The manufacturing sector is undergoing a paradigm shift driven by the dual imperatives of sustainability and digital transformation. The convergence of circular economy strategies and advanced digitalization-often described as Smart Circularity-offers new pathways for creating economic, environmental, and social value simultaneously. However, translating Smart Circularity into concrete industrial practices remains a challenge, particularly within the manufacturing sector. This study addresses this gap by examining one of the key starting points in business modelling: the kind of value a company creates for its customers through its products and services, commonly referred to as the value proposition. The paper explores how manufacturing companies conceptualize and approach Smart Circularity through the design of value propositions that are embedded in manufacturing systems and lifecycle activities. The study is based on qualitative data consisting of semi-structured interviews with five companies and two multi-company workshops involving ten organizations. The analysis identifies three overarching value propositions that characterize Smart Circularity in manufacturing: (1) Smart life extension and circular services, (2) Sustainable material and digital integration, and (3) Circular intelligence and system integration. Together, these value propositions form the basis of a proposed guiding model that connects material circularity, product longevity, and digital intelligence within manufacturing systems into a single systemic framework for Smart Circularity. The findings contribute to the emerging discourse on smart circular economy and circular manufacturing by providing a preliminary empirical understanding of how firms can operationalize Smart Circularity through production-oriented, data-driven approaches to circular value creation.