Company: GURE
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001193805-25-001627
Chunk: 46

Company: GULF RESOURCES, INC.
Filing Date: 2025-11-19
Form: 10-Q
Item: Item 1
Chunk 46
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 following table shows the major customer(s)
(10% or more) for the nine-month period ended September 30, 2024.

    Number 
    Customer 
    Bromine (000’s) 
    Crude Salt (000’s) 
    Chemical Products (000’s) 
    Total Revenue  (000’s) 
    Percentage of Total Revenue (%)
  
    1 
    Shandong Morui Chemical Company Limited 
    $543  
    $462  
    $—  
    $1,005  
     16.9%
  
    2 
    Shandong Brother Technology Limited 
    $515  
    $447  
    $—  
    $962  
     16.2%
  
    3 
    Shouguang Weidong Chemical Company Limited 
    $516  
    $386  
    $—  
    $902  
     15.2%

NOTE 19– CUSTOMER CONCENTRATION

Revenue

Customer Concentration 

Product

During the nine-month period ended September 30,
2025, the Company sold 67.7% of its products to its top five customers. As of September 30, 2025, amounts due from these customers were
$2,579,855.

During the nine-month period ended September 30,
2024, the Company sold 62.9% of its products to its top five customers. As of September 30, 2024, amounts due from these customers were
$948,003.

NOTE 20– MAJOR SUPPLIERS

Product Concentration 

Cost of Goods

During the nine-month period ended September 30,
2025 the Company purchased 100% of its raw materials from its top four suppliers.  As of September 30, 2025, amounts due to
those suppliers were $379,806.

During the nine-month period ended September 30,
2024 the Company purchased 100% of its raw materials from its top four suppliers.  As of September 30, 2024, amounts due to
those suppliers were $127,698.

NOTE 21 –LOSS CONTINGENCIES

Settled Litigation 

On or about August 3, 2018, written decisions of administration penalty
captioned Shou Guo Tu Zi Fa Gao Zi [2018] No. 291, Shou Guo Tu Zi Fa