Introduction: As one of the important implementation platform of the “technology + service” strategy of Duolun Technology Co., Ltd. (hereinafter referred to as “Duolun Technology”), its wholly-owned subsidiary of Duolun Vehicle Inspection Co., Ltd. (hereinafter referred to as “Duolun Vehicle Inspection”) innovatively adopted the “1+N” promotion strategy in its 2020 domestic development plan to build a chain vehicle inspection brand and improve vehicle inspection services via five enabled technologies. In the first year, it has purchased and built 55 vehicle inspection stations.

According to the statistics of the Ministry of Public Security, the number of motor vehicles in China reached 365 million as of September 2020, with a car parc of 275 million. The increasing number of vehicles is undoubtedly the key to the growth of the vehicle inspection industry. However, the current situation of China’s vehicle inspection industry has some problems remained unsolved: the extremely scattered operation, the poor service and operation, the unpleasant experience of vehicle owners and so on.

By the year of 2018, Duolun Technology has spent 2 years visiting hundreds of vehicle inspection stations in China to survey users’ needs, learn successful experiences. After that, it has striven to reshape the vehicle inspection industry to strengthen its “branding”, “informatization” and “intelligence”. In September 2019, Duolun Technology officially entered the “motor vehicle inspection” industry, aiming to build a brand chain motor vehicle inspection stations featured with high standards, strict norms and excellent services to provide a brand new quality, intelligent, convenient and efficient vehicle inspection experience for car owners.

Affected by the epidemic, the entity economy was contained in 2020, but it was a year of comprehensive development for Duolun Vehicle Inspection. In this year, Duolun Vehicle Inspection, with the support of capital, ascertained its development strategy, accelerated the market arrangement, and initially formed the “1+N” strategic deployment by letting one unit promote a whole area, purchased stations while establishing stations at the same time. In 2020, we have achieved good results.

April 2020

Duolun Technology applied to the China Securities Regulatory Commission for a public offering of convertible bonds. It raised RMB 540 million for the project of the brand chain motor vehicle inspection station construction.

June 2020

Doulun Vehicle Inspection released its semi-annual results. Vehicle inspection stations purchased and newly built in China have nearly amounted to 20 which are expected to surpass 50 by the end of 2020.

August 2020

Jiangsu Duolun Vehicle Inspection Industry Holding officially changed its name to Duolun Vehicle Inspection Group Co., Ltd. and set the strategic goal of arranging its stations across the country.

December 2020

The national training center of Duolun Vehicle Inspection was officially launched. The multi-provincial cooperation was implemented and new-planned stations have been completed or started to construct.

December 2020

A number of financial institutions visited Zaozhuang, Shandong Province to survey several vehicle inspection stations there. Duolun Vehicle Inspection received extensive attention from the capital market and the media.

By the end of 2020, As the first chain operation and management institution of motor vehicle testing brand in China, Duolun Vehicle Inspection has completed the implementation of 55 vehicle inspection stations in key provinces and cities such as Shandong, Jiangsu, Hubei, Hunan, Hebei and Zhejiang, of which 38 are in operation, 2 are to be in operation and 15 are under construction. It has achieved the annual target of “building more than 50 vehicle inspection stations within the year” and has become one of the listed companies with the largest number of vehicle inspection stations in China’s vehicle inspection industry.

In the future, Duolun Vehicle Inspection will also unify the image of its stations, realize the informatization and intelligence of its stations, set and implement the Duolun standards, market online and offline, build an echelon training system and adopt other means to improve the vehicle inspection industry by utilizing five comprehensive enabled technologies, accelerating the implementation and construction in key provinces, regions and cities, and promoting industry self-discipline and a sound industrial development.

2021 is a year bearing public expectations. In this year, we will stick to our goal and develop in an all-round way to spare no efforts to realize a great improvement and a new breakthrough of our services. We will work hard to reach the goals for three to five years and create long period value for our customers, employees and shareholders.