Based on grounded theory, this study uses NVivo 14 to conduct in-depth interview coding analysis on five types of stakeholders (government, inheritors, enterprises, residents, and tourists) in the activation of Weifang Kite intangible cultural heritage (ICH). The research finds that each subject shows significant differentiation and collaborative potential in dimensions such as policy and fund dependence, adherence to craftsmanship authenticity, cultural tourism experience design, market-oriented transformation, and cultural identity reconstruction. Inheritors face resource dilemmas and intergenerational gaps; enterprises lead industrialization transformation but have tensions with authenticity; government support shows structural misalignment; communities and tourists assume the functions of cultural communication and consumption respectively. The study constructs a multi-stakeholder collaborative framework of "government guidance — inheritor adherence — enterprise transformation — community empowerment — tourist feedback", providing theoretical support and practical paths for the sustainable activation of ICH.