The Internet of Things （IoT） ecosystem business is the new business model in the era of IoT. It realizes ecosystem value growth based on user value creation，which poses a challenge to enterprise value evaluation. The win-win value-added table （WWVA） can measure the ecological value of enterprises and is an important carrier for measuring the ecological nature of IoT ecosystem business. It is grounded in Metcalfe’s law and a modification of the DEVA model， corresponding to the win-win value-added table. It innovatively formulated a valuation model for IoT ecosystem business from the joint perspective of “user + resource ecology”. To illustrate the applicability of this model， it applied it to Yongci Rehabilitation Hospital and calculated its value in 2020 using the P/S ratio. The results obtained validate the rationality of the proposed model. It introduces a novel dimension and perspective for the utilization of valuation models in theory. Simultaneously， it holds certain guiding significance for the development strategy of IoT ecosystem business.