What changed in this filing

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Item 9A. Controls and Procedures

2024-09-27 compared with 2023-03-31 · 224 added, 173 removed, 441 unchanged (47% of the section changed)

55 unchanged sentences

Management has used the framework set forth in

the report entitled Internal Control—Integrated Framework published by the Committee of Sponsoring Organizations of the Treadway

Commission (2013 framework), known as COSO, to evaluate the effectiveness of our internal control over financial reporting.

the report entitled Internal Control—Integrated Framework published by the Committee of Sponsoring Organizations

of the Treadway Commission (2013 framework), known as COSO, to evaluate the effectiveness of our internal control over financial reporting.

A material weakness is a deficiency, or a combination

3 unchanged sentences

our CEO and CFO have concluded that, as of December 31, 2023, our internal controls over financial reporting were effective.

This annual report does not include an attestation

report of our registered public accounting firm regarding internal control over financial reporting.

Management’s report was not

subject to attestation by our registered public accounting firm pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection

Act, which permits us to provide only management’s report in this annual report.

This annual report does not include an

attestation report of our registered public accounting firm regarding internal control over financial reporting.

report was not subject to attestation by our registered public accounting firm pursuant to the Dodd Frank Wall Street Reform and

Consumer Protection Act, which permits us to provide only management’s report in this annual report.

10 unchanged sentences

about our executive officers and directors as of the date of this Annual Report.

Other positions with Company;

other directorships held in last five years

Position/Title

Has served as company director since

Chairman of the Board of Director

December 2006

Chief Executive Officer and Director

Chairman, Chief Executive Officer and Director

Secretary, Chief Operating Officer and Director

Chief Financial Officer

November 2023

Yang Zou (1)(3)

5 unchanged sentences

Independent Director

Tengfei Zhang (2)(3)

Dongshan Wang (2)(3)

Independent Director

November 2023

(1) Serves as a member of the Audit Committee.

2 unchanged sentences

Governance Committee.

Ming Yang , Chairman of the Board

of Director – Mr.

Yang has served as Chairman of Shouguang Vegetable Industry Group Holding Company since 2013.

he has served as Chairman of Shouguang City Yuxin Chemical Company Limited since July 2000.

Since May 2005, Mr.

Yang has served as Chairman

of Shouguang City Haoyuan Chemical Company Limited, Shouguang City He Mao Yuan Bromize Company Limited, and Shouguang City Qing River

Real Estate Construction Company.

He was nominated as director of Qinghe Oil Field Office in 1993, where he managed operations.

In 1997 he was appointed Chairman and General Manager of Shouguang Qinghe Shiye LLC and during the next three years its profits doubled.

He took the position of general manager of Shouguang City Yu Xin Chemical Industry Co., Ltd.

During his stay, he focused on quality

management and technology progress, which led to a 100 percent success rate of all products.

He also helped the company successfully pass

the ISO certification and become a private high-tech enterprise.

In 2005 he was appointed to the position of Chairman, where he has helped

the company to become a leading producer of bromine and crude salt in China.

In 2006 he became the Chairman of Gulf Resources,

Yang was awarded as Honorary Entrepreneur in Weifang City in 1998.

Xiaobin Liu , Chief Executive Officer

and Director – Mr.

Xiaobin Liu , Chaiman,Chief Executive

Officer and Director – Mr.

Liu has served as Chairman of the Board of Directors of the Company since November 2023.

Liu was appointed as Chief Executive Officer and Director on March 10, 2009.

Liu joined the

Company as Vice President in December 2007.

Liu joined the Company as Vice President in December

He has served as the Director of Sanya Kangyangnian Health Management Co.

LTD since March, 2021.

He has served as Chairman of Chengdu Philosopher's Stone Culture Media Co.

He has served as Chairman of Chengdu

Philosopher's Stone Culture Media Co.

LTD since August 2018.

He served as Chairman of China

Shouguang Vegetable Industry Group (Cayman) Inc.

He served as Chairman of China Shouguang Vegetable Industry Group (Cayman)

from 2011 to 2017.

He currently serves as a director of China Shouguang Vegetable Industry

Group (Cayman) Inc.

Before he joined the Company, Mr.

Liu served as project manager of Shenzhen Guangshen Accounting Firm from January

2007 to November 2007;

the department manager of Hainan Zhongou Accounting Firm from January 2003 to December 2006;

the CFO (equivalent

of Vice President) of Dasheng Real Estate Development Company, which is the subsidiary of Saige Dasheng Co., Ltd from May 2002 to November

the CFO of Shenzhen Securities Department of Hainan Saige International Trust Investment Company from May 2000 to August 2004;

the financial manager of Hainan Wanquanyuan Hot Spring Tourism Development Co., Ltd from 1995 to 2000.

During this time, he also was the

CFO of Qionghai City Guantang Hotspring Leisure Center, the CFO of Qionghai City Wanquanhe Agricultural Development Co., Ltd, the CFO

of Qionghai Wanquanhe Hotspring Tourist Development Property Management Co., Ltd, and the CFO of Qionghai Guantangyuzhuang Resort Co.,

He currently serves as a director of China Shouguang Vegetable Industry Group (Cayman) Inc.

Before he joined the

Liu served as project manager of Shenzhen Guangshen Accounting Firm from January 2007 to November 2007;

the department manager

of Hainan Zhongou Accounting Firm from January 2003 to December 2006;

the CFO (equivalent of Vice President) of Dasheng Real Estate Development

Company, which is the subsidiary of Saige Dasheng Co., Ltd from May 2002 to November 2002;

the CFO of Shenzhen Securities Department of

Hainan Saige International Trust Investment Company from May 2000 to August 2004;

and the financial manager of Hainan Wanquanyuan Hot

Spring Tourism Development Co., Ltd from 1995 to 2000.

During this time, he also was the CFO of Qionghai City Guantang Hotspring Leisure

Center, the CFO of Qionghai City Wanquanhe Agricultural Development Co., Ltd, the CFO of Qionghai Wanquanhe Hotspring Tourist Development

Property Management Co., Ltd, and the CFO of Qionghai Guantangyuzhuang Resort Co., Ltd.

Prior to that, Mr.

Liu worked in the financial department of Hainan Jinyuan Industrial Co., Ltd, which is a subsidiary of Chinese

Black Metal Limited Company Northwest Branch from 1992 to 1995, and the financial department of Shanxi Aircraft Manufacturing Company

from 1988 to 1992.

Liu earned a master degree from the Economic and Management School at Hong Kong City University.

Naihui Miao, Secretary, Chief Operating Officer

and Director – Mr.

Miao has served as Vice President of Shouguang City Haoyuan Chemical Company Limited since January 2006.

January 2006, Mr.

Miao has served as Director and,Secretary and, since July, 2009, Chief Operating officer， of Gulf Resources,

and he is in charge of sales, human resource and business management.

Liu worked in the financial

department of Hainan Jinyuan Industrial Co., Ltd, which is a subsidiary of Chinese Black Metal Limited Company Northwest Branch from 1992

to 1995, and the financial department of Shanxi Aircraft Manufacturing Company from 1988 to 1992.

Liu earned a master degree

from the Economic and Management School at Hong Kong City University.

Miao, Secretary, Chief Operating Officer and Director – Since January 2006, Mr.

Miao has served as Director

and Secretary and, since July 2009, Chief Operating officer， of the Company and he is in charge of sales, human resource

and business management.

From 2005 to 2006, Mr.

Miao served as Vice President

of Shouguang City Yuxin Chemical Company Limited as the deputy general manager.

Miao served as Vice President of Shouguang City Yuxin Chemical Company Limited

as the deputy general manager.

From 1991 to 2005, Mr.

Miao served as a Manager

and then Vice President of Shouguang City Commercial Trading Center Company Limited.

He was the director of Shouguang Business

Trade Center since 1986.

He has served as Supervisor of Chengdu Philosopher's Stone Culture Media Co.

Miao served as a Manager and then Vice President of Shouguang City Commercial

Trading Center Company Limited.

He was the director of Shouguang Business Trade Center since 1986.

He has served as Supervisor

of Chengdu Philosopher's Stone Culture Media Co.

LTD since August 2018.

Yibo Yang, director – Mr.

has served as a director of the Company since November 2023.

Yang has worked at Shouguang Haoyuan Chemical Co., Ltd.

since 2009 and

currently serves as the deputy general manager of Shouguang Haoyuan Chemical Co., Ltd.

Yang is a 18% shareholder of Shandong Haoyuan

Industrial Group.

Since December 2020, Mr.

Yang has served as the deputy general manager of Shandong Haoyuan Industrial Group.

Yang has served as the executive director and the managing director for Shouguang City Yuxin Chemical Company Limited.

June 2023, Mr.

Yang has served as the supervisor of Shandong Caiting Lighting Technology Co., Ltd.

Yang holds a Diploma in economic

management from Shandong University of Technology.

Yang Zou , Independent Director

Zou was appointed a director on March 2, 2011.

Zou served as Vice Director of Beijing Zhongtianhuamao Accounting

Firm (General Partnership) from July 1, 2017 to August 2018.

He is a Certified Public Accountant of China and holds the certificate

of Certified Internal Auditor.

Zou has served as a director of the Company since March 2011.

Zou served as Vice Director of Beijing Zhongtianhuamao

Accounting Firm (General Partnership) from July 1, 2017 to August 2018.

He is a Certified Public Accountant of China and holds

the certificate of Certified Internal Auditor.

From March 2003 to September 2009, Mr.

Zou was chief financial officer of Bohua Ziguang Zhiye

Zou was chief financial officer of Bohua

Ziguang Zhiye Co., Ltd.

From July 2001 to January 2003, Mr.

Zou was the audit department manager of financial center of Beijing Hengji Weiye

Electronic Products Co., Ltd., where he was in charge of internal audit, financial budget management, and coordination with external audit.

Zou was the audit department manager of financial center of Beijing

Hengji Weiye Electronic Products Co., Ltd., where he was in charge of internal audit, financial budget management, and coordination with

external audit.

From July 1999 to June 2001, Mr.

Zou was manager of finance and audit department of Zhonglian Online Information Development Co., Ltd.

Zou was manager of finance and audit department of Zhonglian Online Information Development

From September 1993 to June 1999, Mr.

Zou had served as assistant auditor, auditor, and head of project audit of Hainan Zhongou Certified

Public Accountants Co., Ltd.

Zou had served as assistant auditor, auditor, and head of project audit of Hainan Zhongou

Certified Public Accountants Co., Ltd.

From July 1991 to August 1993, Mr.

Zou was an accountant of department of finance of Hunan Department Store

Zou was an accountant of department of finance of Hunan Department

Store Co., Ltd.

Zou graduated from Beijing University with bachelor’s degree in finance.

Shitong Jiang, Independent Director – Mr.

Jiang was appointed a director on April 23, 2008.

Jiang is Chief of the Shouguang City Audit Bureau, Shandong Province,

has been with the Audit bureau since 1990.

During his career at the Shouguang City Audit Bureau he has held multiple positions including,

Auditing Officer and Audit Section Deputy Chief.

Jiang has served as a director of the Company since April 2008.

Jiang is Chief of the Shouguang City Audit Bureau, Shandong

Province, has been with the Audit bureau since 1990.

During his career at the Shouguang City Audit Bureau he has held multiple positions

including, Auditing Officer and Audit Section Deputy Chief.

The Shouguang City Audit Bureau is responsible for the independent audit supervision

2 unchanged sentences

Jiang attended Shandong Financial Institution.

Tengfei Zhang, Independent Director – Mr.

Zhang was appointed a director on June 30, 2011.

Zhang has served as Director of Shenzhen Kaili Industrial Co., Ltd.

since January 1,

Prior to this position, he was the Chairman of the Board of Supervisors of Shenzhen Kaili Industrial Co., Ltd.

He is a Certified

Public Accountant in China.

From July 2000 to December 2004 , Mr.

Zhang was Supervisor of Shenzhen Kaili Industrial Co., Ltd.

of Finance of Changsha Kaili Real Estate Development Co., Ltd.

From January to June 2000, he was Manager of Financial Department of Shenzhen

Kaili Industrial Co., Ltd.

Zhang graduated from Economics and Management Department of Hunan Business School with a college

degree in 1989.

Dongshan Wang, Independent Director – Mr.

Yang has served as a director of the Company since November 2023.

Wang has served as the vice president and the chief financial officer

of Central China Headquarters of Anliang Holding Group since April 2018.

Wang is an International Certified Public accountant, and

he holds a national Chief accountant (CFO) qualification certificate.

Wang graduated from Zhengzhou College of Light Industry majored

in financial management in 1988.

Shengwei Ma , Independent Director

Ma was appointed a director on December 18, 2019.

Ma has served as Department Manager of Shouguang City Urban

Construction and Investment Group since March 2012.

Ma has served as a director of the Company since December 2019.

Ma has served as Department Manager of Shouguang

City Urban Construction and Investment Group since March 2012.

Ma holds a Senior Accountant Certificate.

Ma graduated from Central

Broadcasting and Television University with bachelor’s degree in accounting in 2004.

from Central Broadcasting and Television University with bachelor’s degree in accounting in 2004.

Executive Officers and Significant Employees

Min Li, Chief Financial Officer – was

appointed a director of the Company on October 30, 2007 and resigned from the position on June 22, 2009.

He has served as Chief

Financial Officer since December 2006 and as Chief Financial Officer for Shouguang City Haoyuan Chemical Company Limited.

Li served as Manager of Financial and Asset Management Department for Shouguang City Yuxin Chemical Company Limited.

Li served as Manager of the Accounting Department for the Yang Kou Branch of the China Construction Bank.

1998 to 1999, Mr Li worked at China Construction Bank Shandong branch and in 2000 Mr.

Li worked at the Yangkou Office as the accounting

Li has a bachelor degree in accounting from Weifang College.

Family Relationships

19 unchanged sentences

Director Independence

The Board of Directors has determined that Yang

Zou, Shitong Jiang, Tengfei Zhang and Shengwei Ma are independent under Rule 5605(a)(2) of the NASDAQ Listing Rules.

In making this determination,

our board of directors considered the relationships that each of these non-employee directors has with us and all other facts and circumstances

our board of directors deemed relevant in determining their independence.

As required under applicable NASDAQ rules our independent directors

will meet on a regular basis as often as necessary to fulfill their responsibilities, including at least annually in executive session

without the presence of non-independent directors and management.

In addition, under applicable rules and regulations, and as determined

by the Board, all of the members of the Audit, Compensation, and Nominating and Corporate Governance Committees are “independent”

The Board of Directors has determined that

Yang Zou, Shitong Jiang, Dongshan Wang and Shengwei Ma are independent under Rule 5605(a)(2) of the NASDAQ Listing Rules.

this determination, our board of directors considered the relationships that each of these non-employee directors has with us and

all other facts and circumstances our board of directors deemed relevant in determining their independence.

As required under

applicable NASDAQ rules our independent directors will meet on a regular basis as often as necessary to fulfill their

responsibilities, including at least annually in executive session without the presence of non independent directors and management.

In addition, under applicable rules and regulations, and as determined by the Board, all of the members of the Audit, Compensation,

and Nominating and Corporate Governance Committees are “independent” directors.

Board Committees

40 unchanged sentences

respect to the compensation of the Chief Financial Officer, other executive officers of the Company and independent directors.

Tengfei Zhang, Shitong Jiang and Shengwei Ma are members of the Compensation Committee.

Dongshan Wang, Shitong Jiang and Shengwei Ma are members of the Compensation Committee.

The Compensation Committee operates under a written

Zhang is the Chairman of Compensation Committee.

Wang is the Chairman of Compensation Committee.

Nominating and Corporate Governance Committee

4 unchanged sentences

in monitoring the process to assess board effectiveness.

Each of Tengfei Zhang, Shitong Jiang and Yang Zou are members of the Nominating

Each of Dongshan Wang, Shitong Jiang and Yang Zou are members of the Nominating

and Corporate Governance Committee.

16 unchanged sentences

a range of perspectives and judgment necessary to guide our strategies and monitor their execution.

Ming Yang is the founder of

the company and has been in the chemical industry for more than ten years.

Yang has contributed to the Board’s strong leadership

and vision for the development of the Company.

Xiaobin Liu was appointed as Chief

Executive Officer and Director on March 10, 2009.

Liu has years of experience in capital markets, financial and business management,

Xiaobin Liu was appointed as

Chief Executive Officer and Director on March 10, 2009, and as Chairman of the Board of Directors of the Company on November 30, 2023.

Liu has years of experience in capital markets, financial and business management, and strategic planning and development.

Miao Since January 2006, Mr.

Miao has served as Director, Secretary and Vice President of the Company.

He is in charge of sales,

human resource and business management.

Miao has years of experience in the chemical industry, business operations and management,

and strategic planning and development..

Naihui Miao has served as Vice President

of Shouguang City Haoyuan Chemical Company Limited since January 2006.

Since January 2006, Mr.

Miao has served as Director,

Secretary and Vice President of the Company.

He is in charge of sales, human resource and business management.

Miao has years of experience

in the chemical industry, business operations and management, and strategic planning and development.

Yibo Yang was elected as a director on November 30, 2023.

Yang has been in the chemical industry for more than ten years.

Yang is expected to contribute the Board’s vision for the

development of the Company.

Yang Zou was appointed as a Director

9 unchanged sentences

Jiang has many years of auditing and management experience with PRC government departments.

Tengfei Zhang was appointed as a Director

on June 30, 2011.

Zhang has served as Director of Shenzhen Kaili Industrial Co., Ltd.

He is a Certified Public Accountant.

has many years of experience in management, finance, business strategy and audit related matters.

Donghshan Wang was elected as a Director

of the Company, and joined the Compensation Committee and the Nominating and Corporate Governance Committee, on November 30,2023.

Whang has vast experience in management, finance, and accounting related matters.

Shengwei Ma was appointed as a Director

2 unchanged sentences

Ma has extensive experience in financial, accounting and management

related matters with PRC government departments.

related matters.

Code of Ethics

2 unchanged sentences

The code of ethics is available at Company’s website, www.gulfresourcesinc.com.

Board Meetings

The Board of Directors and its committees held the following

number of meetings during 2023:

Board of Directors

Audit Committee

Compensation Committee

Nominating Committee

Section 16(a) Beneficial Ownership Reporting

Section 16(a) of the Securities Exchange Act

of 1934 requires Company’s directors and executive officers and any beneficial owner of more than 10% of any class of Company equity

security to file reports of ownership and changes in ownership with the Securities and Exchange Commission and furnish copies of the

reports to Company.

Based solely on the Company’s review of copies of such forms and written representations by the

Company’s executive officers and directors received by it, the Company believes that during 2022, all such reports were filed timely.

Section 16(a) of the Securities Exchange Act of

1934 requires Company’s directors and executive officers and any beneficial owner of more than 10% of any class of Company equity

security to file reports of ownership and changes in ownership with the Securities and Exchange Commission and furnish copies of the reports

Based solely on the Company’s review of copies of such forms and written representations by the Company’s

executive officers and directors received by it, the Company believes that during 2023, all such reports were filed timely.

Board Diversity Matrix

The table below provides information regarding

certain diversity attributes of our directors as of the date of this Annual Report, with categories as set forth by Nasdaq Listing Rule

Board Diversity Matrix

Total Number of Directors:

Gender Identity

Did Not Disclose Gender

Demographic Background

African American or Black

Alaskan Native or American Indian

Hispanic or Latinx

Native Hawaiian or Pacific Islander

Two or More Races or Ethnicities

Did Not Disclose Demographic Background

We recognize the value of

diversity at the Board level and believe that our Board currently comprises an appropriate mix of background, diversity and expertise.

In particular, our directors, overall, have significant experience in a variety of industries and sectors, including, among others, the

chemical industry, the financial industry, and political operations.

Although we have no formal separate written policy, our Nominating

and Corporate Governance Committee is required under its charter to recommend nominees that ensure sufficient diversity of backgrounds

on our Board.

We believe that the diversity of our directors enriches our Board by encouraging fresh perspectives and bringing new and

valuable insights to the Board.

Executive Compensation

20 unchanged sentences

The Company granted 100,000 shares of our Common

Stock to each of our named executive officers, under Company’s 2019 Omnibus Equity Incentive Plan, during fiscal year 2022.

Stock to each of our named executive officers, under Company’s 2019 Omnibus Equity Incentive Plan, as amended, during fiscal year

YEAR 2023 GRANTS OF PLAN-BASED AWARDS

66 unchanged sentences

Option Exercises and Stock Vested

following table sets forth aggregate information with respect to each named executive officer regarding the exercise of stock options,

stock appreciation rights, and similar instruments and the vesting of restricted stock, restricted stock units and similar instruments,

for fiscal year 2022.

The following table sets forth aggregate information

with respect to each named executive officer regarding the exercise of stock options, stock appreciation rights, and similar instruments

and the vesting of restricted stock, restricted stock units and similar instruments, for fiscal year 2023.

FISCAL YEAR 2023 OPTION EXERCISES AND STOCK VESTED

21 unchanged sentences

Tengfei Zhang

Dongshan Wang

(1) Represents the dollar amount recognized for

16 unchanged sentences

Percent of Class

Ming Yang (Chairman)

Xiaobin Liu (CEO)

Xiaobin Liu (CEO and Chairman)

Yibo Yang (Director)

Naihui Miao (COO)

1 unchanged sentence

Yang Zou (Director)

Shi Tong Jiang (Director)

Tengfei Zhang (Director)

Shitong Jiang (Director)

Dongshan Wang (Director)

All Directors and Executive Officers as a Group (eight persons)

5 unchanged sentences

262700, the People’s Republic of China.

(2) Consists of 634,770 shares owned by Ming Yang,

1,015,945 shares owned by Ms.

Wenxiang Yu, the wife of Mr.

Yang, 334,960 shares owned by Mr.

Zhi Yang, Mr.

Yang disclaims beneficial ownership of the shares owned by his wife and son.

(2) Consists of 58,115 shares held by each individual.

7 unchanged sentences

Chen Yang serves as the General Manager, and owns 82% equity interest, of Shandong Haoyuan Industry Group Ltd.

(8) Consists of 634,770 shares owned by Ming Yang,

1,015,945 shares owned by Ms.

Wenxiang Yu, the wife of Mr.

Yang, 334,960 shares owned by Mr.

Zhi Yang, Mr.

Yang disclaims beneficial ownership of the shares owned by his wife and son.

Certain Relationships and Related Transactions, Director

3 unchanged sentences

void or void-able if the relationship or related party transactions are approved or ratified by the Audit Committee.

For details of the related transactions, see “Notes

to Consolidated Financial Statements, Note 9 – Related Party Transactions” contained in this Annual Report.

Procedures for Approval of Related Party Transactions

Our Board of Directors is charged with reviewing

and approving all potential related party transaction whether or not such transactions exceed $120,000.

We have not adopted other procedures

for review, or standards for approval, of such transactions, but instead review them on a case-by-case basis.

Principal Accounting Fees and Services

Our independent

public accounting firm is GGF CPA LTD.

, Level 3, Shop 119 No.

20, Jingang Avenue, Nansha District, Guangzhou, Guangdong , PCAOB Auditor

The aggregate fees billed to the Company by its

2 unchanged sentences

All Other Fees

This category

consists of fees for the audit of our annual financial statements, review of the financial statements included in our quarterly reports

on Form 10-Q and services that are normally provided by the independent registered public accountants in connection with statutory and

regulatory filings or engagements for those fiscal years.

This category consists of fees for the audit of

8 unchanged sentences

no such fees incurred by the Company in the years ended December 31, 2023 and 2022.

The tax fee of $5,500 and $9,500 relate to tax

compliance services rendered in each of the years ended December 31, 2022 and 2021,respectively.

The tax fee of $nil and $5,500 relate to tax compliance

services rendered in each of the years ended December 31, 2023 and 2022.

All Other Fees

22 unchanged sentences

Stock Repurchase Agreement dated as of November 30, 2022 by and between the Company and Naihui Miao, incorporated by reference to Exhibit 10.3 to the Registrant’s current report on Form 8-K, filed on December 1, 2022.

Crude Salt Field Acquisition Agreement dated as of June 26, 2024, by and between Shouguang Hengde Salt Industry Co.

Ltd and Shouguang Qingshuibo Farm Co., LTD., incorporated by reference to Exhibit 10.1 to the Registrant’s current report on Form 8-K, filed on July 2, 2024.

Crude Salt Field Acquisition Agreement dated as of June 27, 2024, by and between Shouguang Hengde Salt Industry Co.

Ltd and Shouguang city Yangkou town Dingjia Zhuangzi village stock economic cooperative, incorporated by reference to Exhibit 10.2 to the Registrant’s current report on Form 8-K, filed on July 2, 2024.

Crude Salt Field Acquisition Agreement dated as of June 27, 2024, by and between Shouguang Hengde Salt Industry Co.

Ltd and Shouguang city Yangkou town Shanjia Zhuangzi village stock economic cooperative, incorporated by reference to Exhibit 10.3 to the Registrant’s current report on Form 8-K, filed on July 2, 2024.

Crude Salt Field Acquisition Agreement dated as of June 27, 2024, by and between Shouguang Hengde Salt Industry Co.

Ltd and Shouguang City Yangkou town Zhengjia Zhuangzi village stock economic cooperative, incorporated by reference to Exhibit 10.4 to the Registrant’s current report on Form 8-K, filed on July 2, 2024.

Crude Salt Field Acquisition Agreement dated as of June 27, 2024, by and between Shouguang Hengde Salt Industry Co.

Ltd and Shouguang city Yangkou town Renjia Zhuangzi village stock economic cooperative, incorporated by reference to Exhibit 10.5 to the Registrant’s current report on Form 8-K, filed on July 2, 2024.

Code of Ethics, incorporated herein by reference to Exhibit 14 to the Registrant’ annual report on Form 10-K filed on March 16, 2009.

3 unchanged sentences

Certified Public Accountants, an independent registered public accounting firm.*

Consent of GGF CPA LIMITED, Certified Public Accountants, an independent registered public accounting firm.*

Certification pursuant to Rule 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

2 unchanged sentences

Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Clawback Policy*

Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document)*

4 unchanged sentences

of the Securities and Exchange Act, the Company has duly caused this Report to be signed on its behalf by the undersigned thereunto duly

March 31, 2023

September 27, 2024

/s/ Xiaobin Liu

5 unchanged sentences

/s/ Xiaobin Liu

March 31, 2023

September 27, 2024

Chief Executive Officer and Director

March 31, 2023

September 27, 2024

Chief Financial Officer

/s/ Ming Yang

March 31, 2023

/s/ Yibo Yang

September 27, 2024

/s/ Naihui Miao

March 31, 2023

/s/ Tengfei Zhang

March 31, 2023

Tengfei Zhang

March 31, 2023

September 27, 2024

/s/ Dongshan Wang

September 27, 2024

Dongshan Wang

September 27, 2024

/s/ Sheng Wei Ma

March 31, 2023

September 27, 2024

/s/ Shi Tong Jiang

March 31, 2023

September 27, 2024

Shi Tong Jiang

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures