Gulf Resources extracts and sells bromine and crude salt from natural brine deposits in Shandong Province, China. The company operates primarily through two segments: Bromine and Crude Salt. Bromine serves as a key input for flame retardants, water purification compounds, and pharmaceuticals, while crude salt is a byproduct used in the alkali, food, and chemical industries. Gulf Resources pumps natural brine to the surface to extract bromine through oxidation and distillation, then uses evaporation pools to produce crude salt from the remaining liquid. The business model depends on production volume and prevailing market prices, selling products to a concentrated group of Chinese industrial buyers. Operations are capital-intensive and subject to recurring government-mandated seasonal shutdowns during winter months. Gulf Resources relies on a small group of four suppliers for all raw materials, creating significant supply chain concentration. While the company maintains segments for chemical products and natural gas, these areas currently generate no revenue due to factory relocations and pending government approvals. Future growth depends on securing licenses to resume operations at inactive factories and completing a long-term natural gas project in Sichuan Province. The company’s performance is heavily tied to Chinese regulatory oversight, which dictates production licenses and environmental rectification requirements.