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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

A semiconductor business, riding a brutal capacity cycle on the edge of Moore's Law.

Owner earnings 2016–2025 (CN¥2.3B)(CN¥778M)(CN¥187M)CN¥673M(CN¥569M)(CN¥1.2B)(CN¥8.4B)CN¥6.0BCN¥7.8B(CN¥2.1B)

Retained capital Retained CN¥4.7B of earnings over 2016–2025; annual owner earnings grew CN¥4.9B, CN¥1.06 per CN¥1 retained.

Balance sheet Net cash, +CN¥21.8B

JL J-Long Group Limited

We offer a wide range of services to cater to our customers' needs in reflective and non-reflective garment trims, including market trend analysis, product design and development, and production and quality control.

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

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

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