Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 40

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4A
Chunk 40
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COME TAX (EXPENSES)/CREDIT                             (157,308       (231,030         53,200  
  NET INCOME                                                780,648        937,609       (431,544  

We primarily generate our revenue by providing
customized software solutions, cloud-based software-as-a-service (“ SaaS”) platforms, and “white-label” software
design and development services to our creators and customers. We recognize all our revenue on a gross basis, comprising (i) customized
software solution; (ii) white label software; and (iii) subscription services.

Year ended December 31, 2024
compared with year ended December 31, 2023

Our total revenues decreased by
approximately US$180,777 or 7.3% to approximately US$2,309,218 for the year ended December 31, 2024 from approximately
US$2,489,995 for the year ended December 31, 2023. Such decrease was mainly attributable to the decrease in revenue generated
from our provision of customized software solutions by approximately US$694,468 or 38.3% which were partially offset by the increase
in revenue generated from our provision of subscription services by approximately US$147,448 or 50.2%, and the increase in revenue
generated from our provision of white label software by approximately US$366,243 or 95.7%. Details of further explanation were
discussed below.

  (i)      Revenue by product categories  

                                     Years ended December 31,                                                                
                                     2023                                                    2024                            
                                     US$                                                     US$                             
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Customized software solutions                                    1,813,678       72.8                1,119,210       48.5  
  White label software                                               382,527       15.4                  748,770       32.4  
  Subscription services                                              293,790       11.8                  441,238       19.1  
  Total                                                            2,489,995      100.0                2,309,218      100.0  

Customized software solutions

For the years ended December 31, 2023
and 2024, revenue generated from our provision of customized software solutions accounted for approximately 72.8% and 48.5% of our total
re