Taking 62 Chinese ST industrial enterprises of listed companies as the research samples, and taking 62 Non-ST industrial enterprises of the same caliber as the paired samples, Influences of non-financial indicators on financial early-warning for Chinas listed companies were studied by using mean significance analysis, multi-collinearity analysis, and regression analysis. The results show that financial indicators and non-financial indicators should be comprehensive considered on the study of ST listed companies, and that establishing an early warning model using non-financial information and financial information will better warn the financial dilemma of listed companies.