Abstract: Promoting the valorization of personal data is a key step toward achieving high-quality digital economy development and enabling all citizens to share the benefits of the digital dividend. This study constructs an evolutionary game model among key stakeholders in the process of personal data valorization, and drawing on industrial life cycle theory, proposes a stage-based analytical framework to systematically examine China's development path, stakeholder behaviors, and core challenges in this domain. The findings indicate that the optimal path for personal data valorization in China follows a "government-led, market-responsive" pattern, evolving through three stages: business-driven, government-guided, and collaboratively developed. This process ultimately aims to establish a healthy ecosystem in which individuals participate actively, enterprises innovate in compliance, and the government exercises adaptive regulation. At present, China's data industry has moved beyond its foundational exploration and rapid expansion phases and has entered the early stage of standardized development. Safeguarding individuals' rights to benefit from their personal data not only stimulates participation and ensures a stable supply of data resources but also serves as a critical foundation for advancing common prosperity.