Abstract: Scientific progress has played an important role in driving successive industrial revolutions and is one of the key drivers of innovation. Innovation is the key to promoting economic growth and enhancing national competitiveness. With the rapid development of the new round of scientific and technological revolution, interdisciplinary integration is constantly evolving, the paradigm of scientific research is undergoing a profound transformation, and international competition is moving forward to the frontier of basic research. Basic research is an important source of breakthrough industrial innovation, but China is lagging in science-driven industrial innovation. Exploring how scientific research can effectively promote technological innovation is an important issue in innovation management and policy. For a long time, Chinese enterprises have relied on efficiency-based innovation through low cost, incremental innovation through technology introduction and imitation, and extensive growth. Although the role of enterprises as the main body of R&D and innovation is constantly being strengthened in constructing China’s national innovation system, the latest data shows that universities and research institutes account for the majority of basic research investment. In the new era of finding new power and innovation paradigm shift, it is becoming a trend for enterprises to carry out science-based innovation. Recently, the science-based innovation model has received more and more attention. However, most of the research is qualitative conceptual analysis and theoretical explanations of science-based innovation. Scholars explored the process of science-driven innovation through case analysis. Only a few scholars studied how the use of scientific knowledge by enterprises affects their performance, and the empirical research and conclusions based on Chinese samples are very limited. Breakthrough innovation provides an important window of opportunity for developing countries and enterprises to catch up, and the current cutting-edge technology problem faced by our country requires the industry to make breakthroughs in core technologies, and the research on how scientific correlation affects the breakthrough innovation of enterprises is still insufficient. There is also a lack of in-depth discussion on how scientific linkages are affected by external factors in the process of influencing enterprise performance, especially the role of the government, as an important player in the national innovation system. As the foundation of the digital economy, the ICT industry plays an important role in promoting economic growth and industrial upgrading. The ICT industry is also considered to be highly related to scientific knowledge, but the existing research is mostly focused on biotechnology, nanotechnology and other fields. It is of great practical significance to explore the impact of scientific knowledge correlation on enterprise performance in the ICT industry. Based on the 656 listed ICT companies in China from 2010 to 2019, this paper explores the impact of science linkage on financial performance and breakthrough innovation performance, analyzing the moderating effect of government subsidies for innovation, as well as conducting heterogeneity tests of the size and nature of enterprises. The results show that science linkage has a significant positive impact on financial performance. There is an inverted U-shaped relationship between science linkage and breakthrough innovation performance. Government subsidies for innovation have a positive moderating effect on the relationship between science linkage and financial performance, and the relationship between science linkage and breakthrough innovation performance. At the same time, the impact of science linkage on breakthrough innovation performance is more significant in non-state-owned enterprises and large enterprises. This study provides empirical evidence for the effectiveness of science-based innovation models for enterprises. It also has potential guidance for the interaction between government, industry, university and research institutes and the government’s innovation policy formulation.