Company: WCT
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044576
Chunk: 148

Company: Wellchange Holdings Co Ltd
Filing Date: 2025-05-16
Form: 20-F
Item: Item 19
Chunk 148
---
 17,592        5.0      157,488       28.8      213,113       30.8  
  Total                                                            352,962      100.0      547,630      100.0      691,984      100.0  

The following table shows disaggregated cost of
revenues by nature for the years ended December 31, 2023 and 2024, respectively:

                                         Years ended December 31,                                                                          
                                         2022                                                                                              
                                         US$                                                                                               
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Staff costs and employee benefits                                    221,600       62.8      242,621       44.3      230,193       33.3  
  Amortization of intangible assets                                     56,887       16.1      146,401       26.7      259,998       37.5  
  Subcontracting costs                                                  52,294       14.8      135,424       24.7      179,495       25.9  
  Rental of server                                                      11,153        3.2       11,699        2.2       10,734        1.6  
  Depreciation                                                          11,028        3.1       11,485        2.1       11,564        1.7  
  Total                                                                352,962      100.0      547,630      100.0      691,984      100.0  

F-25

WELLCHANGE HOLDINGS COMPANY LIMITED

13. DISAGGREGATED REVENUES(cont.)

The following table sets forth a breakdown of
gross profit and gross profit margin for the years ended December 31, 2022, 2023 and 2024, respectively:

                                     Years ended December 31, 2024                                                                                        
                                     Revenue                                           Cost of revenue                   Gross                            
                                                                                                                         profit                           
                                     US$                                               US$                               US$                              
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Customized software solutions                                         1,119,210                           117,252                  1,001,958      89.5  
  White label software                                                    748,770                           361,