Business Model Innovation Paths of Manufacturing Oriented towards Green Development in Digital Economy

China’s manufacturing industry has been confronted with the issue of extensive development with high input, high consumption, and high emissions for a long time, and its green development is the key to reaching carbon neutrality in China. Under the digital economy, business model innovation is the fundamental means of the green development of manufacturing enterprises. Four representative listed companies in China’s manufacturing were selected as typical cases for the case study. Through open, axial, and selective coding that is based on proceduralized grounded theory, this study profoundly explores business model innovation paths of the manufacturing industry oriented towards green development in the digital economy following the research logic of “green development orientation–business model innovation process–business model innovation result”. Moreover, this study further compares the differences among paths and discusses each path’s effectiveness and applicable conditions. Results show that: (1) Four green business model innovation paths are revealed based on the four green development orientations: efficiency-oriented path, value-oriented path, user-oriented path, and ecology-oriented path. (2) Different enterprises pursue distinct business model innovation paths. The scientific premise for enterprises to opt for the optimal innovation path is the matching of upgrading demands, existing conditions, and path characteristics. Ultimately, the following policy implications are offered: First, promote the green innovation of business models in the manufacturing industry. Second, consider enterprises’ heterogeneity and implement differentiated support policies. This study can serve as theoretical support and decision-making reference for business model innovation and green development in manufacturing enterprises.