Company: GURE
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001193805-25-000638
Chunk: 41

Company: GULF RESOURCES, INC.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 41
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 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Bromine (excluded volume sold to SYCI)                                                      402                            451                             (11  
  Crude Salt                                                                                4,733                          4,071                              16  

Bromine segment

For the three-month periods ended March 31, 2025
and 2024, the net revenue for the bromine segment was $1,481,869 and $1,146,197. This increase was due to the 11% decrease in tonnes sold
and a 45% increase in average selling price.

Crude salt segment

For the three-month periods ended March 31, 2025
and 2024, the net revenue for the crude salt was $122,578 and $116,671. This increase was due to the 16% increase in tonnes sold and a
10% decrease in average selling price.

Chemical products segment

For the three-month periods ended March 31, 2025
and 2024, the net revenue for the chemical products segment was $0 due to the closure of our chemical factories since September 1, 2017.

Natural gas segment

For the three-month period ended March 31, 2025
and 2024, the net revenue for the natural gas production was $0 and $44,194, respectively.

Cost of Net Revenue

                         Cost of Net Revenue by Segment                                                                            Percent Change           
                         Three-Month Period Ended                           Three-Month Period Ended                               of Cost of               
                         March 31, 2025                                     March 31, 2024                                         Net Revenue              
  Segment                                                                                                                                                   
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Bromine                $                                   1,533,128      $                             2,072,752      97.8                          (26  
  Crude Salt             $                                   61,142         $                                46,894      2.2                           (30  
  Chemical Products      $                                   —              $                                     —      —                             —    
  Natural Gas            $                                   —              $                                   199      —                             —    
  Total                  $                                   1,594,270      $                             2,119,845      100                           (25  

Cost of net revenue reflects mainly the raw materials consumed
and the direct salaries and benefits of