Financial Risk Analysis of the Pharmaceutical Industry Based on Z-score Model: A Case Study of Changjiang Health

In view of the increasingly prominent financial risks caused by the limited scale and insufficient innovation ability of the domestic pharmaceutical market, in order to explore how to effectively prevent financial risks and promote the stable development of pharmaceutical enterprises. This article takes Changjiang Health as an exampleand uses the Z-score model to analyze its financial risks in depth. It focuses on the impact of controlling shareholder violations on the company's financial health, comparesindustry performance, and reveals its financial vulnerability. After analysis, ChangjiangHealth is facing high financial risks and needs to optimize its capital and debt structure and strengthen financial control. Meanwhile, this study provides a reference for financial risk assessment in the pharmaceutical industry. The research results not only guide the Yangtze River Health to improve financial health, but also provide risk warnings for investors inside and outside the industry, better promoting the sustainable development of the pharmaceutical industry as a whole.