Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
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Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 1
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Special Note Regarding Forward
Looking Information

This report contains forward-looking
statements that reflect management’s current views and expectations with respect to our business, strategies, future results and
events, and financial performance. All statements made in this report other than statements of historical fact, including statements that
address operating performance, events or developments that management expects or anticipates will or may occur in the future, including
statements related to future reserves, cash flows, revenues, profitability, adequacy of funds from operations, statements expressing general
optimism about future operating results and non-historical information, are forward-looking statements. In particular, the words “believe”,
“expect”, “intend”, “anticipate”, “estimate”, “plan”, “may”, “will”,
variations of such words and similar expressions identify forward-looking statements, but are not the exclusive means of identifying such
statements and their absence does not mean that the statement is not forward-looking. Readers should not place undue reliance on forward-looking
statements which are based on management’s current expectations and projections about future events, are not guarantees of future
performance are subject to risks, uncertainties and assumptions. Our actual results, performance or achievements could differ materially
from the results expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to such differences
include those discussed in this report, particularly under the caption “Risk Factors”. Except as required under the federal
securities laws, we do not undertake any obligation to update the forward-looking statements in this report.

PART I

Item 1. Business.

Introduction

We manufacture and trade bromine
and crude salt, natural gas, manufacture and sell chemical products used in oil and gas field explorations and papermaking chemical agents,
and materials for human and animal antibiotics. To date, our products have been sold only within the People’s Republic of China.
As used in this report, the terms “we,” “us,” “our,” “Company” and “Gulf Resources”
refers to Gulf Resources, Inc., a holding company and/or its consolidated wholly-owned subsidiaries, and the terms “ton” and
“tons” refers to metric tons, in each case, unless otherwise stated or the context requires otherwise.

The functional currency of the
Company’s operating foreign subsidiaries is the Renminbi (“RMB”), which had an average exchange rate of $0.14204 and
$0.14042 during fiscal years 2023 and 2024, respectively, the reporting currency