Service-oriented manufacturing has become an important trend of manufacturing industry to cultivate competitive advantages and achieve high quality development. By selecting the A-share manufacturing listed companies from 2008 to 2020 as the research samples，this paper discusses the relationship between service-oriented manufacturing and corporate performance from both theoretical and empirical perspectives.The results indicate that：There is a significant U-shaped relationship between service-oriented manufacturing level and corporate performance level，and most Chinese manufacturing companies are still located on the left side of the U-shaped curve；Based on firm heterogeneity test，the U-shaped relationship between service-oriented manufacturing and corporate performance and the moderating effect of competitive strategy still exist in non-state enterprise，high-tech enterprise and enterprises in eastern and central China，but not in state-owned enterprises，low-tech enterprises and enterprises in western China. By examining the mechanism of action，differentiation strategy strengthens the U-shaped relationship between service-oriented manufacturing and corporate performance.The conclusion of this study is of great significance for Chinese manufacturing enterprises to further develop service-oriented manufacturing and obtain sustainable competitive advantages.