According to CaiLianShe APP, on December 28, the 5th Investment Summit of the 2022 Financial Association with the theme of “Treading the Waves and Meeting the Tide” was held in Shanghai. At this summit, Luckin Coffee won the “2022 Whale Tide Award · Annual Industry and Finance Transparent Innovation Enterprise Award”, by innovatively introducing blockchain technology for financial data management, improving business and financial system transparency, optimizing corporate governance, and actively exploring the practical work of intelligent accounting system construction.
In recent years, China has gradually become one of the largest consumer markets in the world. It not only has a large scale and volume, but also has strong economic resilience and market potential. Against this background, a large number of cutting-edge consumer brands have risen rapidly with the help of the Internet, and have continuously demonstrated the power of self-innovation. As one of the chain coffee brands with the largest number of stores in China, Luckin Coffee’s performance in 2022 is very impressive:
In the first half of the year, overseas debt restructuring and bankruptcy procedures were completed; on the basis of achieving a complete separation from historical issues, it has maintained a good performance development momentum for three consecutive quarters, launched a sustainable development strategy, actively carried out environmental, social and governance-related work, and promoted the company to steadily enter the stage of normal growth.
Luckin’s “turning against the wind” is inseparable from the comprehensive and fundamental changes in the past two years, from values to models, strategies and operations. In order to complete the rapid transformation from “traditional private enterprise to modern corporate governance model” and fundamentally change the problems of strategic dispersion and over-expansion in the past, Luckin uses mobile Internet and data technology to refine and reconstruct the three core business models of “people, goods, and markets” to promote the effective implementation of innovative changes. In this process, focusing on the continuous promotion of the goal of strengthening the financial system, Luckin continuously optimizes the underlying data structure with the support of the financial management system and big data platform.
In the second quarter 2022 financial report performance conference call, Luckin revealed for the first time that it will take the lead in introducing blockchain technology for business financial data management, further improving the transparency of business and financial systems, and continuously strengthening financial data credit, which also makes Luckin to be the pioneer in introducing blockchain into the operation and financial system in the catering consumption industry.
At the “Digitalization and Accounting: Reconstructing the Future” international academic seminar held in October this year, Luckin participated in the theme sharing and announced the blockchain industry credit enhancement project, which has been sorted out, identified and extracted based on the key links of the core business and completed the development of the key data chain of self-operated and joint sales business, and will complete the trial operation within this year.
Blockchain technology has the characteristics of multi-party participation, non-tampering, traceability, and multi-party inspection. Through real-time on-chain storage of key control links and important data, the reliability of business and financial control will be strengthened. Luckin has carried out the application and exploration of blockchain technology in financial data management, promoted the effectiveness verification process of blockchain technology in the field of financial data credit enhancement, and innovatively improved the transparency of its financial management, business and financial control. At the same time, it is also expected to provide important cases for Chinese enterprises to build intelligent accounting systems, and create a reference sample for the continuous optimization of Chinese corporate governance.