Here are 1-2 brief analogies for IT Tech Packaging (ITP):

• International Paper for China
• WestRock, but serving the Chinese market

• Corrugated Packaging Products: Customized cartons and boxes used for packaging a wide range of industrial, agricultural, and consumer goods.
• Corrugating Medium Paper: A type of fluted paper primarily used to form the wavy inner layer of corrugated boards.
• Linerboard Paper: A strong, flat paper used as the outer and inner facings of corrugated boards, providing strength and printability.

IT Tech Packaging (symbol: ITP) sells primarily to other companies (business-to-business or B2B).

The company's public filings, including its annual reports (10-K), do not disclose the names of its specific major customer companies. This is a common practice for manufacturers in the supply chain that serve a diverse base of clients, especially when no single customer accounts for a dominant share of the company's revenue that would necessitate specific disclosure.

However, IT Tech Packaging identifies its customer base by industry and product type. Its customers are primarily:

• Manufacturers and distributors of consumer goods.
• Manufacturers and distributors of industrial products.

More specifically, the industries they serve include:

• Food and beverage companies
• Electronics manufacturers
• Home appliance producers
• Companies in the daily necessities sector
• Businesses within the agriculture industry

• Shandong Sun Paper Industry Co., Ltd. (002078.SZ)
• Huatai Paper Co., Ltd. (600308.SS)
• Henglian New Materials

Zhenyong Liu Executive Chairman & Chief Executive Officer

Mr. Liu is the founder of IT Tech Packaging, Inc., having established the company in 1996 and serving as its Executive Chairman and Chief Executive Officer since then. He also holds the position of Chairman at Hebei Baoding Dongfang Paper Co., Ltd. since 1996. His prior experience includes serving as Chairman & Chief Executive Officer at Carlateral, Inc. and as General Manager of East Central Household Appliance Purchases & Supply Station from 1980 to 1989. Mr. Liu holds an MBA from Peking University and an undergraduate degree from Hebei University.

Jing Hao Chief Financial Officer

Ms. Hao has served as the Chief Financial Officer of IT Tech Packaging, Inc. since 2014. Before joining IT Tech Packaging, she was the Chief Financial Officer at Carlateral, Inc. Additionally, Ms. Hao worked as a Manager at Hebei Baoding Dongfang Paper Co., Ltd. from 2005 to 2006.

Fuzeng Liu Director & Vice President

Mr. Liu has been a member of the Board of Directors since November 30, 2007, and has served as Vice President of IT Tech Packaging since 2002. In his role as Vice President, he is responsible for the production supervision and regulation of the company's plants. Prior to his current positions, Mr. Liu was the Deputy Secretary of the Traffic Bureau of Xushui County from 1992 to 2002 and the Party Secretary of Dayin Town, Xushui County from 1988 to 1992.

Hon Wai Ku (Marco Ku) Independent Director

Mr. Ku has served as an independent director and chairman of the audit committee at IT Tech Packaging, Inc. since November 3, 2014. He is the founder of Sensible Investment Company Limited, an investment consulting firm based in Hong Kong. Previously, Mr. Ku held the role of Chief Financial Officer at China Marine Food Group Limited from July 2007 to October 2013. His background also includes co-founding KISS Catering Group, a food and beverage business in Beijing, from October 2005 to April 2007, and working as the Financial Controller at Hongkong.com Company Limited from October 2004 to September 2005. Mr. Ku began his career at KPMG LLP, where he worked from 1996 to 2000.

Dahong Zhou Secretary

Dahong Zhou serves as the Secretary for IT Tech Packaging, Inc.

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IT Tech Packaging (ITP) is a leading manufacturer and distributor of diversified paper products in North China. The company's main products include corrugating medium paper, offset printing paper, and tissue paper products. Their operations are primarily based in North China, specifically Hebei Province, near the Beijing and Tianjin region.

The addressable markets for IT Tech Packaging's main products are as follows:

• Corrugating Medium Paper (Corrugated Packaging): The corrugated boxes market in China was valued at approximately USD 31.5 billion in 2024. This market is anticipated to grow to USD 68.9 billion by 2035, with a Compound Annual Growth Rate (CAGR) of 7.37% from 2025 to 2035.
• Offset Printing Paper: The Chinese offset paper market is projected to exceed ¥150 billion (approximately USD 20.6 billion) in 2025. This market is expected to grow with a CAGR of over 5%.
• Tissue Paper Products: Null

1. Growth in Corrugating Medium Paper (CMP) Sales Volume: The company experienced a significant revenue increase in Q3 2024, driven by higher sales volume of corrugating medium paper, which constituted nearly all of its total revenue during that period. Continued growth in this core product's sales volume is expected to be a primary revenue driver.
2. Expansion of Tissue Paper Production: IT Tech Packaging plans to launch new tissue paper production lines, such as the PM10, to capitalize on the strong growth prospects in the tissue paper market. The company anticipates that continuously introducing new, energy-efficient tissue paper production lines will generate significant future profits.
3. Exploration and Penetration of New Markets: Despite existing industry challenges, IT Tech Packaging aims to optimize its operations and actively explore new markets for growth. This strategic initiative suggests potential revenue generation from previously untapped geographic regions or customer segments.
4. Strategic Focus on Evolving Packaging and Labeling Trends: The company is committed to ongoing development within the global packaging and labeling sector. This includes a focus on trends such as sustainable materials, advanced packaging machinery, enhanced supply chain visibility, and flexible packaging solutions, which could lead to new product offerings or increased market share in these high-growth areas.

Share Issuance

• IT Tech Packaging announced the pricing of a public offering on May 13, 2025, involving 6,899,500 shares of its common stock at $0.20 per share, aiming to raise approximately $1.4 million in gross proceeds.
• The net proceeds from this offering are intended for working capital and general corporate purposes.
• This offering was conducted under a shelf registration statement that became effective on April 14, 2023.

Capital Expenditures

• Over the last 12 months, as of November 7, 2025, IT Tech Packaging reported capital expenditures of -$296,867.
• The company's capital expenditures are primarily focused on its operations as a manufacturer and distributor of paper products in North China, including corrugating medium paper, offset printing paper, and tissue paper products.
• An increase in selling, general, and administrative expenses in the third quarter of 2024 was partly attributed to higher depreciation of idle fixed assets, suggesting prior capital investments are now contributing to underutilized capacity.