Firms are using new smart service models to create value, but we don't know much about how they do it. This study looked at 104 Chinese companies offering full-scene smart services from 2018 to 2020. They found that having a strong value proposition helps firms work better with others and innovate, leading to more economic and social value. The study shows that different firms see different results based on how well they present their value proposition and how they perform economically. This research helps us understand how these smart services create value.