Currently, supply chain finance takes various forms such as factoring, pledge financing, and commercial acceptance bills. It has evolved from being predominantly led by commercial banks to spontaneously emerging within the physical industrial chains. It has also gradually integrated innovations in financial technology, resulting in a flourishing landscape. It is foreseeable that in China, where indirect financing and debt financing are currently mainstream and there are numerous manufacturing enterprises, supply chain finance will gradually replace the traditional credit model that relies primarily on the creditworthiness of the borrowing entity. This study focuses on supply chain finance within China's manufacturing industry clusters, examining its role in supporting small and medium-sized enterprises (SMEs) and the real economy. Currently, supply chain finance in China is diversified, encompassing products like factoring, inventory financing, and commercial acceptance bills. This research takes the supply chain of a Fortune Global 500 manufacturing company as a case study, analyzing transaction and supply chain finance data from hundreds of companies. The focus is on assessing the impact of supply chain finance products on transaction prices, stability for SMEs, and the cost implications for core enterprises. It also explores who ultimately bears the cost of supply chain finance and how it is transmitted along the supply chain. Through in-depth analysis, the study reveals the potential benefits of supply chain finance in promoting industry chain synergy, reducing transaction costs, and enhancing transaction efficiency. It is observed that while supply chain finance provides liquidity benefits for SMEs, it also significantly impacts the cost structure and competitiveness of core enterprises. The study also notes that in China's financial system, where commercial banks dominate, insensitivity to commodity transactions and prices may limit the depth of integration and effectiveness of supply chain finance. In summary, this research not only provides empirical support for supply chain finance within manufacturing industry clusters but also offers insights for commercial banks and policymakers on optimizing financial products and strategies.