随着国民经济持续增长与居民可支配收入水平提升，我国公众健康意识显著增强，医药保健消费需求呈现结构性增长态势。在我国“健康中国2030”战略深入推进与中医药产业供给侧结构性改革深化的双重背景下，医药制造业正经历由规模扩张向质量效益转变的转型升级。然而，部分企业在规模扩张过程中存在利益相关者管理失衡现象，这种短视行为已对企业可持续发展构成一定程度的制约。利益相关者理论视角下，企业财务绩效本质上是各利益主体诉求的动态平衡结果。佛慈制药作为西北地区具有完整产业链的中药老字号上市公司，比于其他老字号中医药企业，财务绩效存在着一定的差距，这种绩效差异凸显了利益相关者协同治理的重要性。本文基于利益相关者视角，通过纵向时序分析与横向行业比较，揭示企业价值创造过程中的关键阻滞因素，最终提出具有相应的对策建议。

首先梳理现有文献资料，归纳出核心理论依据。其次，结合佛慈制药的发展实际，概述了公司财务状况及利益相关者。在此基础上，筛选出能够诠释佛慈制药的7个利益相关者的11个财务指标，借助SPSS软件构建起基于因子分析法的财务绩效评价模型。通过同行业横向对比以及企业自身纵向对比这两种方式，对佛慈制药的财务绩效展开全面综合评价。

研究结果表明，佛慈制药在股东、客户、政府以及供应商这四个利益相关者维度的财务绩效状况欠佳。基于此，本文提出了优化佛慈制药财务绩效的对策建议，有助于佛慈制药未来实现高质量发展，也为其他中医药企业提升财务绩效提供了有效参考。

With the continuous growth of the national economy and the improvement of residents' disposable income, China's public health awareness has been significantly enhanced, and the demand for medical and health care consumption has shown a structural growth trend. Under the dual background of the in-depth promotion of China's "Healthy China 2030" strategy and the deepening of the supply-side structural reform of the traditional Chinese medicine industry, the pharmaceutical manufacturing industry is undergoing transformation and upgrading from scale expansion to quality and efficiency. However, some enterprises have stakeholder management imbalance in the process of scale expansion, and this short-sighted behavior has constituted a certain degree of constraint on the sustainable development of enterprises. From the perspective of stakeholder theory, the financial performance of enterprises is essentially the result of the dynamic equilibrium of the demands of various stakeholders. As the time-honored listed Chinese medicine company with a complete industrial chain in Northwest China, Foci Pharmaceutical has a certain gap in financial performance compared with other time-honored Chinese medicine companies, which highlights the importance of collaborative governance among stakeholders. Based on the perspective of stakeholders, this paper reveals the key hindrance factors in the process of enterprise value creation through vertical time series analysis and horizontal industry comparison, and finally puts forward corresponding countermeasures.

Firstly, review existing literature and summarize the core theoretical basis. Secondly, based on the actual development of Foci Pharmaceutical, an overview of the company's financial situation and stakeholders was provided. On this basis, 11 financial indicators that can explain the 7 stakeholders of Foci Pharmaceutical were selected, and a financial performance evaluation model based on factor analysis was constructed using SPSS software. Conduct a comprehensive evaluation of the financial performance of Foci Pharmaceutical through two methods: horizontal comparison within the same industry and vertical comparison within the company itself.

The research results indicate that Foci Pharmaceutical has poor financial performance in the four stakeholder dimensions of shareholders, customers, government, and suppliers. Based on this, this article proposes countermeasures and suggestions to optimize the financial performance of Foci Pharmaceutical, which will help Foci Pharmaceutical achieve high-quality development in the future and provide effective reference for other traditional Chinese medicine enterprises to improve their financial performance.

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