Company: LICN
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036244
Chunk: 21

Company: Lichen International Ltd
Filing Date: 2025-04-29
Form: 20-F
Item: Item 4A
Chunk 21
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Item
4A. Unresolved Staff Comments

None.

Item 5. Operating And Financial
Review And Prospects

You should read the following discussion and
analysis of our financial condition and results of operations in conjunction with our audited consolidated financial statements and the
related notes included elsewhere in this annual report. This discussion contains forward-looking statements that involve risks and uncertainties.
Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements
as a result of various factors, including those set forth under “ Item 3. Key

Overview

We are a leading financial
and taxation service provider in China, in terms of revenue, according to the industry report of Frost & Sullivan. We have operated
as a dedicated financial and taxation solution service specialist of professional and high-quality services in China for over 20 years.
We focus on providing (i) financial and taxation solution services; (ii) education support services; and (iii) software and maintenance
services in the PRC under our “ Lichen” brand. With over 20 years of operation history, we have gained substantial experience
and established a solid reputation with our proven track record in the PRC.

In recognition of our expertise
and experience earned from over 20 years in the financial and taxation solution services industry, we have built up our reputation as
a dedicated financial and taxation solution services provider of professional and high-quality services in the PRC. From 2012 to 2023,
we had been recognized as one of the Top 50 Providers of Management Consulting Services in China for twelve consecutive years by the China
Enterprise Confederation Management Advisory Committee. In 2024, we made our debut in one of the Top 10 Providers of Management Consulting
Services in China for the first time.

5. A. Operating Results

Factors Affecting Our Results of Operations

Our operating results are
primarily affected by the following factors:

  Growth of the Chinese Economy                                       

  Industry Demand                                                                                                                                

  Contract Pricing and Terms                                                                                                             

  Competition                                                                                                                              

  Strategic Acquisitions and Investments                                                                                                        

  Changes to Government Policies                                                                            

  Our Ability to Broaden Service Offerings and Diversify                                                                                  

Key Components of Results of Operations

Comparison of Years Ended December 31, 2024, 2023
and 2022

The following table summarizes
the consolidated results of our operations for the years ended December 31, 2024, 2023 and 2022:

(All