The 21st CGMA Global Management Accounting 2025 China Awards and CFO Summit, hailed as the "Oscars of the Finance World," recently concluded successfully in Shanghai. Yunnan Baiyao Group Co., Ltd. secured the "Best Management Accounting Practice of the Year" award for its profound innovation and outstanding achievements in management accounting. This honor not only reflects international recognition of the group’s financial management excellence but also highlights its leading position in digital transformation and business-finance integration.
As a premier global event in management accounting, this year’s CGMA Awards were hosted by the Chartered Institute of Management Accountants (CIMA) and academically guided by the Shanghai National Accounting Institute. Centered on the theme "Leaping into a New Chapter: Reshaping Financial Leadership in the AI Era," the event attracted nearly 200 renowned enterprises. The rigorous selection process involved multiple rounds of evaluation by a panel of over 50 industry experts, with Ernst & Young Hua Ming LLP serving as the exclusive vote-counting agency to ensure impartiality. Nearly 60,000 online votes were cast, underscoring the awards’ authority and influence in the finance sector.
Yunnan Baiyao Group’s victory amid fierce competition demonstrates its robust management accounting capabilities and exemplary industry value. This achievement stems from the group’s unwavering commitment to being a "more valuable, intelligent, and empathetic" business partner, driven by strategy and powered by digital innovation.
In recent years, the group’s finance team has established an advanced strategic-business-shared finance matrix, unlocking the full potential of management accounting through three core initiatives:
1. **Comprehensive Budget Management**: Guided by the *Annual Budget White Paper*, the team systematically translates strategic objectives into concrete budget directives and operational plans, creating a closed-loop management system that integrates strategy, business planning, and financial budgeting to ensure effective execution.
2. **Digital Tool Innovation**: The team spearheaded a revamp of the management reporting system, consolidating data from ERP, supply chain, sales, and other systems onto a unified platform. This transformation turned fragmented data into a "value hub," shifting decision-making from experience-driven to data-driven, significantly enhancing timeliness and accuracy. AI expert models, RPA robots, and e-invoicing further boosted efficiency in expense reimbursement, accounting, and tax compliance, while automated monitoring mechanisms strengthened regulatory adherence.
3. **Business-Finance Integration**: Through embedded finance business partner (BP) mechanisms, the team deeply engages in procurement, production, logistics, and other core operations. Multi-dimensional variance analysis and root-cause tracing enable business optimization, cost bottleneck identification, and end-to-end cost structure upgrades, marking a leap from data support to value creation.
This accolade not only recognizes Yunnan Baiyao Group’s past achievements but also inspires further innovation in financial management to solidify high-quality growth. As a century-old leader in traditional Chinese medicine, the group remains dedicated to digital transformation and value chain enhancement. Moving forward, Yunnan Baiyao will leverage this award to deepen management accounting innovation, strengthen digital empowerment, strategic synergy, and risk control, and drive the overall advancement of financial management in the TCM industry, reinforcing China’s global competitiveness.
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