Abstract: In the era of digital economy, the digital platform ecosystem has reshaped traditional value creation methods and market competition models. Based on the perspective of business model portfolio, this paper summarizes the formation mechanism and evolution path of digital platform ecosystem. Research finds that the evolution of digital platform ecosystem covers three stages, including business model construction in the initialization stage, business model superposition in the aggregation stage, and business model synergy in the diversification stage. During this process, each stage relies on different value chains, such as establishing basic value propositions, building a three-dimensional value network, promoting composite value co-creation, and achieving sustainable value sharing. On this basis, the study clarifies that the continuous evolution of the digital platform ecosystem is driven by underlying drivers of digital infrastructure such as data elements, digital technology, and modular platform architecture. Finally, this paper combines activity system view, business model portfolio, and digital platform ecosystem evolution into an organic whole connected by value flow to construct a theoretical model of digital platform ecosystem evolution driven by both platform capability and market demand, and provides theoretical basis and practical guidance for enterprises to successfully build a digital platform ecosystem.

Key words: digital platform-based ecosystem, business model portfolio, evolutionary mechanism, process research