Based on the coupled framework of the Eclectic Paradigm (OLI) and dynamic capability theory, this paper takes the internationalization of BYD New Energy Vehicles as an example to explore the evolutionary mechanism of dynamic capabilities of advanced manufacturing enterprises with full industrial chains and their driving role in competitive advantages. The study finds that: ①Dynamic capabilities and OLI advantages co-evolve: resource-driven reconstruction of ownership advantages, institution-driven acquisition of locational legitimacy, and value-driven upgrading of internalization advantages. ②The full industrial chain structure is the core medium for the coordination between dynamic capabilities and OLI, and its hierarchical evolution of “vertical integration-module adaptation-ecological openness” supports enterprises’ transition from technological control to ecological dominance.③Dynamic capabilities evolve in stages through the path of “resource-driven—institution-driven—value-driven”: focusing on core technology integration and market strategy formulation in the resource-driven stage; strengthening compliance breakthroughs and localization practices in the institution-driven stage; and achieving standard output through ecological empowerment in the value-driven stage.