Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 48

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4A
Chunk 48
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 for the year ended December 31, 2022 to 46 for the year ended December 31, 2023.

White label software

For the years ended December 31, 2022
and 2023, revenue generated from our provision of white label software accounted for approximately US$766,211 or 45.9% and US$382,527
or 15.4% 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 decrease in the revenues in white label software by US$383,684 or 50.1%
from US$766,211 for the year ended December 31, 2022 to U$382,527 for the year ended December 31, 2023, was due to the
decrease in the demand for the self-developed software for SMBs.

Subscription services

For the years ended December 31, 2022
and 2023, revenue generated from the provision of subscription services accounted for approximately US$63,395 or 3.8% and US$293,790 or
11.8% 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$230,395
or 363.4% from US$63,395 for the year ended December 31, 2022 to US$293,790 for the year ended December 31, 2023 which was principally
contributed to the average contract sum increased from approximately US$2,756 for the year ended December 31, 2022 to US$8,999
for the year ended December 31, 2023.

Cost of revenues

                                     Years ended December 31,                                                            
                                     2022                                                  2023                          
                                     US$                                                   US$                           
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Customized software solutions                                    122,759       34.8                185,087       33.8  
  White label software                                             212,611       60.2                205,055       37.