通过对双童平台和海创汇的双案例对比研究，结合资源编排理论，探讨公司孵化器主导的创业生态系统构建路径。研究结果发现：公司孵化器在不同母体孵化情境的驱动下，通过平台资源结构化、赋能服务能力化和多元协同杠杆化3个关键环节，完成创业生态系统构建；因母体孵化情境差异，双童平台与海创汇在资源编排各环节呈现显著分异，演化出“依附式”与“跨越式”两条独特路径。前者在母体发展瓶颈下，遵循被动适应与效率优先的构建逻辑，倾向于母体既有资源的最大化利用与风险控制，最终形成聚焦互补型创业生态系统。后者在母体创新趋势引领下，秉持主动布局与创新突破的构建逻辑，侧重外向型资源拓展与前沿机会捕捉，最终形成多元互补型创业生态系统。

Based on a comparative case study of the Shuangtong Platform and HCH, this paper explores the construction paths of corporate incubator-led entrepreneurial ecosystems from the perspective of resource orchestration theory. The research findings show that under the impetus of different parent incubation contexts, corporate incubators complete the construction of an entrepreneurial ecosystem through three key processes: structuring platform resources, enabling service capabilities and leveraging multi-party collaboration. Due to the differences in the parent incubation contexts, Shuangtong Platform and HCH show significant distinctions in each link of resource orchestration, evolving into two unique construction paths: “dependent” and “leapfrog”. In the context of the parent company’s development bottleneck, the former follows a passive adaptation and efficiency-first construction logic. It tends to maximize the utilization of the parent company’s existing resources and control risks, ultimately forming a complementary and focused entrepreneurial ecosystem. Under the guidance of the parent company’s innovative trends, the latter adheres to the construction logic of proactive layout and innovative breakthroughs, focusing on the expansion of outward-oriented resources and the capture of cutting-edge opportunities, ultimately forming a diversified and complementary entrepreneurial ecosystem.