Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 41

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4A
Chunk 41
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venues, respectively. We provide customized software solutions based on customers’ specifications. The significant decrease in
the revenues from customized software solutions by US$694,468 or 38.3% from US$1,813,678 for the year ended December 31, 2023 to
US$1,119,210 for the year ended December 31, 2024 was principally contributed to (i) the decrease in demand for the IT
software for the SMBs, the decrease in customer orders received from 46 for the year ended December 31, 2023 to 21 for the year ended
December 31, 2024.

White label software

For the years ended December 31, 2023
and 2024, revenue generated from our provision of white label software accounted for approximately US$382,527 or 15.4% and US$748,770
or 32.4% of our total revenues, respectively. We provide self-developed software as “ White label” products to our customers.
White label software is software that is sold unbranded, that their own branding can be added and then the software can be resold by accessing
to the software as if the corporate customers developed it. The increase in the revenues in white label software by US$366,243 or 95.7%
from US$382,527 for the year ended December 31, 2023 to U$748,770 for the year ended December 31, 2024, was due to a new
customer approached for implementation of the software.

Subscription services

For the years ended December 31, 2023
and 2024, revenue generated from the provision of subscription services accounted for approximately US$293,790 or 11.8% and US$441,238
or 19.1% of our total revenues, respectively. We provide SaaS digital business management software subscription services, which include
the right to use the software and continuous technical support services to SMBs. Increase in the revenue from subscription services by
US$147,448 or 50.2% from US$293,790 for the year ended December 31, 2023 to US$441,238 for the year ended December 31, 2024
which was principally contributed to the average contract sum increased from approximately US$8,999 for the year ended December 31,
2023 to US$16,030 for the year ended December 31,