Recently, Duolun Technology (603528.SH) released its Annual Report 2018. According to the report, in 2018, Duolun Technology yielded RMB 550 million in operating revenue, an 8.13% increase year on year; the net profit was RMB 134 million, increased by 32.43% year on year; the net profit after deduction of non-recurring gains and losses was RMB 123 million, increased by 28.66% year on year; as of the end of the reporting period, total assets reached RMB 2.102 billion, increased by 3.24% year on year.
Duolun Technology is dedicated to innovation and industrial application of smart driver training technology in China. Based on six core technologies, including big data, cloud computing, deep learning, 3D virtual simulation, Internet of Things perception, and BeiDou satellite positioning, Duolun Technology has established three major product systems focusing on smart driving test, intelligent driver training and smart traffic.
During the reporting period, Duolun Technology’s main source of income was still its driving test system. Among them, the driving test systems for Driving Test I and II brought in RMB 222 million in revenue, increased by 5.39% year on year; the driving test systems for Test III earned RMB 221 million in revenue, increased by 14.82% year on year. In addition, intelligent driver training system services yielded RMB 25,909,800 in revenue, increased by 395.15% year on year; revenue from driver training and testing service was RMB 23,059,700, increased by 1.39%. And smart traffic products also registered RMB 29,094,600 in revenue.
Through smart driving simulator and robot coach, Duolun Technology has transformed the traditional driver training into a pattern of AI-aided training. During the reporting period, the number of driver training institution registered on the Duolun Cloud Driver Training Platform increased by 52.57% year on year, the number of registered driving instructors increased by 243.76% year on year, and the number of registered trainees increased by 117.42% year on year. The platform has nearly 16 million active visitors annually; the company has established partnership with driver training institutions all across China.
In addition, Duolun Technology was contracted by DiDi to handle its designated driver pre-job competence assessment in 36 cities including Beijing, Shanghai, Guangzhou and Shenzhen in 2018. In December, the company renewed its cooperation agreement for 2019 with DiDi Chuxing to continue to provide professional assessment services for designated drivers in pilot cities across China.