GULF RESOURCES, INC.

GULF RESOURCES, INC. manufactures and trades bromine and crude salt, natural gas, and produces and sells various 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 company, a holding company, and its consolidated wholly-owned subsidiaries use the Renminbi (RMB) as their functional currency, which had an average exchange rate of $0.14204 during fiscal year 2023 and $0.14042 during fiscal year 2024. The 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. This operation was discontinued in August 2006 due to declining demand. In May 2005, Shouguang City Haoyuan Chemical Company Limited (SCHC), incorporated in Shouguang City, Shandong Province, People's Republic of China, was acquired by Upper Class Group Limited, incorporated in the British Virgin Islands in July 2006. At the time of this acquisition, approximately 63.20% of Upper Class Group Limited's outstanding shares were owned by the family of Mr. Ming Yang, the company's president and former chief executive officer.