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Gulf Resources, Inc. (NV) - GURE STOCK NEWS

Welcome to our dedicated page for Gulf Resources (NV) news (Ticker: GURE), a resource for investors and traders seeking the latest updates and insights on Gulf Resources (NV) stock.

Gulf Resources, Inc. (NV) Common Stock (symbol: GURE)

Gulf Resources, Inc., headquartered in China, is a prominent holding company engaged in the manufacture and trade of bromine, crude salt, and natural gas. The company also produces and sells chemical products used in various industrial applications, including oil and gas field exploration, distribution, drilling, wastewater processing, papermaking, and antibiotics for both humans and animals.

The company operates through four primary segments:

  • Bromine: Used in flame retardants, fumigants, water purification compounds, dyes, medicines, and disinfectants, this segment generates the most significant revenue for the company.
  • Crude Salt: Produced as a by-product of bromine, used in various chemical processes, and for direct sale.
  • Chemical Products: Includes products for oil and gas exploration, papermaking chemicals, and materials for antibiotics.
  • Natural Gas: Primarily focused on the exploration and development of natural gas resources.

Recent news highlights the company's robust initiatives. In response to the severe impacts of Typhoon Winbiya in 2018 and Typhoon Lekima in 2019, Gulf Resources has launched a comprehensive flood prevention program. This initiative, costing over $50 million, aims to safeguard its bromine facilities by renovating river channels in their mining areas, thus mitigating future flood risks.

Despite facing a significant decline in revenue in Q3 2023, with a 74% drop to $5.9 million primarily from the bromine segment, the company remains financially stable. As of September 30, 2023, Gulf Resources reported a cash balance of $103.8 million and net cash of $85.6 million, which translates to $9.95 per share in cash and $8.21 per share in net cash.

Gulf Resources operates through four wholly-owned subsidiaries: Shouguang City Haoyuan Chemical Company Limited (SCHC), Shouguang Yuxin Chemical Industry Co., Limited (SYCI), Daying County Haoyuan Chemical Company Limited (DCHC), and Shouguang Hengde Salt Industry Co. Ltd. (SHSI). The company is recognized as one of the largest bromine producers in China, leveraging its chemical manufacturing capabilities for a variety of industrial and agricultural applications.

For more information, visit www.gulfresourcesinc.com.

News

Gulf Resources Announces Change in Independent Auditors

Rhea-AI Summary
Gulf Resources, a leading manufacturer in China, announced a change in independent auditors from WWC to GGF CPA The transition was smooth, with no disagreements or reportable events with the former auditor. GGF is a well-established firm with global presence, and the Company aims to swiftly complete its financial reports for 2023 and Q1 2024.
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Gulf Resources Provides Update on the Yuxin Chemical Factory

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Gulf Resources, Inc. provides an update on the Yuxin Chemical factory, delaying equipment delivery due to weak Chinese economy. The company explores new market segments like pharmaceuticals and sodium-ion batteries for potential profits.
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Gulf Resources Announces the Completion of the Flood Prevention Project

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Gulf Resources, Inc. (Nasdaq: GURE) completed a $50 million flood prevention project to protect its bromine facilities, expecting cost savings and enhanced utilization. The project aims to mitigate future storm-induced flooding and allow drilling in low-lying areas, potentially increasing utilization rates.
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Gulf Resources Announces the Receipt of Governmental Notification to Temporarily Close Bromine Facilities

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Gulf Resources, Inc. (Nasdaq: GURE) announces temporary closure of bromine and crude salt facilities in Shouguang City from December 25, 2023, to February 20, 2024, impacting production and sales.
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Gulf Resources Announces Management Sale of Shares

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Gulf Resources, Inc. (Nasdaq: GURE) announced that three members of management entered into an equity interest transfer agreement to sell 110,000 shares of common stock to a local Chinese investor for $2.50 per share. The Company and its executive officers also returned cash compensation earned in 2021 due to the Company's recent poor performance.
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Gulf Resources Reports Unaudited Financial Results for Three and Nine Months Ended September 30,2023

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Gulf Resources (NASDAQ:GURE) announced a 74% decline in sales and a net loss after tax of $1,775,797 for the third quarter of 2023. The decrease in net revenues was primarily due to a 43% reduction in the volume of tonnes sold and a 57% decrease in the average selling price. The company incurred direct labor and factory overheads amounting to $1,007,689 during plant shutdowns. The net loss per share was ($0.17*). The company's revenues over the 9 months declined by 51%, decreasing to $23,173,404 from $47,505,246. The gross profit margin decreased to 7%, down from 57%. The company generated $9,869,612 from operating activities and invested $15,197,648 primarily in their flood protection program. As of September 30, 2023, the company's cash balance was $103,774,977, with a net cash of $85,605,432. Shareholders’ equity was $260,723,332 or $24.99* per share.
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Gulf Resources Announces Conference Call to Discuss its Third Quarter 2023 Results

Rhea-AI Summary
Gulf Resources, Inc. (Nasdaq:GURE) to Host Conference Call to Discuss Third Quarter 2023 Results. CEO Xiaobin Liu to Lead the Call. Investors Can Participate via Phone or Webcast. Replay Available Until November 27, 2023.
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Gulf Resources Announces Its Flood Prevention Plan

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Gulf Resources, Inc. (Nasdaq:GURE) announces preventive measures for safeguarding its bromine facilities in Shouguang City, China, following the devastating impact of Typhoon Winbiya and Typhoon Lekima. The company incurred substantial expenses exceeding $40 million and $6 million, respectively, for rectifying the aftermath of the typhoons. To mitigate similar damages in the future, Gulf Resources has commenced a flood prevention initiative involving the renovation of major rivers, with a projected expenditure of $50,497,652. As of September 30, 2023, $15,149,296 has been disbursed for the initial phase of the project.
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Gulf Resources Announces Management Changes

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Gulf Resources, Inc. (Nasdaq:GURE) recently disclosed proposed management changes in a Form 8-K filed with the SEC. The changes include the resignation of the Chairman of the Board of Directors, Min Yang, and the election of Xiaobin Liu, Chief Executive Officer, as the new Chairman. Tengfei Zhang, a member of the Board, also resigned from his positions. The Company has nominated a director candidate to fill the vacancy.
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Gulf Resources Files Form 12b-25 Notification of Late filing

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Gulf Resources, Inc. (Nasdaq:GURE) announces late filing of Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, and plans to file within the five-calendar day extension provided by Rule 12b-25.
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FAQ

What is the current stock price of Gulf Resources (NV) (GURE)?

The current stock price of Gulf Resources (NV) (GURE) is $0.598 as of November 20, 2024.

What is the market cap of Gulf Resources (NV) (GURE)?

The market cap of Gulf Resources (NV) (GURE) is approximately 6.5M.

What does Gulf Resources, Inc. do?

Gulf Resources, Inc. manufactures and trades bromine, crude salt, and natural gas. They also produce chemical products for various industrial applications.

What are the main segments of Gulf Resources, Inc.?

The company operates in four main segments: Bromine, Crude Salt, Chemical Products, and Natural Gas.

Where is Gulf Resources, Inc. headquartered?

Gulf Resources, Inc. is headquartered in Shouguang City, China.

How did Typhoon Winbiya and Typhoon Lekima affect Gulf Resources?

Both typhoons caused extensive damage to Gulf Resources' facilities, leading to substantial expenses for repairs and reconstruction. The company has since initiated a flood prevention program.

What is the focus of Gulf Resources' flood prevention program?

The program aims to renovate river channels to prevent future flooding that could damage their mining areas and facilities.

What was Gulf Resources' financial performance in Q3 2023?

In Q3 2023, the company's revenue declined by 74% to $5.9 million, mainly due to reduced bromine sales. Despite this, the company maintains a strong cash balance of $103.8 million.

Who are the wholly-owned subsidiaries of Gulf Resources, Inc.?

The subsidiaries are Shouguang City Haoyuan Chemical Company Limited (SCHC), Shouguang Yuxin Chemical Industry Co., Limited (SYCI), Daying County Haoyuan Chemical Company Limited (DCHC), and Shouguang Hengde Salt Industry Co., Ltd. (SHSI).

What are some key applications of bromine produced by Gulf Resources?

Bromine is used in flame retardants, water purification compounds, disinfectants, dyes, medicines, and fumigants.

Where can I find more information about Gulf Resources, Inc.?

You can visit the company's website at www.gulfresourcesinc.com for more details.

What is Gulf Resources' strategy for future growth?

The company aims to navigate market conditions prudently, focusing on high-value opportunities and strategic investments, such as its flood prevention program and potential new product developments.

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Gulf Resources, Inc. (NV)

Nasdaq:GURE

GURE Rankings

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GURE Stock Data

6.48M
7.10M
33.85%
3.06%
0.54%
Chemicals
Chemicals & Allied Products
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United States of America
SHOUGUANG CITY, SHANDONG