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JBS JBS N.V. Class A

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2023–2025 $877M$2.7B$833M

Retained capital not read

Balance sheet Meaningful net debt, $16.1B

JD JD.com Inc.

JD.com is one of China's large online retailers. It buys goods from suppliers — electronics and a wide range of other merchandise — holds them in warehouses it largely owns, and sells them directly to Chinese consumers over its website and app, much as a store would, earning the spread between what it pays and what it charges. It also lets other merchants sell on its platform for a fee, and it carries the parcels to the customer's door through a delivery network it largely owns.

Owner earnings 2016–2025 CN¥6.9BCN¥23.6BCN¥15.3BCN¥22.2BCN¥39.2BCN¥36.7BCN¥52.3BCN¥55.5BCN¥52.7BCN¥11.2B

Retained capital Retained CN¥49.9B of earnings over 2016–2025; annual owner earnings grew CN¥24.5B, CN¥0.49 per CN¥1 retained.

Balance sheet Net cash, +CN¥206.9B · dividend paid 4 of 10 yrs, cut at least once

JFIN Jiayin Group Inc.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2025 CN¥101M(CN¥240M)CN¥9M(CN¥36M)CN¥182MCN¥124MCN¥380MCN¥1.4BCN¥1.2B

Retained capital Retained CN¥6.8B of earnings over 2017–2025; annual owner earnings grew CN¥1.0B, CN¥0.15 per CN¥1 retained.

Balance sheet Modest net debt, CN¥539M · dividend paid 1 of 9 yrs, never cut

JFU 9F Inc.

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2017–2025 CN¥2.8BCN¥2.3B(CN¥486M)(CN¥237M)CN¥36MCN¥41MCN¥45MCN¥205M

Retained capital Paid out CN¥206M more than it earned over 2017–2025; annual owner earnings fell CN¥1.4B.

Balance sheet Net cash, debt-free, +CN¥435M

JG Aurora Mobile Limited

Revenue is Subscription (60%), Vertical Applications (29%) and Value Added Services (11%).

Owner earnings 2016–2025 (CN¥61M)(CN¥104M)(CN¥156M)(CN¥65M)CN¥56M(CN¥93M)(CN¥18M)(CN¥18M)CN¥4MCN¥65M

Retained capital not read

Balance sheet Heavy net debt, CN¥55M

JKS JinkoSolar Holding Company Limited

We incur capital expenditures primarily to construct our manufacturing facilities and purchase equipment for the production of silicon wafers, solar cells and solar modules, acquire land use rights.

Owner earnings 2016–2025 (CN¥3.8B)(CN¥2.4B)(CN¥1.8B)(CN¥1.9B)(CN¥3.5B)(CN¥8.2B)(CN¥18.1B)(CN¥1.8B)CN¥7.8B(CN¥2.1B)

Retained capital Retained CN¥4.7B of earnings over 2016–2025; annual owner earnings grew CN¥3.9B, CN¥0.84 per CN¥1 retained.

Balance sheet Net cash, +CN¥21.8B

JL J-Long Group Limited

Limited J-Long Group Limited, is the holding company of our operating subsidiaries, J-Long Limited and J-Long Trims Vietnam Co., Ltd; collectively with JLHK, the "Operating Subsidiaries").

Owner earnings 2022–2025 $6M$2M($2M)$6M

Retained capital Retained $12M of earnings over 2022–2025; annual owner earnings grew $208K, $0.02 per $1 retained.

Balance sheet Net cash, +$9M · dividend paid 2 of 4 yrs, cut at least once

JLHL Julong Holding Limited

We do not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or product development services with us. 70 C.

Owner earnings 2023–2024 (CN¥14M)CN¥69M

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥62M

JMIA Jumia Technologies AG

Revenue is led by Sales of goods (50%) and Third-party sales (42%), with 2 more lines behind.

Owner earnings 2019–2025 ($211M)($115M)($178M)($251M)($75M)($61M)($53M)

Retained capital not read

Balance sheet Net cash, +$112M

JXG JX Luxventure Group Inc.

Revenue is Cross-border products (53%), Travel service (44%) and Technology (3%).

Owner earnings 2015–2024 $2M$3M$975K($4M)($829K)($7M)($8M)($5M)($5M)$7M

Retained capital not read

Balance sheet Modest net debt, $460K