Abstract:    Giving full play to the important role of leading enterprises on the industrial internet platform in the transformation and upgrading of the real economy, and promoting the industrial internet transformation of manufacturing industrial clusters, is an important strategic support for promoting high-quality development. Taking Huawei and Ali as case studies, and following the research framework of "Technology-Organization-Environment" (TOE) through the procedural grounding theory, it was found in this paper that the leading enterprises of industrial internet platforms rely on cross-industry and cross-domain industrial internet platforms to play the super-network embedding effect of digital assets in technical factors, build an ecological community, and patch up resources of digital ecosystems in organizational factors to form digital dynamic capabilities. In the environmental factors, the value of digital innovation and entrepreneurship ecology emerges. Under the synergistic effect of the above three factors, manufacturing clusters grow in an inclusive way, thus realizing business model innovation at the value ecological level. Huawei and other leading enterprises of non-digital native industrial internet platform underwent "fission first and then fusion", while Ali and other leading enterprises of digital native industrial internet platform underwent "fusion first and then fission" to realize the innovation of value ecological business model. The related research has clarified the theoretical connotation and extension of the value eco-business model innovation, and provided a new research perspective for the deep integration of digital economy and real economy, thus offering practical enlightenment for the high-quality development of the manufacturing industry.

Key words: industrial internet platform leading enterprise, TOE framework, innovation of value ecological business models