Core Insights - Midea Group, with over 400 billion in annual revenue, is the leading enterprise in Foshan, Guangdong, while Hongwang Holdings Group has emerged as the second-largest private enterprise in Foshan with a revenue of 60.592 billion, ranking 199th nationally [1][3]. Company Development - Hongwang Holdings, led by Dai Cuhui, a "small-town youth" from Hunan, has established itself as a hidden champion in the metal new materials sector [3][5]. - Dai Cuhui began his career in the early 1990s, transporting high manganese steel from a local steel factory to Guangdong, where he recognized the lucrative opportunities in the stainless steel market [5][6]. - After moving to Foshan, Dai started from scratch, founding multiple companies including Ruibao Titanium Factory and Zhenghong Stainless Steel, leveraging his market intuition and experience [8][10]. Strategic Moves - In 2005, Dai identified a market gap in the production of wide cold-rolled stainless steel sheets, leading to the establishment of Foshan Nanhai Zhenghongtai Stainless Steel Co., becoming the first private enterprise in this sector [10][12]. - During the 2008 global financial crisis, while many companies downsized, Hongwang expanded by acquiring land and establishing new facilities, which proved to be a successful counter-cyclical strategy [12][14]. - The company adopted a "local production, nearby service" model, reducing transportation costs and enhancing customer responsiveness, which aligned with national low-carbon efficiency goals [14][16]. Technological Advancements - Hongwang invested in technology, launching China's first 18-roll stainless steel five-stand continuous rolling and annealing production line, marking a significant milestone in its technological development [16]. - The company has continuously innovated, developing products like "antibacterial stainless steel" and "self-cleaning stainless steel," thereby enhancing its product line and solidifying its industry leadership [16].