Based on principal component analysis, the paper constructs the early-warning index system of financial crisis including four factors and nine indicators. Then it adopts the catastrophe progression method to compile the financial early-warning index, which is used to study on 260 companies listed on the Growth Enterprise Market(GEM). The research results suggest that the profitable and cash-flow conditions of the sample companies are relatively good while the debt paying ability and operating ability are poor. Finally, the threshold of financial early-warning index is determined to be 0. 743.