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Investments in Privately-Held Raw Material Companies (Tables)

3 Months Ended

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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Tabular disclosure of investments.

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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
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