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IT Tech Packaging, Inc. (NYSE American: ITP) is a prominent holding company engaged in the production and distribution of paper products in China. Founded in 1996, the company operates primarily in Baoding and Xingtai within North China's Hebei Province, an industrial hub close to Beijing and Tianjin. IT Tech Packaging's core business segments are categorized into three main paper product lines: corrugating medium paper (CMP), offset printing paper, and tissue paper products. Additionally, the company produces digital photo paper and single-use face masks.
Corrugating medium paper, including both regular and light-weight CMP, forms the bulk of IT Tech Packaging’s portfolio, accounting for more than 90% of its revenue. Despite facing challenges such as weak domestic market demand and falling prices of paper products, the company has strategically optimized its operational efficiency. For instance, in the first half of 2023, the company reported a revenue increase of 5.37% year-over-year, amounting to approximately $49.81 million. This growth was primarily driven by increased sales volumes of CMP and offset printing paper, though the average selling price (ASP) of CMP declined. The company's gross profit for this period stood at $0.9 million.
IT Tech Packaging is actively pursuing new markets and channels to enhance profitability. For the third quarter of 2023, the company faced a significant revenue drop of 50.26% compared to the same period last year, largely attributed to reduced sales volumes and ASP of CMP. Nonetheless, the company is optimistic about future recovery, supported by policy initiatives aimed at boosting domestic demand and industrial economy. The company’s EBITDA for the third quarter was approximately $1.69 million.
In response to market conditions, IT Tech Packaging plans to focus on cost reductions, optimizing the raw material structure, and exploring new products to capture greater market share. The company is also committed to maintaining environmental sustainability by using recycled paper for most of its products. IT Tech Packaging’s strategic location positions it favorably to serve one of China's largest markets for paper products consumption.
As of the fiscal year ending December 31, 2023, IT Tech Packaging reported total revenue of approximately $86.55 million. The company is listed on the NYSE American and remains committed to continuous improvement and strategic innovation to ensure sustainable growth and profitability. For more information, visit http://www.itpackaging.cn/.
IT Tech Packaging (NYSE American: ITP) reported Q3 2024 financial results showing revenue increased by 59.03% to $25.08 million, driven by higher sales volume of corrugating medium paper (CMP). Gross profit improved to $1.92 million from a loss of $0.15 million year-over-year. The company reported a net loss of $1.97 million, or $0.20 per share, while EBITDA increased to $2.03 million from $1.69 million. CMP products accounted for 99.85% of total revenue, with sales volume reaching 74,884 tonnes at an average selling price of $334/tonne.
IT Tech Packaging (NYSE American: ITP) held its 2024 Annual General Meeting of Stockholders on October 31, 2024, at its production base in Wei County, Hebei Province, China. Stockholders approved several key measures including: the election of three Class II directors (Zhengyong Liu, Fuzeng Liu and Lusha Niu) to serve until 2026, the appointment of GGF CPA as the independent auditor for fiscal year 2024, the compensation of named executive officers, and established a three-year frequency for future executive compensation advisory votes.
IT Tech Packaging, Inc. (NYSE American: ITP), a leading paper products manufacturer in North China, reminds stockholders to vote 'FOR' the company's proposals at the upcoming annual meeting on October 31, 2024. The meeting will be held at ITP's production base in Wei County, Hebei Province, China. Stockholders of record as of September 6, 2024 are eligible to vote.
The company emphasizes the importance of every vote, regardless of the number of shares held, to meet the quorum requirement. Failure to achieve quorum may result in meeting postponement, increasing costs and delaying NYSE listing requirement satisfaction. Stockholders who haven't received meeting materials or need assistance with voting can contact Advantage Proxy, Inc. at 1-877-870-8565 or 1-206-870-8565.
IT Tech Packaging, Inc. (NYSE American: ITP) has announced its 2024 annual meeting of stockholders to be held on October 31, 2024 at its production base in Wei County, Hebei Province, China. The meeting will address key proposals including the election of three Class II directors, a 'say-on-pay' advisory vote on executive compensation, an advisory vote on the frequency of future executive compensation votes, and the ratification of GGF CPA as the company's independent registered public accounting firm for fiscal year 2024. Stockholders of record as of September 6, 2024 are eligible to vote. The company has filed a definitive proxy statement with the SEC, which is available for review along with other meeting materials on the SEC's website and the company's website.
IT Tech Packaging (NYSE American: ITP) reported its Q2 2024 unaudited financial results. Revenue decreased 12.56% to $26.25 million, primarily due to production suspension of offset printing paper and tissue paper products. Gross profit increased 176.75% to $3.27 million, with gross margin improving to 12.44%. The company reported operating income of $0.55 million, compared to a loss of $0.52 million in Q2 2023. Net loss narrowed to $0.08 million ($0.01 per share) from $1.25 million ($0.12 per share) last year. EBITDA rose 38.87% to $3.93 million. CMP products accounted for 99.86% of total revenue. The company's cash position improved to $5.14 million as of June 30, 2024, up from $3.92 million at the end of 2023.
IT Tech Packaging, Inc. announced unaudited financial results for Q1 2024, reporting a revenue of $6.86 million with a profit of $0.40 million. Despite industry challenges, the company aims to optimize operations and explore new markets for growth.
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