At present， there are still divergent opinions on the relationship between customer concentration and company performance in academic circles. This paper puts this relationship into innovation practice and analyzes it from the perspective of social network theory. An empirical study on the microdata of Chinese Ashare information technology listed companies from 2007 to 2016 shows that innovative activities can weaken or even eliminate the influence of customer concentration on the firm performance. Causal analysis of leadlag also supports this conclusion. This paper reveals internal mechanism of innovation as moderator from the perspective of social network, finds boundary conditions which influence the relationship between customerbase concentration and firm performance, and provides a new perspective for understanding this relationship, which has enlightenment to stock market valuation for investors.