Abstract：

Against the backdrop of the rapid development of the digital economy, digital transformation has become an essential strategic choice for small and medium-sized enterprises (SMEs) to respond to external environmental changes, overcome traditional development bottlenecks, and achieve high-quality growth. As a vital pillar of the national economy, SMEs undertake the key mission of enhancing industrial vitality and strengthening market competitiveness under the innovation-driven development strategy. However, constrained by limited resources, technology, talent, and capital, their digital transformation process often faces challenges such as ambiguous pathways, difficulty in technological implementation, and rigidity in business models. Based on the macro trends and theoretical foundations of digital transformation, this paper explores the innovation logic and evolutionary path of SMEs’ business models in the context of the digital wave. By reviewing domestic and international research, this paper constructs an SME business model innovation framework centered on data- driven mechanisms, platform empowerment, and value co-creation. It further analyzes innovation practices in production organization, marketing, customer relations, and value chain reconstruction through typical case studies. The study reveals that the key to SME business model innovation lies in integrating resources, optimizing processes, and reshaping value networks through digital technologies to realize a strategic shift from “cost- driven” to “value co-evolution.” The findings provide theoretical and practical insights for promoting sustainable digital transformation among SMEs, strengthening their core competitiveness, and facilitating the healthy development of the digital economy ecosystem.

Key Words：

digital transformation; small and medium-sized enterprises; business model innovation; value co- creation; digital economy