In the context of global low-carbon development and the promotion of green energy transformation, the new energy vehicle industry is growing rapidly, making significant contributions to China’s economic development. However, financial risks in this sector are also on the rise. How to prevent and mitigate these risks, and correctly understand and evaluate them, has become an urgent issue for enterprises to solve. BYD, as a pioneer in the Chinese new energy vehicle industry, has a long history and a sound financial system, making it a representative case for research. Therefore, based on literature research and risk management theories, this paper selects BYD as the research object, analyzes the influencing factors of its financial risks, and concludes through the Analytic Hierarchy Process that the major financial risks are solvency and cash flow capacity. Subsequently, the system dynamics modeling method is applied, and the Vensim-PLE is used for simulation analysis to explore the dynamic relationship between various factors and financial risks. Finally, targeted risk prevention and governance measures are proposed based on key factors. The study shows that BYD’s net operating cash flow has the greatest impact on the enterprise’s cash flow, while the company’s investment cash flow displays negative growth, the financing cash flow shows positive growth, and the overall net cash flow grows slowly. Additionally, BYD’s accounts receivable collection period is relatively long.