In the era of digitalization and intellectualization, the key to the servitization of manufacturing enterprises guided by value co-creation is to transform them into demand-oriented scenario-based services that cover the entire value chain. This paper confronts the problem of industrial chain reconstruction caused by this transformation, analyzes the interactive logic of the cyclic dependence of each link in the industrial chain under the transformation of the integration method of products and services, constructs the functional relationship between the cyclic dependence of the industrial chain and value co-creation, and compensates for the limitations of existing research on the theoretical understanding of industrial chain integration. By using the samples of 405 enterprises in China, this paper makes an empirical analysis and verifies and discusses the theoretical hypotheses put forward. The study finds that the relationship between knowledge-based cyclic dependence, structural cyclic dependence, relational cyclic dependence, and value co-creation is inverted U-shaped. The two dimensions of knowledge-based cyclic dependence—knowledge importance and irreplaceable dependence—play significant roles in moderating the relationship between structural cyclic dependence and value co-creation and relational cyclic dependence and value co-creation. Based on the above conclusions, this paper further explores the basis and risk avoidance strategies for enterprises to restructure and design industrial chains around the value chain and form innovation chains under the servitization of manufacturing enterprises.