Abstract: Purpose/Significance Innovation ecosystem has become a new paradigm of manufacturing enterprise innovation.Exploring the evolution of innovation ecosystem will help to promote the innovation upgrading of manufacturing enterprises. Design/Methodology Based on the value co-creation perspective, this paper takes BYD as a case study to explore the dynamic evolution of the innovation ecosystem of manufacturing enterprises. Conclusions/Findings There are three innovation paradigms in the innovation ecosystem evolution of manufacturing enterprises. Its structural model has experienced from simple linear innovation ecosystem to central radiation innovation ecosystem to network symbiosis innovation ecosystem. The evolution process of innovation ecosystem has promoted the transformation of symbiotic relationship between core enterprises and participants from parasitic to commensalism and mutualism, and the transformation of value logic from value creation to value co-creation and value win-win. The evolution of symbiotic relationship and value logic has dynamic adaptability, promoting the niche of core enterprises from overlap to separation, and realizing the transformation of enterprises from ecological complementer to ecological leader and then network symbiont.