Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 418

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 6
Chunk 418
---
1,348  
     17.6%
  
    3 
    Shouguang Weidong Chemical Company Limited  
    $646  
    $578  
    $—  
    $1,224  
     16.0%

The following table shows the major customers (10% or more) for the
year ended December 31, 2023

        Bromine 
        Crude
Salt 
      Chemical
Products 
      Total
Revenue 
    Percentage
of Total
  
    Number 
    Customer 
    (000’s) 
    (000’s) 
    (000’s) 
    (000’s) 
    Revenue (%)
  
    1 
    Shandong Morui Chemical Company Limited 
    $3,735  
    $1,137  
    $—  
    $4,872  
     16.3%
  
    2 
    Shandong Brother Technology Limited 
    $3,639  
    $998  
    $—  
    $4,637  
     15.5%
  
    3 
    Shouguang Weidong Chemical Company Limited  
    $3,492  
    $837  
    $—  
    $4,329  
     14.5%
  
    4 
    Shandong Shouguang Shenrunfa Marine Chemical Company Limited  
    $3,018  
    $—  
    $—  
    $3,018  
     10.1%

    F-25 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS

DECEMBER 31, 2024

(Expressed in U.S. dollars)

NOTE 19 – CUSTOMER CONCENTRATION

Revenue

Customer Concentration 

Product

The Company sells a substantial
portion of its products to a limited number of customers. During the year ended December 31, 2024, the Company sold 66.05% of its products
to its top five customers, respectively. As of December 31, 2024, amounts due from these customers were $594,234.

The Company sells a substantial
portion of its products to a limited number of customers. During the year ended December 31, 202