Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 9

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 3
Chunk 9
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      (12,127,610      (12,221,699      (15,467,821  
  Cash and restricted cash, beginning of year               169,549       3,085,116       3,254,665          94,800       13,368,637       13,463,437       16,718,102  
  Cash, end of year                                           3,600           4,943           8,543             711        1,241,027        1,241,738        1,250,281  

  (a)      to eliminate WFOE’s investment in VIE                      
  (b)      to eliminated intercompany borrowing between WFOE and VIE  
  (c)      to eliminated HK subsidiary investment in WFOE             

3. A. [Reserved]

3. B. Capitalization and Indebtedness

Not Applicable.

3. C. Reasons For The Offer And Use Of Proceeds

Not Applicable.

3. D. Risk Factors

An investment in our ordinary shares involves
a high degree of risk. You should carefully consider the risks and uncertainties described below together with all other information contained
in this annual report, including the matters discussed under the headings “ Forward-Looking Statements” and “ Operating
and Financial Review and Prospects” before you decide to invest in ourordinary shares. We are a holding company with
substantial operations in China and are subject to a legal and regulatory environment that in many respects differs from the United States.
If any of the following risks, or any other risks and uncertainties that are not presently foreseeable to us, actually occur, our business,
financial condition, results of operations, liquidity and our future growth prospects could be materially and adversely affected.

Summary of Risk Factors

An investment in our ordinary shares involves
significant risks. Below is a summary of material risks we face, organized under relevant headings. These risks are discussed more fully
inItem 3. Key Information - D. Risk Factors.