Jowell Global Ltd. (NASDAQ: JWEL)

Jowell Global Ltd. operates as an e-commerce platform in China that sells cosmetic products, health and nutritional supplements, and household products sourced from third‑party manufacturers and distributors. The company runs its own online marketplace, LHH Mall, which hosts both its own‑brand items and products from over 200 domestic and international manufacturers. In addition to online sales, Jowell Global operates authorized retail stores under the Love Home Store brand, conducts live‑streaming marketing campaigns, and has launched community group‑buying Juhao Best Choice stores. Through a variable‑interest‑entity structure, the firm consolidates the operations of Shanghai Juhao, enabling it to manage online data processing, transaction processing, and a nationwide offline‑store network.

Revenue is generated primarily from the sale of three product categories: health and nutritional supplements, cosmetic products, and household products. For the fiscal year ended December 31, 2025, health and nutritional supplements contributed approximately $134.1 million, or 81.3% of total revenue; cosmetic products accounted for about $20.2 million, or 12.2%; and household products generated roughly $10.7 million, or 6.5%. The comparable figures for 2024 were $33.6 million (25.2%) from supplements, $36.3 million (27.3%) from cosmetics, and $62.8 million (47.2%) from household products, while in 2023 the company recorded $22.6 million (14.1%) from supplements, $55.1 million (34.4%) from cosmetics, and $81.8 million (51.1%) from household products. In addition, Jowell Global collects service fees from third‑party merchants using its platform, although the filing characterizes this source as immaterial. No other material revenue streams are disclosed.

Jowell Global Ltd. positions itself as one of the leading e‑commerce platforms for cosmetics, health and nutritional supplements, and household products in China. It competes with traditional retailers such as health‑food stores and department stores, as well as online players including Jumei, Lefeng, Suning.com, Alibaba’s Taobao and Tmall, Amazon.cn, JD.com, Vipshop’s VIP.com, and Dangdang.com. The company’s competitive advantages derive from its use of big data and artificial intelligence to analyze consumer behavior and tailor product offerings, its EDI certification that permits third‑party merchants to open stores on its platform, a nationwide network of nearly 27,000 authorized Love Home Stores across 31 provinces, live‑streaming marketing capabilities that engage key opinion leaders, and a vertically integrated supply chain linking manufacturers, distributors, offline stores, and its online mall. Furthermore, Jowell Global has invested in proprietary technology, including a mobile app and warehouse management system, to improve order fulfillment and customer service.

The company serves a broad base of individual consumers across China, reporting 4,789,170 VIP members as of December 31, 2025, and a repeat‑customer base whose purchase frequency increased markedly year‑over‑year, with repeat‑purchase rates of 49.2% in 2025, 30.8% in 2024, and 36.9% in 2023. It also works with 277 third‑party merchants that operate stores on its platform and maintains relationships with approximately 521 suppliers. Gross Merchandise Volume generated through the mobile app represented about 3.3% of total GMV in 2025, with the remainder coming from the web portal. No specific customer names are disclosed in the filing.