Company: MKDWW
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001641172-25-002607
Chunk: 72

Company: MKDWELL Tech Inc.
Filing Date: 2025-04-03
Form: 20-F
Item: Item 5
Chunk 72
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9  
  Total                                          $                                     3,670,722      $         1,998,971      $           (1,671,751      (45.5  

Our
total revenues decreased by US$1.67 million, or 45.5% from US$3.67 million for the year ended December 31, 2023 to US$2.00 million for
the year ended December 31, 2024, primarily attributable to the decrease of sales of manufactured electronic products and commissioned
processing service.

Revenues
from our sales of manufactured electronic products decreased by US$1.01 million, or 43.4%, from US$2.33 million for the year ended December
31, 2023 to US$1.32 million for the year ended December 31, 2024, which was mainly contributed to the decrease of orders and customers.

Revenues
from our commissioned processing service decreased by US$0.56 million, or 59.5%, from US$0.94 million for the year ended December 31,
2023 to US$0.38 million for the year ended December 31, 2024, which was mainly contributed to the termination of cooperation with a major
customer. The commissioned processing revenue from this major customer accounted for 22.2% of the total revenue in FY2023, while in FY2024
its revenue contribution was negligible. The Company is actively seeking new customers and has established cooperation with new customers.
In 2024, the Company has developed five new customers of commissioned processing service, whose revenue contributions accounted for 10.2%
of the total revenue of 2024.

Rental
income decreased by US$0.09 million, or 33.6%, from US$0.27 million for the year ended December 31, 2023 to US$0.18 million for the year
ended December 31, 2024, which was mainly due to the decrease in leasehold area resulting from the expiration of several lease contracts
in the first half of 2024.

Revenues
from others decreased by US$0.01 million, or 7.9%, from US$0.13 million for the year ended December 31, 2023 to US$0.12 million for the
year ended December 31, 2024, which was mainly due to reduced electricity demand from lessees, which is in related to the reduction in