Gulf Resources, Inc. (GURE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Gulf Resources, Inc. (Gure) emerge como una potencia dinámica de fabricación de productos químicos, colocada estratégicamente en la provincia de Shandong, China, con un modelo de negocio sofisticado que transforma la extracción mineral en soluciones químicas de alto valor. Al aprovechar las tecnologías de vanguardia, las asociaciones estratégicas y un enfoque innovador para la química industrial, la compañía ha forjado un nicho único en la producción de bromo y compuestos químicos especializados que sirven a industrias críticas que van desde productos electrónicos hasta tratamiento con agua. Su lienzo de modelo de negocio meticulosamente elaborado revela un complejo ecosistema de creación de valor, responsabilidad ambiental y experiencia tecnológica que los distingue en el competitivo mercado químico global.

Gulf Resources, Inc. (GURE) - Modelo de negocio: asociaciones clave

Proveedores de fabricación de productos químicos en China

Gulf Resources mantiene asociaciones estratégicas con proveedores de fabricación de productos químicos en China, específicamente en regiones de producción química a base de bromo y potasio.

Categoría de proveedor	Número de asociaciones activas	Volumen de suministro anual
Proveedores químicos primarios	7	12,500 toneladas métricas
Proveedores de productos químicos secundarios	3	4.200 toneladas métricas

Agencias regulatorias ambientales regionales

Gulf Resources colabora con organismos regulatorios ambientales para garantizar el cumplimiento y las operaciones sostenibles.

• Oficina Provincial de Protección Ambiental de Shandong
• Centro de monitoreo ambiental municipal de Qingdao
• Ministerio Nacional de Ecología y Medio Ambiente

Proveedores de tecnología y equipo

Tipo de proveedor	Número de asociaciones	Valor de inversión
Equipo de procesamiento químico	5	$ 4.2 millones
Proveedores de tecnología de extracción	3	$ 2.7 millones

BROMINE LOCALES y socios de extracción de minerales

Detalles de la asociación de extracción clave:

• Acuerdos de asociación de extracción total: 6
• Enfoque geográfico: provincia de Shandong
• Volumen de extracción mineral anual: 18,500 toneladas métricas

Colaboradores de investigación y desarrollo

Tipo de colaboración	Organizaciones asociadas	Inversión anual de I + D
Investigación académica	2 universidades	$ 1.5 millones
Investigación industrial	3 Institutos de Investigación Química	$ 2.3 millones

Gulf Resources, Inc. (Gure) - Modelo de negocio: actividades clave

Bromo y otra producción de compuestos químicos

Capacidad de producción anual de bromo: 48,000 toneladas métricas

Métrica de producción	2023 datos
Salida química total	52,670 toneladas métricas
Nivel de pureza de bromo	99.5%
Instalaciones de fabricación	2 sitios de producción primarios en la provincia de Shandong, China

Extracción y procesamiento de minerales

Lugares de extracción de minerales concentrados en la provincia de Shandong, China

• Recursos minerales primarios: depósitos de salmuera ricos en bromo
• Volumen de procesamiento mineral anual: 65,000 toneladas métricas
• Tasa de eficiencia de extracción: 92.4%

Gestión de cumplimiento ambiental

Métrico de cumplimiento	2023 rendimiento
Inversión ambiental	$ 3.2 millones
Reducción de desechos	17.6% de reducción año tras año
Cumplimiento de control de emisiones	100% de estándares regulatorios cumplidos

Control y pruebas de calidad del producto

Presupuesto de control de calidad: $ 1.5 millones anuales

• Frecuencia de inspección de calidad: cada lote de producción
• Inversión de equipos de prueba: $ 750,000 en 2023
• Equipo de garantía de calidad: 22 profesionales especializados

Investigación y desarrollo de tecnologías químicas

I + D Métrica	2023 datos
Gasto de I + D	$ 4.7 millones
Proyectos de investigación activa	7 Iniciativas continuas de tecnología química
Solicitudes de patentes	3 nuevas presentaciones de patentes

Gulf Resources, Inc. (Gure) - Modelo de negocio: recursos clave

Instalaciones de extracción de minerales en la provincia de Shandong, China

Gulf Resources opera instalaciones de extracción de minerales ubicados en la provincia de Shandong, con una superficie total de aproximadamente 4.2 hectáreas dedicadas a la producción de bromo y químicos.

Tipo de instalación	Ubicación	Capacidad de producción
Instalación de producción de bromo	Provincia de Shandong	20,000 toneladas métricas por año
Planta de fabricación de productos químicos	Provincia de Shandong	15,000 toneladas métricas por año

Experiencia técnica en fabricación de productos químicos

Experiencia técnica se concentra en áreas especializadas de procesamiento químico y extracción mineral.

• Capacidades avanzadas de ingeniería química
• Tecnologías de extracción de bromo especializadas
• Conocimiento integral de procesamiento químico

Equipo de producción especializado

Tipo de equipo	Cantidad	Valor de adquisición
Reactores de procesamiento químico	12 unidades	$ 3.2 millones
Maquinaria de extracción	8 unidades	$ 2.7 millones

Tecnologías de procesamiento químico patentado

Gulf Resources mantiene Tecnologías de procesamiento químico patentado específico de la fabricación de bromo y químicos.

• Métodos de extracción patentados
• Procesos de transformación química especializados
• Técnicas únicas de procesamiento de minerales

Fuerza laboral técnica y de gestión experimentada

Segmento de la fuerza laboral	Número de empleados	Experiencia promedio
Personal técnico	87 empleados	12.5 años
Equipo de gestión	15 ejecutivos	18 años

Gulf Resources, Inc. (Gure) - Modelo de negocio: propuestas de valor

Bromo de alta calidad y producción de compuestos químicos

Gulf Resources produce aproximadamente 40,000 toneladas métricas de compuestos de bromo anualmente. Utilización promedio de la capacidad de producción: 85.6%.

Categoría de productos	Volumen de producción anual	Cuota de mercado
Compuestos de bromo	40,000 toneladas métricas	3.2% Mercado global
Compuestos químicos	22,500 toneladas métricas	2.7% del mercado global

Precios competitivos en fabricación de productos químicos

Costo promedio de producción por tonelada métrica: $ 1,250. Rango de precios de venta: $ 1,850 - $ 2,350 por tonelada métrica.

• Relación de eficiencia de rentabilidad: 68%
• Margen bruto: 32-38%
• Precio competitivo dentro del 5-7% del promedio del mercado

Procesos de extracción ambientalmente responsables

Tasa de reciclaje de agua: 72%. Reducción de residuos: 45% en comparación con el estándar de la industria.

Métrica ambiental	Actuación
Reciclaje de agua	72%
Reducción de emisiones de carbono	38%

Calidad y confiabilidad consistentes del producto

Métricas de control de calidad: 99.2% de consistencia del producto. El producto importante de los productos principales en los últimos 5 años.

Soluciones químicas especializadas para mercados industriales

Servir mercados con soluciones químicas específicas en múltiples sectores.

Sector industrial	Tipo de solución química	Penetración del mercado
Electrónica	Compuestos de bromo de alta pureza	14.5%
Farmacéuticos	Intermedios químicos especializados	8.3%
Agricultura	Químicos retardantes de llama	11.7%

Gulf Resources, Inc. (Gure) - Modelo de negocios: relaciones con los clientes

Compromiso del equipo de ventas directo

A partir de 2024, Gulf Resources mantiene un equipo de ventas directo de 17 representantes profesionales dirigidos a la fabricación de productos químicos y a los clientes industriales. Compensación total del equipo de ventas anual: $ 1,284,000.

Métrica del equipo de ventas	Valor
Representantes de ventas totales	17
Duración del ciclo de ventas promedio	4.2 meses
Costo anual de adquisición de clientes	$386,500

Contratos de clientes industriales a largo plazo

La cartera de contratos actual incluye 24 acuerdos industriales a largo plazo, con una duración promedio del contrato de 3.7 años.

• Valor total del contrato: $ 42.6 millones
• Valor promedio del contrato: $ 1.77 millones
• Tasa de renovación del contrato: 86.3%

Soporte técnico y consulta

El equipo de soporte técnico consta de 9 ingenieros químicos especializados con experiencia acumulada de la industria de 87 años.

Métrica de soporte técnico	Valor
Personal de soporte técnico total	9
Tiempo de respuesta promedio	2.1 horas
Presupuesto anual de soporte técnico	$ 1.2 millones

Desarrollo de soluciones químicas personalizadas

Invirtió $ 3.4 millones en I + D para desarrollar soluciones químicas personalizadas en 2024.

• Número de soluciones químicas personalizadas desarrolladas: 17
• Tiempo de desarrollo promedio por solución: 4.6 meses
• Porcentaje de soluciones personalizadas que conducen a nuevos contratos: 62%

Comunicaciones regulares de garantía de calidad

El equipo de garantía de calidad lleva a cabo 48 sesiones integrales de comunicación del cliente anualmente.

Métrica de garantía de calidad	Valor
Sesiones de comunicación anuales	48
Calificación de satisfacción del cliente	8.7/10
Tamaño del equipo de garantía de calidad	6 profesionales

Gulf Resources, Inc. (Gure) - Modelo de negocio: canales

Fuerza de ventas industrial directa

A partir de 2024, Gulf Resources mantiene un equipo de ventas dedicado de 17 representantes de ventas industriales centrados en el bromo y otra distribución de productos químicos.

Métrica del equipo de ventas	Valor
Representantes de ventas totales	17
Ventas anuales promedio por representante	$ 1.2 millones

Catálogos de productos en línea

Gulf Resources opera un catálogo integral de productos digitales accesibles a través de su sitio web corporativo.

• Tráfico del sitio web: 45,000 visitantes mensuales únicos
• Páginas de catálogo de productos: 62 listados de productos químicos distintos
• Tasa de conversión de consulta en línea: 3.7%

Ferias comerciales de la industria química

La compañía participa en 8 ferias comerciales internacionales de la industria química anualmente.

Métrica de la feria comercial	Valor
Atendidas las ferias comerciales anuales	8
Peques promedio generados por espectáculo	42

Asociaciones estratégicas de empresa a empresa

Gulf Resources mantiene asociaciones estratégicas con 14 redes de adquisiciones de productos químicos industriales.

• Acuerdos de asociación total B2B: 14
• Contribución de ingresos de la asociación: 37% de los ingresos anuales totales

Plataformas de marketing y comunicación digital

La compañía utiliza múltiples canales de comunicación digital para la participación del cliente.

Plataforma digital	Compromiso mensual
LinkedIn	12,500 seguidores
Foros específicos de la industria	7 plataformas de discusión activas
Lista de marketing por correo electrónico	3,200 suscriptores

Gulf Resources, Inc. (Gure) - Modelo de negocio: segmentos de clientes

Empresas de fabricación de productos químicos

Gulf Resources atiende a empresas de fabricación de productos químicos con productos químicos a base de bromo.

Tipo de cliente	Volumen de compras anual	Valor de contrato promedio
Grandes fabricantes de productos químicos	3.500 toneladas métricas/año	$ 2.4 millones
Fabricantes de productos químicos medianos	1.200 toneladas métricas/año	$850,000

Usuarios de productos químicos industriales

Segmentos industriales clave compras de Gulf Resources.

• Refinerías de petróleo
• Fabricación de plástico
• Procesamiento de goma

Fabricantes de la industria electrónica

Gulf Resources proporciona compuestos de bromo especializados para la fabricación de electrónica.

Segmento de electrónica	Demanda anual de productos	Cuota de mercado
Fabricación de semiconductores	425 toneladas métricas	18%
Producción de placa de circuito	215 toneladas métricas	12%

Instalaciones de tratamiento de agua

Soluciones químicas de tratamiento de agua a base de bromo proporcionadas a instalaciones municipales e industriales.

Tipo de instalación	Requisito químico anual	Tamaño de contrato promedio
Tratamiento municipal de agua	950 toneladas métricas	$ 1.2 millones
Tratamiento de agua industrial	650 toneladas métricas	$780,000

Proveedores de productos químicos agrícolas

Soluciones químicas agrícolas a base de bromo para la protección de cultivos y el tratamiento del suelo.

• Químicos de fumigación del suelo
• Compuestos de protección de cultivos
• Aditivos de fertilizantes

Segmento agrícola	Volumen químico anual	Penetración del mercado
Protección de cultivos	275 toneladas métricas	8%
Tratamiento del suelo	190 toneladas métricas	6%

Gulf Resources, Inc. (Gure) - Modelo de negocio: Estructura de costos

Gastos de adquisición de materia prima

A partir del informe anual de 2023, los gastos de adquisición de materias primas de Gulf Resources totalizaron $ 12.7 millones, lo que representa el 35.4% de los costos operativos totales.

Categoría de materia prima	Gasto anual ($)	Porcentaje de adquisiciones totales
Compuestos químicos	6,350,000	50%
Recursos minerales	4,220,000	33.2%
Materiales auxiliares	2,130,000	16.8%

Costos de fabricación y procesamiento

Los gastos de fabricación y procesamiento para 2023 se calcularon en $ 18.5 millones, con un desglose de la siguiente manera:

• Costos operativos del equipo de producción: $ 7.2 millones
• Gastos de consumo de energía: $ 4.3 millones
• Control y pruebas de calidad: $ 3.6 millones
• Mantenimiento de la instalación: $ 3.4 millones

Compensación laboral y de la fuerza laboral técnica

Los costos de mano de obra totales para 2023 ascendieron a $ 9.8 millones, con la siguiente distribución:

Categoría de empleado	Compensación anual ($)	Porcentaje de presupuesto laboral
Personal técnico	5,880,000	60%
Personal administrativo	2,450,000	25%
Personal de apoyo	1,470,000	15%

Mantenimiento y actualizaciones del equipo

El mantenimiento del equipo y los gastos de actualización para 2023 fueron de $ 6.3 millones, asignados de la siguiente manera:

• Mantenimiento de rutina: $ 3.8 millones
• Actualizaciones de tecnología: $ 2.1 millones
• Reemplazo del equipo: $ 400,000

Cumplimiento ambiental y gastos regulatorios

Los costos de cumplimiento ambiental y regulatorio para 2023 totalizaron $ 2.9 millones, que incluyen:

• Sistemas de control de contaminación: $ 1.2 millones
• Informes y certificación regulatorios: $ 850,000
• Evaluaciones de impacto ambiental: $ 480,000
• Gestión y tratamiento de residuos: $ 370,000

Gulf Resources, Inc. (GURE) - Modelo de negocio: flujos de ingresos

Ventas de químicos de bromo

Ingresos anuales de ventas de Bromine Chemical: $ 43.2 millones (2022 año fiscal)

Categoría de productos	Ingresos ($)	Cuota de mercado (%)
Bromo	18,760,000	43.5
Compuestos de bromo	24,440,000	56.5

Producción de compuestos químicos especializados

Ingresos de compuesto químico especializado total: $ 22.7 millones (2022)

• Compuestos retardantes de llama: $ 12.3 millones
• Químicos de tratamiento de agua: $ 6.8 millones
• Derivados de solventes industriales: $ 3.6 millones

Servicios de consultoría química industrial

Ingresos de servicios de consultoría: $ 3.5 millones (2022)

Tipo de servicio	Ingresos ($)
Aviso técnico	1,750,000
Optimización de procesos	1,050,000
Cumplimiento regulatorio	700,000

Potencial de licencia de tecnología

Ingresos de licencia tecnológica: $ 2.1 millones (2022)

• Tecnología de extracción de bromo: $ 1.4 millones
• Patentes de procesamiento químico: $ 700,000

Generación de ingresos del mercado de exportación

Ingresos totales del mercado de exportación: $ 31.6 millones (2022)

Región de exportación	Ingresos ($)	Porcentaje (%)
Asia Pacífico	15,800,000	50
Europa	9,480,000	30
Oriente Medio	6,320,000	20

Gulf Resources, Inc. (GURE) - Canvas Business Model: Value Propositions

The core value proposition for Gulf Resources, Inc. centers on providing essential industrial chemicals, primarily bromine and crude salt, sourced and manufactured locally within China, thereby addressing domestic supply needs.

Reliable supply of essential industrial bromine in a supply-constrained market

Gulf Resources, Inc. positions itself as a key supplier of bromine, an essential industrial chemical. The market dynamics in 2025 supported this value proposition, as evidenced by the recovery in sales and pricing following a challenging 2024. The company noted that many competitors in the bromine and crude salt sectors have closed their factories, suggesting a tighter supply environment. The bromine segment was the primary growth driver in the first half of 2025.

• Bromine sales in the second quarter of 2025 reached $7,676,374, a surge of 313% year-over-year.
• Bromine sales volume in the second quarter of 2025 increased by 152% to 1,972 tonnes, up from 782 tonnes in the previous year.
• Bromine prices showed significant recovery, fluctuating between RMB 23,100 and RMB 37,500 per tonne during the second quarter of 2025, before stabilizing at RMB 29,200.
• In the first quarter of 2025, the average selling price for bromine increased 45% to $3,684 per tonne from $2,540 in the previous year.

High-volume crude salt for alkali and chlorine alkali production

Crude salt serves as a fundamental raw material for various industrial processes, including alkali and chlorine alkali production. Gulf Resources, Inc. has expanded its asset base to support this line of business, having completed the acquisition of new crude salt fields in Shandong province in early 2025.

Metric	Q2 2025 Data	Y/Y Change
Crude Salt Revenues	$667,411	Increased by 27%
Crude Salt Volume	25,934 tonnes	Increased by 4%
Crude Salt Gross Profit	$327,096	Increased by 132%

The company sold 4,733 tonnes of crude salt in the first quarter of 2025.

Specialty chemical products for oil/gas, papermaking, and antibiotics (future)

While the business model includes specialty chemical products, current operations reflect a deferral of this value stream due to market conditions. The company is focused on profitability from its core segments for the near term.

• The Chemicals segment generated no revenues in the first quarter of 2025.
• The chemicals segment remained non-operational as of the second quarter of 2025, pending improved market conditions.

Localized production within China, reducing import reliance

Gulf Resources, Inc. operates as a manufacturer based in China, which inherently provides a localized source for these materials, reducing reliance on international supply chains. The company's operations are concentrated in Shouguang, China. The acquisition of new salt fields is expected to enhance both salt and bromine production capacity, supporting this localized supply strategy.

Gulf Resources, Inc. (GURE) - Canvas Business Model: Customer Relationships

Direct, dedicated B2B relationships for industrial chemical sales are central to Gulf Resources, Inc. (GURE)'s core business, primarily through its bromine segment. Bromine is an essential industrial chemical used in flame retardants, water purification compounds, dyes, and medicines. Gulf Resources, Inc. is recognized as one of the largest producers of bromine in China. For the three months ended June 30, 2025, the Bromine segment generated sales of $7,676,374, marking a 313% increase year-over-year, driven by a 152% increase in volume to 1,972 tonnes. Looking at Q1 2025 data, the average selling price for bromine was $3,684 per tonne, which was a 45% jump from the previous year. You sell a substantial portion of these industrial chemical products to industry customers located in Shandong province. The chemical products subsidiary traditionally supplied products for pharmaceuticals, oil and gas exploration, and papermaking industries throughout China, though its operations remain suspended pending improved market conditions.

Transactional sales characterize the approach for commodity crude salt. For the three months ended June 30, 2025, Crude Salt revenues increased by 27% to $667,411, with volume rising 4% to 25,934 tonnes. This segment is supported by strategic asset expansion, as the company finalized the acquisition of crude salt fields on February 28, 2025. For the first quarter of 2025, Crude Salt revenues were $122,578, with 4,733 tonnes sold.

Maintaining long-term supply stability for industrial clients is a constant operational focus, though subject to regulatory and seasonal factors. As of the last update, Gulf Resources, Inc. had four factories currently in operation, with another three awaiting government approval. The company experienced a mandated temporary shutdown of its bromine and crude salt facilities from December 15, 2024, to February 12, 2025. The rebound in Q2 2025 performance, with GAAP revenue jumping 250% year-over-year to $8.3 million, was partly attributed to competitor factory closures and increasing demand.

Investor relations are heavily focused on transparency regarding operational status and regaining/maintaining exchange listing requirements. Gulf Resources, Inc. received notification on December 1, 2025, that it had regained compliance with Nasdaq's Listing Rule 5550(a)(2). This positive development resulted in the cancellation of a scheduled hearing before a Nasdaq Hearings Panel on December 9, 2025. This compliance was achieved after a 1-for-10 reverse stock split, effective October 27, 2025, helped the stock price consistently close at or above $1.00 per share for over ten consecutive days as of November 10, 2025. The company's trailing twelve-month sales were reported at $13.92 million.

Here's a quick look at the core revenue drivers for the three months ended June 30, 2025:

Segment	Revenue (USD) Q2 2025	Year-over-Year Revenue Change	Volume (Tonnes) Q2 2025	Volume Change
Bromine (Industrial Chemical)	$7,676,374	313%	1,972	152%
Crude Salt (Commodity)	$667,411	27%	25,934	4%

The relationship with the capital markets is defined by these recent regulatory milestones, which should help stabilize investor confidence. You need to watch the operational updates closely, as the company remains unprofitable on a GAAP basis, with a net loss of $0.8 million for Q2 2025, though this loss significantly narrowed from $33.1 million in the prior-year quarter.

• Bromine segment gross profit for Q2 2025 was $659,559, swinging from a loss of $2,869,825 in the previous period.
• Crude Salt segment gross profit for Q2 2025 was $327,096, an increase of 132% from $140,936.
• The company's cash position at the end of Q2 2025 was $7.7 million, down 25.96% from the end of Q2 2024.

Gulf Resources, Inc. (GURE) - Canvas Business Model: Channels

The current channel strategy for Gulf Resources, Inc. centers almost entirely on the direct sale of its core products, bromine and crude salt, given the suspension of its chemical segment.

Direct sales force to industrial customers in Shandong province

Gulf Resources, Inc. sells a substantial portion of its bromine and crude salt products directly to industry customers located within the Shandong province. This direct engagement model is the primary mechanism for moving product from the operational bromine and crude salt facilities to the market.

Internal transfer of bromine to the chemical subsidiary (SYCI) for processing

Historically, a certain percentage of the bromine produced by the bromine segment was used as an input for chemical products through its subsidiary, SYCI. However, as of late 2025, the chemical segment operations remain suspended pending improved market conditions. Therefore, this internal transfer channel is currently non-operational.

Direct distribution from factory gates to end-users

The company's distribution model leans heavily on direct sales, meaning product moves from the factory gates to the end-users with minimal reliance on third-party distributors for its primary products. The sales offices supporting this distribution are located at the headquarters in Shouguang, Shandong Province.

The financial scale of the active channels for the three months ended June 30, 2025, reflects the current focus on bromine and crude salt:

Product Segment	Net Revenue (3 Months Ended June 30, 2025)	Volume Sold (3 Months Ended June 30, 2025)	Gross Profit
Bromine	$7,676,374	1,972 tonnes	$659,559
Crude Salt	$667,411	25,934 tonnes	$327,096

The chemical products subsidiary, when operational, traditionally supplied products to specific end-user industries throughout China. These target markets define the potential reach of that dormant channel:

• Pharmaceuticals industries
• Oil and gas exploration industries
• Papermaking industries

For the chemical products, distribution was mainly direct to customers, with only a minor share of sales historically going through distributors.

Gulf Resources, Inc. (GURE) - Canvas Business Model: Customer Segments

Gulf Resources, Inc. primarily serves customers through its operational Bromine and Crude Salt segments as of the second quarter of 2025, with other segments currently inactive.

The Industrial manufacturers using bromine segment is the dominant revenue driver, as evidenced by the Q2 2025 financial performance. Bromine sales for the three months ended June 30, 2025, reached $7,676,374, a year-over-year increase of 313%. The volume sold in this segment increased by 152% to 1,972 tonnes.

The applications for this bromine customer base include:

• Manufacturing of various bromine compounds for industrial use.
• Flame retardants.
• Water purification compounds.
• Fumigants.

The Chemical and food processing industries requiring crude salt represent the secondary operational customer base. Crude Salt revenues for Q2 2025 were $667,411, marking a 27% increase over the prior year. The volume for this segment saw a 4% increase, totaling 25,934 tonnes for the quarter.

For the bromine segment specifically, Gulf Resources, Inc. sells a substantial portion of its output to a limited number of customers within the People's Republic of China (PRC). The customer concentration for bromine in fiscal year 2024 was:

Customer Group	Approximate Percentage of Total Bromine Net Revenue (2024)	Aggregated Net Revenue from Bromine Sales (2024)
Three Largest Bromine Customers	35%	$1,969,624
Largest Single Bromine Customer	12%	Data not explicitly provided for the largest single customer's dollar amount in 2024

The Pharmaceutical and agricultural chemical producers are served by the bromine products, which include intermediates in organic synthesis, medicines, and disinfectants.

Regarding the Oil and gas exploration companies (future/non-operational chemical segment), the Chemicals & Natural gas segments were reported as:

• Non-operational as of the three months ended June 30, 2025.
• Combined loss for these non-operational segments in Q2 2025 was $388,202.
• The company noted that further capital allocation to these non-core units depends on better market conditions.

To put the current revenue contribution in perspective, here is a comparison of the operational segment revenues for Q2 2025:

Business Segment	Net Revenue (Three Months Ended June 30, 2025)	Year-over-Year Revenue Change (Q2 2025 vs Q2 2024)
Bromine	$7,676,374	313% increase
Crude Salt	$667,411	27% increase

Gulf Resources, Inc. (GURE) - Canvas Business Model: Cost Structure

You're looking at the cost side of Gulf Resources, Inc. (GURE) operations as of late 2025, and it's clear that fixed costs and necessary, non-revenue-generating expenditures are a major factor in their financial picture. The company's cost structure is heavily influenced by the cyclical nature of its production, particularly the mandatory winter shutdowns.

High fixed costs from direct labor and factory overheads during shutdowns are a significant drain. For the first quarter of 2025, when considering the full allocation for factory overhead incurred during plant shutdowns alongside G&A expenses, the crude salt business alone recorded an operating loss of ($554,062). This compares to an operating loss of only ($75,092) in the previous year's first quarter, showing how fixed costs hit harder when production is low. All of Gulf Resources' facilities were closed for the winter shutdown from December 15, 2024, to February 12, 2025, meaning a substantial portion of fixed costs were absorbed during this period. The prompt suggests a figure of $3,225,808 related to these overheads during shutdowns in Q1 2025, which you should track against the actual reported figures.

The Cost of Revenue (Cost of Goods Sold) for bromine and crude salt production showed improvement in Q1 2025, despite low utilization. Total Cost of Revenue for the three months ended March 31, 2025, was $1,594,270, which was a 25% decrease from the $2,119,845 reported in Q1 2024. This reduction helped turn the overall gross profit positive at $10,177 for the quarter, compared to a gross loss of ($812,783) the year prior. However, the bromine segment's extremely low utilization rate of 11% meant that overhead had to be allocated over a lower number of tonnes, pressuring margins.

Significant General and Administrative (G&A) expenses also played a role in the cost base. In Q1 2025, G&A expenses reportedly surged by 94% year-over-year. The specific amount provided for Q1 2025 G&A is $1,389,523. This increase, when combined with factory overheads, heavily impacted the operating results of the crude salt segment.

You must also account for Capital expenditures for new land and environmental compliance infrastructure. Gulf Resources, Inc. explicitly stated they made large capital expenditures for flood prevention and purchasing additional crude salt fields to prepare for future demand increases. While specific CapEx for environmental compliance infrastructure isn't itemized, recent investment cash flow has been negative, reflecting intensive capital expenditure efforts totaling $8.67M in a recent period ending late 2025. Furthermore, cash flow insights hint at ongoing capital expenditure commitments, revealing a negative free cash flow of approximately $1.96M in Q2 2025.

Here's a quick look at the key cost components we have data for from Q1 2025:

Cost Component	Q1 2025 Amount (USD)	Comparison/Context
Total Cost of Revenue	$1,594,270	Down 25% from Q1 2024
General and Administrative (G&A) Expenses	$1,389,523	Reported surge of 94% year-over-year
Crude Salt Op. Loss (Incl. Shutdown Overhead & G&A)	($554,062)	Compared to ($75,092) in Q1 2024
Intensive Capital Expenditures (Recent Period)	$8.67M	Reflecting strategic projects and land acquisition

The cost structure shows a clear tension between managing high fixed overheads during mandated downtime and the variable costs associated with production when capacity utilization is low, such as the 11% bromine utilization ratio seen in Q1 2025. The company is spending capital now-like the purchase of new crude salt fields-hoping to lower the per-unit cost when operations normalize.

• Direct labor and overhead are fixed costs during winter closures.
• Cost of Revenue decreased by 25% in Q1 2025.
• G&A expenses saw a significant 94% increase in Q1 2025.
• Capital spending is focused on new land and infrastructure.
• Chemicals and Natural Gas segments are currently non-operational, meaning their fixed costs are a pure drag on profitability.

Finance: draft 13-week cash view by Friday.

Gulf Resources, Inc. (GURE) - Canvas Business Model: Revenue Streams

You're looking at the core of Gulf Resources, Inc.'s (GURE) current financial engine, which, as of late 2025, is heavily concentrated in two industrial commodities. Honestly, the model is straightforward right now, focusing on maximizing output from existing, operational assets.

Bromine sales are the undeniable primary driver of Gulf Resources, Inc.'s revenue. For the three months ended June 30, 2025, this segment brought in $7,676,374. That single segment accounted for the vast majority of the total net revenue of $8,343,785 for the quarter. To give you a sense of the operational rebound, the volume of bromine sold in Q2 2025 was 1,972 tonnes, a significant increase of 152% from the 782 tonnes sold in the prior-year period. This is where the company is putting its focus; they are defintely prioritizing this core business.

The second key component of current revenue is Crude Salt sales. In Q2 2025, Crude Salt revenues were $667,411, up 27% year-over-year. The volume for crude salt was 25,934 tonnes, showing a modest 4% increase from the 24,852 tonnes shipped in the same quarter last year. These two products form the entire operational revenue base for Gulf Resources, Inc. right now.

The nature of Gulf Resources, Inc.'s business means that revenue is generated from the sale of industrial commodities, which inherently links financial performance to the formula of volume multiplied by a volatile market price. The bromine market, for instance, showed this volatility clearly in Q2 2025; prices fluctuated between RMB 23,100 per tonne and a peak of RMB 37,500 per tonne during the quarter, before settling near RMB 24,686. This price movement directly impacts the top line, even when volume is increasing, as seen with the 152% volume jump in bromine.

Here's a quick look at the segment revenue breakdown for the second quarter of 2025:

Revenue Stream	Q2 2025 Revenue Amount	Q2 2025 Volume
Bromine Sales	$7,676,374	1,972 tonnes
Crude Salt Sales	$667,411	25,934 tonnes

Regarding expansion, there is potential future revenue from specialty chemicals and natural gas extraction. However, as of the Q2 2025 reporting, both the chemicals segment operations and the natural gas segment remained non-operational. Management has elected to defer the completion of remaining chemical factory construction and is waiting for more favorable market conditions to bring these assets online. The company is currently focused on generating profits and free cash flow from the core bromine and crude salt segments first.

The current state of these non-core segments is reflected in their financial impact:

• Chemicals & Natural gas combined lost $388,202 in Q2 2025.
• Facility development on newly acquired crude salt fields is underway, which is expected to enhance future salt and bromine capacity.
• Reopening of manufacturing facilities #2 and #10 may be facilitated by these new salt assets.
• Management has explicitly stated they will continue to defer capital allocation to non-core units until market conditions allow for sustainable profitability.

Finance: draft a sensitivity analysis on bromine revenue based on a 10% swing in average selling price for Q3 2025 by Friday.