By introducing the Relational Learning(RL) and Ambidextrous Competence(Exploitative Competence and Explorative Competence) as intermediary variables, this paper adopts the data of 205 samples, multiple regression method and Bootstrap method of mediation test analysis in the discussion of the influencing mechanism of Channel Network Embeddedness(CNE) on the Cooperative Innovation Performance(CIP). The results show that the channel network embeddedness mainly plays its positive role on CIP through RL and competence of utilization. The Ambidextrous Competence fully mediates the effect of CNE on CIP while RL partially mediates the impact of CNE on competence of utilization, which in turn partially mediates the impact of RL on CIP. In comparison, exploitative competence shows a stronger intermediary effect than exploitative competence.