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As the further development of China’s reform and opening up and economic globalization, the competitive market environment which enterprise in has being increasingly complex, and the difficulty of internal management has increased. In this case, the enterprise inevitably exposed to different existing or potential risk. Financial risk management is an important part of enterprise risk management, which influences development or even survival of enterprises. Risk identification is the first step and also a very important aspect of financial risk management. On the basis of risk identification, enterprises can prevent and control the risk earlier and more effective.Based on the theory of financial risk management and different financial analysis methods, a logic framework for identifying financial risk will be introduced in this paper. In this framework, company’s solvency ratio, capital structure, asset quality, operating capability, profitability quality, and cash flow quality will be analyzed for financial measure purpose. Then, with this framework and other market and company information, the paper identifies the financial risk of Gansu Qilianshan Cement Corporation Ltd.(hereafter referred to as Qilianshan Cement), analyze the causes of these risks and inner links between different factors. The financial risks of Qilianshan Cement could be concluded as:unreasonable financing structure and relatively large solvency risk; large inventory proportion and unreasonable inventory structure; high dependency on main business and weak anti-risk ability; low cost efficiency; relatively healthy cash flow structure but low ratio of cash flow to liability. According to the financial status of Qilianshan Cement. The final part of the paper makes recommendations to the company for financial risk prevention and control.