<SEC-DOCUMENT>0001193805-25-001326.txt : 20250922
<SEC-HEADER>0001193805-25-001326.hdr.sgml : 20250922
<ACCEPTANCE-DATETIME>20250922160129
ACCESSION NUMBER:		0001193805-25-001326
CONFORMED SUBMISSION TYPE:	S-3/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250922
DATE AS OF CHANGE:		20250922

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GULF RESOURCES, INC.
		CENTRAL INDEX KEY:			0000885462
		STANDARD INDUSTRIAL CLASSIFICATION:	CHEMICALS & ALLIED PRODUCTS [2800]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				133637458
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-288496
		FILM NUMBER:		251330027

	BUSINESS ADDRESS:	
		STREET 1:		LEVEL 11, VEGETABLE BUILDING
		STREET 2:		INDUSTRIAL PARK OF THE EAST CITY
		CITY:			SHOUGUANG CITY, SHANDONG
		STATE:			F4
		ZIP:			262700
		BUSINESS PHONE:		86 (536) 567-0008

	MAIL ADDRESS:	
		STREET 1:		LEVEL 11, VEGETABLE BUILDING
		STREET 2:		INDUSTRIAL PARK OF THE EAST CITY
		CITY:			SHOUGUANG CITY, SHANDONG
		STATE:			F4
		ZIP:			262700

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DIVERSIFAX INC
		DATE OF NAME CHANGE:	19940331
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3/A
<SEQUENCE>1
<FILENAME>e664845_s3a-gulf.htm
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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on September 22, 2025.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration Statement No. 333-288496</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDMENT NO.1 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO</B></P>
</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form S-3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>UNDER</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>THE SECURITIES ACT OF 1933</I></B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Gulf Resources, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Nevada</B></FONT></TD>
    <TD STYLE="width: 2%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 40%; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>13-3637458</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">incorporation or organization)</P></TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(IRS Employer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification Number)</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Level 11,Vegetable Building</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Industrial Park of the East Shouguang City</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shandong</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>China, 262700</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of registrant&rsquo;s principal executive offices)</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Corporate Creations Network Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>8275 South Eastern Avenue #200</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Las Vegas, NV 89123</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telephone: (302) 351-3367</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address, including zip code, and telephone
number, including area code, of service)</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Copy to:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Wang Yu, Esq. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>43/F, Gloucester Tower, Landmark </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>15 Queen&rsquo;s Road Central </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Central, Hong Kong </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Han Kun Law Offices LLP </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+(852) 2820-5656</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Approximate date of commencement of proposed
offer to the public: </B>From time to time after this Registration Statement becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the only securities being registered on this
Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 (the &ldquo;Securities
Act&rdquo;) check the following box: <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Form is a post-effective amendment
filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Form is a post-effective amendment filed
pursuant to Rule 462(e) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Form is a post-effective amendment filed
pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b)
under the Securities Act, check the following box. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indicate by check mark whether the registrant is
a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See
the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo; and
&ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt">Large accelerated filer</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt">Accelerated filer</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Smaller reporting company</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Emerging growth company</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities Act <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>The registrant hereby
amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file
a further amendment that specifically states that this registration statement shall thereafter become effective in accordance with Section
8(a) of the Securities Act or until the registration statement shall become effective on such date as the Commission, acting pursuant
to such Section 8(a), may determine.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"><B>The information in this prospectus
is not complete and may be changed. These securities may not be sold until the registration statement filed with the U.S. Securities and
Exchange Commission is effective. The prospectus is not an offer to sell these securities and does not constitute the solicitation of
offers to buy these securities in any jurisdiction where the offer or sale is not permitted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; text-align: right"><FONT STYLE="font-size: 10pt; color: red"><B>SUBJECT TO COMPLETION, DATED SEPTEMBER 22,
2025</B> </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GULF RESOURCES, INC.&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$10,000,000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, in one
or more offerings, we may offer and sell up to $10,000,000 of our (i) common stock, (ii) preferred stock and (iii) warrants, or any combination
of these securities. Specific terms of such sales will be provided in supplements to this prospectus. Any prospectus supplements also
will describe the specific manner in which these securities will be offered and may supplement, update or amend information contained
in this prospectus. We may also authorize one or more free writing prospectuses to be provided to you in connection with any of these
offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may offer and sell these
securities through one or more underwriters, dealers and agents, or directly to investors, in amounts, at prices and on terms to be determined
by market conditions and other factors at the time of the offering. The securities may be sold by any means described in the section of
this prospectus titled &ldquo;<I>Plan of Distribution</I>&rdquo; beginning on page&nbsp;21&nbsp;of this prospectus or by any means described
in any applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any prospectus supplements
and related free writing prospectuses may add, update or change information contained in this prospectus. You should carefully read this
prospectus and any accompanying prospectus supplement, together with the documents we incorporate by reference, before you invest in our
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our common stock is listed
on the Nasdaq Capital Market (&ldquo;Nasdaq&rdquo;) under the symbol &ldquo;GURE.&rdquo; On July 2, 2025, the last reported sale price
for our common stock as reported on Nasdaq was $0.69 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to General Instruction
I.B.6 of Form S-3, in no event will we sell our securities in a public primary offering with a value exceeding more than one-third of
our public float in any 12-month period so long as our public float remains below $75.0 million. As of July 1, 2025, the aggregate market
value of our outstanding common stock held by non-affiliates, or public float, was approximately $7.5 million, based on 10,927,598 shares
of common stock issued and outstanding on such date and a price of $0.69 per share, which was the price at which our common stock was
last sold on the Nasdaq Capital Market on July 1, 2025 (a date within 60 days of the date hereof), calculated in accordance with General
Instruction I.B.6 of Form S-3. During the 12 calendar months prior to and including the date of this prospectus, we have not offered and
sold any of our securities pursuant to General Instruction I.B.6 of Form S-3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Investing in our securities
involves a high degree of risk. Before buying any securities, you should carefully read the discussion of the risks of investing in our
securities in the section titled &ldquo;<I>Risk Factors</I>&rdquo; beginning on page&nbsp;6 of this prospectus</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>The date of this prospectus
is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#A-3">ABOUT THIS PROSPECTUS</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#A-4">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#A-5">ABOUT GULF RESOURCES, INC.</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#A-6">RISK FACTORS</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#A-16">USE OF PROCEEDS</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#A-17">DESCRIPTION OF SECURITIES</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#A-21">PLAN OF DISTRIBUTION</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#A-24">LEGAL MATTERS</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#A-24">EXPERTS</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#A-24">WHERE YOU CAN FIND ADDITIONAL INFORMATION</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#A-24">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">You should read this prospectus,
any applicable prospectus supplement and the information incorporated by reference in this prospectus before making an investment in the
securities of Gulf Resources, Inc. See the section titled &ldquo;<I>Where You Can Find Additional Information</I>&rdquo; for additional
information. You should rely only on the information contained in or incorporated by reference in this prospectus or a prospectus supplement.
We have not authorized anyone to provide you with different information. This document may be used only in jurisdictions where offers
and sales of these securities are permitted. You should assume that information contained in this prospectus, or in any document incorporated
by reference, is accurate only as of any date on the front cover of the applicable document. Our business, financial condition, results
of operations and prospects may have changed since that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P ID="A-3" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus is part of a registration statement
that we filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) using a &ldquo;shelf&rdquo; registration process. Under
this shelf registration process, we may from time to time offer and sell any combination of the securities described in this prospectus
in one or more offerings with an aggregate initial offering price not to exceed $10,000,000. We have provided to you in this prospectus
a general description of the securities we may offer. Each time we sell any of our securities under this prospectus, we will, to the extent
required by law, provide a prospectus supplement that will contain specific information about the terms of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">It is important for you to read and consider all
of the information contained in or incorporated by reference into this prospectus and any applicable prospectus supplement before making
any decision whether to invest in our securities. This prospectus does not contain all of the information included in the registration
statement, and incorporates by reference important business and financial information about us that is not included in or delivered with
this document. For a more complete understanding of the offering of our securities, you should refer to the registration statement, including
its exhibits. You should also read and consider the additional information contained in the documents that we have incorporated into this
prospectus by reference, as described in &ldquo;<I>Incorporation of Certain Information by Reference</I>&rdquo; and &ldquo;<I>Where You
Can Find Additional Information</I>&rdquo; in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THIS PROSPECTUS MAY NOT BE USED TO SELL ANY
SECURITIES<BR>
UNLESS ACCOMPANIED BY A PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may add, update or change any of the information contained in this
prospectus or in any accompanying prospectus supplement we may authorize to be delivered to you. To the extent there is a conflict between
the information contained in this prospectus and any accompanying prospectus supplement, you should rely on the information in the prospectus
supplement, provided that if any statement in one of these documents is inconsistent with a statement in another document having a later
date &ndash; for example, a document incorporated by reference in this prospectus or any prospectus supplement &ndash; the statement in
the document having the later date shall modify or supersede such earlier statement. Any statement so modified will be deemed to constitute
a part of this prospectus only as so modified, and any statement so superseded will be deemed not to constitute a part of this prospectus.
This prospectus, together with any accompanying prospectus supplement, includes all material information relating to an offering pursuant
to this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>You
should rely only on the information contained in this prospectus, in any accompanying prospectus supplement, or in any document incorporated
by reference herein or therein. We have not authorized anyone to provide you with any different information. We take no responsibility
for, and can provide no assurance as to the reliability of, any other information that others may provide to you. The information contained
in this prospectus, in any applicable prospectus supplement, and in the documents incorporated by reference herein or therein is accurate
only as of the date such information is presented. Our business, financial condition, results of operations and prospects may have changed
since those respective dates.&nbsp;You should not assume that the information contained in this prospectus and any prospectus supplement
is accurate on any date subsequent to the date set forth on the front of the document or that any information we have incorporated by
reference is correct on any date subsequent to the date of the document incorporated by reference, even though this prospectus is delivered
or the shares are sold on a later date.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We further note that the representations, warranties
and covenants made by us in any agreement that is filed as an exhibit to any document that is incorporated by reference herein were made
solely for the benefit of the parties to such agreement, including, in some cases, for the purpose of allocating risk among the parties
to such agreements, and should not be deemed to be a representation, warranty or covenant to you. Moreover, such representations, warranties
or covenants were accurate only as of the date when made. Accordingly, such representations, warranties and covenants should not be relied
on as accurately representing the current state of our affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus and any accompanying prospectus supplement does not constitute an offer to sell or the solicitation of an offer to buy any
securities other than the registered securities to which they relate, nor does this prospectus and any accompanying prospectus supplement
constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction to any person to whom it is unlawful
to make such offer or solicitation in such jurisdiction. This prospectus may not be used to offer or sell our securities unless accompanied
by a prospectus supplement relating to the offered securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise indicated, information contained
in or incorporated by reference into this prospectus concerning our industry and the markets in which we operate, including market position
and market opportunity, is based on information from our management&rsquo;s estimates, as well as from industry publications and research,
surveys and studies conducted by third parties. Management estimates are derived from publicly available information, our knowledge of
our industry and assumptions based on such information and knowledge, which we believe to be reasonable. In addition, while we believe
that information contained in industry publications, surveys and studies has been obtained from reliable sources, the accuracy and completeness
of such information is not guaranteed, and we have not independently verified any of the data contained in these third-party sources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may sell the securities to or through underwriters,
dealers or agents or directly to purchasers. We and our agents reserve the sole right to accept or reject in whole or in part any proposed
purchase of securities. The prospectus supplement, which we will provide to you each time we offer securities, will set forth the names
of any underwriters, dealers or agents involved in the sale of the securities, and any applicable fee, commission or discount arrangements
with them. See &ldquo;Plan of Distribution.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P ID="A-4" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Certain statements in this
prospectus may constitute &ldquo;forward-looking statements&rdquo; within the meaning of the federal securities laws, including the Private
Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. Our forward-looking statements include, but are not limited to, statements regarding Gulf Resources, Inc.&rsquo;s
and Gulf Resources, Inc.&rsquo;s management team&rsquo;s expectations, hopes, beliefs, intentions or strategies regarding the future.
In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including
any underlying assumptions, are forward-looking statements. In some cases, you can identify forward-looking statements by the following
words: &ldquo;believe,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;could,&rdquo; &ldquo;would,&rdquo; &ldquo;should,&rdquo; &ldquo;expect,&rdquo;
&ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;trend,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo;
&ldquo;predict,&rdquo; &ldquo;project,&rdquo; &ldquo;potential,&rdquo; &ldquo;seem,&rdquo; &ldquo;seek,&rdquo; &ldquo;future,&rdquo; &ldquo;outlook,&rdquo;
&ldquo;forecast,&rdquo; &ldquo;projection,&rdquo; &ldquo;continue,&rdquo; &ldquo;ongoing,&rdquo; or the negative of these terms or other
comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties,
and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the
information expressed or implied by these forward-looking statements. We caution you that these statements are based on a combination
of facts and factors currently known by us and our projections of the future, which are subject to a number of risks. Factors that might
cause or contribute to a material difference include those discussed below and the risks discussed in the Company&rsquo;s other filings
with the SEC. You should not place undue reliance on these forward-looking statements in making an investment decision with respect to
the securities offered under this prospectus. These forward-looking statements are not intended to serve as, and must not be relied on
as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability regarding future performance, events or circumstances.
Many of the factors affecting actual performance, events and circumstances are beyond the control of Gulf Resources, Inc. As a result
of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed
or implied by these forward-looking statements. All forward-looking statements set forth in this prospectus are qualified by these cautionary
statements, and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even
if substantially realized, that they will have the expected consequence to or effects on the Company or its business or operations. The
following discussion should be read in conjunction with the Company&rsquo;s audited Consolidated Financial Statements and related notes
thereto included elsewhere in this prospectus. These forward-looking statements are based on information available as of the date of this
prospectus, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties and are not
predictions of actual performance. Accordingly, forward-looking statements should not be relied upon as representing our views as of any
subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after
the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable
securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P ID="A-5" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<B>ABOUT GULF RESOURCES, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Gulf Resources, Inc. and its subsidiaries (referred
to as &quot;Gulf Resources&quot;, the &quot;Company&quot;, &quot;we&quot; and &quot;us&quot;) is a Nevada incorporated holding company
that manufactures and trades bromine and crude salt, natural gas, and manufactures and sells chemical products used in oil and gas field
explorations, papermaking chemical agents, and materials for human and animal antibiotics. To date, our products have been sold only within
the People's Republic of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We conduct our business operations in four segments:
bromine, crude salt, chemical products, and natural gas. We manufacture and distribute bromine through our wholly-owned subsidiary, Shouguang
City Haoyuan Chemical Company Limited (SCHC). We also produce crude salt through our subsidiary Shouguang Hengde Salt Industry Co. Ltd
(SHSI). Through our wholly-owned subsidiary, Shouguang Yuxin Chemical Industry Company Limited (SYCI), we manufacture and sell chemical
products used in oil and gas field exploration, papermaking chemical agents, and materials for human and animal antibiotics. Our wholly-owned
subsidiary, Daying County Haoyuan Chemical Company Limited (DCHC), was established to explore and develop natural gas and brine resources
in Sichuan Province, China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are one of the largest producers of bromine
in China, as measured by production output. The extraction of bromine in the Shandong Province is limited by the provincial government
to licensed operations, and we hold one such license. Our production sites are located in the Shandong Province in northeastern China,
with facilities strategically positioned near natural brine deposits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of December 31, 2024, we employed approximately
367 full-time employees and operated through our wholly-owned subsidiaries in China. Our corporate structure is linear, with Gulf Resources
owning 100% of Upper Class Group Limited, which owns 100% of Hong Kong Jiaxing Industrial Limited, which owns 100% of our Chinese operating
subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>CORPORATE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We were originally incorporated in Delaware and
subsequently re-incorporated in Nevada. Our current corporate structure was established through a series of acquisitions beginning in
2006, when we acquired Upper Class Group Limited and its Chinese subsidiaries. In 2007, we acquired Shouguang Yuxin Chemical Industry
Co., Limited to expand our chemical products business. In 2015, we acquired Shouguang City Rongyuan Chemical Co., Ltd to strengthen our
position in materials for human and animal antibiotics manufacturing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our executive offices are located at Level 11,
Vegetable Building, Industrial Park of the East in Shouguang City, Shandong Province, P.R.C. Our telephone number is +86 (536) 567-0008.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our website address is www.gulfresourcesinc.com.
The information on, or that can be accessed through, our website is not part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P ID="A-6" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Investing in our securities involves a high degree
of risk. Before making an investment decision, you should carefully consider the risks described in the section titled &ldquo;<I>Risk
Factors</I>&rdquo; in our most recent Annual Report on Form 10-K as filed with the SEC, which are incorporated herein by reference in
their entirety, as well any amendment or updates to our risk factors reflected in subsequent filings with the SEC, which will be incorporated
by reference in this prospectus and any applicable prospectus supplement. Our business, financial condition or results of operations could
be materially adversely affected by any of these risks. The trading price of our securities could decline due to any of these risks, and
you may lose all or part of your investment. This prospectus, any applicable prospectus supplement and the incorporated documents also
contain forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated
in these forward-looking statements as a result of certain factors, including the risks mentioned elsewhere in this prospectus. For more
information, see the section titled &ldquo;<I>Where You Can Find Additional Information</I>&rdquo; herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to this Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our share price is and may continue to be volatile and you may
not be able to resell our securities at or above the price you paid.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The market price for our shares of common stock
is volatile and may fluctuate significantly in response to a number of factors, most of which we cannot control, such as fluctuations
in financial results, market demand of our products or changes in securities analysts&rsquo; recommendations. In addition, our shares
have been and may continue to be affected by limited trading volume. Each of these factors, among others, could harm your investment in
our shares and could result in you being unable to resell the shares that you purchased at a price equal to or above the price you paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If securities or industry analysts publish negative reports about
our business, our share price and trading volume could decline.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The market price for our shares of common stock
depends in part on the research and reports that securities or industry analysts publish about us or our business, our market and our
competitors. We do not have any control over these analysts. If one or more of the analysts who cover us downgrade our shares or change
their opinion of our shares, our share price would likely decline. If one or more of these analysts cease coverage of our Company or fail
to regularly publish reports on us, we could lose visibility in the financial markets, which could cause our share price or trading volume
to decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Sales of a substantial number of our shares in the public market,
or the perception that they may occur, could cause the price of our shares to fall.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The market price of our shares of common stock
could decline as a result of sales of a large number of our shares in the public market following this offering. A substantial majority
of our outstanding shares are freely tradeable without restriction or further registration under the Securities Act of 1933, as amended
(the &ldquo;Securities Act&rdquo;). Volatility or a reduction in the market price of our shares could have an adverse effect on the market
price of the shares and existing warrants. The perception that these sales might occur may also cause the market price of our shares to
decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Doing Business in China</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Uncertainties and quick changes in the PRC
legal system could result in a material and negative impact on our business operations, decrease the value of our Ordinary Shares and
limit the legal protections available to you and us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The PRC legal system is a civil law system based
on written statutes. Unlike the common law system, prior court decisions may be cited for reference but have limited precedential value.
Our PRC Subsidiaries are foreign-invested enterprises and are subject to laws and regulations applicable to foreign-invested enterprises
as well as various Chinese laws and regulations generally applicable to companies incorporated in mainland China. However, since these
laws and regulations are relatively new and the PRC legal system continues to rapidly evolve, the interpretations of many laws, regulations
and rules are not always uniform and enforcement of these laws, regulations and rules involves uncertainties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, we may have to resort to administrative
and court proceedings to enforce our legal rights. However, since the PRC administrative and court authorities have significant discretion
in interpreting and implementing statutory and contractual terms, it may be more difficult to evaluate the outcome of administrative and
court proceedings and the level of protection we enjoy than in more developed legal systems. Furthermore, the PRC legal system is based
in part on government policies and internal rules, some of which are not published on a timely basis or at all, and which may have a retroactive
effect. As a result, we may not be aware of our violation of any of these policies and rules until sometime after the violation. Such
uncertainties, including uncertainty over the scope and effect of our contractual, property (including intellectual property) and procedural
rights, and any failure to respond to changes in the regulatory environment in mainland China could materially and adversely affect our
business and impede our ability to continue our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If the Chinese government chooses to exert
more oversight and control over offerings that are conducted overseas and/or foreign investment in mainland China-based issuers, such
action may significantly limit or completely hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the
value of our Ordinary Shares to significantly decline or be worthless.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Recent statements by the Chinese government have
indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investments in mainland
China-based issuers. On July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the
State Council jointly issued a document to crack down on illegal activities in the securities market and promote the high-quality development
of the capital market, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight
of law enforcement and judicial cooperation, to enhance supervision over mainland China-based companies listed overseas, and to establish
and improve the system of extraterritorial application of the PRC securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, on December 28, 2021, the CAC, the
NDRC and several other administrations jointly issued the Revised Review Measures, which became effective and replaced the existing Measures
for Cybersecurity Review on February 15, 2022. According to the Revised Review Measures, if an &ldquo;online platform operator&rdquo;
that is in possession of personal data of more than one million users intends to list in a foreign country, it must apply for a cybersecurity
review. Moreover, the CAC released the draft of the Regulations on Network Data Security Management in November 2021 for public consultation,
which among other things, stipulates that a data processor listed overseas must conduct an annual data security review by itself or by
engaging a data security service provider and submit the annual data security review report for a given year to the municipal cybersecurity
department before January 31 of the following year. On July 7, 2022, the CAC released the Measures for the Security Assessment of Cross-Border
Data, which became effective on September 1, 2022. Given the recent issuance of the Measures for the Security Assessment of Cross-Border
Data, there is a general lack of guidance and substantial uncertainties exist with respect to their interpretation and implementation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We manufacture and sell our products and services
in mainland China. Our subsidiaries in mainland China do not collect or store any data (including certain personal information) from our
individual end-users, who may be PRC individuals. As of the date of this prospectus, we have not collected and stored personal information
from our individual end-users. As a result, the likelihood of us being subject to the review of the CAC is remote. Uncertainties still
exist, however, due to the possibility that laws, regulations, or policies in mainland China could change rapidly in the future. Any future
action by the PRC government expanding the categories of industries and companies whose foreign securities offerings are subject to review
by the CAC could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could
cause the value of such securities to significantly decline or be worthless.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Chinese government may intervene in
or influence our operations at any time, which could result in a material change in our operations and significantly and adversely impact
the value of our securities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The PRC government has significant authority to
exert influence on our operations in mainland China. Therefore, uncertainties in the PRC legal system and the interpretation and enforcement
of PRC laws and regulations could limit the legal protection available to you and us, hinder our ability to offer or continue to offer
the Ordinary Shares, result in a material adverse effect on our business operations, and damage our reputation, which might further cause
the Ordinary Shares to significantly decline in value or become worthless. Changes in China&rsquo;s economic, political or social conditions,
or government policies could materially and adversely affect our business, financial condition, and results of operations. The economic,
political and social conditions in the PRC differ from those in more developed countries in many respects, including structure, government
involvement, level of development, growth rate, control of foreign exchange, capital reinvestment, allocation of resources, rate of inflation
and trade balance position. Before the adoption of its reform and opening up policies in 1978, the PRC was primarily a planned economy.
In recent years, the PRC government has been reforming the PRC economic system and government structure. For example, the PRC government
has implemented economic reform and measures emphasizing the utilization of market forces in the development of the PRC economy in the
past three decades. These reforms have resulted in significant economic growth and social prospects. Economic reform measures, however,
may be adjusted, modified or applied inconsistently from industry to industry or across different regions of the country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cannot predict whether the resulting changes
will have any adverse effect on our current or future business, financial condition or results of operations. Despite these economic reforms
and measures, the PRC government continues to play a significant role in regulating industrial development, allocation of natural and
other resources, production, pricing and management of currency, and there can be no assurance that the PRC government will continue to
pursue a policy of economic reform or that the direction of reform will continue to be market friendly. Our ability to successfully expand
business operations in the PRC depends on a number of factors, including macro-economic and other market conditions. Demand for our future
products in the Chinese market and our business, financial condition and results of operations may be materially and adversely affected
by the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in political or social conditions of the PRC;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in laws, regulations, and administrative directives or the interpretation thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">measures which may be introduced to control inflation or deflation; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in the rate or method of taxation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These factors are affected by a number of variables
which are beyond our control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>You may experience difficulties in effecting
service of legal process, enforcing foreign judgments or bringing actions in China against us or our management named in the prospectus
based on foreign laws.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conduct all of our operations in mainland China,
and all of our assets are located in mainland China. In addition, our current officers reside within mainland China and are PRC nationals.
As a result, it may be difficult for our shareholders to effect service of process upon us or those persons inside the PRC. In addition,
the PRC does not have treaties providing for the reciprocal recognition and enforcement of judgments of courts with the Cayman Islands
and many other countries and regions. Therefore, recognition and enforcement in the PRC of judgments of a court in any of these non-PRC
jurisdictions in relation to any matter not subject to a binding arbitration provision may be difficult or impossible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>A recent joint statement by the SEC and
the PCAOB, rule changes by Nasdaq, and the Holding Foreign Companies Accountable Act all call for additional and more stringent criteria
to be applied to companies with operations in emerging markets upon assessing the qualification of their auditors, especially the non-U.S.
auditors who are not inspected by the PCAOB. These developments could add uncertainties to our continued listing or future offerings of
our securities in the U.S.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As more stringent criteria has been imposed by
the SEC and the PCAOB in 2021 and 2022 on companies with foreign public auditors, and under the HFCAA, Company&rsquo;s securities may
be prohibited from being traded on the over-the-counter (the &ldquo;OTC&rdquo;) markets or from being listed on U.S. national securities
exchanges if Company&rsquo;s current public auditor is not able to be fully audited and inspected by the PCAOB for three consecutive fiscal
years, and this ultimately could result in trading in Company securities being prohibited in United States and delisted from OTCQB in
early 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 21, 2020, SEC Chairman Jay Clayton and
PCAOB Chairman William D. Duhnke III, along with other senior SEC staff, released a joint statement highlighting the risks associated
with investing in companies based in or having substantial operations in emerging markets including China. The joint statement emphasized
the risks associated with lack of access for the PCAOB to inspect auditors and audit work papers in China and higher risks of fraud in
emerging markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 18, 2020, Nasdaq filed three proposals
with the SEC to (i) apply minimum offering size requirement for companies primarily operating in &ldquo;Restrictive Market&rdquo;, (ii)
adopt a new requirement relating to the qualification of management or board of directors for Restrictive Market companies, and (iii)
apply additional and more stringent criteria to an applicant or listed company based on the qualifications of the company&rsquo;s auditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 20, 2020, the U.S. Senate passed the Holding
Foreign Companies Accountable Act requiring a foreign company to certify it is not owned or controlled by a foreign government if the
PCAOB is unable to audit specified reports because the company uses a foreign auditor not subject to PCAOB inspection. If the PCAOB is
unable to inspect the company&rsquo;s auditors for three consecutive years, the issuer&rsquo;s securities are prohibited to trade on a
national exchange. On December 2, 2020, the U.S. House of Representatives approved the Holding Foreign Companies Accountable Act. On December
18, 2020, the Holding Foreign Companies Accountable Act was signed into law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 24, 2021, the SEC announced the adoption
of interim final amendments to implement the submission and disclosure requirements of the Holding Foreign Companies Accountable Act.
In the announcement, the SEC clarified that before any issuer will have to comply with the interim final amendments, the SEC must implement
a process for identifying covered issuers. The announcement also stated that the SEC staff was actively assessing how best to implement
the other requirements of the Holding Foreign Companies Accountable Act, including the identification process and the trading prohibition
requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 22, 2021, the U.S. Senate passed the Accelerating
Holding Foreign Companies Accountable Act, which, if passed by the U.S. House of Representatives and signed into law, would reduce the
number of consecutive non-inspection years required for triggering the prohibitions under the Holding Foreign Companies Accountable Act
from three years to two. On December 29, 2022, a legislation entitled &ldquo;Consolidated Appropriations Act, 2023&rdquo; (the &ldquo;Consolidated
Appropriations Act&rdquo;), was signed into law by President Biden. The Consolidated Appropriations Act contained, among other things,
an identical provision to HFCAA, which reduces the number of consecutive non-inspection years required for triggering the prohibitions
under the HFCAA from three years to two.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 22, 2021, the PCAOB adopted a final
rule implementing the Holding Foreign Companies Accountable Act, which provides a framework for the PCAOB to use when determining, as
contemplated under the Holding Foreign Companies Accountable Act, whether the board of directors of a company is unable to inspect or
investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more
authorities in that jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 2, 2021, the SEC issued amendments
to finalize rules implementing the submission and disclosure requirements in the Holding Foreign Companies Accountable Act. The rules
apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting
firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken
by an authority in foreign jurisdictions. The final amendments were effective on January 10, 2022. The SEC began to identify and list
Commission-Identified Issuers on its website shortly after registrants began filing their annual reports for 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 16, 2021, the PCAOB announced the
PCAOB Holding Foreign Companies Accountable Act determinations (the &ldquo;PCAOB determinations&rdquo;) relating to the PCAOB&rsquo;s
inability to inspect or investigate completely registered public accounting firms headquartered in China of the PRC or Hong Kong, a Special
Administrative Region and dependency of the PRC, because of a position taken by one or more authorities in the PRC or Hong Kong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 26, 2022, the PCAOB signed a Statement
of Protocol with the CSRC and the Ministry of Finance of the People&rsquo;s Republic of China governing inspections and investigations
of audit firms based in China and Hong Kong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 15, 2022, the PCAOB announced in the
2022 Determination its determination that the PCAOB was able to secure complete access to inspect and investigate accounting firms headquartered
in mainland China and Hong Kong, and the PCAOB Board voted to vacate previous determinations to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Should the PCAOB again encounter impediments to
inspections and investigations in mainland China or Hong Kong as a result of positions taken by any authority in either jurisdiction,
including by the CSRC or the MOF, the PCAOB will make determinations under the HFCAA as and when appropriate. The inability of the PCAOB
to conduct inspections of auditors in PRC makes it more difficult to evaluate the effectiveness of these accounting firm&rsquo;s audit
procedures or quality control procedures as compared to auditors outside of PRC that are subject to the PCAOB inspections, which could
cause investors and potential investors in our Common stock to lose confidence in our audit procedures and reported financial information
and the quality of our financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our auditor, GGF CPA LTD., Certified Public Accountants,
is a China-based accounting firm registered&nbsp;as a PCAOB-registered public accounting firm, it is required to undergo regular inspections
by the PCAOB to assess its compliance with the laws of the U.S. and professional standards. GGF CPA LTD has been subject to PCAOB inspections
and is not among the PCAOB-registered public accounting firms headquartered in the PRC or Hong Kong that is subject to the PCAOB&rsquo;s
determination of having been unable to inspect or investigate completely. Notwithstanding the foregoing, if it is later determined that
the PCAOB is unable to inspect or investigate our auditor completely, if there is any regulatory change or step taken by PRC regulators
that does not permit our auditor to provide audit documentations located in China or Hong Kong to the PCAOB for inspection or investigation,
or the PCAOB expands the scope of the Determination so that we are subject to the HFCAA, as the same may be amended, our common stock
may be delisted from or prohibited from trading on a national securities exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The recent developments would add uncertainties
to our offering and we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more stringent criteria to
us. Furthermore, the Consolidated Appropriations Act reduces the period for foreign companies to comply with PCAOB audits to two consecutive
years instead of three, thus reducing the time period for triggering the prohibition on trading, and this ultimately could result in our
common stock being delisted by an exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The approval or record filing of the CSRC,
CAC, or other PRC government authorities may be required in connection with this offering and our future capital raising activities under
the PRC laws.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Recent statements by the Chinese government have
indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investments in PRC based
issuers. The PRC has recently promulgated new rules that require companies collecting or holding large amounts of data to undergo a cybersecurity
review prior to listing in foreign countries, a move that will significantly tighten oversight over PRC-based internet giants. The Measures
for Cybersecurity Review (2021 version) was promulgated on December 28, 2021 and became effective on February 15, 2022. These measures
specify that any &ldquo;online platform operators&rdquo; controlling the personal information of more than one million users which seek
to list on a foreign stock exchange are subject to prior cybersecurity review.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 14, 2021, the Cyberspace Administration
of China (the &ldquo;CAC&rdquo;) published the Draft Regulations on the Network Data Security Administration (Draft for Comments) (the
&ldquo;Security Administration Draft&rdquo;), which provides that data processing operators engaging in data processing activities that
affect or may affect national security must be subject to cybersecurity review by the relevant Cyberspace Administration of the PRC. According
to the Security Administration Draft, data processing operators shall apply for a cybersecurity review by the relevant Cyberspace Administration
of the PRC under certain circumstances, such as (i) mergers, restructurings, and divisions of Internet platform operators that hold large
amount of data relating to national security, economic development, or public interest which affects or may affect the national security,
(ii) overseas listings of data processors that process personal data for more than one million individuals, (iii) Hong Kong listings of
data processors that affect or may affect national security, and (iv) other data processing activities that affect or may affect the national
security. The deadline for public comments on the Security Administration Draft was December 13, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The PRC Data Security Law, which was promulgated
by the Standing Committee of the National People&rsquo;s Congress (the &ldquo;SCNPC&rdquo;) on June 10, 2021 and took effect on September
1, 2021, requires data collection to be conducted in a legitimate and proper manner, and stipulates that, for the purpose of data protection,
data processing activities must be conducted based on data classification and hierarchical protection system for data security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 20, 2021, the SCNPC promulgated the
Personal Information Protection Law of the People&rsquo;s Republic of China, or the Personal Information Protection Law, which integrates
the scattered rules with respect to personal information rights and privacy protection and took effect on November 1, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business in China does not involve the collection
of user data, implicate cybersecurity, or involve any other type of restricted industry. Based on our understanding of currently applicable
PRC laws and regulations, our registered public offering in the U.S. is not subject to the review or prior approval of the CAC . As of
the date of this prospectus, we have not received any notice from any authorities identifying the operating entities as CIIOs or requiring
us to go through cybersecurity review or network data security review by the CAC. Uncertainties still exist, however, due to the possibility
that laws, regulations, or policies in the PRC could change rapidly in the future. Any future action by the PRC government expanding the
categories of industries and companies whose foreign securities offerings are subject to review by the CAC could significantly limit our
ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or
be worthless.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 17, 2023, the CSRC released Trial
Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies with five interpretive guidelines (the &ldquo;Trial
Measures&rdquo;), which came into effect on March 31, 2023. Pursuant to the Trial Measures, a PRC domestic company that seeks to offer
and list securities in overseas markets, either in direct or indirect overseas offering, shall fulfill the filing procedure with the CSRC
and report relevant information to the CSRC. Direct overseas offering and listing by domestic companies refers to such overseas offering
and listing by a joint-stock company incorporated domestically. Any overseas offering and listing made by an issuer that meets both the
following conditions will be deemed an indirect offering and listing in an overseas market and, therefore, be subject to filing requirement:
(i) 50% or more of the issuer&rsquo;s operating revenue, total profit, total assets or net assets as documented in its audited consolidated
financial statements for the most recent accounting year is accounted for by domestic companies (the &ldquo;Financial Condition&rdquo;);
and (ii) the main parts of the issuer&rsquo;s business activities are conducted in the Mainland China, or its main places of business
are located in the Mainland China, or the senior managers in charge of its business operation and management are mostly Chinese citizens
or domiciled in the Mainland China (the &ldquo;Business Condition&rdquo;). The determination as to whether or not an overseas offering
and listing by domestic companies is indirect shall be made on substance over form basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this prospectus, our management
believes none of Gulf Resources Inc., any of the PRC Subsidiaries are required to obtain the approval from, or complete the filing with,
the CSRC for this offering. Our management believes that the Business Condition under the Trial Measures is not met because (i) three
out of the four principal business activities of the Company, namely the Waste Heat Recovery Solutions, Waste to Energy Solutions, and
the Engineering, Consulting and Project Management Solutions, are conducted outside mainland China; (ii) the principal places of business
of the above business activities are located outside mainland China; and (iii) none of the key management personnel in charge of the business
operations and management of the Company is a PRC citizen or has his or her usual place of residence located in mainland China. Due to
the fact that the Business Condition and the Financial Condition are both required to be met to constitute an indirect listing as prescribed
by the Trial Measures, our management believes that we do not need to fulfil the CSRC filing procedure. Thus, none of our Company, any
of our PRC Subsidiaries have submitted an application for approval for this offering with the CSRC pursuant to the Trial Measures. However,
as the Trial Measures was newly published, there are substantial uncertainties as to the implementation and interpretation, and the CSRC
may take a view that is contrary to our understanding of the Trial Measures. If either our Company or our PRC Subsidiaries are required
by the CSRC to submit and complete the filing procedures of this offering and listing, we cannot assure you that we will be able to complete
such filings in a timely manner, or even at all, which could significantly limit or completely hinder our ability to offer or continue
to offer securities to investors and cause the value of such securities to significantly decline or be worthless. Any failure by us to
comply with such filing requirements under the Trial Measures may result in rectification, warnings, and a fine between RMB 1 million
and RMB 10 million on our PRC Subsidiaries, which could adversely and materially affect our business operations and financial outlook
and could cause the value of our common stock to significantly decline or, in extreme cases, become worthless.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may rely on dividends and other distributions
on equity paid by our PRC Subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our
PRC Subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We rely principally on dividends and other distributions
on equity from our PRC Subsidiaries for our cash requirements, including for services of any debt we may incur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our PRC Subsidiaries&rsquo; ability to distribute
dividends is based upon their distributable earnings. Current PRC regulations permit our PRC Subsidiaries to pay dividends to their respective
shareholders only out of their accumulated profits, if any, determined in accordance with PRC accounting standards and regulations. In
addition, each of our PRC Subsidiaries, as an FIE, is required to draw 10% of its after-tax profits each year, if any, to fund a common
reserve, which may stop drawing its after-tax profits if the aggregate balance of the common reserve has already accounted for over 50
percent of its registered capital. These reserves are not distributable as cash dividends. If our PRC Subsidiaries incur debt on their
own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments to us.
Any limitation on the ability of our PRC Subsidiaries to distribute dividends or other payments to their respective shareholders could
materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends
or otherwise fund and conduct our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Enterprise Income Tax Law and
its implementation rules provide that a withholding tax rate of up to 10% will be applicable to dividends payable by Chinese companies
to non-PRC-resident enterprises unless otherwise exempted or reduced according to treaties or arrangements between the PRC central government
and governments of other countries or regions where the non-PRC resident enterprises are incorporated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>PRC regulation of loans to and direct investment
in PRC entities by offshore holding companies and governmental control of currency conversion may delay us from using the proceeds of
this Offering to make loans or additional capital contributions to our PRC Subsidiaries, which could materially and adversely affect our
liquidity and our ability to fund and expand our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any funds we transfer to our PRC Subsidiaries,
either as a shareholder loan or as an increase in registered capital, are subject to approval by or registration with relevant governmental
authorities in China. According to the relevant PRC regulations on FIEs, in China, capital contributions to our PRC Subsidiaries are subject
to the approval of or filing with the Ministry of Commerce, or MOFCOM or its local branches and registration with a local bank authorized
by the SAFE. In addition, (i) a foreign loan of less one year duration procured by our PRC Subsidiaries is required to be registered with
SAFE or its local branches and (ii) a foreign loan of one year duration or more procured by our PRC Subsidiaries is required to be applied
to the NDRC in advance for undergoing recordation registration formalities. Any medium or long-term loan to be provided by us to our PRC
Subsidiaries must be registered with the NDRC and the SAFE or its local branches. We may not be able to complete such registrations on
a timely basis, with respect to future capital contributions or foreign loans by us to our PRC Subsidiaries. If we fail to complete such
registrations, our ability to use the proceeds of this Offering and to capitalize our PRC operations may be negatively affected, which
could adversely affect our liquidity and our ability to fund and expand our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 30, 2015, the SAFE promulgated the Circular
on Reforming the Management Approach Regarding the Foreign Exchange Capital Settlement of Foreign-Invested Enterprises, or SAFE Circular
19, which took effect as of June 1, 2015. SAFE Circular 19 launched a nationwide reform of the administration of the settlement of the
foreign exchange capitals of FIEs and allows FIEs to settle their foreign exchange capital at their discretion, but continues to prohibit
FIEs from using the Renminbi fund converted from their foreign exchange capital for expenditure beyond their business scopes, providing
entrusted loans or repaying loans between nonfinancial enterprises. The SAFE issued the Circular on Reforming and Regulating Policies
on the Control over Foreign Exchange Settlement of Capital Accounts, or SAFE Circular 16, effective in June 2016. Pursuant to SAFE Circular
16, enterprises registered in China may also convert their foreign debts from foreign currency to Renminbi on a self-discretionary basis.
SAFE Circular 16 provides an integrated standard for conversion of foreign exchange under capital account items (including but not limited
to foreign currency capital and foreign debts) on a self-discretionary basis which applies to all enterprises registered in China. SAFE
Circular 16 reiterates the principle that Renminbi converted from foreign currency-denominated capital of a company may not be directly
or indirectly used for purposes beyond its business scope or prohibited by PRC laws or regulations, while such converted Renminbi shall
not be provided as loans to its non-affiliated entities. As this circular is relatively new, there remains uncertainty as to its interpretation
and application and any other future foreign exchange related rules. Violations of these Circulars could result in severe monetary or
other penalties. SAFE Circular 19 and SAFE Circular 16 may significantly limit our ability to use Renminbi converted from the net proceeds
of this Offering to fund our PRC operating subsidiary, to invest in or acquire any other PRC companies through our PRC Subsidiaries, which
may adversely affect our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>China&rsquo;s Anti-Monopoly Law, M&amp;A
rules and certain other PRC laws and regulations also establish complex procedures for acquisitions conducted by foreign investors that
could make it more difficult for us to grow through acquisitions in China.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A number of regulations also established additional
procedures and requirements that are expected to make merger and acquisition activities in China by foreign investors more time-consuming
and complex. For example, the M&amp;A rules require that the Ministry of Commerce, or the MOFCOM, be notified in advance of any change-of-control
transaction in which a foreign investor takes control of a PRC domestic enterprise if (i) any important industry is concerned, (ii) such
transaction involves factors that have or may have impact on the national economic security, or (iii) such transaction will lead to a
change in control of a domestic enterprise which holds a famous trademark or PRC time-honored brand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The approval from the MOFCOM shall be obtained
in circumstances where overseas companies established or controlled by PRC enterprises or residents acquire affiliated domestic companies.
Mergers, acquisitions or contractual arrangements that allow one market player to take control of or to exert decisive impact on another
market player must also be notified in advance to the anti-monopoly authority under the State Council when the threshold under the Provisions
on Thresholds for Prior Notification of Concentrations of Undertakings, or the Prior Notification Rules, issued by the State Council in
August 2008 and amended in September 2018, is triggered. In addition, the Rules of the Ministry of Commerce on Implementation of Security
Review System of Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the Security Review Rule issued by the MOFCOM
that became effective in September 2011 specify that mergers and acquisitions by foreign investors that raise &ldquo;national defense
and security&rdquo; concerns and mergers and acquisitions through which foreign investors may acquire de facto control over domestic enterprises
that raise &ldquo;national security&rdquo; concerns are subject to strict review by the MOFCOM, and the rules prohibit any activities
attempting to bypass a security review, including by structuring the transaction through a proxy or contractual control arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, on December 19, 2020, the National
Development and Reform Commission, or the NDRC, and MOFCOM promulgated the Measures for Security Review of Foreign Investment, or the
Foreign Investment Security Review Measures, which took effect on January 18, 2021. Under the Foreign Investment Security Review Measures,
investment in certain key areas which results in acquiring the actual control of the assets is required to obtain approval from designated
governmental authorities in advance. We may grow our business in part by acquiring other companies operating in our industry. Complying
with the requirements of the new regulations to complete such transactions could be time-consuming, and any required approval processes,
including approval from the MOFCOM, the State Administration for Industry and Commerce and other governmental authorities, may delay or
inhibit our ability to complete such transactions, which could affect our ability to expand our business or maintain our market share.
It is unclear whether our business would be deemed to be in an industry that raises &ldquo;national defense and security&rdquo; or &ldquo;national
security&rdquo; concerns. However, MOFCOM or other government agencies may publish explanations in the future determining that our business
is in an industry subject to the security review, in which case our future acquisitions in China may be closely scrutinized or prohibited.
Our ability to expand our business or maintain or expand our market share through future acquisitions would as such be materially and
adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our PRC Subsidiaries are subject to restrictions
on paying dividends or making other payments to us, which may restrict our ability to satisfy our liquidity requirements in the future.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may need dividends and other distributions
on equity from our PRC Subsidiaries or Shuya to satisfy our liquidity requirements. Current PRC regulations permit our PRC Subsidiaries
and Shuya to pay dividends to their respective shareholders only out of their accumulated profits, if any, determined in accordance with
PRC accounting standards and regulations. In addition, such companies are required to set aside at least 10% of their accumulated profits
each year, if any, to fund certain reserve funds until the total amount set aside reaches 50% of its registered capital. Our PRC Subsidiaries
or Shuya may also, at the respective subsidiary&rsquo;s discretion, allocate a portion of its after-tax profits based on its articles
of association and PRC accounting standards to certain reserve funds. These reserves are not distributable as cash dividends. Furthermore,
if our PRC Subsidiaries or Shuya incur debt on their own behalf in the future, the instruments governing the debt may restrict their ability
to pay dividends or make other payments to us. Any limitation on the ability of our PRC Subsidiaries or Shuya to distribute dividends
or to make payments to us may restrict our ability to satisfy our future liquidity requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Enterprise Income Tax Law and
its implementation rules provide that a withholding tax rate of up to 10% will be applicable to dividends payable by PRC companies to
non-PRC-resident enterprises unless otherwise exempted or reduced according to treaties or arrangements between the PRC central government
and governments of other countries or regions where the non-PRC-resident enterprises are incorporated. If we are deemed by the PRC tax
authorities as a PRC tax resident enterprise for tax purposes, any dividends we pay to our non-PRC resident shareholders may be regarded
as China-sourced income and as a result, may be subject to PRC withholding tax at a rate of up to 10.0%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We can give no assurance that we will declare
dividends of any amounts, at any rate or at all in the future. The declaration of future dividends, if any, will be at the discretion
of our board of directors and will depend upon our future operations and earnings, capital requirements, general financial conditions,
legal and contractual restrictions and other factors that our board of directors may deem relevant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>PRC regulation of loans to and direct investment
in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from making loans
or additional capital contributions to our PRC Subsidiaries..</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a U.S. based company conducting all of
our operations in China. We may make loans to our PRC subsidiaries subject to the approval, registration, and filing with governmental
authorities and limitation of amount, or we may make additional capital contributions to our subsidiaries in China and Hong Kong. Any
loans to our wholly foreign-owned subsidiaries in mainland China, which are treated as foreign-invested enterprises under PRC law, are
subject to foreign exchange loan registrations. In light of the various requirements imposed by PRC regulations on loans to and direct
investment in PRC entities by offshore holding companies, we cannot assure you that we will be able to complete the necessary government
registrations or obtain the necessary government approvals or filings on a timely basis, if at all, with respect to future loans by us
to our PRC Subsidiaries or with respect to future capital contributions by us to our PRC Subsidiaries. If we fail to complete such registrations
or obtain such approvals, our ability to use the proceeds from this offering and to capitalize or otherwise fund our Chinese operations
may be negatively affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Fluctuations in exchange rates could have
a material and adverse effect on our results of operations and the value of your investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The value of the Renminbi against the U.S. dollar
and other currencies may fluctuate and is affected by, among other things, changes in political and economic conditions and the foreign
exchange policy adopted by the PRC government. It is difficult to predict how long such appreciation of RMB against the U.S. dollar may
last and when and how the relationship between the RMB and the U.S. dollar may change again. All of our revenues and substantially all
of our costs are denominated in Renminbi. We rely on dividends paid by our operating subsidiaries in mainland China for our cash needs.
Any significant revaluation of Renminbi may materially and adversely affect our results of operations and financial position reported
in Renminbi when translated into U.S. dollars, and the value of, and any dividends payable on, the Ordinary Shares in U.S. dollars. To
the extent that we need to convert U.S. dollars into Renminbi for our operations, appreciation of the Renminbi against the U.S. dollar
would have an adverse effect on the Renminbi amount we would receive. Conversely, if we decide to convert our Renminbi into U.S. dollars
for the purpose of making payments for dividends on our Ordinary Shares or for other business purposes, appreciation of the U.S. dollar
against the Renminbi would have a negative effect on the U.S. dollar amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>PRC regulations relating to the establishment
of offshore special purpose companies by PRC residents may subject our PRC resident beneficial owners or our PRC subsidiary to liability
or penalties, limit our ability to inject capital into our PRC subsidiary, limit our PRC subsidiary&rsquo;s ability to increase their
registered capital or distribute profits to us, or may otherwise adversely affect us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 4, 2014, SAFE promulgated the Circular
on Relevant Issues Relating to Domestic Resident&rsquo;s Investment and Financing and Roundtrip Investment through Special Purpose Vehicles,
or SAFE Circular 37, which replaced the former Notice on Relevant Issues Concerning Foreign Exchange Administration for PRC Residents
to Engage in Financing and Inbound Investment via Overseas Special Purpose Vehicles (generally known as SAFE Circular 75) promulgated
by SAFE on October 21, 2005. On February 13, 2015, SAFE further promulgated the Circular on Further Simplifying and Improving the Administration
of the Foreign Exchange Concerning Direct Investment, or SAFE Circular 13, which took effect on June 1, 2015. This SAFE Circular 13 has
amended SAFE Circular 37 by requiring PRC residents or entities to register with qualified banks rather than SAFE or its local branch
in connection with their direct establishment or indirect control of an offshore entity established for the purpose of overseas investment
or financing with such PRC residents&rsquo; legally owned assets or equity interests in domestic enterprises or offshore assets or interests.
Qualified local banks will examine and handle foreign exchange registration for overseas direct investment, including the initial foreign
exchange registration and amendment registration, under SAFE Circular 37 since June 1, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to Circular 37 and Circular 13, our
shareholders or beneficial owners who are PRC residents are subject to Circular 37 or other foreign exchange administrative regulations
in respect of their investment in our Company. If our shareholders who are PRC residents or entities do not complete their registration
with the local SAFE branches, our PRC Subsidiaries may be prohibited from distributing their profits and any proceeds from any reduction
in capital, share transfer or liquidation to us, and we may be restricted in our ability to contribute additional capital to our PRC Subsidiaries.
Moreover, failure to comply with SAFE registration requirements could result in liability under PRC laws for evasion of applicable foreign
exchange restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the best of our knowledge, our PRC resident
shareholders who: (i) directly or indirectly hold shares in our Cayman Islands holding company and (ii) are known to us, have completed
the application for foreign exchange registrations for their foreign investment in our company in accordance with Circular 37 and Circular
13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Failure to make adequate contributions to
various employee benefit plans and withhold individual income tax on employees&rsquo; salaries as required by PRC regulations may subject
us to penalties.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Companies operating in mainland China are required
to participate in various government-mandated employee benefit contribution plans, including certain social insurance, housing funds and
other welfare-oriented payment obligations, and contribute to the plans in amounts equal to certain percentages of salaries, including
bonuses and allowances, of our employees up to a maximum amount specified by the local government from time to time at locations where
we operate our businesses. The requirement of employee benefit contribution plans has not been implemented consistently by the local governments
in mainland China given the different levels of economic development in different locations. Companies operating in mainland China are
also required to withhold individual income tax on employees&rsquo; salaries based on the actual salary of each employee upon payment.
Should we fail to make adequate contributions to employee benefit plans or under-withhold individual income tax, we may be subject to
late fees and fines and our financial condition and results of operations may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We face uncertainty with respect to indirect
transfers of equity interests in PRC resident enterprises by their non-PRC holding companies.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 3, 2015, the SAT issued the Public
Notice Regarding Certain Corporate Income Tax Matters on Indirect Transfer of Properties by Non-Tax Resident Enterprises, or SAT Bulletin
7. SAT Bulletin 7 extends its tax jurisdiction to transactions involving the transfer of taxable assets through offshore transfer of a
foreign intermediate holding company. In addition, SAT Bulletin 7 has introduced safe harbors for internal group restructurings and the
purchase and sale of equity through a public securities market. SAT Bulletin 7 also brings challenges to both foreign transferor and transferee
(or other person who is obligated to pay for the transfer) of taxable assets, as such persons need to determine whether their transactions
are subject to these rules and whether any withholding obligation applies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 17, 2017, the SAT issued the Announcement
of the State Administration of Taxation on Issues Concerning the Withholding of Non-resident Enterprise Income Tax at Source, or SAT Bulletin
37, which came into effect on December 1, 2017. The SAT Bulletin 37 further clarifies the practice and procedure of the withholding of
non-resident enterprise income tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where a non-resident enterprise transfers taxable
assets indirectly by disposing of the equity interests of an overseas holding company, which is an &ldquo;Indirect Transfer,&rdquo; the
non-resident enterprise as either transferor or transferee, or the PRC entity that directly owns the taxable assets, may report such Indirect
Transfer to the relevant tax authority. Using a &ldquo;substance over form&rdquo; principle, the PRC tax authority may disregard the existence
of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose of reducing, avoiding
or deferring PRC tax. As a result, gains derived from such Indirect Transfer may be subject to PRC enterprise income tax, and the transferee
or other person who pays for the transfer is obligated to withhold the applicable taxes currently at a rate of 10% for the transfer of
equity interests in a PRC resident enterprise. Both the transferor and the transferee may be subject to penalties under PRC tax laws if
the transferee fails to withhold the taxes and the transferor fails to pay the taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We face uncertainties as to the reporting and
other implications of certain past and future transactions where PRC taxable assets are involved, such as offshore restructuring, sale
of the Shares in our offshore subsidiaries and investments. Our Company may be subject to filing obligations or taxed if our company is
transferor in such transactions, and may be subject to withholding obligations if our company is transferee in such transactions, under
SAT Bulletin 7 and/or SAT Bulletin 37. For transfer of shares in our company by investors who are non-PRC resident enterprises, our PRC
Subsidiaries may be requested to assist in the filing under SAT Bulletin 7 and/or SAT Bulletin 37. As a result, we may be required to
expend valuable resources to comply with SAT Bulletin 7 and/or SAT Bulletin 37 or to request the relevant transferors from whom we purchase
taxable assets to comply with these circulars, or to establish that our company should not be taxed under these circulars, which may have
a material adverse effect on our financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>You may experience difficulties in effecting
service of process, enforcing foreign judgments or bringing actions in China against us or our management named in this prospectus based
on foreign laws.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are incorporated under the laws of the Cayman
Islands, but all of our operations and assets are held by our operating subsidiaries in mainland China. In addition, all of our assets
are located in mainland China and all of our senior executive officers and directors reside within mainland China for a significant portion
of the time. As a result, it may be difficult or impossible for investors to effect service of process on us inside mainland China. It
may also be difficult for you to enforce in U.S. courts judgments obtained in U.S. courts based on the civil liability provisions of the
U.S. federal securities laws against us and our officers and directors. Moreover, there is uncertainty as to whether the courts of the
PRC would recognize or enforce judgments of U.S. courts against us or such persons predicated upon the civil liability provisions of the
securities laws of the United States or any state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The recognition and enforcement of foreign judgments
are provided for under the PRC Civil Procedures Law. PRC courts may recognize and enforce foreign judgments in accordance with the requirements
of the PRC Civil Procedures Law based either on treaties between China and the country where the judgment is made or on principles of
reciprocity between jurisdictions. China does not have any treaties or other forms of written arrangement with the United States that
provide for the reciprocal recognition and enforcement of foreign judgments. In addition, according to the PRC Civil Procedures Law, the
PRC courts will not enforce a foreign judgment against us or our directors and officers if they decide that the judgment violates the
basic principles of PRC laws or national sovereignty, security or public interest. As a result, it is uncertain whether and on what basis
a PRC court would enforce a judgment rendered by a court in the United States or in the Cayman Islands. In addition, it will be difficult
for U.S. shareholders to originate actions against us in China in accordance with PRC laws because we are incorporated under the laws
of the Cayman Islands and it will be difficult for U.S. shareholders, by virtue only of holding our Ordinary Shares, to establish a connection
to the PRC for a PRC court to have jurisdiction as required under the PRC Civil Procedures Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P ID="A-16" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise indicated in a prospectus supplement,
the net proceeds from the sale of the securities offered by us in this prospectus will be used for general corporate purposes, including,
but not limited to, working capital, capital optimization transactions, acquisitions and other business purposes. We may also invest the
proceeds in certificates of deposit, United States government securities, certain other interest-bearing securities or money market securities
until the proceeds are applied for specified purposes. If we decide to use the net proceeds from a particular offering for a specific
purpose other than as set forth above, we will describe that purpose in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P ID="A-17" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DESCRIPTION OF SECURITIES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
total number of authorized shares of our common stock is 80,000,000 shares, par value $0.0005 per share, and 1,000,000 shares of preferred
stock, par value $0.001 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following description of our capital stock
is a summary only and is subject to and qualified in its entirety by reference to the applicable provisions of the Nevada Revised Statutes,
and our charter and Bylaws, copies of which are incorporated by reference as exhibits to the registration statement of which this prospectus
forms a part. Please refer to the &ldquo;<U>Where You Can Find More Information</U>&rdquo; section of this prospectus for directions on
obtaining these documents. You should refer to, and read this summary together with, our Articles of Incorporation, designations of preferred
stock&nbsp;and Bylaws, each as amended and restated from time to time, to review all of the terms of our capital stock. Our Articles of
Incorporation and amendments thereto are incorporated by reference as exhibits to the registration statement of which this prospectus
is a part and other reports incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the date of this prospectus, we have 13,346,618 shares of common stock issued and outstanding, excluding 285,830 shares of treasury
stock, and no outstanding shares of preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dividend Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to preferences that may apply to any shares
of preferred stock outstanding at the time, if any, the holders of our common stock are entitled to receive dividends out of funds legally
available if our board of directors, in its discretion, determines to issue dividends and then only at the times and in the amounts that
our board of directors may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Voting Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The holders of our common stock are entitled to
one vote for each share held of record. The affirmative vote of a majority of shares present in person or represented by proxy at a meeting
of stockholders that commences with a lawful quorum is sufficient for approval of matters upon which stockholders may vote, including
questions presented for approval or ratification at the annual meeting. Our common stock does not carry cumulative&nbsp;voting rights,
and holders of more than 50% of our common stock have the power to elect all directors and, as a practical matter, to control our company.
Holders of our common stock are not entitled to preemptive rights, and our common stock may only be redeemed at our election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>No Preemptive or Similar Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our common stock is not entitled to preemptive
rights and is not subject to conversion, redemption or sinking fund provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>Right to Receive Liquidation Distributions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we become subject to a liquidation, dissolution,
or winding-up, the assets legally available for distribution to our stockholders would be distributable ratably among the holders of our
common stock and, if any, any participating preferred stock outstanding at that time, after prior satisfaction of all outstanding debt
and liabilities and the preferential rights and payment of liquidation preferences, if any, on any other series of preferred stock outstanding
at that time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Anti-Takeover Provisions Under the Nevada Revised Statutes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Business Combinations</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sections 78.411 to 78.444 of the Nevada revised
statutes (the &ldquo;NRS&rdquo;) prohibit a Nevada corporation from engaging in a &ldquo;combination&rdquo; with an &ldquo;interested
stockholder&rdquo; for three years following the date that such person becomes an interested stockholder and place certain restrictions
on such combinations even after the expiration of the three-year period. With certain exceptions, an interested stockholder is a person
or group that owns 10% or more of the corporation&rsquo;s outstanding voting power (including stock with respect to which the person has
voting rights and any rights to acquire stock pursuant to an option, warrant, agreement, arrangement, or understanding or upon the exercise
of conversion or exchange rights) or is an affiliate or associate of the corporation and was the owner of 10% or more of such voting stock
at any time within the previous three years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A Nevada corporation may elect not to be governed
by Sections 78.411 to 78.444 by a provision in its articles of incorporation. We have such a provision in our Articles of Incorporation,
as amended, pursuant to which we have elected to opt out of Sections 78.411 to 78.444; therefore, these sections do not apply to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Control Shares</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Nevada law also seeks to impede &ldquo;unfriendly&rdquo;
corporate takeovers by providing in Sections 78.378 to 78.3793 of the NRS, commonly referred to as the &ldquo;Control Share Act&rdquo;,
that an &ldquo;acquiring person&rdquo; shall only obtain voting rights in the &ldquo;control shares&rdquo; purchased by such person to
the extent approved by the other stockholders at a meeting. With certain exceptions, an acquiring person is one who acquires or offers
to acquire a &ldquo;controlling interest&rdquo; in the corporation, defined as one-fifth or more of the voting power. Control shares include
not only shares acquired or offered to be acquired in connection with the acquisition of a controlling interest, but also all shares acquired
by the acquiring person within the preceding 90 days. The statute covers not only the acquiring person, but also any persons acting in
association with the acquiring person. The NRS control share statutes only apply to issuers that have 200 or more stockholders of record,
at least 100 of whom have had addresses in Nevada appearing on the stock ledger of the corporation at all times during the 90 days immediately
preceding such date; and whom do business in Nevada directly or through an affiliated corporation. At this time, we do not believe we
have 100 shareholders of record who have addresses in Nevada and we do not conduct business in Nevada directly or through an affiliated
corporation. Therefore, the provisions of the Control Share Act are believed not to apply to acquisitions of our shares and will not until
such time as these requirements have been met. At such time as they may apply, the provisions of the Control Share Act may discourage
companies or persons interested in acquiring a significant interest in or control of us, regardless of whether such acquisition may be
in the interest of our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Removal of Directors</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 78.335 of the NRS provides that 2/3rds
of the voting power of the issued and outstanding shares of the Company are required to remove a Director from office. As such, it may
be more difficult for stockholders to remove Directors due to the fact the NRS requires greater than majority approval of the stockholders
for such removal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Transfer Agent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The transfer agent for our common stock is American
Stock Transfer &amp; Trust Company, 6201 15th Avenue, Brooklyn, New York 11219.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Quotation on the Nasdaq Capital Market</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our common stock is quoted on the Nasdaq Capital
Market under the symbol &ldquo;<U>GURE</U>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Preferred Stock &nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may issue shares of our preferred stock from
time to time, in one or more series. Under our amended and restated certificate of incorporation, our board of directors is authorized,
without action by the stockholders, to designate and issue up to an aggregate of 1,000,000 shares of preferred stock in one or more series.
Our board of directors can fix by resolution or resolutions the designations, powers, preferences and rights, and the qualifications,
limitations or restrictions thereof, of any wholly unissued series of preferred stock, including without limitation authority to fix by
resolution or resolutions the dividend rights, dividend rate, conversion rights, voting rights, rights and terms of redemption (including
sinking fund provisions), redemption price or prices, and liquidation preferences of any such series, and the number of shares constituting
any such series and the designation thereof, or any of the foregoing. Our board of directors may authorize the issuance of preferred stock
with voting or conversion rights that could adversely affect the voting power or other rights of the holders of common stock. The issuance
of preferred stock, while providing flexibility in connection with possible future financings and acquisitions and other corporate purposes
could, under certain circumstances, have the effect of delaying or preventing a change in control of our company and might harm the market
price of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors will make any determination
to issue such shares based on its judgment as to our best interests and the best interests of our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we issue preferred stock pursuant to this prospectus,
we will fix the rights, preferences, privileges, qualifications and restrictions of each series of such preferred stock in the certificate
of designations relating to that series. If we issue preferred stock pursuant to this prospectus, we will incorporate by reference into
the registration statement of which this prospectus is a part the form of any certificate of designations that describes the terms of
the series of preferred stock we are offering before the issuance of the related series of preferred stock. We urge you to read the applicable
prospectus supplement related to any series of preferred stock we may offer, as well as the complete certificate of designations that
contains the terms of the applicable series of preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Warrants&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">The following description of the warrant agreements
summarizes certain general terms that will apply to the warrants that we may issue and not the warrants of the Company that are currently
outstanding. The description is not complete, and we refer you to the warrant agreements, which will be filed with the SEC in connection
with our offering of any warrants and will be available as described below under the heading &ldquo;<I>Where You Can Find Additional Information</I>&rdquo;
in this prospectus, as well as the descriptions of any such warrants contained in an applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">We may issue warrants to purchase common stock,
preferred stock or other securities. We will issue warrants under one or more warrant agreements between us and a warrant agent that we
will name in the applicable prospectus supplement. The prospectus supplement relating to any warrants we are offering will include specific
terms relating to the offering, including a description of any other securities sold together with the warrants. These terms will include
some or all of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the title of the warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the aggregate number of warrants offered;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the price or prices at which the warrants will be issued;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the currency or currencies, including composite currencies, in which the prices of the warrants may be payable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the designation, amount and terms of the securities for which the warrants are exercisable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any rights to receive payment in cash or securities based on the value, rate or price of one or more specified commodities, currencies
or indices;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the number of shares of common stock, preferred stock or other securities or rights issuable upon exercise of the warrants and the
procedures by which those numbers may be adjusted;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the dates or periods during which the warrants are exercisable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the warrants are separately transferable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if the exercise price is not payable in U.S. dollars, the foreign currency, currency unit or composite currency in which the exercise
price is denominated;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any minimum or maximum number of warrants that may be exercised at any one time;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any terms relating to the modification of the warrants; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other terms of the warrants, including terms, procedures and limitations relating to the transferability, exchange, exercise or
redemption of the warrants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">Holders of warrants will not be entitled to:&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>vote, consent or receive dividends;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>receive notice as stockholders with respect to any meeting of stockholders for the election of our directors or any other matter;
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>exercise any rights as stockholders of the Company.&nbsp;&#9;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">Each warrant that we may issue will entitle its
holder to purchase the principal amount of the number of shares of preferred stock or common stock at the exercise price set forth in,
or calculable as set forth in, the applicable prospectus supplement. Unless we otherwise specify in the applicable prospectus supplement,
holders of the warrants may exercise the warrants at any time up to the specified time on the expiration date that we set forth in the
applicable prospectus supplement. After the close of business on the expiration date, unexercised warrants will become void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">A holder of warrant certificates may exchange
them for new warrant certificates of different denominations, present them for registration of transfer and exercise them at the corporate
trust office of the warrant agent or any other office indicated in the applicable prospectus supplement. Until any warrants to purchase
common stock or preferred stock are exercised, the holders of the warrants will not have any rights of holders of the underlying common
stock, preferred stock or other security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"></P>

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<P ID="A-21" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">We are registering common
stock, preferred stock and warrants with an aggregate offering price not to exceed $10,000,000, to be sold by us under a &ldquo;shelf&rdquo;
registration process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">If we offer securities under
this prospectus, we will amend or supplement this prospectus by means of an accompanying prospectus supplement setting forth the specific
terms and conditions and other information about that offering as is required or necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">We may sell the securities
in any of the following ways (or in any combination) from time to time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to or through underwriters, brokers or dealers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>directly to one or more purchasers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through agents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;at the market offerings&rdquo; to or through market makers or into an existing market for the securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the
block as principal to facilitate the transaction;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>privately negotiated transactions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>short sales (including short sales &ldquo;against the box&rdquo;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through the writing or settlement of standardized or over-the-counter options or other hedging or derivative transactions, whether
through an options exchange or otherwise;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>by pledge to secure debts and other obligations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in other ways not involving market makers or established trading markets, including direct sales to purchasers or sales effected through
agents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a combination of any such methods of sale; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other method permitted pursuant to applicable law and described in an applicable prospectus supplement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The applicable prospectus
supplement will set forth the terms of the offering of such securities, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the name or names of any underwriters, dealers or agents and the amounts of securities underwritten or purchased by each of them;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the public offering price of the securities and the proceeds to us and any discounts, commissions or concessions allowed or re-allowed
or paid to dealers. Any public offering price and any discounts, commissions or concessions allowed or re-allowed or paid to dealers may
be changed from time to time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">We may effect the distribution
of the securities from time to time in one or more transactions either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>at a fixed price or prices, which may be changed from time to time;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>at market prices prevailing at the time of sale;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>at prices relating to the prevailing market prices; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>at negotiated prices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">Offers to purchase securities
may be solicited directly by us and the sale thereof may be made by us directly to institutional investors or others. In such a case,
no underwriters or agents would be involved. We may use electronic media, including the Internet, to sell offered securities directly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">If underwriters are used
in the sale of any securities, the securities will be acquired by the underwriters for their own account and may be resold from time to
time in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined
at the time of sale. The securities may be either offered to the public through underwriting syndicates represented by managing underwriters,
or directly by underwriters. Generally, the underwriters&rsquo; obligations to purchase the securities will be subject to certain conditions
precedent. Depending on the type of offering, the underwriters may be obligated to purchase all of the securities if they purchase any
of the securities (other than any securities purchased upon exercise of any over-allotment option). The underwriters may receive compensation
from us, for whom they may act as agents, in the form of discounts, concessions or commissions. Underwriters may sell our common stock
to or through dealers, and the dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters
and/or commissions from the purchasers for whom they may act as agents. Such compensation may be in excess of customary discounts, concessions
or commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">We may offer the securities
covered by this prospectus into an existing trading market on the terms described in the prospectus supplement relating thereto. Underwriters,
dealers and agents who participate in any at-the-market offerings will be described in the prospectus supplement relating thereto. To
the extent that we make sales through one or more underwriters or agents in at-the-market offerings, we will do so pursuant to the terms
of a sales agency financing agreement or other at-the-market offering arrangement between us and the underwriters or agents. If we engage
in at-the-market sales pursuant to any such agreement, we will issue and sell the securities through one or more underwriters or agents,
which may act on an agency basis or on a principal basis. During the term of any such agreement, we may sell our securities on a daily
basis in exchange transactions or otherwise as we agree with the underwriters or agents. The agreement will provide that any securities
sold will be sold at prices related to the then-prevailing market prices for our securities. Therefore, exact figures regarding proceeds
that will be raised or commissions to be paid cannot be determined at this time. Pursuant to the terms of the agreement, we also may agree
to sell, and the relevant underwriters or agents may agree to solicit offers to purchase, blocks of our securities. The terms of each
such agreement will be set forth in more detail in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">We may sell the securities
through agents from time to time. The prospectus supplement will name any agent involved in the offer or sale of the securities and any
commissions paid to them. Generally, any agent will be acting on a best efforts basis for the period of its appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">If we utilize a dealer in
the sale of the securities in respect of which this prospectus is delivered, we may sell such securities to the dealer, as principal.
The dealer may then resell such securities to the public at varying prices to be determined by the dealer at the time of resale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">In effecting sales, broker-dealers
or agents engaged by us may arrange for other broker-dealers to participate. Broker-dealers or agents may receive commissions, discounts,
or concessions from us in amounts to be negotiated immediately prior to the sale. Such compensation may be in excess of customary discounts,
concessions or commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">In connection with the sale
of the securities or otherwise, we may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of
the securities covered by this prospectus in the course of hedging the positions they assume. We may also sell short the securities covered
by this prospectus and deliver the securities to close out short positions, or loan or pledge the securities covered by this prospectus
to broker-dealers that in turn may sell these securities. We may enter into option or other transactions with broker-dealers that involve
the delivery of the shares offered hereby to the broker-dealers, who may then resell or otherwise transfer those securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">Any underwriter, broker-dealer,
or agent that participates in the distribution of the securities may be deemed to be an &ldquo;underwriter&rdquo; as defined in the Securities
Act. Any commissions paid or any discounts or concessions allowed to any such persons, and any profits they receive on resale of the securities,
may be deemed to be underwriting discounts and commissions under the Securities Act. We will identify any underwriters or agents and describe
their compensation in a prospectus supplement. Any compensation paid to underwriters, dealers or agents in connection with the offering
of the securities, and any discounts, concessions or commissions allowed by underwriters to participating dealers will be provided in
the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">The aggregate proceeds to
us from the sale of the any securities will be the purchase price of such securities less discounts and commissions, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">Underwriters or agents may
purchase and sell the securities in the open market. These transactions may include over-allotment, stabilizing transactions, syndicate
covering transactions and penalty bids. Over-allotment involves sales in excess of the offering size, which creates a short position.
Stabilizing transactions consist of bids or purchases for the purpose of preventing or retarding a decline in the market price of the
securities and are permitted so long as the stabilizing bids do not exceed a specified maximum. Syndicate covering transactions involve
the placing of any bid on behalf of the underwriting syndicate or the effecting of any purchase to reduce a short position created in
connection with the offering. The underwriters or agents also may impose a penalty bid, which permits them to reclaim selling concessions
allowed to syndicate members or certain dealers if they repurchase the securities in stabilizing or covering transactions. These activities
may stabilize, maintain or otherwise affect the market price of the securities, which may be higher than the price that might otherwise
prevail in the open market. These activities, if begun, may be discontinued at any time. These transactions may be effected on any exchange
on which the securities is traded, in the over-the-counter market or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">Agents, broker-dealers and
underwriters may be entitled to indemnification by us, against certain civil liabilities, including liabilities under the Securities Act,
or to contribution with respect to payments which the agents or underwriters may be required to make in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">Agents, broker-dealers and
underwriters or their affiliates may engage in transactions with, or perform services for us in the ordinary course of business. We may
also use underwriters or other third parties with whom we have a material relationship. We will describe the nature of any such relationship
in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">We are subject to the applicable
provisions of the Exchange Act and the rules and regulations under the Exchange Act, including Regulation M, which may limit the timing
of purchases and sales of any of the securities offered in this prospectus. The anti-manipulation rules under the Exchange Act may apply
to sales of securities in the market and to the actions of the Company and our affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">In order to comply with
the securities laws of certain states, if applicable, the securities must be sold in such jurisdictions only through registered or licensed
brokers or dealers. In addition, in certain states the securities may not be sold unless it has been registered or qualified for sale
in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">To the extent required,
this prospectus may be amended and/or supplemented from time to time to describe a specific plan of distribution. Instead of selling securities
under this prospectus, we may sell the securities offered pursuant to other available exemptions from the registration requirements of
the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"></P>

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<P ID="A-24" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Legal matters may be passed
upon for us or any underwriters, dealers or agents, by counsel that we will name in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<B>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The consolidated financial statements of the Company
as of December 31, 2024 and 2023 and for each of the years in the two-year period ended December 31, 2024, have been incorporated by reference
herein and in the registration statement in reliance upon the reports of GGF CPA LTD, an independent registered public accounting firm,
incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The rules and regulations of the SEC allow us to
omit from this prospectus certain information included in the registration statement. For further information about us and the Securities,
you should refer to the registration statement and the exhibits and schedules filed with the registration statement. With respect to the
statements contained in this prospectus regarding the contents of any agreement or any other document, in each instance, the statement
is qualified in all respects by the complete text of the agreement or document, a copy of which has been filed as an exhibit to the registration
statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Because we are subject to the informational reporting
requirements of the Exchange Act, we file annual, quarterly and current reports, proxy statements and other information with the SEC.
Our SEC filings are available over the Internet at the SEC&rsquo;s website at<I>&nbsp;http://www.sec.gov</I>. Our website address is&nbsp;www.gulfresourcesinc.com.
The information on, or that can be accessed through, our website is not part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The SEC allows us to incorporate by reference the
information and reports we file with it, which means that we can disclose important information to you by referring you to these documents.
The information incorporated by reference is an important part of this prospectus, and information that we file after the date hereof
with the SEC will automatically update and supersede the information already incorporated by reference. We are incorporating by reference
the documents listed below, which we have already filed with the SEC, and any future filings we make with the SEC under Sections 13(a),
13(c), 14 or 15(d) of the Exchange Act, except as to any portion of any future report or document that is not deemed filed under such
provisions, after the date of this prospectus and prior to the termination of this offering:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD>our&nbsp;Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on April 11, 2025;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD>the description of our common stock contained in our&nbsp;Registration Statement on Form&nbsp;8-A (Registration No.&nbsp;001-34499)
filed with the SEC on October&nbsp;20, 2009&nbsp;pursuant to Section&nbsp;12(b)&nbsp;of the Securities and Exchange Act of 1934, as amended
(the &ldquo;Exchange Act&rdquo;), including the updates to such description in&nbsp;Exhibit&nbsp;4.1 to the Registrant&rsquo;s Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2024&nbsp;filed with the SEC on April 11, 2025, and including any other
amendment or report filed for the purpose of updating such description;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3)</TD><TD>our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, as filed with the SEC on March 31, 2025; our Quarter
                                                                Report on Form 10-Q for the quarter ended June 30, 2025, as filed with the SEC on August 13, 2025; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4)</TD><TD>our Current Reports on Form 8-K, as filed with the SEC on May 7, 2025, May 13, 2025, August 13, 2025 and September 12, 2025.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon request, we will provide, without charge,
to each person, including any beneficial owner, to whom a copy of this prospectus is delivered a copy of the documents incorporated by
reference into this prospectus. You may request a copy of these filings, and any exhibits we have specifically incorporated by reference
as an exhibit in this prospectus, at no cost by writing or telephoning us at the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Gulf Resources, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Level 11, Vegetable Building,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Industrial Park of the East
City,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Shouguang City, Shandong,
China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Telephone Number <U>+86&nbsp;(536)&nbsp;567-0008</U></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may also access these documents, free of charge
on the SEC&rsquo;s website at&nbsp;<I>www.sec.gov</I>. Information contained on our website is not incorporated by reference into this
prospectus, and you should not consider any information on, or that can be accessed from, our website as part of this prospectus or any
accompanying prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus is part of a registration statement
we filed with the SEC. We have incorporated exhibits into this registration statement. You should read the exhibits carefully for provisions
that may be important to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have not authorized anyone to provide you
with information other than what is incorporated by reference or provided in this prospectus or any prospectus supplement. We are not
making an offer of these securities in any state where such offer is not permitted. You should not assume that the information in this
prospectus or in the documents incorporated by reference is accurate as of any date other than the date on the front of this prospectus
or those documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">The following table sets
forth all expenses to be paid by the Registrant, other than underwriting discounts and commissions, in connection with this offering.
All amounts shown are estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">SEC registration fee</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; text-align: right">1,531</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">FINRA filing fee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Printing fees</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Legal fees and expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Accounting fees and expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Miscellaneous</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">*These fees and expenses depend on the manner
of sale of the securities, the securities offered and the number of issuances, and accordingly cannot be estimated at this time. Each
prospectus supplement related to this registration statement will reflect estimated expenses based on the applicable offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As authorized by Section 78.751
of the Nevada Revised Statutes, we may indemnify our officers and directors against expenses incurred by such persons in connection with
any threatened, pending or completed action, suit or proceedings, whether civil, criminal, administrative or investigative, involving
such persons in their capacities as officers and directors, so long as such persons acted in good faith and in a manner which they reasonably
believed to be in our best interests. If the legal proceeding, however, is by or in our right, the director or officer may not be indemnified
in respect of any claim, issue or matter as to which he is adjudged to be liable for negligence or misconduct in the performance of his
duty to us unless a court determines otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Under Nevada law, corporations
may also purchase and maintain insurance or make other financial arrangements on behalf of any person who is or was a director or officer
(or is serving at our request as a director or officer of another corporation) for any liability asserted against such person and any
expenses incurred by him in his capacity as a director or officer. These financial arrangements may include trust funds, self-insurance
programs, guarantees and insurance policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Additionally, our Bylaws (&ldquo;<U>Bylaws</U>&rdquo;),
provide that we shall indemnify our directors and officers to the fullest extent not prohibited by the Nevada Revised Statutes; and, provided,
further, that we are not required to indemnify any director or officer in connection with any proceeding (or part thereof) initiated by
such person unless (i) such indemnification is expressly required to be made by law, (ii) the proceeding was authorized by the Board of
Directors, (iii) such indemnification is provided by the Company, in its sole discretion, pursuant to the powers vested in the Company
under the Nevada Revised Statutes or (iv) such indemnification is required to be made pursuant to the terms of the Bylaws. We also have
the power to indemnify our employees and other agents as set forth in the Nevada Revised Statutes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our
Bylaws also provide that we are required to advance to any person who was or is a party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that
he is or was a director or officer, of the corporation, or is or was serving at the request of the Company as a director or executive
officer of another corporation, partnership, joint venture, trust or other enterprise, prior to the final disposition of the proceeding,
promptly following request therefor, all expenses incurred by any director or officer in connection with such proceeding upon receipt
of an undertaking by or on behalf of such person to repay said amounts if it should be determined ultimately that such person is not entitled
to be indemnified under the Bylaws or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Notwithstanding the foregoing, subject to certain exceptions,
no advance shall be made by the Company to an officer of the Company (except by reason of the fact that such officer is or was a director
of the Company) in any action, suit or proceeding, whether civil, criminal, administrative or investigative, if a determination is reasonably
and promptly made (i) by the Board of Directors by a majority vote of a quorum consisting of directors who were not parties to the proceeding,
or (ii) if such quorum is not obtainable, or, even if obtainable, a quorum of disinterested directors so directs, by independent legal
counsel in a written opinion, that the facts known to the decision-making party at the time such determination is made demonstrate clearly
and convincingly that such person acted in bad faith or in a manner that such person did not believe to be in or not opposed to the best
interests of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither our Bylaws nor our Articles of Incorporation,
as amended, include any specific indemnification provisions for our officers or directors against liability under the Securities Act.
Additionally, insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and
controlling persons of the Company pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion
of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM&nbsp;16. EXHIBITS AND FINANCIAL STATEMENT
SCHEDULES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><B><I>Exhibits</I></B>. We have filed the exhibits listed on the accompanying Exhibit Index of this Registration
Statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Exhibit Number</B></FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Underwriting Agreement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">3.1**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/885462/000119380515001963/e614315_ex3-1.htm">Articles of Incorporation of Gulf Resources Inc. (incorporated herein by reference to Exhibit 3.1 to the Form 8-K filed on December 1, 2015 (File No. 001-34499))</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">3.2</FONT>**</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/885462/000119380520000073/e619304_ex3-1.htm">Certificate of Amendment to Articles of Incorporation (incorporated herein by reference to Exhibit 3.1 to the Form 8-K filed on January 28, 2020 (File No. 001-34499))</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">3.3</FONT>**</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/885462/000119380515001963/e614315_ex3-2.htm">Bylaws of the Registrant (incorporated herein by reference to Exhibit 3.2 to the Form 8-K filed on December 1, 2015 (File No. 001-34499))</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Common Stock Certificate of the Registrant</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.2*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Warrant Certificate of the Registrant</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.3*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Warrant Agreement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">5.1</FONT>*</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Opinion of Issuer Counsel</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">23.1**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/885462/000119380525000970/e664670_ex23-1.htm">Consent of GGF CPA LIMITED, Certified Public Accountants, an independent registered public accounting firm</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">23.2*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Consent of Issuer Counsel (included in Exhibit 5.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">24.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#poa">Power of Attorney (Included on Signature Page)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">107</FONT>**</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/885462/000119380525000970/e664670_ex107.htm">Filing Fee Table</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 24px; text-align: left"><FONT STYLE="font-size: 10pt">* </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">To be filed, if necessary, by amendment or as an exhibit to a report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and incorporated herein by reference.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">**</FONT></TD>
    <TD STYLE="text-align: justify">Previously filed</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM&nbsp;17. UNDERTAKINGS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24px; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-size: 10pt">6)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24px; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-size: 10pt">7)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P ID="poa" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: September 22, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>GULF RESOURCES, INC.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 35%; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><I>/s/ Xiaobin Liu </I></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;Xiaobin Liu</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities and Exchange Act of 1934, this Report has been signed below by the following person on behalf of the Company and in
the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><I>/s/ Xiaobin Liu</I></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Chief Executive Officer and Director (Principal Executive Officer)</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">September 22, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name: Xiaobin Liu</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><I>/s/ Min Li</I></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Chief Finance Officer (Principal Accounting and Financial Officer)</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">September 22, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name: Min Li</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><I>/s/ Yibo Yang</I></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">September 22, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Name: Yibo Yang</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ Naihui Miao</I></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">September 22, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Name: Naihui Miao</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ Dongshan Wang</I></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">September 22, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Name: Dongshan Wang</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ Qiang Liu</TD>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">September 22, 2025</FONT></TD></TR>
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    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Name: Qiang Liu</FONT></TD>
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    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ Sheng Wei Ma</I></FONT></TD>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">September 22, 2025</FONT></TD></TR>
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    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Name: Sheng Wei Ma</FONT></TD>
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    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ Shi Tong Jiang</I></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">September 22, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Name: Shi Tong Jiang</FONT></TD>
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