Every 10-K that Gulf Resource (GURE) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow GURE and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full GURE filings page.
Gulf Resources, Inc. (GURE) files Amendment No. 2 to its Form 10‑K for the year ended December 31, 2024 to expand disclosures requested by the SEC, mainly on PRC regulatory developments, government oversight, risk factors, financial statement notes, and internal controls. The amendment includes a revised auditor report and multiple updated footnotes.
The company operates entirely in China through four wholly owned PRC subsidiaries, producing bromine, crude salt, chemical products and natural gas. As of April 10, 2025, there were 11,346,618 common shares outstanding, and as of June 30, 2024 non‑affiliate equity market value was about $8.0 million.
In 2024 the subsidiary SHSI agreed to acquire over 5.1 million m² of crude salt fields from five local counterparties for an aggregate consideration exceeding RMB 270 million, with 80% paid in cash and the remaining portions payable in a mix of cash and GURE shares priced at $1.50 using a fixed FX rate. The company continues a multi‑year, approximately $69 million relocation and rebuild of its chemical plant, with $45.6 million incurred to date, and notes ongoing PRC regulatory uncertainty, HFCAA‑related audit inspection risk, and a Nasdaq minimum bid price deficiency that must be cured by May 5, 2025.
Gulf Resources, Inc. is a Nevada holding company operating entirely through PRC subsidiaries that manufacture and trade bromine, crude salt, and chemical products, with historical sales only in China. Operations are highly dependent on government licenses for bromine and crude salt and are concentrated in Shandong Province.
Recent actions include the completed sale of 100% of Shouguang Yuxin Chemical for RMB 21.2 million, a seasonal government-mandated shutdown of bromine operations in Shouguang from December 2025 to late February 2026, and private placements in early 2026 that together represented about 18% of the company’s shares outstanding as of December 31, 2025. The company has invested about $45.6 million toward a planned new chemical facility with an estimated total relocation cost of $69 million.
The company faces significant regulatory and listing risks. It plans to restate prior financial statements to reclassify certain buildings as right-of-use assets, has deemed affected prior filings unreliable, and is late on its 2025 annual and Q1 2026 reports, operating under a Nasdaq exception requiring all delinquent reports be filed by August 31, 2026. Operations are also exposed to evolving PRC regulations on environmental protection, resource extraction, overseas listings and data/confidentiality, as well as potential U.S. trading restrictions under the Holding Foreign Companies Accountable Act.
Gulf Resources, Inc. filed Amendment No. 1 to its annual report for the year ended December 31, 2024, expanding disclosures on PRC regulatory developments, government oversight, risk factors, financial statements and internal controls in response to multiple SEC comment letters.
The company describes operations in China across bromine, crude salt, chemicals and natural gas, highlights ongoing relocation of its chemical plant to Bohai Marine Fine Chemical Industrial Park with an estimated relocation cost of about $69 million, and notes crude salt field acquisition agreements in Shandong with long-term land-use rights and partial consideration in common stock.
As of June 30, 2024, non‑affiliate equity market value was about $8.0 million, and 11,346,618 shares of common stock were outstanding as of April 10, 2025. Gulf Resources outlines legal and operational risks from evolving PRC oversight of overseas-listed issuers, potential impacts of the Holding Foreign Companies Accountable Act, restrictions on cash transfers and dividends, and its current Nasdaq minimum bid-price deficiency, which could ultimately lead to delisting if not cured.