimizing resource allocation and enhancing market competitiveness [19][20] Performance Metrics - Weiqiao Group achieved a revenue of 558.5 billion yuan in 2024, marking a 7.4% year-on-year increase, with net profits soaring by 112% to 32.3 billion yuan, indicating robust growth and market leadership [20][21] - The company has maintained its position on the Fortune Global 500 list, ranking 166th in 2025, an improvement of nine places from the previous year [20][21] Legacy and Future Outlook - The Zhang family’s success is attributed to a combination of practical business strategies, a focus on core industries, and a commitment to long-term growth without diversifying into unrelated sectors [21][28] - The company’s ability to adapt to market changes and regulatory challenges, particularly in the high-energy-consuming aluminum and textile sectors, will be crucial for its continued success [24][25] - The future of the Weiqiao Group remains promising as it aims to reach a trillion yuan scale in revenue, reflecting the potential for further growth and innovation [28][29]