Abstract
Internal control serves as the cornerstone mechanism for enterprises to mitigate risks, ensure compliance, and drive value growth. This study examines Bai Run Co., Ltd. (SZSE Main Board, Code: 002568), a leading domestic pre-mixed cocktail manufacturer, using the COSO Five Elements framework to systematically analyze its internal control system's organizational structure and institutional foundations. Through case studies in four key areas—inventory management, related-party transactions, fundraising, and subsidiary governance—the research evaluates implementation pathways and effectiveness. Findings indicate that Bai Run's internal control system achieved 100% coverage of core subsidiaries, driving revenue growth from RMB 1.927 billion to RMB 3.048 billion and net profit from RMB 535 million to RMB 807 million during 2020-2024. However, challenges remain, including incomplete risk quantification and imbalanced group governance efficiency. The paper proposes targeted optimization recommendations to provide practical references for listed companies in building efficient internal control systems.