Through the case analysis of Hongtu Intelligent Logistics, this paper reveals the mechanism of value co-creation of the industrial Internet platform. It is found that the process of the value co-creation of the industrial Internet platform includes three stages: platform launch, platform growth and platform expansion. The mechanism of the value co-creation of the industrial Internet platform is mainly reflected in the phased differentiation of the platform architecture design based on bottleneck problem identification by platform enterprises, thus to promote the platform and multilateral users of the industrial chain to co-create value. In the platform launch stage, the platform architecture is coring, and the user experience obstruction problem is solved by platform architecture refinement and user relationship linkage. The platform architecture core is expanding in the platform growth stage, industrial efficiency improvement is achieved by platform vertical integration and user relationship embedding to solve the platform advantage weakening problem. In the stage of platform expansion, the platform architecture is nested, and the platform expansion dilemma is resolved through platform horizontal envelopment and user relationship lock-in, and realizes the benign expansion of the platform. Unlike the consumer Internet platforms that emphasize rapid growth in the user base, the industrial Internet platform emphasizes the deep participation of users to achieve efficiency improvement.