Company: GURE
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001193805-25-001184
Chunk: 43

Company: GULF RESOURCES, INC.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 1
Chunk 43
---
 Technology Limited 
    $192  
    $186  
    $—  
    $378  
     15.8%
  
     2  
    Shandong Morui Chemical Company Limited 
    $221  
    $156  
    $—  
    $377  
     15.8%
  
     3  
    Shouguang Weidong Chemical Company Limited 
    $192  
    $182  
    $—  
    $374  
     15.7%

The following table shows the major customer(s)
(10% or more) for the six-month period ended June 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 
    $355  
    $219  
    $—  
    $574  
     15.5%
  
     2  
    Shandong Brother Technology Limited 
    $325  
    $214  
    $—  
    $539  
     14.6%
  
     3  
    Shouguang Weidong Chemical Company Limited 
    $327  
    $208  
    $—  
    $535  
     14.5%

NOTE 18 – CUSTOMER CONCENTRATION

Revenue

Customer Concentration 

Product

During the six-month period ended June 30, 2025,
the Company sold 65.2% of its products to its top five customers, respectively. As of June 30, 2025, amounts due from these customers
were $2,207,307.

During the six-month period ended June 30, 2024,
the Company sold 60% of its products to its top five customers, respectively. As of June 30, 2024, amounts due from these customers were
$1,063,926.

    23 

GULF RESOURCES, INC.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

 (Expressed in U.S. dollars)

(UNAUDITED)