Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 77

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 4A
Chunk 77
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0.1          422      343.1  
  Total                                       $                                    160,009      100.0      209,981      100.0      (49,972      (23.8  

Total revenue for the fiscal year ended December
31, 2023 decreased by about $50.0 million, or 23.8%, to $160.0 million from $210.0 million for the fiscal year ended December 31,
2022.

Compared to the year ended December 31,
2022, sales of cosmetic products decreased by about $44.2 million, or 44.5%, in the year ended December 31, 2023. The decrease in
revenue of cosmetic products is mainly due to a significant decrease in weighted average unit price and units for products sold.
Comparing to the year ended December 31, 2022, we sold approximately 6.3 million, or 26.8%, less units in 2023 and our weighted
average unit price for cosmetic products sold decreased. The decrease in both weighted average unit price and units sold in 2023 was
mainly attributable to the sharp decline in sales of premium brand products with higher average selling prices with downgraded
demands from consumers as the recovery from COVID-19 has been slow in China.

Compared to the year ended December 31, 2022,
sales of health and nutritional supplements products decreased by about $17.3 million, or 43.4%. The decrease in health and nutritional
supplements revenue is mainly due to the decrease in weighted average unit price. Comparing to the year ended December 31, 2022, our weighted
average unit price for health and nutritional supplements products sold decreased, while we sold approximately 0.7 million, or 22.5%,
more units in 2023. The decrease in weighted average unit price is mainly because we developed and sold a lot of affordable health care
products to replace the original high-price health care products to meet the current market conditions and demands.

Our household products revenue increased by
about $11.2 million, or 15.8%, comparing 2023 to 2022. The increase in household products revenue is mainly due to the increase in
weighted average unit price. Comparing to the year ended December 31, 2022, our weighted average unit price for household products
sold increased, while we sold approximately 1.3 million, or