The business model evolution of leading firm is helpful to reveal the dynamic consistency of value creation. From the perspective of value creation, constructing and using PCAA analysis framework, conducting a longitudinal case study on Zhejiang Materials, a leading firm of Zheshang, we have, on the level of time sequence, analyzed changes in the elements of the business model and the evolution logic of different development stages of Zhejiang Materials. Results show that the business model evolution is the development sequence of business model innovation and the system process driven by the interaction of enterprise external factors and internal requirement. The change of the core elements and the evolution of the business model dimensions in different stage are dynamic consistent in value creation, with a purpose of maintaining the competitive advantage. We also have, from the perspective of value creation, found that the enterprise value proposition has grown from economy value and ability value to relationship value. Value creation evolves from modular organization, modular cluster to no-boundary firm. Value appropriation and acquisition is realized from internal system integration within the industry and external system integration within the industry to internal system integration outside the industry. This paper promotes the understanding of the dynamics of business model evolution, enriches the research of business model of Zheshang, and provides strategic guidance for enterprise managers and policy makers.