Supply Chain Finance (SCF), recognized for its efficiency, broad coverage, and risk controllability, has become a focal point for governments, financial institutions, and industrial internet platforms. However, the intrinsic pathways and mechanisms through which platform capabilities drive SCF performance remain inadequately explored. Integrating dynamic capability and value co-creation theories, this study constructs a mediation model to examine how a platform's data analytics capability enhances SCF performance, with a specific focus on the mediating roles of platform leadership and customer value co-creation behavior. The empirical results demonstrate that: (1) Data analytics capability directly and significantly improves SCF performance. (2) Such capability also indirectly enhances financing performance by stimulating customer value co-creation behavior. (3) A complete serial mediation pathway exists, whereby data analytics capability strengthens platform leadership, which in turn fosters a more conducive environment for value co-creation, ultimately leading to comprehensive improvements in SCF performance. Furthermore, a case study of Cloudchain provides critical process evidence and practical support for this chain mechanism. This research not only broadens the theoretical perspective on SCF but also offers targeted insights for the strategic and operational practices of industrial internet platforms and their participants.