In the modern industry, the information has been sufficiently shared among the production equipment, intelligent subsystems, and mobile devices via advanced network technology. For this purpose, many challenges on plant-wide performance evaluation such as product quality prediction have been received considerable attention in complex industrial Internet of Things systems. In this article, an efficient and effective soft sensor based on the semisupervised parallel deepFM model is proposed for the product quality prediction. First, a label broadcasting method is presented to augment labeled samples from unlabeled samples. Then, a data binning method is introduced to discretize process variables for an unbiased estimation. Based on the modified deepFM model, quality information can be separately extracted from different components of the model while high- and low-dimensional features can be obtained. Manifold regularization is embedded into the back propagation algorithm, in which unlabeled samples issue can be further resolved. Experiments on a real-world dataset demonstrate the effectiveness and performance of the proposed methods.