Gulf Resources, Inc.
Gulf Resources, Inc. is a Nevada corporation, originally incorporated in Delaware in 1993 under the name Diversifax, Inc. Following a reverse-merger transaction completed on December 12, 2006, the company changed its name to Gulf Resources, Inc. on February 20, 2007, and later reincorporated from Delaware into Nevada through a short-form merger completed on November 24, 2015. Its common stock trades on the Nasdaq Capital Market under the ticker symbol GURE. This Zavia.ai record lists the company’s country as China, which reflects the location of Gulf Resources, Inc.’s executive offices, operating management and business activities in Shandong and Sichuan Provinces, rather than its actual state of incorporation; the U.S. Securities and Exchange Commission identifies the company as a Nevada corporation under Central Index Key (CIK) 0000885462, and no separate registration number or incorporation date is on file in this record. None of the company’s Chinese operating subsidiaries carries the exact legal name “Gulf Resources, Inc.”
Gulf Resources, Inc. is a holding company that conducts all of its operations through wholly-owned, China-based subsidiaries headquartered in Shouguang City, Shandong Province. Its 2025 Form 10-K reports the business in four segments: bromine, crude salt, chemical products and natural gas. The company describes itself, through its subsidiary Shouguang City Haoyuan Chemical Company Limited, as one of the largest producers of elemental bromine in China by production output; bromine is used to manufacture flame retardants, fumigants, water-purification compounds, dyes, pharmaceuticals and disinfectants. Crude salt, produced and traded through subsidiary Shouguang Hengde Salt Industry Co., Limited, is a raw material for alkali and chlor-alkali production. The chemical-products segment, previously operated through subsidiary Shouguang Yuxin Chemical Industry Co., Limited, has generated no revenue since the company’s chemical factories were closed in September 2017 at the direction of local environmental and safety regulators; Gulf Resources sold 100% of Shouguang Yuxin Chemical Industry Co., Limited to Shandong Rongyuan Pharmaceutical Co., Ltd. for RMB 21.2 million in a transaction that closed on December 22, 2025. The natural-gas segment, operated through subsidiary Daying County Haoyuan Chemical Company Limited in Sichuan Province, remains in exploration and regulatory-approval stages and reported nil revenue in fiscal 2025.
For the fiscal year ended December 31, 2025, Gulf Resources, Inc. reported consolidated net revenue of $25,418,335, up 232% from $7,661,010 in fiscal 2024, driven mainly by higher bromine sales volumes and prices, alongside a consolidated net loss of $43,920,231 (compared with a net loss of $59,900,372 in fiscal 2024). As of December 31, 2025, the company employed approximately 355 full-time employees across its subsidiaries. Gulf Resources completed a 1-for-10 reverse stock split of its common stock on October 27, 2025. On May 6, 2025, Nasdaq approved transferring the company’s listing from the Nasdaq Global Select Market to the Nasdaq Capital Market; a Nasdaq Hearings Panel hearing scheduled for December 9, 2025 over minimum bid price compliance was cancelled after Nasdaq confirmed on December 1, 2025 that the company had regained compliance.
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- Digitized company financials
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Shareholders
2
Shareholders of Gulf Resources, Inc.
Gulf Resources, Inc. is a Nasdaq-listed public company; as a listed issuer it discloses only its directors, named executive officers and holders of more than 5% of its outstanding common stock, not a complete shareholder register. As of the date of its annual report on Form 10-K for the fiscal year ended December 31, 2025 (filed August 17, 2026), the company had 1,813,531 shares of common stock outstanding. The filing’s beneficial-ownership table discloses: Xiaobin Liu (Chief Executive Officer and Chairman), 43,812 shares (2.4%); Min Li (Chief Financial Officer), 43,812 shares (2.4%); Naihui Miao (Chief Operating Officer, Secretary and Director), 43,812 shares (2.4%); Shengwei Ma (Independent Director), 2,400 shares (less than 1%); Shitong Jiang (Independent Director), 2,600 shares (less than 1%); Dongshan Wang (Independent Director), 2,300 shares (less than 1%); and Qiang Liu (Independent Director) and Yibo Yang (Director), each with no shares reported in the table. All directors and executive officers as a group (eight persons) beneficially owned 138,736 shares, or 7.7% of the class. Outside the board and management, the filing discloses Ming Yang, a former chief executive officer of the company, as beneficially owning 198,568 shares (11.0%), and Wenxiang Yu as separately beneficially owning 101,595 shares (5.6%). Shandong Haoyuan Industry Group Ltd. is also listed, holding 82,495 shares (4.6%), just below the 5% reporting threshold but included in the filing’s table.
Ultimate beneficial ownership
The Form 10-K discloses that Ming Yang’s reported 198,568-share, 11.0% holding is an aggregate of 63,477 shares he owns directly, 101,595 shares owned by his wife, Wenxiang Yu, and 33,496 shares owned by his son, Zhi Yang; Mr. Yang disclaims beneficial ownership of the shares held by his wife and son, and the filing does not identify a single beneficial owner controlling the combined stake. Separately, the filing states that Chen Yang serves as General Manager of Shandong Haoyuan Industry Group Ltd. and owns an 82% equity interest in that company. Applying that disclosed 82% interest to Shandong Haoyuan Industry Group Ltd.’s reported 82,495-share (4.6%) holding in Gulf Resources, Inc. gives a calculated effective indirect interest for Chen Yang of approximately 3.7% of Gulf Resources, Inc.’s outstanding common stock, as of the same August 17, 2026 filing date. No UBO threshold was supplied for this record, and the filing does not itself designate Chen Yang as an ultimate beneficial owner, so this figure is reported as a calculated effective ownership percentage for information rather than as a confirmed UBO determination.
Data availability
Country availability: Major shareholders only. As a U.S. Nasdaq-listed issuer, Gulf Resources, Inc. is required to disclose its directors’, named officers’ and 5%-plus holders’ beneficial ownership under SEC rules, but it does not publish a complete shareholder register; smaller holders below the reporting thresholds are not identified in the sources reviewed. This should not be read as evidence that no other shareholders exist.
Sources
Gulf Resources, Inc., Annual Report on Form 10-K for the fiscal year ended December 31, 2025, Item 12 “Security Ownership of Certain Beneficial Owners and Management,” filed with the U.S. Securities and Exchange Commission on August 17, 2026 (SEC EDGAR, CIK 0000885462) — sec.gov, retrieved 22 September 2026.
Registry feed — rows exactly as filed with SAMR — public search via GSXT (National Enterprise Credit Information Publicity System), including entries the profile above does not cover.
| Shareholder | Type | Holding | Source Document |
|---|---|---|---|
| Morgan Stanley | 0.2% | SAMR — public search via GSXT (National Enterprise Credit Information Publicity System) | |
| SBI Securities Co., Ltd. | 0% | SAMR — public search via GSXT (National Enterprise Credit Information Publicity System) |
Officers
5
Directors and officers of Gulf Resources, Inc.
Gulf Resources, Inc.’s annual report on Form 10-K for the fiscal year ended December 31, 2025 (filed with the SEC on August 17, 2026) discloses eight current directors and officers, with no resigned or former officers listed as of that date. The current executive officers are Xiaobin Liu (Chairman of the Board and Chief Executive Officer, a director since March 2009 and Chairman since November 2023), Naihui Miao (Secretary, Chief Operating Officer and Director, a director since January 2006) and Min Li (Chief Financial Officer since December 2006; not currently a director). The board also includes Yibo Yang (Director since November 2023) and four independent directors: Qiang Liu (since September 2025), Shengwei Ma (since December 2019), Shitong Jiang (since April 2008) and Dongshan Wang (since November 2023). The board has determined that Qiang Liu, Shitong Jiang, Dongshan Wang and Shengwei Ma are independent under Nasdaq Listing Rule 5605(a)(2); these four also serve across the company’s Audit, Compensation and Nominating and Corporate Governance committees. These are the officers and directors of Gulf Resources, Inc. itself, the SEC-registered Nevada holding company; the filing does not separately name directors or legal representatives of the individual PRC operating subsidiaries (SCHC, DCHC and SHSI), which are not disclosed in the sources reviewed. Nationality is not disclosed for any officer or director in the filing reviewed; the correspondence address given for all of them is care of the company’s Shouguang City, Shandong Province office, which is a service address only and is not evidence of nationality or personal residence.
Recent officer changes
Qiang Liu was appointed as an Independent Director in September 2025. Xiaobin Liu was appointed Chairman of the Board in November 2023, in addition to his existing role as Chief Executive Officer. Yibo Yang and Dongshan Wang were both appointed as directors in November 2023.
Data availability
Country availability: Full. As a Nasdaq-listed U.S. issuer, Gulf Resources, Inc. is required under SEC rules to disclose the names, ages, titles and appointment dates of its current directors and executive officers, which it does in Item 10 of its Form 10-K; nationality is not a required disclosure item and is not stated for any individual.
Sources
Gulf Resources, Inc., Annual Report on Form 10-K for the fiscal year ended December 31, 2025, Item 10 “Directors, Executive Officers and Corporate Governance,” filed with the U.S. Securities and Exchange Commission on August 17, 2026 (SEC EDGAR, CIK 0000885462) — sec.gov, retrieved 22 September 2026.
Registry feed — rows exactly as filed with SAMR — public search via GSXT (National Enterprise Credit Information Publicity System), including entries the profile above does not cover.
Group Structure
Group structure of Gulf Resources, Inc.
Gulf Resources, Inc. is not an independent operating company; it is the top-level, SEC-registered holding company of a corporate group whose operations are conducted entirely through wholly-owned China-based subsidiaries. According to the “Corporate History and Corporate Structure” section of Gulf Resources, Inc.’s Form 10-K for the fiscal year ended December 31, 2025, the company’s predecessor Delaware corporation (then Diversifax, Inc.) acquired 100% of Upper Class Group Limited, a company incorporated in the British Virgin Islands in July 2006, in a share exchange completed on December 12, 2006; the combined company was renamed Gulf Resources, Inc. on February 20, 2007. Upper Class Group Limited wholly owns Hong Kong Jiaxing Industrial Limited, incorporated in Hong Kong, which in turn holds the group’s PRC operating subsidiaries: Shouguang City Haoyuan Chemical Company Limited (SCHC, Shandong Province), Daying County Haoyuan Chemical Company Limited (DCHC, incorporated December 15, 2015 in Sichuan Province) and Shouguang Hengde Salt Industry Co., Limited (SHSI, incorporated April 2022 in Shandong Province). SCHC in turn wholly owned Shouguang Yuxin Chemical Industry Co., Limited (SYCI) until December 22, 2025, when Gulf Resources sold 100% of SYCI’s equity interests to Shandong Rongyuan Pharmaceutical Co., Ltd. for RMB 21.2 million; SYCI is no longer part of the Gulf Resources corporate group. This Zavia.ai record’s country field (China) most likely reflects the location of the group’s operating management and business activity in Shandong and Sichuan Provinces; the entity actually named in this record, “Gulf Resources, Inc.,” is the Nevada-incorporated parent at the top of this structure, not one of the individual PRC operating subsidiaries listed above, none of which shares its exact legal name.
Verified corporate relationships
| Entity | Country | Registration number | Relationship | Ownership | Status | Information date |
|---|---|---|---|---|---|---|
| Upper Class Group Limited | British Virgin Islands | Not disclosed in source reviewed | Direct subsidiary | 100% | Active | 10-K for FY2025 (filed 17 Aug 2026) |
| Hong Kong Jiaxing Industrial Limited | Hong Kong | Not disclosed in source reviewed | Indirect subsidiary (via Upper Class Group Limited) | 100% | Active | 10-K for FY2025 (filed 17 Aug 2026) |
| Shouguang City Haoyuan Chemical Company Limited (SCHC) | China | Not disclosed in source reviewed | Indirect subsidiary | 100% | Active | 10-K for FY2025 (filed 17 Aug 2026) |
| Daying County Haoyuan Chemical Company Limited (DCHC) | China | Not disclosed in source reviewed | Indirect subsidiary | 100% | Active | 10-K for FY2025 (filed 17 Aug 2026) |
| Shouguang Hengde Salt Industry Co., Limited (SHSI) | China | Not disclosed in source reviewed | Indirect subsidiary | 100% | Active | 10-K for FY2025 (filed 17 Aug 2026) |
| Shouguang Yuxin Chemical Industry Co., Limited (SYCI) | China | Not disclosed in source reviewed | Historical relationship (formerly indirect subsidiary via SCHC) | 100% until sale | Sold 22 December 2025 | 10-K for FY2025 (filed 17 Aug 2026) |
Recent structural changes
On December 22, 2025, Gulf Resources, Inc.’s indirect subsidiary Shouguang City Haoyuan Chemical Company Limited completed the sale of 100% of the equity interests in Shouguang Yuxin Chemical Industry Co., Limited to Shandong Rongyuan Pharmaceutical Co., Ltd. for aggregate consideration of RMB 21.2 million, payable in instalments through 2028; the transfer agreement was signed December 10, 2025. In April 2022, the group incorporated a new wholly-owned subsidiary, Shouguang Hengde Salt Industry Co., Limited, in Shandong Province for crude salt production and trading. On December 15, 2015, the group incorporated Daying County Haoyuan Chemical Company Limited in Sichuan Province to explore and develop natural gas and brine resources.
Data availability
Country availability: Full. Gulf Resources, Inc.’s SEC filings disclose the full ownership chain from the Nevada parent down to its PRC operating subsidiaries, with jurisdictions and ownership percentages for each link; specific company registration numbers for the BVI, Hong Kong and PRC entities are not stated in the sources reviewed.
Sources
Gulf Resources, Inc., Annual Report on Form 10-K for the fiscal year ended December 31, 2025, “Our Corporate History and Corporate Structure” and related disclosures, filed with the U.S. Securities and Exchange Commission on August 17, 2026 (SEC EDGAR, CIK 0000885462) — sec.gov, retrieved 22 September 2026.
Registry feed — rows exactly as filed with SAMR — public search via GSXT (National Enterprise Credit Information Publicity System), including entries the profile above does not cover.
Gulf Resources, Inc.
China
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Frequently Asked Questions
Does this Gulf Resources, Inc. record represent the US-listed parent company or a Chinese operating subsidiary?
This record most likely represents the Nevada-incorporated, Nasdaq-listed holding company Gulf Resources, Inc. (ticker GURE), not one of its individual Chinese operating subsidiaries. The exact legal name "Gulf Resources, Inc." matches only the US parent; none of its PRC subsidiaries (SCHC, DCHC, SHSI, or the formerly-held SYCI) carry this name. The China country code on file appears to reflect where the group's operations and management are based rather than the company's actual state of incorporation.
In which jurisdiction is Gulf Resources, Inc. incorporated?
Nevada, United States. The company was originally incorporated in Delaware and reincorporated into Nevada through a short-form merger completed on November 24, 2015, per its Form 10-K filings with the SEC.
What is Gulf Resources, Inc.'s registration number?
No Nevada state entity registration number is on file in this record, and none was located in the SEC filings reviewed. The company is identified in SEC EDGAR by Central Index Key (CIK) 0000885462.
When was Gulf Resources, Inc. incorporated?
An exact incorporation date is not on file in this record. Its predecessor Delaware corporation, Diversifax, Inc., operated from 1993; the company was renamed Gulf Resources, Inc. on February 20, 2007, and reincorporated in Nevada on November 24, 2015.
What is Gulf Resources, Inc.'s legal form?
A Nevada corporation ("Inc."), publicly traded on a US stock exchange.
Is Gulf Resources, Inc. currently active?
Yes. The company files periodic reports with the SEC and its common stock is actively traded on the Nasdaq Capital Market as of its most recent Form 10-K, filed August 17, 2026.
On which stock exchange is Gulf Resources, Inc. listed, and under what ticker?
Nasdaq Capital Market, ticker symbol GURE. The listing was transferred from the Nasdaq Global Select Market to the Nasdaq Capital Market on May 6, 2025.
What does Gulf Resources, Inc. do?
Through its wholly-owned China-based subsidiaries, Gulf Resources, Inc. produces and trades bromine and crude salt in Shandong Province, and has explored natural gas and brine resources in Sichuan Province. A former chemical-products segment has generated no revenue since its factories were closed in 2017, and that subsidiary was sold in December 2025.
Who are Gulf Resources, Inc.'s Chinese operating subsidiaries?
As of the FY2025 Form 10-K, the current PRC operating subsidiaries are Shouguang City Haoyuan Chemical Company Limited (SCHC), Daying County Haoyuan Chemical Company Limited (DCHC) and Shouguang Hengde Salt Industry Co., Limited (SHSI). Shouguang Yuxin Chemical Industry Co., Limited (SYCI) was a subsidiary until its sale to Shandong Rongyuan Pharmaceutical Co., Ltd. closed on December 22, 2025.
Who is the largest disclosed shareholder of Gulf Resources, Inc.?
Ming Yang, a former chief executive officer of the company, is reported as beneficially owning an aggregate 198,568 shares (11.0%) as of the FY2025 Form 10-K, consisting of his own 63,477 shares plus shares held by his wife and son, of which he disclaims beneficial ownership.
Who is the Chief Executive Officer of Gulf Resources, Inc.?
Xiaobin Liu, who also serves as Chairman of the Board. He has been a director since March 2009 and was appointed Chairman in November 2023.
How many employees does Gulf Resources, Inc. have?
Approximately 355 full-time employees as of December 31, 2025, according to its Form 10-K, of whom about 79% work at SCHC, SHSI and DCHC and about 21% worked at SYCI (sold in December 2025).
What was Gulf Resources, Inc.'s revenue in fiscal 2025?
Consolidated net revenue of $25,418,335 for the year ended December 31, 2025, up 232% from $7,661,010 in fiscal 2024. The company reported a consolidated net loss of $43,920,231 for fiscal 2025.
Has Gulf Resources, Inc. faced any Nasdaq listing compliance issues?
Yes. Its listing tier was transferred from the Nasdaq Global Select Market to the Nasdaq Capital Market on May 6, 2025, and a Nasdaq Hearings Panel hearing scheduled for December 9, 2025 over minimum bid price compliance was cancelled after the company regained compliance, confirmed by Nasdaq on December 1, 2025. The company also received a filing-deadline exception for its delayed fiscal 2025 Form 10-K.
Does Zavia.ai monitor Gulf Resources, Inc. for changes?
Yes. Zavia.ai's data pipeline can monitor SEC-registered company records such as Gulf Resources, Inc.'s for updates as new regulatory filings or disclosures become available, and this profile is refreshed as verified sources are found.