Lucide Ledger

A filing-first public record from Lucide House.

Issue 005 | U.S. Pilot | US

JWEL

Jowell Global Ltd.

Screen state: Passing Source state: Verified 20-F | 2026-04-30 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 33.9%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
16,011,427USD
Total Liabilities
10,435,873USD
NCAV
5,575,554USD
Cash
2,740,834USD
NCAV per share
2.35USD/share
Evidence
6 annual | 0 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated
12
Triggered
4
Unavailable
3
Requires inspection High NCAV Burn since the previous filing 5,575,554
Latest
5,575,5542025-12-31
Comparison
8,698,1862024-12-31
Change
-35.9%

Basis: NCAV burn since previous filing >= 10%; previous NCAV must be positive

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-050429; REPORTED_FILING 20-F 2024-12-31

Requires inspection Material 1Y Share Increase 2,376,131
Latest
2,376,1312025-12-31
Comparison
2,170,4752024-12-31
Change
+9.5%

Basis: 1Y share change >= +2% using the same share-count source

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-050429; REPORTED_FILING 20-F 2024-12-31

Requires inspection Negative OCF -1,530,441
Latest
-1,530,4412025-12-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-050429

Supporting observation Current Ratio > 1.5 1.68
Latest
1.682025-12-31
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-050429

3 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Non-Positive Equity ordinary shareholders equity <= 0

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Share Count & Per-Share Comparability

Data Vault has not published the normalized share-count artifact for this company.

Known Unknowns

Only 0 quarterly periods available from Data Vault for this company.

quarterly periods are missing

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-12-31
20-F
USD
2024-12-31
20-F
USD
2023-12-31
20-F
USD
2022-12-31
20-F
USD
2021-12-31
20-F
USD
2020-12-31
20-F
USD
Revenue 165,001,079 132,981,531 160,009,293 209,821,251 169,390,433 95,356,627
Operating Income -5,020,486 -8,089,319 -10,890,425 -12,040,697 -6,992,503 5,112,816
Net Income -6,279,504 -7,964,159 -11,467,142 -11,531,781 -6,389,076 3,586,692
Cash From Operations -1,530,441 790,184 -13,491,831 -11,992,975 -18,033,959 6,339,153
Capex -12,413 -117,590 -12,046 -660,488 -609,014 -1,332
Free Cash Flow -1,542,854 672,594 -13,503,877 -12,653,463 -18,642,973 6,337,821
Cash And Equivalents 2,740,834 2,184,920 1,250,281 13,526,957 n/a 18,244,055
Accounts Receivable 78,254 2,043,994 2,401,056 6,208,606 4,966,226 306,450
Inventory 5,947,014 8,341,596 8,198,402 13,278,205 12,316,766 7,398,248
Total Current Assets 16,011,427 17,632,407 26,662,514 59,901,713 46,306,781 30,014,644
Total Assets 21,890,166 25,847,331 35,297,927 71,202,486 58,727,918 33,864,854
Total Current Liabilities 9,554,822 7,414,162 9,052,373 31,637,149 15,050,826 12,152,917
Total Liabilities 10,435,873 8,934,221 10,084,608 33,736,579 19,044,467 15,120,110
Shareholders Equity 11,454,293 16,914,181 25,201,734 37,432,436 39,683,451 18,744,744
Shares Outstanding 2,376,131 2,170,475 2,170,475 34,124,565 25,677,965 21,149,425
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 2,186,295 2,170,475 2,140,863 29,555,551 24,562,248 20,222,976
Weighted Avg Shares Basic 2,186,295 2,170,475 2,140,863 29,555,551 24,562,248 20,222,976
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 0 quarterly periods available from Data Vault for this company.

Metric
Revenue
Operating Income
Net Income
Cash From Operations
Capex
Free Cash Flow
Cash And Equivalents
Total Current Assets
Total Liabilities
Shares Outstanding
Shares Outstanding Diluted
Weighted Avg Shares Diluted
Weighted Avg Shares Basic
Net Share Count Change (Normalized)
Ownership Claim Change (Normalized)
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets 16,011,427USD us-gaap:AssetsCurrent 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0001805594/companyfacts.json
Data Vault | sec/companyfacts/cik=0001805594/companyfacts.json
Total Liabilities 10,435,873USD us-gaap:Liabilities 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0001805594/companyfacts.json
Data Vault | sec/companyfacts/cik=0001805594/companyfacts.json
Cash 2,740,834USD us-gaap:CashAndCashEquivalentsAtCarryingValue 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0001805594/companyfacts.json
Data Vault | sec/companyfacts/cik=0001805594/companyfacts.json
Shares Outstanding 2,376,131 dei:EntityCommonStockSharesOutstanding 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0001805594/companyfacts.json
Data Vault | sec/companyfacts/cik=0001805594/companyfacts.json
NCAV 5,575,554USD derived 2025-12-31 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 2.35USD derived 2025-12-31 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 33.9% derived 2025-12-31 n/a gnni_publication_pack | internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0001805594
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001805594/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001805594/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
5
Imported At
2026-08-09T01:57:39+00:00
Rendered At
2026-08-16T03:30:00+00:00

Run Audit

Mary Run
062cd84c6cec4533b9bb580392e1f3bf
Mary As Of
2026-08-07
Accession
0001213900-26-050429
CIK
0001805594
Mary Filing Date
2026-04-30
Filing Currency
USD
Internal Discount
33.9%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=062cd84c6cec4533b9bb580392e1f3bf; mary_as_of=2026-08-07; mary_filing_date=2026-04-30; mary_accession=0001213900-26-050429; mary_cik=0001805594; gnni_supporting_filing_date=2026-04-30; internal_discount=0.339437; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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