Gulf Resources is a China-based manufacturer of bromine and crude salt, operating entirely in the PRC. The company extracts natural brine from underground wells in Shouguang City, Shandong Province, then processes it to produce bromine — its primary product — and crude salt, which is a byproduct of the bromine extraction process. Bromine is used in flame retardants, fumigants, water purification, and disinfectants, and Gulf Resources sells it to industrial customers across China. Crude salt is sold to customers in the alkali, chemical, and food industries. Revenue is driven by production volume and prevailing commodity prices for both products, and all revenue is denominated in RMB. Gulf Resources also has two non-operational segments: a chemical products business that has generated no revenue since 2017, when its factory was ordered to relocate by the government, and an early-stage natural gas project in Sichuan Province that is pending government approvals. The chemical factory relocation is ongoing, with a new facility under construction at a total estimated cost of ~$69M. Profitability is sensitive to production uptime, as Gulf Resources faces recurring seasonal shutdowns and government-mandated closures, and several bromine factories are still awaiting approval to restart. Gulf Resources sells to a small number of long-term domestic customers, managed by a direct sales team of seven.