Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 106

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 6
Chunk 106
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OLDERS AND RELATED PARTY
TRANSACTIONS

7. A. Major Shareholders

See Item 6. E., “ Share Ownership” for
a description of our major shareholders.

7. B. Related Party Transactions

Variable Interest Entity Arrangements

See “ Item 4. Information on the Company - C.
Organizational Structure.”

Employment Agreements, Director Agreements
and Indemnification Agreements

See “ Item 6. Directors, Senior Management
and Employees - B. Compensation of Directors and Executive Officers - Employment Agreements, Director Agreements and Indemnification
Agreements.”

Share Incentives

See “ Item 6. Directors, Senior Management
and Employees - B. Compensation of Directors and Executive Officers - Share Incentive Plans.”

Other Transactions with Related Parties

The relationship and the nature of related party
transactions are summarized as follow:

  Name of Related Party                    Relationship to the Company                                          Nature of Transactions                                
  Longrich Group and its subsidiaries      Controlled by Mr. Zhiwei Xu, a major shareholder of the Company      Purchase and operating leases from the related party  
  Longrich America Int’l, Inc.             Controlled by Mr. Zhiwei Xu                                          Sales to the related party                            
  Jowell Holdings Limited                  Controlled by Mr. Zhiwei Xu                                          Funds support                                         
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

Due to related parties:

The balance due to related parties account amounted
to $925,100 and $528,472 as of December 31, 2024 and 2023, respectively. These dues to related parties, subsidiaries of Longrich Group
and Jowell Holdings Limited, are typically short-term in nature, interest-free and due upon demand.

Related party lease:

As of December 31, 2024, the Company had five
leases from its related party, subsidiaries of Longrich Group, which are controlled by Mr. Zhiwei Xu, a major shareholder of the Company.
The Company is obligated to pay quarterly based rents under these lease agreements. See Note 14 for further discussion.

Related party purchases:

The Company periodically purchases merchandise
from Longrich Group and its subsidiaries during the ordinary course of business. The goods purchased from Longrich Group were $37,414,302,
$34,258,761 and $44,886,549 for the years ended December 31, 2024, 2023 and 202