Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 62

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 4A
Chunk 62
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ITEM 4A. UNRESOLVED STAFF COMMENTS

Not Applicable

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 consolidated financial statements and the related
notes included elsewhere in this annual report on Form 20-F. This discussion may contain forward-looking statements based upon
current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking
statements as a result of various factors, including those set forth under “ Item 3. Key Information - D. Risk Factors”
or in other parts of this annual report on Form 20-F.

5A. Operating Results

Overview

Jowell Global Ltd. (“ Jowell Global”
or “we”) is an exempted company incorporated in the Cayman Islands with limited liability on August 16, 2019, as a holding
company. We, through the consolidated variable interest entity (“ VIE”), focuses on providing consumers with convenient and
high-quality online retail experience through our retail platforms, www.1juhao. com, and mobile app, as well as authorized retail stores.
We also offer programs that enable third-party sellers to distribute their products through our platforms. In an effort to differentiate
our services, we focus on and specialize in the online retail and sales through our distribution network of cosmetic products, health
and nutritional supplements and household products.

We completed a reorganization of our legal structure
on November 1, 2019. The reorganization involved the incorporation of Jowell Global, Jowell Technology Limited (“ Jowell Tech”),
a Hong Kong holding company; the incorporation of Shanghai Jowell Technology Co., Ltd. (“ Shanghai Jowell”), a wholly foreign-owned
entity (“ WFOE”) formed by Jowell Tech under the laws of the People’s Republic of China (“ China” or the “ PRC”).

As part of the reorganization, on October 31,
2019 and November 1, 2019, Shanghai Jowell entered into a series of agreements with Shanghai Juhao Information Technology Co., Ltd. (“ Shanghai
Juhao”) and its shareholders, as amended on October 10, 2020. These agreements include: 1) an Exclusive Business Cooperation and
Management Agreement (“ EBCMA”); 2) an Equity Interest Pledge Agreement (“ EIPA”); 3) an Exclusive Option Agreement
(“ E