Because every member of the product minor updates supply chain enterprises had different position, different product minor updates resources and different level of risk, and they had different bargaining power during the profit allocation. In order to eliminate the profit conflict and imbalance of the profit allocation among partners, the improved shapely value model was studied. On the analyses of the principles of the profit allocation, we put forward four key factors affecting profit allocation about collaborative product minor updates in the supply chain and established the modified shapely model. Finally, we used numerical example to show the practicability and feasibility of the improved shapely value model.