Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 8

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4
Chunk 8
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We benefit from an extensive and diversified
customer base. As of December 31, 2024, 2023, and 2022 we had approximately47, 63 and 83 customers, respectively.

Our focus is on SMBs customers, we emphasize the
entrepreneurial culture of innovation and our deep understanding of the needs of SMBs. We believe our client-centric approach is a key
competitive advantage. We believe our customized, hands-on approach allows us to demonstrate our differentiated capabilities and build
trust and confidence with new customers and strengthen relationships with current ones, enabling a trusted client advisor relationship
status. We utilize our capabilities, combined with our personalized approach, to solve our customers’ innovation challenges and
to broaden the scope of our relationship over time. We believe the close partnership and proximity create a virtuous circle where we can
quickly adopt and develop the newest solutions catering to the ever-changing needs of the SMBs, further strengthening our relationships
with our existing and potential customers. Furthermore, our customized software solutions and MR. CLOUD SaaS solutions enable us
to maximize the cross-selling opportunities and reduce customer acquisition costs while increasing customer retention.

Our innovation capacity, ability to adapt to evolving
customer needs, and the cross-selling capabilities of our solutions allow us to develop cross-platform coverage across local and regional
customers, potentially globally. We have strong expertise in developing software solutions for professional services, retail, e-commerce,
food & beverages, marketing agencies, education organization, or insurance agencies. We capitalize on this expertise in creating
customized frameworks and solutions throughout our customers’ digital transformation journeys. We have been engaged by several large
IT companies to develop white label software for their own software solution, one of which being a United Kingdom listed IT company.

We experienced high growth in our customized
software solutions and subscription services.

For the year ended December 31, 2024,
revenue generated from customized software solutions and subscription services decreased from US$1,813,678 to US$1,119,210, and
increased from US$293,790 to US$441,238, respectively, representing a decrease of 38.3% and an increase of 50.2%, respectively. For
the year ended December 31, 2023, revenue generated from customized software solutions and subscription services increased from
US$841,511 to US$1,813,678, and US$63,395 to US$293,790, respectively, representing increases of 115.5