In the process of value co-creation in social manufacturing (SocialM), several critical challenges persist: incomplete factor identification, unquantified correlations, unclear impact paths, and ambiguous impact levels on the system. To address these, this study systematically identified influencing factors across four stages of value co-creation and constructed an integrated analysis model combining the objective decision-making trial and evaluation laboratory (DEMATEL) method and system dynamics. Based on the actual data of influencing factors, the objective DEMATEL method was employed to quantify the interrelationships among influencing factors. On this basis, a system dynamics model was constructed to elucidate influence pathways between factors through feedback loop analysis. Combined with Vensim simulation, the impact of these factors on the value co-creation system in SocialM was further explored from a dynamic perspective. Finally, the effectiveness of the proposed method was validated using Xiaomi Corporation as a case study. Empirical results demonstrate that the proposed method effectively analyzes the influencing factors of value co-creation in SocialM from both static and dynamic perspectives.