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Investments in Privately-Held Raw Material Companies (Tables) | 9 Months Ended
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Sep. 30, 2021
Investments in Privately-Held Raw Material Companies |
Summary of investments | As of September 30, 2021, the investments are summarized below (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Investment Balance as of | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | 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. | ​ | ​ | 1,814 | ​ | ​ | — | ​ | Consolidated |  | ***58.5 | %
​ | ​ | $ | 5,572 | ​ | $ | 3,758 | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Donghai County Dongfang High Purity Electronic Materials Co., Ltd. | ​ | $ | 1,961 | ​ | $ | 1,651 |  | Equity |  | **46 | %
Beijing JiYa Semiconductor Material Co., Ltd. | ​ | ​ | 3,333 | ​ | ​ | 1,418 | ​ | Equity | ​ | 39 | %
Xilingol Tongli Germanium Co., Ltd. | ​ |  | — | ​ |  | — |  | Equity |  | 25 | %
Xiaoyi XingAn Gallium Co., Ltd. | ​ | ​ | 3,727 | ​ | ​ | 2,822 | ​ | Equity | ​ | **25 | %
Emeishan Jia Mei High Purity Metals Co., Ltd. | ​ |  | 319 | ​ |  | 485 |  | Equity |  | 25 | %
​ | ​ | $ | 9,340 | ​ | $ | 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 investment entities had the following summarized statement of operations information (in thousands) for the three and nine months ended September 30, 2021 and 2020:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | September 30, | ​ | September 30, | ​
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020 |
Net revenue | ​ | $ | 8,993 | ​ | $ | 5,052 | ​ | $ | 27,782 | ​ | $ | 12,610 | ​
Gross profit | ​ | $ | 4,506 | ​ | $ | 918 | ​ | $ | 13,850 | ​ | $ | 2,944 | ​
Operating income | ​ | $ | 3,751 | ​ | $ | 136 | ​ | $ | 11,504 | ​ | $ | 598 | ​
Net income (loss) | ​ | $ | 3,127 | ​ | $ | 7 | ​ | $ | 10,230 | ​ | $ | (151) | ​

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