There is a need to reduce human–wildlife conflicts in the area around Liupanshan Nature Reserve in Ningxia Hui Autonomous Region, China. This study investigated the financial losses caused by wild boar and their causes. A questionnaire investigation (n = 135) and a field test were conducted, which included 108 sample lines and 97 infrared cameras. A principal component analysis and generalised linear model was used to analyse the importance of the effect of the factors on wild boar damage. Based on an estimate of 17,049 wild boars in the study area, we found that in the agricultural land owned by the residents, the boar density of each county and distance from the village to the nature reserve were the most significant factors that affected crop damage. Then, financial losses in spring, summer, and autumn had a moderate effect on financial loss, and the crop type had the lowest effect. We recommend reducing the wild boar population by increasing leisure hunting and the number of leopards. Additionally, a focus on farmland protection is a practical way to prevent wild boar invasions. Meanwhile, it is also necessary to conduct long-term monitoring of wild boar population status and manage the relationship between the government, research teams, and local people to more efficiently and comprehensively reduce conflicts between humans and wild boars.