随着中国GDP的增长和人民生活水平的提高，运动消费日益成为消费的新热点。中国运动服装市场规模不断扩大，增长迅速，市场竞争激烈。国外运动服装企业主要依靠品牌、设计能力，处在价值链的高附加值环节，利润丰厚；而国内大多数运动服装企业主要依靠生产要素成本低的比较优势从事运动服装的生产加工工作，处在价值链的低附加值环节，商业模式趋同，同质化竞争严重。因此，处在竞争异常激烈市场之中的运动服装企业，如何通过构建独特的商业模式，占据价值链的高附加值环节，保持竞争优势，是一个值得探讨的问题。　　运用文献研究、访谈调研、案例研究相结合的方式，以中国动向有限公司的商业模式发展过程为案例，根据价值链理论和商业模式理论的文献研究，应用基于价值链的商业模式分析模型，剖析商业模式的构成要素——定位、业务系统、资源能力分布、盈利模式、自由现金流结构和企业价值，提出商业模式解决方案，并以此对同行业的企业通过基于价值链的商业模式创新以提升企业价值方面给予一定的启示和借鉴意义。　　通过理论研究和案例分析发现，处在竞争异常激烈市场之中的运动服装企业可以通过针对外部和内部环境的变化及时调整与自身属性及能力相匹配的商业模式，占据价值链的主导权，在竞争激烈的行业中保持竞争优势，提升企业价值。

With the growth of China's GDP and the improvement of people's living standard, the sports consumption has increasingly become a new hotspot of consumption. The sportswear market, which has expanded rapidly in recently years, leads to a fierce competition in China. The international companies mainly take up the high value area in the value chain depending on the brands and the ability of design; while most of domestic companies in China take up the low value area in the value chain engaging in the producing area with low-factor-cost comparative advantage. Most domestic companies in China tend to form similar business model with same competition way. Therefore, it is worthy to discuss how to form a specific business model in the sportswear market, taking up the high value area in the value chain to keep the competing advantage in the fierce competing industry.By the combination of literature study, research study and case study , based on the business model development case of China Dongxiang Co, Ltd, this thesis applies the business model based on the value chain for the typical case according to the article study of the value chain theory and business model theory, analyzing the factors of business model of China Dongxiang, inducing positioning, business system, recourse ability deploy, profit model, free cash flow structure and company value, in order to make the business model solution. By this case, it has inspiring and referring sense to other companies through the business model innovation based on the value chain in the fierce competing industry.Through the theory study and case analysis, it is a practical way for the company to keep the competing advantage and promote the company value, taking up the leading part of the value chain by adjusting the business model matched with self-ability according to the changing outside and inside environment in the fierce competing industry.