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As the dairy industry transitions toward high-quality development, working capital management has become essential for enhancing corporate financial resilience and market competitiveness. Traditional management approaches, which analyze operational segments in isolation, fail to meet the coordination demands of modern industrial chains. From a value chain perspective, this study takes Liziyuan as a case example to construct a working capital analysis framework that integrates internal value chain activities—procurement, production, and sales—with external partnerships involving suppliers and distributors. The findings indicate that Liziyuan demonstrates certain advantages in managing working capital within its procurement and sales stages. However, challenges such as the rapid increase in other payables during production, overly conservative credit policies, and a fragmented customer base constrain its profitability and market expansion. Comparative analysis with industry leader Yili supports the identification of these issues. The study proposed targeted recommendations, including strengthening supplier collaboration, regulating fund outflow paths, adjusting credit policies, and accelerating digital transformation. This research aimed to offer both theoretical insights and practical guidance for dairy enterprises seeking to establish a systematic and synergistic working capital management system.

, authors=Xinrui HU, authorsList=Xinrui HU, authorCompany=null, correspAuthors=null, authorNote=null, correspAuthorsNote=null, copyrightStatement=null, copyrightOwner=null, extLink=null, articleAbsUrl=null, sourceXml=null, magXml=null, pdfUrl=null, pdf=null, pdfFileSize=null, pdfExtLink=null, richHtmlUrl=null, mobilePdfUrl=null, reviewReport=null, pdfFirstPage=null, abstractGraph=null, abstractGraphContent=null, abstractVideo=null, citation=null, cebUrl=null, magXmlContent=null, mapNumber=null, fund=null), CN=ArticleExt(id=1297134060783035174, articleId=1297134060309078820, tenantId=1146029695717560320, journalId=1296801528146919473, language=CN, title=价值链视角下李子园营运资金管理研究, columnId=1297134029577409188, journalTitle=中国乳业, columnName=营销管理, runingTitle=null, highlight=null, articleAbstract=

随着乳品行业进入高质量发展阶段，营运资金管理已成为企业提升财务韧性与市场竞争力的关键。传统管理模式局限于对各环节的孤立分析，难以适应产业链协同发展的现实需求。本文基于价值链视角，以李子园为案例，构建涵盖采购、生产、销售等内部价值链环节及上下游外部合作伙伴的营运资金分析框架，系统评估其资金配置效率与管理成效。研究发现，李子园在采购与销售环节具备一定资金管理优势，但生产环节中其他应付款项目快速增长、销售政策过于保守、客户结构分散等问题仍制约其盈利能力和市场拓展。结合行业标杆伊利的对比分析，提出优化供应商协同、规范资金支出路径、调整信用政策及加快数字化转型等建议。研究旨在为乳品企业构建系统化、协同化的营运资金管理体系提供理论支持与实践参考。

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胡芯蕊（2000-），女，山东枣庄人，在读硕士，研究方向为绩效审计理论与实务。

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胡芯蕊（2000-），女，山东枣庄人，在读硕士，研究方向为绩效审计理论与实务。

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