Abstract: After the incident of "Sanlu brand infant milk powder" in 2008,China's milk powder industry was Mired in a crisis of trust,and imported milk powder once occupied most of the market share. For the revitalization of the dairy industry,to boost consumer confidence,our country issued "on further strengthening the quality and safety of infant formula powder work opinion" action plan for improve the quality and safety of dairy products and a series of documents,after 13 years of development,China's milk powder quality and safety level is increased greatly,sampling percent of pass is located in the top of the food,In 2021,China Feihe created a revenue of more than 20 billion yuan,becoming the leading enterprise in China's infant formula market. This paper analyzed the solvency,operating capacity,profitability and development capacity of China Flying Crane from the financial perspective,and put forward some suggestions for further development,such as improving the utilization rate of funds,the turnover rate of accounts receivable and the growth rate of total assets.

Key words: milk powder industry, China Feihe, finance, analysis, development