Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 174

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 19
Chunk 174
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 the condensed financial information of the parent company shall be filed when the restricted
net assets of consolidated subsidiaries exceed25% of consolidated net assets as of the end of the most recently completed fiscal year.
The Company performed a test on the restricted net assets of consolidated subsidiaries in accordance with such requirement and concluded
that it was applicable to the Company as the restricted net assets of the Company’s PRC subsidiaries exceeded25% of the consolidated
net assets of the Company. Therefore, the condensed financial statements of the parent company are included herein.

For purposes of the above test, restricted net
assets of consolidated subsidiaries shall mean that amount of the Company’s proportionate share of net assets of consolidated subsidiaries
(after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries
in the form of loans, advances or cash dividends without the consent of a third-party.

The condensed financial information of the parent
company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statement except
that the parent company used the equity method to account for investments in its subsidiaries, VIE and VIE’s subsidiaries. The parent
company and its subsidiaries, and VIE were included in the consolidated financial statements where inter-company balances and transactions
were eliminated upon consolidation. For purpose of the parent company’s stand-alone financial statements, its investments in subsidiaries
and VIE were reported using the equity method of accounting. The parent company’s share of income from its subsidiaries and VIE
were reported as share of income of subsidiaries and VIE subsidiary in the accompanying parent company financial statements.

The footnote disclosures contain supplemental
information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the
consolidated financial statements of the Company. Certain information and footnote disclosures normally included in financial statements
prepared in accordance with U. S GAAP have been condensed or omitted.

As of December 31, 2024 and 2023, there were no
material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except for those separately disclosed
in the consolidated financial statements, if any.

F-30

JOWELL GLOBAL LTD.

PARENT COMPANY BALANCE SHEETS

Note 19 - Condensed financial information of the parent company
(Continued)

                                                                                                                                                                   As of December 31,                                                
                                                                                                                                                                   2024                                      2023                    
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