This paper takes Beijing BYD Mould as a case to explore capability evolution path, reason and process characteristics of Chinese vehicle mould enterprise based on the perspectives of absorption capacity and ambidexterity. Through the research, it is found that the evolution of BYD mould manufacturing capability has three stages: creation of static capability, development of improvement capability, and maintenance of replication capability. The different levels of absorption capacity profoundly affect the capability evolution path; Ambidexterity of exploitation and exploration of the two dimensions, internal and external sourcing, explicit and tacit knowledge, affects absorption capacity. Therefore, this study explores theoretically the relationships of absorption capacity, ambidexterity, capability evolution path, and capability building competition. In practice, China mould manufacturing enterprise stops at the stage of replication capability. As to the root cause of lack independent innovation capability, Chinese enterprise focuses on learning explicit knowledge from internal and external organization, and pays no attention to the accumulation of tacit knowledge and the transformation tacit knowledge into explicit knowledge. No balance of ambidexterity restricts absorption capacity level and independent innovation capability of Chinese enterprises.