olivLaw · US equity research
Gulf Resources, Inc. GURE
Chemicals & Allied Products · SIC 2800 · Vertical: Chemicals & Allied Products (SIC 2800)
Gulf Resources is a Chinese producer of bromine and crude salt, with smaller chemical and natural gas activities, all run through subsidiaries in China. The company reported a strong revenue recovery in 2025 but remained loss-making, and it is now under pressure from a delayed annual filing and a Nasdaq delisting risk.
At the close of 04 Nov 2026, Gulf Resources, Inc. (GURE) stock was 3.10 USD (+1.31% on the day), with market capitalisation 5.6 m USD, beta 0.02, 52-week range 2.63–8.19 USD. Latest reported quarter (Q2 2026): revenue of 12.9 m USD (+54.5% YoY), net income of 1.1 m USD, diluted EPS 0.64 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.2
- neutral
- Bollinger (20, 2)
- 2.69 – 3.30
- in the upper half of the band · %B 0.67 · band width 20.5%
- SMA 50 / 200
- 3.22 / 4.05
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.3% | −1.1% | +1.4 pp | — |
| 3 months | +2.0% | −0.5% | +2.4 pp | — |
| 6 months | −15.5% | +4.4% | −19.9 pp | — |
| Year to date | −16.2% | +12.3% | −28.5 pp | — |
| 1 year | −26.7% | +13.5% | −40.3 pp | +0.8% |
| 3 years | −82.6% | +76.4% | −159.0 pp | −23.2% |
| 5 years | −94.3% | +63.7% | −158.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.2 m | 1.7 m | 1.6 m | 8.3 m | 9.0 m | 6.4 m | 2.4 m | 12.9 m |
| Operating income | -4.6 m | -7.3 m | -4.7 m | -791.3 k | -333.9 k | -2.9 m | -4.1 m | 1.3 m |
| Depreciation & amortisation | 4.6 m | 4.8 m | 4.0 m | 4.0 m | 3.8 m | 4.5 m | 4.1 m | 4.2 m |
| Interest expense | 21.2 k | 21.1 k | 21.7 k | 21.7 k | 18.2 k | 311.1 k | 123.4 k | 124.7 k |
| Pre-tax income | -4.6 m | -14.1 m | -4.7 m | -814.4 k | -35.7 m | -2.9 m | -3.9 m | 1.1 m |
| Income tax | -1.1 m | 5.2 m | 0 | — | — | — | — | — |
| Net income | -3.5 m | -19.3 m | -4.7 m | -814.4 k | -35.7 m | -2.9 m | -3.9 m | 1.1 m |
| Diluted EPS | -3.20 | — | -3.93 | -0.60 | -26.35 | — | -2.48 | 0.64 |
| Operating cash flow | 518.7 k ≈ | 969.3 k | -1.6 m | -559.6 k ≈ | 6.7 m ≈ | 3.2 m | 1.1 m | -5.3 m ≈ |
| Capex | 31.6 m ≈ | -31.6 m | — | — | — | 174.8 k | 515.4 k | 1.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.6 m | 10.6 m | 28.2 m | 55.0 m | 66.1 m | 30.0 m | 7.7 m | 25.4 m |
| Revenue YoY | −97.6% | +308.4% | +166.2% | +95.1% | +20.1% | −54.5% | −74.5% | +231.8% |
| Net income | -70.0 m | -25.8 m | -8.4 m | -924.7 k | 10.1 m | -61.8 m | -59.9 m | -43.9 m |
| Net income YoY | −979.7% | unavailable | unavailable | unavailable | unavailable | −714.3% | unavailable | unavailable |
| Diluted EPS | -1.49 | unavailable | unavailable | -0.09 | 1.00 | -58.16 | -54.88 | -32.95 |
| Diluted EPS YoY | −976.5% | unavailable | unavailable | unavailable | unavailable | −5,916.0% | unavailable | unavailable |
| net % | -2,696.2% | -243.5% | -29.9% | -1.7% | 15.2% | -205.7% | -781.9% | -172.8% |
| Free cash flow | -17.9 m | -75.9 m | -12.4 m | -6.8 m | 13.6 m | unavailable | -28.2 m | -1.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.8 k USD
- Financial debt
- 2.8 m USD
- Net debt
- 2.8 m USD
- Equity
- 111.5 m USD
- Total assets
- 133.7 m USD
- Debt / equity
- 0.03x
- Current ratio
- 2.98x
- ROE
- -34.5%
- ROA
- -29.1%
- FCF margin
- -4.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 28.2 m | 55.0 m | 66.1 m | 30.0 m | 7.7 m | 25.4 m | SEC (XBRL)· 17 Aug 2026verified |
| Cost of revenue | 19.4 m | 27.1 m | 28.7 m | 28.1 m | — | — | SEC (XBRL)· 27 Sept 2024verified |
| Gross profit | 8.8 m ≈ | 27.9 m ≈ | 37.4 m ≈ | 2.0 m ≈ | — | — | SEC (XBRL)· 27 Sept 2024derived |
| Operating income | -9.7 m | 5.2 m | 16.5 m | -11.9 m | -22.2 m | -8.6 m | SEC (XBRL)· 17 Aug 2026verified |
| Depreciation & amortisation | 16.0 m | 20.5 m | 26.8 m | 25.9 m | 18.9 m | 16.3 m | SEC (XBRL)· 29 Sept 2026verified |
| EBITDA | 6.3 m ≈ | 25.8 m ≈ | 43.3 m ≈ | 14.0 m ≈ | -3.4 m ≈ | 7.7 m ≈ | SEC (XBRL)· 17 Aug 2026derived |
| Interest expense | 136.4 k | 137.2 k | 121.4 k | 105.2 k | 91.9 k | 372.6 k | SEC (XBRL)· 17 Aug 2026verified |
| Pre-tax income | -9.5 m | 5.4 m | 16.6 m | -58.3 m | -58.3 m | -43.9 m | SEC (XBRL)· 17 Aug 2026verified |
| Income tax | -1.1 m | 6.3 m | 6.6 m | 3.5 m | 1.6 m | — | SEC (XBRL)· 11 Apr 2025verified |
| Net income | -8.4 m | -924.7 k | 10.1 m | -61.8 m | -59.9 m | -43.9 m | SEC (XBRL)· 17 Aug 2026verified |
| Diluted EPS | — | -0.09 | 1.00 | -58.16 | -54.88 | -32.95 | SEC (XBRL)· 17 Aug 2026verified |
| Weighted average diluted shares | — | — | — | 1.1 m | 1.1 m | 1.3 m | SEC (XBRL)· 17 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 94.2 m | 95.8 m | 108.2 m | 72.2 m | 10.1 m | 3.8 k | SEC (XBRL)· 17 Aug 2026verified |
| Receivables | — | — | 5.4 m | 4.9 m | 564.5 k | 3.3 m | SEC (XBRL)· 17 Aug 2026verified |
| Inventories | 419.6 k | 691.1 k | 1.6 m | 577.2 k | 315.4 k | 562.8 k | SEC (XBRL)· 17 Aug 2026verified |
| Current assets | 107.3 m | 115.4 m | 119.4 m | 86.1 m | 17.5 m | 24.6 m | SEC (XBRL)· 17 Aug 2026verified |
| Property, plant & equipment, net | 148.9 m | 162.7 m | 149.9 m | 112.2 m | 89.4 m | 61.9 m | SEC (XBRL)· 17 Aug 2026verified |
| Total assets | 294.0 m | 309.9 m | 292.4 m | 226.7 m | 167.8 m | 133.7 m | SEC (XBRL)· 17 Aug 2026verified |
| Accounts payable | 480.0 k | 202.3 k | 57.6 k | 207.0 k | 30.0 k | 146.1 k | SEC (XBRL)· 17 Aug 2026verified |
| Short-term debt | — | — | — | — | — | 2.8 m | SEC (XBRL)· 17 Aug 2026verified |
| Current liabilities | 7.1 m | 13.9 m | 11.8 m | 12.6 m | 13.0 m | 8.2 m | SEC (XBRL)· 17 Aug 2026verified |
| Total liabilities | 17.0 m | 23.2 m | 20.8 m | 21.4 m | 25.0 m | 22.3 m | SEC (XBRL)· 17 Aug 2026verified |
| Equity | 277.0 m † | 286.6 m † | 271.6 m † | 205.2 m † | 142.8 m † | 111.5 m † | SEC (XBRL)· 17 Aug 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 9.3 m | 23.3 m | 51.1 m | -32.8 m | 675.8 k | 7.8 m | SEC (XBRL)· 17 Aug 2026verified |
| Capex | 21.7 m | 30.1 m | 37.6 m | — | 28.9 m | 8.8 m | SEC (XBRL)· 17 Aug 2026verified |
| Free cash flow | -12.4 m ≈ | -6.8 m ≈ | 13.6 m ≈ | — | -28.2 m ≈ | -1.0 m ≈ | SEC (XBRL)· 17 Aug 2026derived |
| Investing cash flow | -21.7 m | -30.1 m | -37.6 m | — | -28.9 m | -22.6 m | SEC (XBRL)· 17 Aug 2026verified |
| Financing cash flow | -265.0 k | -290.6 k | -264.9 k | -267.8 k | -31.9 m | 4.8 m | SEC (XBRL)· 17 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 47 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.6 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet70
- Quality32
- Valuation56
- Growth0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 46.58 – 111.32 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDA46.58 – 111.32 (Mid 67.21)4 companies used · median multiple 11.2x · quartiles 7.7x – 18.8xECVT, HUN, NGVT, OLN
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 47/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -4.6% | 33 (vs peers) | 16% |
| Net margin · Quality | -134.4% | 29 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -27.3% | 0 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.4x | 100 (on a fixed band) | 16% |
| Interest coverage · Balance sheet | -10.4x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 0.2x | 100 (on a fixed band) | 16% |
| FCF yield · Valuation | -56.0% | 0 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet70/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality32/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation56/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GULF RESOURCES, INC. (GURE). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 25.4 m USD in 2025; YoY growth 231.8%; net margin -134.4%; ROE -32.4%; net debt/EBITDA -0.4x.
The estimated value range is 46.58–111.32 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 67.21 USD, the price of 3.10 USD leaves a potential of 2,068.0% (value / price − 1) and a margin of safety of 95.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 47/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: -0.4x
- Current ratio: 2.6x
- EV/EBITDA: 0.2x
- The price is below the estimated value range
What contradicts it
- Net margin: -134.4%
- Revenue CAGR 3Y: -27.3%
- Interest coverage: -10.4x
- FCF yield: -56.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Chemicals & Allied Products (SIC 2800) · same industry (4-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SOLSSolstice Advanced Materials Inc. | 9.1 bn | 28.3 | 13.6% | 7.8% | +3.1% | +21% / unavailable |
| BCPCBalchem Corporation | 5.8 bn | 34.4 | 13.0% | 15.4% | +8.8% | +17% / +46% |
| PRMPerimeter Solutions, Inc. | 4.6 bn | — | -30.9% | -44.9% | +16.4% | +1% / +575% |
| NGVTIngevity Corporation | 2.5 bn | 50.1 | 64.4% | 4.7% | −2.7% | +41% / +90% |
| CCThe Chemours Company | 2.1 bn | — | -339.7% | -5.2% | +0.4% | +8% / −50% |
| OLNOlin Corporation | 2.1 bn | — | -12.2% | -3.3% | +3.7% | −14% / −62% |
| IOSPInnospec Inc. | 2.0 bn | 14.2 | 10.5% | 7.5% | −3.7% | +8% / −23% |
| HUNHuntsman Corporation | 1.7 bn | — | -11.8% | -5.8% | −5.8% | −5% / −60% |
| ECVTEcovyst Inc. | 1.1 bn | — | -9.6% | -7.1% | +20.9% | +8% / +5% |
| FMCFmc Corporation | 998.7 m | — | -226.7% | -151.2% | −18.3% | −55% / −88% |
| ACNTAscent Industries Co. | 124.0 m | — | -1.1% | -1.0% | −7.2% | −3% / +68% |
| CITRCitroTech Inc. | 54.8 m | — | -431.0% | -1,788.4% | +194.6% | unavailable / unavailable |
| LOOPLoop Industries, Inc. | 13.0 m | — | — | -2,154.3% | −95.3% | −77% / −92% |
| GUREGulf Resources, Inc. | 5.6 m | — | -32.4% | -134.4% | +231.8% | −27% / −83% |
| ADURAduro Clean Technologies Inc. | — | — | -133.8% | -5,253.1% | −31.5% | −26% / unavailable |
1- and 3-year price returns: for GURE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Gulf Resources is a Chinese producer of bromine and crude salt, with smaller chemical and natural gas activities, all run through subsidiaries in China 1. The company reported a strong revenue recovery in 2025 but remained loss-making, and it is now under pressure from a delayed annual filing and a Nasdaq delisting risk 1.
SWOT
Strengths
- The company presents itself as one of the largest bromine producers in China, and the bromine segment grew strongly in 2025.
- Extensive production assets and newly acquired salt fields could support volume growth.
- The sale of the chemical subsidiary reduces financial burdens and allows focus on profitable segments.
Weaknesses
- The company remains loss-making, and asset impairments in 2025 were significant.
- Financial reporting for 2025 was delayed by an accounting restatement.
- Bromine capacity utilization is still low, and the chemical and natural gas segments generate no revenue.
Opportunities
- A recovery in bromine prices and demand could improve margins if the trend holds.
- Restarting temporarily closed factories and using the new salt fields could raise output.
- If China's natural gas market expands, joint ventures in Sichuan could open new revenue sources.
Threats
- Environmental regulation in Shandong may impose temporary or permanent production suspensions.
- The risk of Nasdaq delisting could limit access to capital if reporting obligations are not met.
- Policy shifts in China and government control over operations could affect the business.
Risks
- Nasdaq delisting riskhigh
Late filing of the annual and quarterly reports led to compliance notices, and if deadlines are missed the securities could be delisted 1.
- Accounting restatementhigh
Restating prior financial statements may reduce investor confidence and draw regulatory attention 1.
- Dependence on one segmentmedium
Most revenue comes from bromine, so a fall in prices could quickly affect financial results 13.
- Government suspensionsmedium
Operations in Shouguang were suspended by authorities, and such measures could recur in sensitive periods 1.
- Dilution from share issuancesmedium
Private placements at discounted prices in 2026 may reduce the value of existing shares for current holders 1.
Investment thesis
What would need to be true (bull case)
- If the bromine price recovery is sustained, revenue and margins could keep improving, as the 2025 trend suggests 13.
- The sale of the chemical segment and higher capacity use could reduce losses and free resources for profitable activities 1.
- If financial filings are made on time and compliance is restored, the company could regain the confidence of institutional investors.
What would break the thesis
- The company remains loss-making, and large asset impairments show that some investments have not met their potential 1.
- If environmental authorities impose new suspensions, production could be interrupted again, as happened at the end of 2025 1.
- Share issuances at discounted prices and the delisting risk could put pressure on the share price and on access to capital 1.
What to watch
- Filing of the fiscal 2025 annual report and the Q1 2026 quarterly report before the Nasdaq deadlineby 31 August 2026
- Development of bromine prices and volumes soldQ3 2026
- Full restart of closed factories and use of the new salt fields2027
- Results after the restatement and any further accounting correctionsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Gulf Resources, Inc. is a Nevada holding company that conducts its operations through wholly-owned subsidiaries in China, mainly in Shouguang City, Shandong Province 1. It produces and trades bromine and crude salt, manufactures chemical products used in oil and gas exploration, papermaking agents and materials for antibiotics, and through DCHC has sought to explore natural gas and brine resources in Sichuan Province 1. Its sales have so far been made only within China 1.
The legal structure is linear: the parent owns Upper Class Group Limited, which owns Hong Kong Jiaxing Industrial, which owns SCHC, which owns SYCI 1. In December 2025 the company sold SYCI, its chemical subsidiary, for RMB 21.2 million payable in instalments through 2028, to reduce burdens from the prolonged suspension of that facility 1.
The shares have traded on Nasdaq since January 2020, and after a 1-for-10 reverse split in October 2025 they moved to the Nasdaq Capital Market 1. Reporting for fiscal 2025 was delayed by a restatement concerning buildings without ownership certificates, which also led to Nasdaq compliance notices 1.
Segments
Market context
The bromine market is price-sensitive: the company reported sharp volatility in 2025, with the price falling to RMB 23100 per tonne in May and recovering to RMB 29200 per tonne by August, based on sunsirs.com data cited by the company 3. Demand comes from flame retardants, disinfectants and pharmaceuticals 2.
Crude salt demand depends on the chlor-alkali and alkali industries, where salt is the principal input 2. Capacity closures by competitors, as management described in August 2025, could influence pricing 3.
Trends
- Bromine demand recoverytailwind
A rise in bromine prices and demand after the second quarter of 2025 could support revenue if the trend holds 3.
- Environmental rules and seasonal suspensionsheadwind
Shouguang authorities temporarily suspended operations in December 2025, which resumed in March 2026, showing that regulation can interrupt production 1.
- Consolidation in China's chemical sectormixed
Closures of many bromine and salt competitors, as stated by management, could ease competitive pressure over the medium term 3.
- Capital market constraintsheadwind
Share issuances at discounted prices in 2026 and reporting delays could weigh on investor confidence if tensions persist 1.
Competitive position
Gulf Resources presents itself as one of the largest bromine producers in China by output, but the cited sources do not name specific competitors 1. Management notes, however, that many competitors in bromine and crude salt have closed their factories, which points to fewer active players 3.
Competition is mainly with other Chinese bromine and crude salt producers, and prices are shaped by active capacity and demand 3. The absence of sales outside China limits direct competition with producers in other regions 1.
- Chinese bromine producers
Regional competitors referred to only generically by the company, with no names given in the cited sources.
- Chinese crude salt producers
Local Shandong players, some of which have closed factories according to management.
- Producers of paper-industry chemicals
A segment where the company has suspended activity and deferred its investment.
- Natural gas operators in Sichuan
Companies with which the company could form joint ventures depending on provincial plans.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report15 Oct 2026Other events · Financial statements and exhibits
- Current report06 Oct 2026Other events · Financial statements and exhibits
- Proxy statement02 Oct 2026
- Quarterly report30 Sept 2026
- Quarterly report (amendment)30 Sept 2026
- Quarterly report (amendment)30 Sept 2026
- Quarterly report (amendment)30 Sept 2026
- Annual report (amendment)29 Sept 2026
- Current report03 Sept 2026Delisting notice
- Quarterly report28 Aug 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Gulf Resources, Inc. · 17 Aug 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Gulf Resources, Inc. · 30 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Gulf Resources, Inc. · 13 Aug 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.