At present, the photovoltaic industry has entered into the stage of affordable power generation, with power generation costs tending towards thermal power. China has also gradually cancelled various subsidy policies, and the risks faced by enterprises have changed to a certain extent. This paper aims to explore the characteristics and causes of financial crises faced by photovoltaic enterprises through horizontal and vertical comparisons, and analyze the relationship between financial crisis management capabilities and performance. By identifying the risk areas that are most likely to turn into crises and developing crisis response strategies in advance, we provide useful exploration at the practical level to enhance the competitiveness of Chinese photovoltaic enterprises.