Luckin Coffee will introduce blockchain technology for financial data management

Recently, Luckin Coffee released its financial report for the second quarter of 2022, and revealed in the earnings conference call that Luckin will be the first to introduce blockchain technology manages financial data, further enhances the transparency of Luckin’s business and financial systems, and continues to strengthen financial data credit enhancement. This also makes Ruixing a pioneer in the catering consumption industry to introduce blockchain into the operation and financial system.

Blockchain technology has the characteristics of multi-party participation, non-tampering, traceability, and multi-party inspection. Through the real-time on-chain storage of key control links and important data, the reliability of the business and financial control will be enhanced. The industry believes that the application of blockchain technology in the field of industry and financial data credit enhancement can meet audit, supervision, and the traceability and verification of industry and financial data by company management and affiliated agencies, and is expected to greatly improve the transparency of industry and financial management. Thereby promoting the effective improvement of the level of business and financial control.

This time, Ruixing took the lead in carrying out the application and exploration of blockchain technology in the management of financial data, which is another measure of Ruixing’s unremitting efforts in history cutting, governance improvement, and internal control compliance, etc. to reshape the credibility of the enterprise. The embodiment of the new management’s “truth-seeking and pragmatic” values. The introduction of technology and continuous innovation in the field of transparency of the business and financial system and data credit enhancement is also expected to become an important direction and core force for promoting the development of Chinese enterprises.

According to the financial report, the total net income of Ruixing Coffee in Q2 was 3.299 billion yuan, an increase of 72.4% compared with the same period last year. In the second quarter, the number of Luckin stores increased by 615, bringing the total to 7,195. The average monthly number of transaction customers reached 20.7 million, a year-on-year increase of 68.6%. While the scale advantage is further strengthened, the operating profit margin is also increasing steadily. The same-store sales growth rate of self-operated stores has reached 41.2%, and the profit margin of self-operated stores has reached 30.6%.

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