Industrial internet platform is an important direction to realize industrial digitalization and digital industrialization. The construction path of industrial internet platform is full of complexity and challenges， and the existing literature has not given an effective answer. Based on the case study of Xingshengyouxuan， it finds that the construction of industrial internet platform contains experienced three stages： development and exploration， focused verification， and replication and expansion， facing cognitive bottleneck， resource bottleneck and ability bottleneck respectively. Enterprises have successively adopted learning entrepreneurial co-creation， integrated entrepreneurial co-creation and enabling entrepreneurial co-creation. It has realized online business， operation platform and intelligent decision number. It extractes the path model of “bottleneck identification-entrepreneurship and co-creation-platform construction”， uncovers the “black box” of the construction process of industrial internet platform， and expands the application boundary of the theory of entrepreneurial co-creation， which provides important enlightenment for the construction of industrial internet platform.