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Investments in Privately-Held Raw Material Companies (Tables) | 3 Months Ended
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Mar. 31, 2023
Investments in Privately-Held Raw Material Companies |
Summary of investments | As of March 31, 2023, the investments are summarized below (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Investment Balance as of | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31, | ​ | Accounting | ​ | Ownership | *
Company |  | 2023 |  | 2022 |  | 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. | ​ | ​ | 1,496 | ​ | ​ | 1,000 | ​ | Consolidated | ​ | ****75.0 | %
ChaoYang XinMei High Purity Semiconductor Materials Co., Ltd. | ​ | ​ | 7,331 | ​ | ​ | 7,331 | ​ | Consolidated |  | ***58.5 | %
​ | ​ | $ | 12,585 | ​ | $ | 12,089 | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Donghai County Dongfang High Purity Electronic Materials Co., Ltd. | ​ | $ | 1,876 | ​ | $ | 1,887 |  | Equity |  | **46 | %
Beijing JiYa Semiconductor Material Co., Ltd. | ​ | ​ | 6,559 | ​ | ​ | 6,381 | ​ | Equity | ​ | 39 | %
Xiaoyi XingAn Gallium Co., Ltd. | ​ | ​ | 6,007 | ​ | ​ | 5,094 | ​ | Equity | ​ | **25 | %
ChaoYang KaiMei Quartz Co., Ltd. | ​ | ​ | 1,665 | ​ | ​ | 827 | ​ | Equity | ​ | *****40 | %
Emeishan Jia Mei High Purity Metals Co., Ltd. | ​ |  | 439 | ​ |  | 418 |  | Equity |  | 25 | %
​ | ​ | $ | 16,546 | ​ | $ | 14,607 | ​ | ​ | ​ | ​ | ​
​
Summarized income information | AXT’s minority investment entities are not consolidated and are accounted for under the equity method. The equity investment entities had the following summarized statements of operations information (in thousands) for the three months ended March 31, 2023 and 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | ​
​ | ​ | March 31, | ​ | ​
​ |  | 2023 |  | 2022 |  |
Net revenue | ​ | $ | 7,974 | ​ | $ | 10,734 | ​ | ​
Gross profit | ​ | $ | 2,906 | ​ | $ | 5,999 | ​ | ​
Operating income | ​ | $ | 1,991 | ​ | $ | 4,149 | ​ | ​
Net income | ​ | $ | 3,945 | ​ | $ | 3,698 | ​ | ​
​

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