As urban development enters a phase dominated by “inventory renewal”, the renewal of waterfront industrial heritage zones—key nodes where history intersects with contemporary urban life—has become an increasingly pressing issue. The Julong Bay area in Guangzhou, a representative cluster of waterfront warehouse-type industrial heritage, faces multiple challenges, including outdated spatial functions, lack of publicness, diminished historical value, and excessive commercialization. This study focuses on the application of the “sharing paradigm” in urban regeneration, exploring how to reconstruct the urban living interface and cultural landscape of such areas through multi-party co-creation, functional integration, and spatial openness. The thesis begins with a systematic theoretical review of key concepts such as the sharing city, industrial heritage conservation, and adaptive reuse, establishing “shared renewal” as the core standpoint and logical framework of the research.