Chi Kang Pai

K.S. Pua and Phison 潘健成與群聯電子

August 5, 2025 · Read, Summary

前言：我讀了潘健成(KS)採訪的書(https://www.eslite.com/product/1001124272040061?srsltid=AfmBOophyeb937x28TfHjpJZZttKr6Td3dsFNCzWWsSQS5FrlKJWOfSc) 這是一本2011年的書，KS後來也持續在群聯工作，保持不錯的表現。

群聯電子潘健成的創業哲學與經營智慧：從「做人」到企業永續

群聯電子創辦人潘健成（潘董）以其「俠客」般的真性情、謙遜、堅持與感恩的特質，在產業中樹立了獨特的領導風格。他26歲便與夥伴共同創業，這段歷程不僅是技術與市場的搏鬥，更是一場關於「做人」與企業永續發展的深刻體悟。

一、核心經營理念：「做生意就是做人」

潘董深信，企業的成功與經營者的品格和誠信密不可分，他將其核心理念總結為**「做生意就是做人」**。

「饅頭理論」與感恩之道：潘董透過「饅頭理論」闡釋其感恩與回饋的精神。他認為，當他人危難時伸出援手，日後的回報不應僅限於等價的償還，而是要將這份善意延續，幫助更多處於相似困境的人，形成良性循環，培養下一代。這種「做好事」不只是捐錢，更是講求義氣與道義的行為，如同武俠小說中的俠義精神。
拒絕金錢遊戲與追求透明：潘董強烈反對透過操弄財務或金融市場來獲取短期利益。他認為這會導致聲譽、信任的喪失，最終導致公司瓦解。他從過去公司的經驗中學到，短視近利的金錢遊戲而非長期經營，是企業的致命傷。因此，群聯從2005年起便每月主動公告自結獲利，無論好壞都公開，藉此杜絕不實傳言，維護資訊透明度。
選擇長期客戶與不佔便宜：群聯傾向於選擇正直、長期耕耘的客戶，即使短期內可能犧牲部分利潤。潘董強調，他們不會佔客戶便宜，若客戶買貴了，會以未來訂單的優惠來回饋；甚至在預期跌價時，業務會主動建議客戶暫緩下單，因為他深信「對客戶好，也是對自己好」。對於長期合作的客戶，即使是少量、無利潤的紀念品訂單，群聯也願意承接，因為他相信「少量不做，大單怎麼來？」。

二、潘董的領導與管理哲學

潘董的領導風格融合了以身作則、持續溝通、人才培養與務實的夥伴關係。

以身作則與持續溝通：他認為領導者必須以身作則，例如要求員工加班，自己也必須如此。同時，他強調口徑一致，公司高層對未來方向、產品策略等必須有清晰且統一的願景。更重要的是，他堅持要**「解釋給員工聽」**，讓員工理解公司決策背後的目的，才能朝共同目標努力。群聯設有被戲稱為「莒光日」的開講時間，潘董會定期與各部門員工對談，闡述公司理念與未來方向，並開放問答，確保資訊同步。
適度放權與人才培養：潘董逐漸從事必躬親的「救火隊」模式轉變為更健康的管理狀態。他認為，若領導人終日忙碌救火，代表公司尚未上軌道。他放手讓優秀的幹部承擔更多職責，並鼓勵他們進行「有把握的冒險」，以此培養人才。
「責任心」的選才標準：在招募員工時，潘董最看重的是**「負責任」**的人格特質。他認為技術能力固然重要，但若個性難相處、脾氣暴躁，可能在兩年內對團隊氣氛造成負面影響，即便能力強也可能被篩選掉。他偏好「看起來老實」且自發性強的員工，而非過於聰明難以留住的人。
創業夥伴的「江湖味」情誼：群聯的五位共同創辦人之間保持平行的、非階級的關係。潘董認為，學校裡的同學是最佳的創業夥伴，因為彼此情誼單純、沒有利益糾葛，且經過長時間的磨合已有默契。他強調，他們從未為了金錢或股票而爭吵，因為對金錢的慾望不高，股份分配也力求公平。他甚至刻意與員工保持「適度距離」，是為了讓大家更自在，而非耍派頭。

三、創業歷程與策略洞察

潘董的創業之路充滿挑戰，也提煉出許多務實的創業建議與策略。

創業前的充分準備：他強烈不建議大學畢業生立即創業，而是應先到小公司工作，學習各方面經驗，累積足夠的儲蓄。群聯團隊本身在創業前就投入了三年時間進行研究開發，確保有產品、了解市場、認識客戶，才正式成立。他也提醒創業者要慎選產業，因為不同產業的進入門檻和所需資金差異巨大，例如IC設計產業已非一般年輕人所能負擔，相對地軟體和網路應用更具機會且成本較低。
應對挑戰與危機：

◦ 早期摸索與自我懷疑：創業初期，群聯曾歷經手工組裝產品的艱辛，甚至一度不確定能否持續。潘董坦言曾因年輕而處處碰壁，名片被輕蔑以待。他甚至考慮過尋找業界前輩擔任董事長，顯示出早期的自我懷疑。然而，他最終意識到，只要言之有物，做出好產品，反差會讓自己被記住。

◦ 法律訴訟的洗禮：公司做大後，被告是必然。群聯曾因專利問題付出高昂的律師費，但最終打贏官司。潘董認為專利訴訟多有政治與獲利目的，最佳的應對方式就是積極申請專利。

◦ 金融風暴下的韌性：在金融風暴期間，群聯面臨嚴峻的財務危機，股價大跌。潘董向員工坦承景氣艱難，但以「當年創業一無所有都能撐過來」鼓勵大家，將困難轉化為機會，展現了強大的創業家精神。

策略性合作與競爭：

◦ 東芝夥伴關係：群聯與東芝的合作是其發展的關鍵。東芝不僅提供資金，更成為群聯的「門神」，嚇退了許多潛在的威脅。東芝看重群聯在控制晶片方面的能力，希望培養其成為Flash應用的重要夥伴，這種著眼於長期發展的合作關係，使雙方互利共榮。

◦ 競爭策略與內部激勵：面對競爭對手，潘董曾以犧牲利潤的方式發動價格戰，目的在於打擊對手核心獲利。他甚至公開談論與對手的恩怨，一方面是個人因素，另一方面則是為了激勵內部員工，設定共同的「假想敵」，凝聚團隊戰鬥力。

溝通能力與人脈網絡：潘董認為，創業者的口才不能太差，這裡指的不是花言巧語，而是具備良好的表達能力，能言之有物，使人信服。這種「講故事」的能力，在找錢、找人、內部溝通與客戶互動中都至關重要。人脈也非常重要，特別是在創業初期，若能透過校友或同鄉情誼，快速找到關鍵人物，將能大大加速事情的進展。

總而言之，潘健成的創業與經營哲學，不僅強調技術實力和市場敏感度，更將「做人」的原則貫穿始終。他以樸實、真誠的態度，在不斷的挑戰中累積經驗，將每次困難轉化為成長的養分，最終引領群聯電子走向成功。

Based on the excerpts from K.S. Pua's (潘董) book, here is a structured article summarizing key points about his philosophy, leadership, and entrepreneurial journey:

The Entrepreneurial Journey of K.S. Pua and Phison Electronics: Insights and Principles

K.S. Pua, the founder of Phison Electronics, began his entrepreneurial journey at a young age, co-founding the company at 26. His experiences and philosophies, as highlighted in these excerpts, offer valuable insights into building a successful and resilient enterprise. He is described as a "chivalrous" figure, known for his humility, persistence, and gratitude.

1. Core Business Philosophy: "Doing Business is Doing Good"

Pua emphasizes that "doing business is doing good" or "doing business is being a person" (做生意就是做人). He believes that success in business is intrinsically linked to one's character and integrity.

The "Mantou Theory": This theory illustrates his philosophy of gratitude and paying it forward. If someone helps you survive by giving you two steamed buns when you're starving, repaying them with three later is not enough. True gratitude means helping others when they are in similar need, fostering a cycle of support for future generations. He sees "doing good" not just as donating money, but as acting with righteousness and loyalty, like a character from a martial arts novel.
Rejecting Financial Games: Pua strongly advises against manipulating financial markets or company accounts for short-term gains, stating it leads to loss of reputation, trust, and ultimately, company collapse. He believes in transparency (e.g., monthly profit announcements) to prevent misinformation. His experience at a previous company, where management prioritized quick money-making schemes over long-term operations, served as a strong warning.
Long-Term Client Relationships: Phison actively chooses honest and long-term clients, even if it means foregoing short-term profits. They prioritize maintaining trust, for instance, by offering lower prices on future orders if a client overpaid or advising clients against ordering if prices are expected to drop. He believes that not taking advantage of clients is mutually beneficial in the long run. Phison even accepts small, unprofitable orders from long-term clients to maintain strong relationships, understanding that large orders often stem from such goodwill.

2. Leadership and Management Style

Pua's leadership style at Phison is characterized by a blend of directness, consistent communication, and a focus on empowering employees and fostering the right culture.

Leading by Example and Consistent Communication: He stresses the importance of leaders leading by example (e.g., working long hours if required) and maintaining a consistent message regarding company direction and strategy. He believes in explaining the "why" behind decisions to employees, ensuring they understand the purpose and are motivated to achieve goals.
"Juguang Day" (莒光日): Phison has a regular "Juguang Day" where Pua holds open discussions with departments, explaining the company's origins, philosophy, and future direction. He answers all employee questions to ensure a shared understanding of the company's path.
Delegation and Fostering Talent: While initially heavily involved in all aspects, Pua learned to delegate as the company matured, emphasizing that a healthy company allows leaders time for strategic thinking rather than constant "firefighting". This requires cultivating excellent幹部 (cadres/managers). He encourages calculated risks to foster employee growth and talent development.
Maintaining Distance for Employee Comfort: Pua consciously maintains a "moderate distance" from employees, not to "put on airs" but to allow them to be more at ease.
Hiring Philosophy: When hiring, Pua looks for individuals who are "responsible". While strong technical skills are valued, he believes that individuals who are too difficult to get along with or have bad tempers, even if highly capable, might be filtered out because they can disrupt team atmosphere and lead to problems within two years. He prefers "honest-looking" individuals who are self-motivated, as he finds "too smart" people hard to retain.
Flat Structure and Trust Among Co-founders: The five co-founders of Phison maintain a horizontal relationship, without rigid hierarchical structures, fostering a "chivalrous" and direct working environment. They operate on mutual trust and a lack of desire for personal financial gain. Pua explicitly states that they have never argued over money or shares, as he distributes shares fairly.

3. Entrepreneurship and Business Strategy

Pua's journey highlights pragmatic approaches to market entry, team building, and navigating crises.

Prerequisites for Entrepreneurship: He strongly advises against immediate post-graduation entrepreneurship, recommending gaining work experience, especially in small companies, to learn all aspects of operations. He believes in thorough preparation, noting Phison's own three years of prior research and product development before official founding. He also emphasizes careful industry selection, noting that capital requirements for hardware industries like IC design have significantly increased, making software and internet services more accessible for new ventures.
Importance of Co-founders: He suggests that schoolmates make the best co-founders due to established trust, shared experiences, and fewer immediate financial entanglements compared to industry acquaintances. He and his co-founders, many from National Chiao Tung University (NCTU), had known each other for years, fostering mutual understanding and a lack of desire for financial disputes.
Building a Team: He looks for strong communicators who can tell a compelling story, which is crucial for fundraising, recruitment, internal communication, and client interactions. Networking and leveraging existing relationships (like alumni networks) are vital for making crucial connections quickly.
Navigating Challenges:
- Lawsuits as a Reality of Success: Pua sees lawsuits as an inevitable consequence of a company's success, stating that "if you're not sued, it means your company is not doing well enough". Phison has faced significant lawsuits, including a patent infringement case from Sandisk, which they won.
- Strategic Use of Patents and "Gatekeepers": He highlights the importance of applying for patents as the best defense against lawsuits. He also strategically utilized Toshiba's investment as a "gatekeeper" or deterrent against less substantial competitors, leveraging their reputation and investment to ward off legal threats.
- Confronting Adversity: During the 2008 financial crisis, Phison faced severe financial distress. Pua motivated his team by reminding them of their difficult entrepreneurial beginnings, emphasizing that with current resources (people, money, products, market), they could overcome any challenge. He calls this period a "second創業" (second創業).
- Dealing with Competitors: Pua is known for his directness, even publicly addressing past grievances with competitors like Silicon Motion (慧榮). This was partly to motivate employees and establish a clear "enemy" for focused efforts. He once strategically sacrificed 2% of Phison's profit (from IC sales) to undercut a competitor who relied on ICs for 90% of their profit, effectively crippling them.
- Resilience and Overcoming Skepticism: Despite initial doubts about their youth and ability to succeed, especially when dealing with established industry figures who dismissed them, Pua emphasized the importance of persisting to prove themselves. He recognized that being young and competent could create a strong, memorable impression.
Strategic Risk-Taking: While he takes risks daily in the volatile Flash Memory market, Pua emphasizes taking calculated risks where he has a strong grasp of the situation, rather than blind gambles. Phison consistently sticks to what they understand, gradually expanding vertically and horizontally. This "measured expansion" allows them to capitalize on competitors' mistakes.
Continuous Improvement: Pua believes that true business success is about consistently doing things right every day. He states, "Today's success is because we did many right things yesterday. If you do everything well every day, then every day can be called a success".
Rejecting Pretense: He dislikes pretense or "裝逼" (putting on airs), preferring to be straightforward and accessible. He does not believe in excessive formality or relying on secretaries for scheduling, seeing it as unnecessary in a technology company where subordinates are motivated by responsibility rather than strict command.

Pua's journey with Phison exemplifies a leadership style rooted in integrity, long-term vision, and an unyielding commitment to his team and partners, even in the face of immense challenges.

PS: 後續怎麼了？KS持續遭遇各種爭議事件，與perplexity合作撰寫

桃色風波事件：注意似乎沒什麼證據

2018年一億元勒索案1 2 3

2018年1月，潘健成遭週刊爆料陷入桃色風暴。根據報導，有愛家好男人形象的潘健成，與一名擁有美腿電眼的小三交往長達10年1。該女員工原本是群聯員工，26歲便與潘健成在一起。雙方關係因潘健成懷疑小三與公司其他工程師有一腿而惡化，最終小三心有不甘，以掌握公司假帳文件為由，與熟悉科技業的餐廳老闆楊永信聯手，向潘健成勒索1億元1。

潘健成隨即透過律師發出聲明，確認已向新竹地檢署報案，該不法人士已遭檢方偵辦並予以羈押。他強調將對私領域的抹黑立刻採取必要法律行動4。

財報不實案長期訴訟

刑事案件結果5 6 7

群聯2016年爆發財報不實案，潘健成被指控於2009至2014年指示部屬安排虛假（或循環）交易。新竹地檢署原本給予緩起訴，但高檢署認為偵查不完備發回續查。2022年台灣高等法院判決潘健成違反證券交易法申報及公告不實罪判1年10月刑，使公務員登載不實19罪處1年10月得易科罰金之刑，均緩刑5年定讞，需支付公庫3千萬元，並參加5場法治推廣教育5。

民事訴訟大逆轉8 5 9 10

2025年1月15日，台灣高等法院更一審大逆轉，廢棄原判決，改判潘健成應解任董事職務。高院認為，潘健成嚴重影響群聯公司的正常運作、破壞商譽，屬重大損害群聯公司行為，縱使未造成公司或股東股票交易損失，仍應解任董事職務8。

潘健成回應表示，他已於2021年主動辭去董事長及董事職務，因此這次判決不會造成公司及股東損失，但對於投保中心遲延起訴違反投保法，決定繼續上訴9。

值得注意的是，在2024年5月，新竹地方法院還判決駁回投保中心提起的6.86億元民事求償訴訟11 12。

群聯禿鷹案13 14

相關的群聯禿鷹案中，調查局北機站調查官楊肇忠因內線交易被判刑。他在群聯搜索前洩密給股市作手鄧福鈞，使鄧福鈞放空群聯股票獲利875萬餘元。楊肇忠最終被判內線交易罪1年6月，鄧福鈞判1年8月13。

人事變動與組織調整

潘健成職務變動15 16 17

2021年11月18日，潘健成因財報事件仍在訴訟階段，主動辭任群聯董事長暨董事職務，轉任執行長。群聯董事會推舉顏暐駩擔任董事長15。顏暐駩畢業於國立交通大學電機與控制工程學系，自2001年起即任職群聯，歷任產品工程暨測試部經理、研發暨生產處長等職務16。

創業夥伴現況18 19

歐陽志光：2023年8月辭任總經理職務，轉任總策略顧問，並於2023年11月辭任董事職務18 19 20
楊俊勇：目前仍擔任監察人職務21
許智仁：目前擔任董事暨副總職務21
伍漢維：目前擔任研發經理職務21

五位創辦人中，除了歐陽志光已逐步淡出核心經營層，其他夥伴仍在公司擔任重要職務。

群聯近期營運發展

2025年營運表現22 23 24 25

群聯2025年上半年營運表現亮眼：

2025年6月營收61.98億元，年成長16%，月成長9%22
第二季營收178.9億元，年成長13%，創單季歷史新高24
累計前六月營收317.29億元，為歷史同期第三高22

AI轉型與技術創新26 27 28

群聯積極轉型AI領域，推出aiDAPTIV+平台：

全球首款6nm AI運算SSD解決方案E28榮獲2025 COMPUTEX Best Choice金獎28
正式進入輝達（NVIDIA）供應鏈，6奈米產品已開始生產27 29
aiDAPTIV+ 2.0與E28 AI運算SSD完全整合，將傳統SSD從被動儲存設備轉變為運算儲存模組28

國際布局30 31

潘健成在故鄉馬來西亞設立子公司MaiStorage，總投資金額一億令吉（約7.3億新台幣）30。他表示「三個原因讓我們不得不去東南亞」：地緣政治因素、人力短缺挑戰，以及企業長遠發展布局31。計畫讓大馬子公司在未來三年內獨立上市30。

產業地位與前景展望

技術領先地位32 33

群聯目前擁有：

全球近2000個NAND Flash儲存相關專利32
超過4000名員工，其中研發人數逾3000人32
SSD控制晶片市占率超過20%，車用控制晶片市占率逾40%32

市場展望26 34

群聯看好2025年發展前景：

NAND Flash市場價格自農曆年後回升9%-11%26
邊緣AI需求強勁，推動SSD市場成長26
法人預期群聯2025年營收可望年增18.3%34

創業理念的實踐

即使歷經各種挑戰，潘健成仍堅持其核心創業理念。他在2025年的採訪中表示，過去的努力沒有白費，群聯現在擁有必要的資源、人力、市場規模和客戶認證32。雖然他開玩笑說如果人生重來「不要再創業了」，但也認為這段歷程非常值得35。

從2011年的經營哲學到2025年的發展現況，潘健成經歷了桃色風波、財報案件、人事變動等重重挑戰，但群聯在他的領導下成功轉型，從傳統控制晶片廠商發展為AI儲存解決方案提供商，並正式進入輝達供應鏈，展現了其「做人」理念在商業實踐中的韌性與價值。

Chi Kang Pai●