Abstract:First of all, combing with the business model canvas, This paper detailed analyzes the nine business model elements of the high-end equipment manufacturing company Shangu Power Co,.LTD. Then in view of the limitations of the canvas method, the system dynamics method is introduced, trying to build the stock flow model of the case enterprise before and after its transformation, further analysis of how the nine elements in different ways to promote the organic combination of manufacturing enterprises to create a business model innovation path. At last, with the help of Vensim-PLE, the software simulated and analyzed the model. The results show that: the success or failure of business model path selection is depended on the value proposition positioned accuracy or not; The path of business model innovation began with the customer needs, and end at the customer satisfaction; Customer demand-oriented path is superior to core resource-oriented path. The path of business model innovation is a system integration innovation road.