Since the spread of the COVID-19, State-owned industrial enterprise have faced many problems such as industrial and supply chain breaks, shutdowns and insufficient production capacity, which are common in the state-owned economy. Financial indicators can often better dig out the economic problems behind them, so we screened 20 relevant composite financial indicators including asset yield, return stability, debt solvency, cumulative profitability, liquidity, capitalization, and scale. After correlation analysis, a significant “Operating income growth rate” indicator was obtained and the ARIMA model was used to predict and compared the results with the actual value. During the first and second outbreaks of the COVID-19, its influence path is to affect the supply and demand of the production, then affect the financial status. The negative impact gradually weakened after March 2020. During the second outbreak in July 2020, the State-owned industrial enterprises were the most negatively affected then gradually recovered. After analysis, we found that the innovation of Chinese state-owned economy, due to its special status in the economy, emergency management and its role in the supply chain and industrial chain should be emphasized. The innovation of the state-owned economy will play an important role in promoting economic innovation.