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Investments in Privately-held Raw Material Companies (Tables) | 12 Months Ended
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Dec. 31, 2022
Investments in Privately-held Raw Material Companies |
Summary of investments | The investments are summarized below (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Investment Balance as of | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31, | ​ | Accounting | ​ | Ownership | *
Company |  | 2022 |  | 2021 |  | 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 ShuoMei High Purity Semiconductor Materials Co., Ltd. | ​ | ​ | 1,000 | ​ | ​ | — | ​ | Consolidated | ​ | ****75.0 | %
ChaoYang XinMei High Purity Semiconductor Materials Co., Ltd. | ​ | ​ | 7,331 | ​ | ​ | 1,814 | ​ | Consolidated |  | ***58.5 | %
​ | ​ | $ | 12,089 | ​ | $ | 5,572 | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Donghai County Dongfang High Purity Electronic Materials Co., Ltd. | ​ | $ | 1,887 | ​ | $ | 2,053 |  | Equity |  | **46 | %
Beijing JiYa Semiconductor Material Co., Ltd. | ​ | ​ | 6,381 | ​ | ​ | 3,760 | ​ | Equity | ​ | 39 | %
Xilingol Tongli Germanium Co., Ltd. | ​ |  | — | ​ |  | — |  | Equity |  | 25 | %
Xiaoyi XingAn Gallium Co., Ltd. | ​ | ​ | 5,094 | ​ | ​ | 4,095 | ​ | Equity | ​ | **25 | %
ChaoYang KaiMei Quartz Co., Ltd. | ​ | ​ | 827 | ​ | ​ | — | ​ | Equity | ​ | *****40 | %
Emeishan Jia Mei High Purity Metals Co., Ltd. | ​ |  | 418 | ​ |  | 258 |  | Equity |  | 25 | %
​ | ​ | $ | 14,607 | ​ | $ | 10,166 | ​ | ​ | ​ | ​ | ​
Summarized 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 years ended December 31, 2022, 2021 and 2020, respectively:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Our share for the |
​ | ​ | ​ | Year Ended | ​ | Year Ended |
​ | ​ | ​ | December 31, | ​ | December 31, |
​ |  | 2022 |  | 2021 | ​ | 2020 |  | 2022 |  | 2021 |  | 2020 |
Net revenue | ​ | $ | 48,139 | ​ | $ | 35,939 | ​ | $ | 20,049 | ​ | $ | 15,031 | ​ | $ | 11,424 | ​ | $ | 6,252 | ​
Gross profit | ​ |  | 27,000 | ​ |  | 17,465 | ​ |  | 4,907 | ​ |  | 8,229 | ​ |  | 5,482 | ​ |  | 1,504 | ​
Operating income | ​ |  | 24,987 | ​ |  | 14,293 | ​ |  | 1,957 | ​ |  | 7,532 | ​ |  | 4,495 | ​ |  | 504 | ​
Net income | ​ | ​ | 19,104 | ​ | ​ | 12,560 | ​ | ​ | 1,014 | ​ | ​ | 5,957 | ​ | ​ | 4,409 | ​ | ​ | 111 | ​
​
Summarized balance sheet information | Excluding one fully impaired entity, these minority investment entities that are not consolidated, but rather are accounted for under the equity method, had the following summarized balance sheet information (in thousands) as of December 31, 2022 and 2021, respectively:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, |
​ |  | 2022 | ​ | 2021 |
Current assets | ​ | $ | 43,091 |  | $ | 27,503 | ​
Noncurrent assets | ​ |  | 12,520 | ​ |  | 11,707 | ​
Current liabilities | ​ |  | 10,552 | ​ |  | 5,799 | ​
Noncurrent liabilities | ​ |  | — | ​ |  | — | ​
​

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