Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 366

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 6
Chunk 366
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,549,815 for the year ended December 31, 2024, compared to $26,921,462 for the year ended December 31, 2023. This decrease was due
to a decrease in bromine unit price of 27% and a decrease in volume of 72%.

Crude salt segment

Net revenue from our crude salt segment decreased by 31.0%
to $2,049,988 for the year ended December 31, 2024, compared to $2,971,467 for the last year. This decrease was due to a decrease in crude
salt unit price of 13% and a decrease in volume of 20%.

Chemical products segment

For the years ended December 31, 2024
and December 31, 2023, the net revenue for the chemical products segment was $0 due to the closure of our chemical factories since September
1, 2017.

39 

Natural Gas segment

For the year ended December 31, 2024, and December 31, 2023,
the net revenue for the natural gas segment was $61,207 and $150,861. The 59.4% decrease in revenue was primarily
due to the expiration of contracts.

Cost of Net Revenue

    Cost of Net Revenue by Segment 
    % Change

    Year Ended 
    Year Ended 
    of Cost of

    December 31, 2024 
    December 31, 2023 
    Net Revenue
  
    Segment 
    % of total 
    % of total 

    Bromine 
    $13,750,051  
     93% 
    $26,521,281  
     94% 
     (48%)
  
    Crude Salt 
     996,396  
     7% 
     1,567,993  
     6% 
     (37%)
  
    Chemical Products 
     —  
     —  
     —  
     —  
     — 
  
    Natural Gas 
     294  
     —  
     679  
     —  
     (57%)
  
    Total 
    $14,746,741  
     100% 
    $28,089,953  
     100% 
     (48%)

Cost of net revenue
primarily includes costs of the raw materials consumed