Abstract:     Faced with the deep embeddedness in the industrial chain, highly customized value activities, and precise segmentation of customer groups, customization has become an essential strategy for "SRDI" (abbreviation for "Specialized, Refined, Differential and Innovation") enterprises to gain competitive advantages. Based on the value co-creation theory, this paper explored the impact mechanism of customization strategies on the performance of "SRDI" listed companies in China from 2017 to 2022 through text analysis using big language models. The empirical results indicated that: (1) Customization strategy has a promoting effect on the performance of "SRDI" enterprises, and this conclusion still holds after robustness testing; (2) The concentration of suppliers and the degree of digitization enhance the positive impact of customization strategy on the "SRDI" enterprises′ performance; (3) Customer concentration weakens the promoting effect of customization strategy; (4) "SRDI" enterprises with high innovation capabilities are more profitable when using customization strategy; (5) The impact of regional heterogeneity of enterprises on customization strategy is not significant; and (6) Compared to external customization, internal customization has a significant positive impact on performance. This paper has innovatively analyzed and empirically tested the impact of customization strategy on "SRDI" enterprises′ performance, thus emphasizing the importance and feasibility of customization strategy, expanding and enriching theoretical insights into the behavior and performance of "SRDI" enterprises. The research conclusions will provide theoretical basis and empirical reference for "SRDI" enterprises to achieve high-quality development.

Key words:  "SRDI" enterprise, customization strategy, supplier concentration, customer concentration, digitalization level