Taking Company M as the research object, this study adopts a case study method to explore the evolution of enterprise competitive advantage differentiation matching and resource-focused action in the iterative innovation process under the synergy of opportunity identification and ambidextrous strategic combination. This study reveals the formation mechanism and path of iterative innovation in enterprises, finding that opportunity identification is a dynamic and complex process with significant variations. Enterprises can creatively utilize the synergy between ambidextrous strategic combinations based on the identified opportunities to stimulate differentiated allocation of competitive advantage modules based on resource heterogeneity and incomplete factor-mobility, and to achieve strategic flexibility. The adaptive interaction between opportunity identification and ambidextrous strategic combination drives the staged evolution of resource-focused action, including resource bricolage, arrangement, and orchestration, thereby realizing the iterative innovation process of “technology explorationbased development model-market expansion-based development model-collaborative innovation-based development model.”