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With the environment and resource facing more and more serious challenge, Circular Economy in China become a considerable topic. Integrating industrial symbiosis into the corporate development plans to optimize materials and energy flows is a feasible strategy for many corporations in their transition between nonsustainable and sustainable development. This paper takes the Nanning Sugar Group, a Chinese sugar complex, as a case to conduct an analysis on the material flow. On the basis of a brief introduction of the concept of industrial ecosystem, the paper describes the Nanning Sugar Group and its material flows of ecosystem After summarizing experiences of the application of the Group's model, it analyzes challenges and then introduces possible solutions. The material flows experience in question is hoped to point to a feasible development path for similar corporations.