With the changes in market demand

consumer concepts and China's policies

in recent years

some enterprises in the pharmaceutical industry have adopted the strategy of vertical integration to a certain extent

and the strategy of vertical integration has a certain impact on the working capital of the enterprise in terms of capital appropriation and liquidity

risk control and stability

financing and investment needs. Working capital

which is called the "blood" of the enterprise

is even more important to the enterprise. In this paper

we will analyse the impact of vertical integration strategy on working capital of Renhe Pharmaceuticals

find out the current problems of Renhe Pharmaceuticals and put forward countermeasures.