Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 47

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4A
Chunk 47
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 31, 2022

Our total revenues increased by approximately
US$818,878 or 49.0% to approximately US$2,489,995 for the year ended December 31, 2023 from approximately US$1,671,117 for the year
ended December 31, 2022. Such increase was mainly attributable to the increase in revenue generated from our provision of customized
software solutions by approximately US$972,167 or 115.5% and increase in revenue generated from our provision of subscription services
by approximately US$230,395 or 363.4%, which were partially offset by the decrease in revenue generated from our provision of white label
software by approximately US$383,684 or 50.1%. Details of further explanation were discussed below.

  (i)      Revenue by product categories  

                                     Years ended December 31,                                                                
                                     2022                                                    2023                            
                                     US$                                                     US$                             
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Customized software solutions                                      841,511       50.3                1,813,678       72.8  
  White label software                                               766,211       45.9                  382,527       15.4  
  Subscription services                                               63,395        3.8                  293,790       11.8  
  Total                                                            1,671,117      100.0                2,489,995      100.0  

Customized software solutions

For the years ended December 31, 2022
and 2023, revenue generated from our provision of customized software solutions accounted for approximately 50.3% and 72.8% of our total
revenues, respectively. We provide customized software solutions based on customers’ specifications. The significant increase in
the revenues from customized software solutions by US$972,167 or 115.5% from US$841,511 for the year ended December 31, 2022 to US$1,813,678
for the year ended December 31, 2023 was principally contributed to (i) the increase in demand for the IT software to increase
the efficiency of management and operation of the SMBs; and (ii) proficiencies gained from experience of customized computer solution
have shorten the completion time frame of delivering products to customers, resulting in an increase in customer orders received from
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