In the context of rapid development in the digital economy, how intelligent manufacturing companies form and iterate digital business models to drive high-quality development has become a topic of great interest in both industry and academia. This study focuses on Goertek and finds that, ①The digital business model contains three elements of value creation, value proposition and value capture after digitalization and intelligence, and the synergy between dynamic capabilities and digital innovation includes customer-technology synergy, data-organization synergy and ecosystem-product synergy. ②The digitalization and intelligence of the three elements of the digital business model are synergistically driven by dynamic capabilities and digital innovation, and the formation mechanisms are enhancement and restructuring, expansion and distribution, generation and opening. ③The evolution process of digital business model is single element digitalization - double element digitalization - multi element intellectualization, and shows the characteristics of first broadening the breadth and then digging the depth. Aliso, the study identifies the driving forces behind the evolution of digital business models, which stem from the connection of sensing and seizing. This connection manifests as internal threats driving organizational adaptation and external opportunities propelling growth. Overall, this research fills theoretical gaps in understanding the formation mechanisms of digital business model and enriches our understanding of its evolutionary processes.