Abstract: Hangzhou Oxygen Plant Group co., LTD. is faced with the huge market pattern changes and user in demand changes,and realize the transformation from service-oriented traditional manufacturing into the integration of a set equipment supply as equipment distributors and industrial gas supplier group. But after the preliminary transformation, capital market performance is not good, which leads to huge pressure for the subsequent refinancing and the enterprise high-levels start to think about the transformation problems. This case reviews the company's background and the transformation process, and presents new problems after transformation, discusses the transformation of business model, the elements of business model matching and coordination problems, and guide people to think about the interests of the stakeholders of the business model transformation balance issue.

Keywords: Service Manufacturing; Business Model; Transformation; Enterprise Value; Capital Markets