Research on Key Evaluation Indicators and a Measurability Framework for the Development Level of Chinese Manufacturing Industry 6.0

Abstract

The evolution from Industry 4.0 to Industry 6.0 represents a paradigm shift—moving from automation toward an integrated model that incorporates intelligentization, sustainability, and human-centric resilience. While numerous conceptual frameworks have been put forward, empirical research remains scarce, primarily because of the absence of standardized indicators derived from verifiable corporate disclosures. To fill this research gap, the present study develops three quantifiable indices—Intelligence (INT), Sustainability (SUS), and Resilience & Human-centric (RES)—by extracting data from the annual reports and ESG disclosures of 100 Chinese A-share manufacturing enterprises (covering 2022–2024). Fixed-effects panel regression models are employed to assess the impact of these indices on financial performance (ROA, ROE, EPS), market valuation (Tobin’s Q), and sustainability outcomes (ESG ratings). Our findings reveal that INT is the most significant predictor of profitability, with statistically significant positive effects on ROA and ROE—effects that are particularly pronounced among high-tech enterprises. This supports the view that digital capabilities serve as strategic assets. SUS also demonstrates a positive influence on performance, especially in non-high-tech enterprises, where eco-efficiency, regulatory compliance, and ESG-linked financing help offset technological disadvantages. RES contributes to operational and financial stability by enhancing human capital, safety protocols, and organizational practices that reduce performance volatility. Collectively, these results indicate that different types of enterprises follow distinct yet converging pathways toward Industry 6.0: high-tech enterprises capitalize on intelligence to generate innovation rents, while non-high-tech enterprises increasingly rely on sustainability and resilience as strategies to build legitimacy. This study makes significant contributions in three aspects: Methodologically, it differs from previous research that relies on questionnaires and interviews. Instead, it quantifies Industry 6.0 through auditable large-sample key indicators, enhancing the objectivity and operability of the indicators. Empirically, it provides the first empirical evidence on the development path of Industry 6.0 based on data from Chinese manufacturing enterprises. In practical terms, it offers clear references for enterprises and policymakers on the core indicators and their construction framework that should be prioritized during the transformation to Industry 6.0. By linking the index derived from enterprise disclosures with quantifiable performance results, this study effectively bridges the gap between theoretical conceptions and practical applications. It further emphasizes that Industry 6.0 is not merely a technological upgrade but a systematic transformation driven by digitalization, sustainability, and resilience aimed at enhancing enterprise performance and achieving sustainable industrial development.