Abstract: Based on the entropy mutation series method and the financial statement data of Chenming Paper Industry from 2010 to 2022,this paper constructed a corporate financial performance indicator evaluation system by selecting 14 relevant financial indicators from four aspects. Then it evaluated the financial performance changes of the case enterprise,and analyzed the reasons in conjunction with the development stage of the enterprise. Research has found that the overall financial performance of Chenming Paper Industry had steadily improved slightly with an inverted U-shaped reversal in solvency and profitability,dynamic fluctuations in development capacity,and a good U-shaped development trend in operational capacity. The case enterprise still faced problems such as insufficient technological innovation and operational capabilities. Based on this,the paper proposed corresponding suggestions based on the analysis results.