In the context of the platform economy, traditional enterprises are confronted with an increasingly intricate and dynamic external landscape, necessitating frequent strategic adjustments to secure sustainable competitive advantages. This paper adopts an exploratory single-case study methodology, focusing on Haier Group, to delve into the evolutionary process of business model innovation in digitally transformed enterprises under the sway of the platform economy, from the standpoint of value co-creation. The study delineates that Haier Group’s digital transformation has traversed three distinct phases: exploration, development, and expansion. A comparative analysis of these phases reveals a progression in the business model innovation journey of digitally transformed enterprises from platform mode to community mode and ultimately to ecosystem mode. This examination of the evolution of business model innovation in digital transformation enterprises holds significance for the practical implementation of business model innovation strategies within the digital transformation landscape.