[目的/意义]构建多元主体价值共创行为网络，揭示关键主体与价值流，为优化在线健康社区提供理论框架与实践策略。[方法/过程]运用利益相关者价值网络分析法，以微博健康超话为对象，构建了包含6类主体、35条价值流的价值共创行为网络，并量化测度主体重要性与价值效能。[结果/结论]超话平台作为价值共创网络的关键主体，与次关键主体超话主持人和信息生产者共同构成协同机制；超话平台与超话主持人通过双向约束机制有效提升管理效能，而第三方机构因互动不足导致参与度偏低。研究识别出以规则治理、质量优化、互动深化为核心的6条高分价值环路，形成三元主体短路径协同机制；提出“行为网络优化—价值链转化—边缘主体激活”的三维优化策略，为超话平台可持续发展提供了管理启示。

Abstract：[Purpose/significance] This study aims to construct a value co-creation behavior network among multiple stakeholders, reveal key stakeholders and value flows, and provide a theoretical framework and practical strategies for
optimizing the online health community. [Method/process] Using stakeholder value network analysis, this study takes
health super topics on Weibo as the research object. It constructs a value co-creation behavior network comprising six
types of stakeholders and 35 value flows, and quantitatively measures the importance of stakeholders and value effec⁃
tiveness. [Result/conclusion] The super topic platform, as a key stakeholder in the value co-creation network, along
with sub-key stakeholders (hosts and information producers), forms a collaborative mechanism. The platform and hosts
enhance management efficiency through a two-way constraint mechanism, while third-party institutions have low par⁃
ticipation due to insufficient interaction. The study identifies six high-scoring value loops centered on rule governance,
quality optimization, and deepened interaction, forming a ternary stakeholder short-path collaborative mechanism. It al⁃
so proposes a three-dimensional optimization strategy of "behavior network optimization-value chain transformationactivation
of marginal stakeholders", offering managerial insights for the sustainable development of super topic com⁃
munity.