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Investments in Privately-Held Raw Material Companies (Tables) | 3 Months Ended
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Mar. 31, 2021
Investments in Privately-Held Raw Material Companies |
Summary of investments | As of March 31, 2021, the investments are summarized below (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Investment Balance as of | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31, | ​ | Accounting | ​ | Ownership | *
Company |  | 2021 |  | 2020 |  | Method |  | Percentage | ​
Nanjing JinMei Gallium Co., Ltd. | ​ | $ | 592 | ​ | $ | 592 |  | Consolidated |  | **85.5 | %
Chaoyang JinMei Gallium Co., Ltd. | ​ | ​ | 1,820 | ​ | ​ | 1,820 | ​ | Consolidated | ​ | **85.5 | %
Beijing BoYu Semiconductor Vessel Craftwork Technology Co., Ltd. | ​ |  | 1,346 | ​ |  | 1,346 |  | Consolidated |  | **85.5 | %
ChaoYang XinMei High Purity Semiconductor Materials Co., Ltd. | ​ | ​ | 910 | ​ | ​ | — | ​ | Consolidated |  | ***58.5 | %
​ | ​ | $ | 4,668 | ​ | $ | 3,758 | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Donghai County Dongfang High Purity Electronic Materials Co., Ltd. | ​ | $ | 1,691 | ​ | $ | 1,651 |  | Equity |  | **46 | %
Beijing JiYa Semiconductor Material Co., Ltd. | ​ | ​ | 2,006 | ​ | ​ | 1,418 | ​ | Equity | ​ | 39 | %
Xilingol Tongli Germanium Co., Ltd. | ​ |  | — | ​ |  | — |  | Equity |  | 25 | %
Xiaoyi XingAn Gallium Co., Ltd. | ​ | ​ | 3,341 | ​ | ​ | 2,822 | ​ | Equity | ​ | **25 | %
Emeishan Jia Mei High Purity Metals Co., Ltd. | ​ |  | 430 | ​ |  | 485 |  | Equity |  | 25 | %
​ | ​ | $ | 7,468 | ​ | $ | 6,376 | ​ | ​ | ​ | ​ | ​
Summarized equity method income information | AXT’s minority investment entities are not consolidated and are accounted for under the equity method. Excluding one fully impaired entity, the equity entities had the following summarized income information (in thousands) for the three months ended March 31, 2021 and 2020:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​
​ | ​ | March 31, | ​
​ |  | 2021 |  | 2020 |
Net revenue | ​ | $ | 8,525 | ​ | $ | 3,953 | ​
Gross profit | ​ | $ | 3,807 | ​ | $ | 2,020 | ​
Operating income | ​ | $ | 3,061 | ​ | $ | 197 | ​
Net income | ​ | $ | 2,612 | ​ | $ | 2 | ​

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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