Intelligent Manufacturing has attracted global and continuous attention recent years, with more and more intelligent devices and systems applied in production. In this paper, we take China’s manufacturing listed firms to investigate the productivity difference between intelligent and general manufacturing firms. By the Cobb-Douglas production function, we built a Coefficient-varying Model and used Seemingly Unrelated Regression (SUR) to estimate the time-varying trend of productivity from 2011 to 2017. The empirical results show that “Intelligent Manufacturing” has obviously promoted the Labor factor utilization efficiency and the Total Factor Productivity (TFP) through the advances in technology. But it doesn’t have universally enhancing effect of all industries. The impact of “Intelligent Manufacturing” still remains to be observed overtime.