Gulf Resources, Inc.

Gulf Resources, Inc. manufactures and trades bromine and crude salt, natural gas, and manufactures and sells chemical products. The company's chemical products are used in oil and gas field explorations and as papermaking chemical agents, as well as materials for human and animal antibiotics. All of Gulf Resources, Inc.'s products are sold exclusively within the People's Republic of China. The functional currency of the company's operating foreign subsidiaries is the Renminbi (RMB), which had an average exchange rate of $0.14204 during fiscal year 2023 and $0.14042 during fiscal year 2024. The company's reporting currency is the United States dollar (USD). Gulf Resources, Inc. was originally incorporated in Delaware and later re-incorporated in Nevada. From November 1993 to August 2006, the company operated as "Diversifax, Inc.", owning, leasing, and operating coin and debit card pay-per-copy photocopy machines, fax machines, microfilm reader-printers, and accessory equipment. In August 2006, the company discontinued these operations due to declining demand. Upper Class Group Limited, incorporated in the British Virgin Islands in July 2006, acquired Shouguang City Haoyuan Chemical Company Limited (SCHC), a company incorporated in Shouguang City, Shandong Province, People's Republic of China, in May 2005. At the time of the acquisition, family members of Mr. Ming Yang, the company's president and former chief executive officer, owned approximately 63.20% of Upper Class Group Limited's outstanding shares.