Shandong Morui Chemical Company Limited was Gulf Resources’s largest revenue line in fiscal 2025, bringing in $8.37M of $30.21M (28%).
| Customer | FY 2020 | FY 2021 | FY 2023 | FY 2025 |
|---|---|---|---|---|
| Shandong Morui Chemical Company Limited | $9.74M | $8.37M | ||
| Shandong Brother Technology Limited | $9.27M | $8.35M | ||
| Shouguang Weidong Chemical Company Limited | $8.66M | $6.65M | ||
| Shandong Shouguang Shenrunfa Marine Chemical Company Limited | $6.04M | $6.84M | ||
| Dongying Bomeite Chemical Company Limited | — | — | ||
| Total | $33.71M | $30.21M |
Gulf Resources brought in $30.21M from its four revenue lines in fiscal 2025, the year ended December 31, 2025. That was down 10.4% from $33.71M in fiscal 2023, the previous year with figures. Shandong Morui Chemical Company Limited was the largest at $8.37M (27.7%), ahead of Shandong Brother Technology Limited at $8.35M (27.6%) and Shandong Shouguang Shenrunfa Marine Chemical Company Limited at $6.84M (22.7%). The remaining revenue line, Shouguang Weidong Chemical Company Limited, brought in $6.65M.
Compared with fiscal 2023, the previous year with figures, Shandong Shouguang Shenrunfa Marine Chemical Company Limited grew fastest, up 13.4% to $6.84M, while Shouguang Weidong Chemical Company Limited fell the most, down 23.2% to $6.65M. From fiscal 2023 to 2025, combined revenue from these revenue lines fell from $33.71M to $30.21M, a compound annual decline of 5.3%. Shandong Morui Chemical Company Limited's share of the total fell from 28.9% to 27.7%.
Total Revenue was Gulf Resources’s largest segment in fiscal 2025, bringing in $8.37M of $21.78M (38%).
| Statement Business Segments | FY 2011 | FY 2012 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Chemical Products | — | — | — | — | ||||
| Bromine | $117.93M | $7.28M | $1.35M | $6.66M | ||||
| Total Revenue | — | $9.74M | $2.89M | $8.37M | ||||
| Crude Salt | $5.44M | $8.22M | $5.64M | $6.75M | ||||
| Natural Gas | $265.99K | $301.72K | $122.41K | — | ||||
| Total | $123.63M | $25.54M | $10.01M | $21.78M |
Gulf Resources brought in $21.78M from its three segments in fiscal 2025, the year ended December 31, 2025. That is less than the $30.21M it reports by customer, so these segments do not cover all of its revenue. Total Revenue was the largest at $8.37M (38.4%), ahead of Crude Salt at $6.75M (31.0%) and Bromine at $6.66M (30.6%).
Compared with fiscal 2024, Bromine grew fastest, up 392.0% to $6.66M. Every segment above 2% of revenue grew. Some of that change comes from Gulf Resources regrouping its segments.
Gulf Resources stopped reporting Natural Gas as a separate segment after fiscal 2024, when it brought in $122.41K.
Bromine was Gulf Resources’s largest revenue line in fiscal 2019, bringing in $20.04M of $21.19M (95%).
| Products and Services | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Segment Total | — | — | — | — | ||||
| Chemical Products | $166.95M | $112.62M | $1.23M | — | ||||
| Bromine | $113.62M | $84.45M | — | $20.04M | ||||
| Crude Salt | $17.97M | $17.97M | $3.96M | $1.05M | ||||
| Natural Gas | — | — | — | $103.47K | ||||
| Total | $298.55M | $215.04M | $5.19M | $21.19M |
Gulf Resources brought in $21.19M from its three revenue lines in fiscal 2019, the year ended December 31, 2019. Gulf Resources regrouped these revenue lines after fiscal 2018, so the total does not compare directly with that year's $5.19M. Bromine was the largest at $20.04M (94.6%), ahead of Crude Salt at $1.05M (4.9%) and Natural Gas at $103.47K (0.5%).
Gulf Resources began breaking out Natural Gas in fiscal 2019, when it brought in $103.47K. Gulf Resources stopped reporting Chemical Products as a separate revenue line after fiscal 2018, when it brought in $1.23M.
Gulf Resources (GURE) reports its revenue by customer, by statement business segments and by products and services. In fiscal 2025, Shandong Morui Chemical Company Limited was its largest revenue line, bringing in $8.37M (27.7% of the total), followed by Shandong Brother Technology Limited at $8.35M (27.6%).
Shandong Morui Chemical Company Limited was Gulf Resources' largest revenue line in fiscal 2025, bringing in $8.37M, or 27.7% of the $30.21M total across its four revenue lines.
Total Revenue was Gulf Resources' largest segment in fiscal 2025, bringing in $8.37M, or 38.4% of the $21.78M total across its three segments.
Every figure comes from Gulf Resources' annual financial filings, as reported. Each line keeps the name Gulf Resources gives it, and years follow its fiscal calendar.
Gulf Resources' revenue by customer goes back to fiscal 2020, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.