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Research on business model emerges as a promising area. This article aims at exploring a dynamic match between business model and firm growth. Through a longitudinal study of a Chinese private manufacturing firm with a history of more than twenty years, it is indicated that, when moving from initial stage to adjusting and then to expansion stage, the firm experiences a significant change along three dimensions of business model: value proposition, value creation, and value system integration. The contribution of this article is fourfold: understanding firm growth process from a perspective of business model; reconceptualizing business model; extending the scope where business model can be applied; uncovering the dynamics of business model.