Abstract: The emergence of industrial Internet provides the technological possibility for the innovation of business model of manufacturing enterprises. At the same time, how the external and internal influencing factors adapt to each other in the process of interaction constitutes a new challenge of business model innovation of manufacturing enterprises. Based on the case data of Haier from 1984 to 2019 and Changhong from 1958 to 2019, combined with rooted theory and case analysis method, this paper puts forward the analytical framework of business model innovation path based on "external environment-internal environment" in the era of industrial Internet. After the Changhong case saturation test, it is revised to the three-factor theoretical framework of "external environment-internal environment-internal and external interaction". It highlights the important role of innovation learning in business model innovation under the influence of internal and external environment. The empirical analysis of large samples shows that innovation learning (including open learning and Internet innovation ecological creation) has a positive impact on the innovation of business model of manufacturing enterprises. The research reveals the business model innovation path of manufacturing enterprises in the context of industrial Internet, and provides a new analytical framework for manufacturing enterprises to drive business model innovation with the help of industrial Internet.

Key words: industrial Internet, business model, innovative path, grounded theory, case study