Driven by the new round of technological revolution, enterprise digitalization is regarded not only as a key approach to optimizing the innovation network structure and enhancing competitive advantages, but also as an important path to promote value co-creation and achieve industrial collaborative upgrading. However, there are still cognitive differences regarding the mechanism by which enterprise digitalization promotes value co-creation. Based on the patent data generated from the R&D cooperation of 148 listed enterprises in the pharmaceutical manufacturing industry from 2010 to 2023, this paper constructed a balanced panel model containing 2,072 observations to analyze the overall effect, application channels and situational characteristics of enterprise digitalization on value co-creation. The research found that: (1) Enterprise digitalization has a significant positive impact on both the breadth and depth of value co-creation; (2) Ego-network stability and ego-network conventions play a mediating role in the impact of enterprise digitalization on value co-creation; and (3) Cooperative motivation plays a negative moderating role in the path of value co-creation influenced by enterprise digitalization. From the perspective of R&D cooperation, this paper revealed the internal mechanism by which enterprise digitalization affects value co-creation, enriched the research perspectives on enterprise digitalization and value co-creation, and it will provide some practical guidance for enterprises to optimize their own network structure and digital strategy in practice.