Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 30

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 1
Chunk 30
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 state ownership
of all mineral resources in the PRC. However, mineral exploration rights can be purchased, sold and transferred to foreign owned companies.
Mineral resource rights are granted by the Central Government permitting recipients to conduct mineral resource activities in a specific
area during the license period. These rights entitle the licensee to undertake mineral resource activities and infrastructure and ancillary
work, in compliance with applicable laws and regulations, within the specific area covered by the license during the license period. The
licensee is required to submit a proposal and feasibility studies to the relevant authority and to pay the Central Government a natural
resources tax in an amount equal to a percent of annual crude salt sales and tones of bromine sold. Shandong Province has determined that
bromine is to be extracted only by licensed entities and we hold one of such licenses. Despite the Province desire to limit extraction
to licensed entities hundreds of smaller operations have continued to extract bromine without licenses.

The Ministry of Land and Resources
(“MLR”) is the principal regulator of mineral rights in China. The Ministry has authority to grant licenses for land-use and
exploration rights, issue permits for mineral rights and leases, oversee the fees charged for them and their transfer, and review reserve
evaluations. We are required to hold a bromine and salt production license in order to operate our bromine and salt production business
in the PRC. Our bromine and salt production license is subject to a yearly audit. If we do not successfully pass the yearly approval by
relevant government authorities, our bromine and salt production operations may be suspended until we are able to comply with the license
requirements which could have a material adverse effect on our business, financial condition and results of operations.

Human Capital Resources

Employee Profiles

As of December 31, 2024, we employed
approximately 367 full-time employees, of whom approximately 77% are with SCHC、SHSI
and DCHC, and 23% are with SYCI. Approximately 28% of our employees are management personnel and 4% are sales and procurement staff. None
of our employees are represented by a union.

Total Rewards

Our compensation program is designed
to attract and reward talented individuals who possess the skills necessary to support our business objectives, assist in the achievement
of our strategic goals and create long-term value for our stockholders. Our employees in China participate in a state pension arrangement
organized by Chinese municipal and provincial governments. We are required to contribute to the arrangement