Abstract: The DeepSeek-R1 big model of DeepSeek corporation has drawn global attention with its low-cost, high-performance, and open-source model. However, while existing research has extensively discussed its innovative impact, it has not revealed the underlying innovation mechanism. This paper adopts a longitudinal single-case study approach. Based on a systematic and detailed description of its innovation process, "business model", strategic management, and organizational structure, it reveals a special innovation mechanism. The research finds that the founders and team of DeepSeek corporation not only demonstrate a dual entrepreneurial spirit of arbitrage and innovation, but also have an innovation consciousness of technological self-reliance and self-strengthening. These two factors jointly lead to outstanding achievements in independent and integrated innovation. Originating from the AI team of its parent company, Phantoms Quant, and being a typical application scenario of quantitative trading, data science, artificial intelligence, and large models, DeepSeek has formed a de facto strong demand-driven "business model" at the beginning of its entrepreneurship. During the development process of the DeepSeek-R1 model, the multiple reuse and optimization of single modules have given rise to internal economies of scale, and the interaction among multiple modules has further achieved an internal "flywheel effect". Meanwhile, its open-source model and application diffusion have formed external economies of scale and, in turn, have complemented its own innovation. This study fills the existing research gap and provides a realistic explanation and theoretical basis for subsequent theoretical research and industrial policies and governance.

摘要： 深度求索的DeepSeek-R1模型以其低成本高性能开源模式引发全球关注。然而现有研究大谈特谈其创新影响之时，并未揭示其底层创新机制。本文采用纵向单案例研究，在系统性深描其创新过程、“商业模式”、战略管理和组织结构的基础上，揭示了特殊的创新机制。研究发现，深度求索创始人及其团队不仅展现的套利与创新的双重企业家精神，更是有科技自立自强的创新意识，二者共同导致了自主创新与集成创新的优秀成果；脱胎于母公司幻方量化AI团队，量化交易与数据科学、人工智能和大模型的典型应用场景，使得深度求索在其创业之初就形成了事实上的强需求驱动“商业模式”；而DeepSeek-R1模型的研发过程中，单模块的多次复用与优化催生了其内部规模经济效应，多模块之间的联动有进一步实现了内部“飞轮效应”，而其开源模式与应用扩散在形成外部规模经济的同时，又反哺自身从而形成创新互补性效应。本文研究弥补了既有研究空白，并为后续理论研究和产业政策与治理提供了现实解释和学理基础。