Abstract: Based on the perspective of value co-creation and element aggregation, this paper selects the A-share traditional manufacturing listed enterprises from 2011 to 2019 as empirical samples to verify whether intelligent transformation improves the performance of traditional manufacturing enterprises, and also discuss the moderating effect of cost stickiness through using the text mining methods. The empirical results show that, intelligent transformation has a significant positive impact on the performance of traditional manufacturing enterprises. That is, intelligent transformation of traditional manufacturing enterprises can achieve "intelligence" to win, and intelligent transformation can improve enterprise performance by reducing cost stickiness. Also, considering the heterogeneous characteristics of enterprises, compared with non-state-owned enterprises, intelligent transformation of State Owned Enterprises（SOEs）has a more obvious impact on reducing cost stickiness and improving enterprise performance; compared with capital-intensive manufacturing enterprises, intelligent transformation of labor-intensive manufacturing enterprises is also easier to reduce cost stickiness and achieve the improvement of enterprise performance. This paper provides the useful reference for promoting intelligent transformation of traditional manufacturing enterprises and improving enterprise cost management.