What changed in this filing

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Item 1. Business

2025-04-11 compared with 2024-03-27 · 221 added, 214 removed, 876 unchanged (33% of the section changed)

98 unchanged sentences

Holding”), a corporation formed on November 13, 2006 under the laws of the British Virgin Islands, and issued the shareholders of

Dongfang Holding an aggregate of 7,450,497 (as adjusted for a four-for-one reverse stock split effected in November 2009) shares of our

common stock, which shares were distributed pro-rata to the shareholders of Dongfang Holding in accordance with their respective ownership

Dongfang Holding an aggregate of 7,450,497 shares of our common stock (as adjusted for a four-for-one reverse stock split effected in

November 2009), which shares were distributed pro-rata to the shareholders of Dongfang Holding in accordance with their respective ownership

interests in Dongfang Holding.

1 unchanged sentence

ownership of Dongfang Paper and such shares of Dongfang Paper were held in trust with Zhenyong Liu, Xiaodong Liu and Shuangxi Zhao, for

Zhao (the original shareholders of Dongfang Paper) to exercise control over the disposition of Dongfang Holding’s

shares in Dongfang Paper on Dongfang Holding’s behalf until Dongfang Holding successfully completed the change in registration of

Dongfang Paper’s capital with the relevant PRC Administration of Industry and Commerce as the 100% owner of Dongfang Paper’s

As a result of the merger transaction, Dongfang Holding became a wholly owned subsidiary of the Company, and Dongfang Holding’s

wholly owned subsidiary, Dongfang Paper, became an indirectly owned subsidiary of the Company.

Zhenyong Liu, Mr.

Xiaodong Liu and Mr.

Zhao (the original shareholders of Dongfang Paper) to exercise control over the disposition

of Dongfang Holding’s shares in Dongfang Paper on Dongfang Holding’s behalf until Dongfang Holding successfully completed

the change in registration of Dongfang Paper’s capital with the relevant PRC Administration of Industry and Commerce as the 100%

owner of Dongfang Paper’s shares.

As a result of the merger transaction, Dongfang Holding became a wholly owned subsidiary of the

Company, and Dongfang Holding’s wholly owned subsidiary, Dongfang Paper, became an indirectly owned subsidiary of the Company.

Dongfang Holding, as the

23 unchanged sentences

The contractual arrangements, as amended, include the following:

(i) Exclusive Technical Service and Business Consulting Agreement

Exclusive Technical Service and Business Consulting Agreement

The exclusive technical

3 unchanged sentences

The agreement is terminable upon mutual written agreement.

(ii) Call Option Agreement

Call Option Agreement

The call option agreement,

18 unchanged sentences

interests of Dongfang Paper underlying the options.

(iii) Share Pledge Agreement

Share Pledge Agreement

The share pledge agreement

15 unchanged sentences

agreements have expired.

(iv) Proxy Agreement

Proxy Agreement

The proxy agreement, entered

32 unchanged sentences

Our subsidiaries and the VIE in which our operations are conducted

● Baoding Shengde Paper Co., Ltd.

Shengde Paper Co., Ltd.

(“Baoding Shengde”) is a PRC entity that is 100% indirectly owned by the Company.

Shengde has entered into VIE agreements with the VIE identified below.

● Each of the following, which are PRC companies that are consolidated with the Company:

Baoding Dongfang Paper Milling Co., Ltd.

(“Dongfang Paper”) is a PRC entity that entered into VIE Agreements with Baoding

Baoding Shengde

has entered into VIE agreements with the VIE identified below.

of the following, which are PRC companies that are consolidated with the Company:

Hebei Baoding Dongfang Paper Milling Co., Ltd.

Paper”) is a PRC entity that entered into VIE Agreements with Baoding Shengde;

Dongfang Paper is the VIE.

Hebei Tengsheng Paper Co., Ltd.

Tengsheng Paper Co., Ltd.

(“Tengsheng”) is a PRC entity that is 100% owned by Dongfang Paper.

● QianrongQianHui Hebei Technology Co., Ltd.

(“Qianrong”) is a PRC entity, incorporated on July 15, 2021, that is 100% indirectly

owned by the Company.

● Shengde Holdings Inc., a Nevada company and our wholly-owned U.S.

subsidiary, and Dongfang Zhiye Holding Limited, a British Virgin

Islands company, are subsidiaries outside of China.

● QianrongQianHui

Hebei Technology Co., Ltd.

(“Qianrong”) is a PRC entity, incorporated on July 15, 2021, that is 100% indirectly owned by

Holdings Inc., a Nevada company and our wholly-owned U.S.

subsidiary, and Dongfang Zhiye Holding Limited, a British Virgin Islands company,

are subsidiaries outside of China.

Dongfang Zhiye Holding Limited has been inactive since 2010.

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offering from the CSRC or any other PRC governmental authorities.

We believe that we are currently

not required to obtain any permission or approval from the China Securities Regulatory Commission (“CSRC”) and Cyberspace

Administration of China (“CAC”) in the PRC to issue securities to foreign investors.

However, there is no guarantee that this

will continue to be the case in the future in relation to any future offerings of our company or the continued listing of our company’s

securities on the NYSE American, or even in the event such permission or approval is required and obtained, it will not be subsequently

revoked or rescinded.

If we do not receive or maintain the approvals, or we inadvertently conclude that such approvals are not required,

or applicable laws, regulations, or interpretations change such that we are required to obtain approval in the future, we may be subject

to an investigation by competent regulators, fines or penalties, or an order prohibiting us from conducting an offering, and these risks

could result in a material adverse change in our operations and the value of our securities, significantly limit or completely hinder

our ability to offer or continue to offer securities to investors, or cause such securities to significantly decline in value or become

Based on our understanding

of the current PRC law, we believe that we are currently not required to obtain any permission or approval from the China Securities Regulatory

Commission (“CSRC”) and Cyberspace Administration of China (“CAC”) in the PRC to issue securities to foreign investors

or continue listing of our company’s securities on the NYSE American.

However, there is no guarantee that this will continue to

be the case in the future in relation to any future offerings of our company or the continued listing of our company’s securities

on the NYSE American, or even in the event such permission or approval is required and obtained, it will not be subsequently revoked or

If we do not receive or maintain the approvals, or we inadvertently conclude that such approvals are not required, or applicable

laws, regulations, or interpretations change such that we are required to obtain approval in the future, we may be subject to an investigation

by competent regulators, fines or penalties, or an order prohibiting us from conducting an offering, and these risks could result in a

material adverse change in our operations and the value of our securities, significantly limit or completely hinder our ability to offer

or continue to offer securities to investors, or cause such securities to significantly decline in value or become worthless.

On February 17, 2023, the

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$ (22,239,297 )

$ (7,494,805 )

Net cash provided by (used in) financing activities

Net cash (used in) provided by financing activities

$ (2,529,263 )

2 unchanged sentences

although other means are available for us to obtain financing at the holding company level, we may receive dividends and other distributions

on equity paid by our subsidiary established in China for our cash needs, including the funds necessary to pay dividends and other cash

on equity paid by our subsidiaries established in China for our cash needs, including the funds necessary to pay dividends and other cash

distributions to our shareholders to the extent we choose to do so, to service any debt we may incur and to pay our operating expenses.

20 unchanged sentences

31, 2024, the major cash flows occurred between IT Tech Packaging, its subsidiaries and the VIE included (i) loans in the total amount

of $4,251,821 provided by Baoding Shengde to Tengsheng Paper;

(ii) loans in the total amount of $2,834,547 from Baoding Shengde loans

to Dongfang Paper;

(iii) the payment in the amount of $5,491,139 made from Dongfang Paper to Baoding Shengde for purchase of raw materials;

and (iv) funding through Shengde Holdings Inc.

to Qianrong, with an amount of $500,000 as capital contributions.

We do not have an established

cash management policy that dictates how funds are transferred between us, our subsidiaries, consolidated VIE and its subsidiary.

not, at this time, intend to distribute earnings or settle amounts owed under the VIE Agreements.

of $1,059,480 provided by Dongfang Paper to Baoding Shengde;

and (ii) repayment of shareholder loans in the total amount of $727,433 on

behalf of IT Tech Packaging Inc.

We do not have an established cash management policy that dictates how funds are transferred between

us, our subsidiaries, consolidated VIE and its subsidiary.

We do not, at this time, intend to distribute earnings or settle amounts owed

under the VIE Agreements.

Current PRC regulations

93 unchanged sentences

Risks Relating to our Business

● Our operating history may not serve as an adequate basis to judge our future prospects and results of operations.

● Dongfang Paper and Baoding Shengde’s failure to compete effectively may adversely affect our ability to generate revenue.

● We may not be able to effectively control and manage our growth.

● We, through our subsidiaries, may engage in future acquisitions that could dilute the ownership interests of our stockholders and

cause us to incur debt and assume contingent liabilities.

● We are responsible for the indemnification of our officers and directors.

● We are dependent on certain key personnel and loss of these key personnel could have a material adverse effect on our business,

financial condition and results of operations.

● We may not be able to hire and retain qualified personnel to support our growth and if we are unable to retain or hire these personnel

in the future, our ability to improve our products and implement our business objectives could be adversely affected.

● Our operating results may fluctuate as a result of factors beyond our control.

● We face risks related to product liability claims.

● Our operating results also depend on the availability and pricing of energy and raw materials.

● A material disruption at one of our manufacturing facilities could prevent us from meeting customer demand, reduce our sales, and/or

negatively affect our net income.

● Our certificates, permits, and licenses related to our papermaking operations are subject to governmental control and renewal and

failure to obtain renewal will cause all or part of our operations to be terminated.

● Compliance with environmental regulations is expensive, and noncompliance may result in adverse publicity and potentially significant

monetary damages and fines or suspension of our business operations.

● If we are unable to respond to pricing pressures, our business may be harmed.

● If we fail to introduce enhancements to our existing products or to develop new products, our business and results of operations

could be adversely affected.

● We have limited insurance coverage and may incur losses resulting from product liability claims or business interruptions.

● Our failure to protect our intellectual property rights may undermine our competitive position, and external infringements of our

intellectual property rights may adversely affect our business.

● We may be subject to intellectual property infringement claims or other allegations, which may materially and adversely affect

our business, financial condition and prospects.

operating history may not serve as an adequate basis to judge our future prospects and results of operations.

Paper and Baoding Shengde’s failure to compete effectively may adversely affect our ability to generate revenue.

may not be able to effectively control and manage our growth.

through our subsidiaries, may engage in future acquisitions that could dilute the ownership interests of our stockholders and cause us

to incur debt and assume contingent liabilities.

are responsible for the indemnification of our officers and directors.

are dependent on certain key personnel and loss of these key personnel could have a material adverse effect on our business, financial

condition and results of operations.

may not be able to hire and retain qualified personnel to support our growth and if we are unable to retain or hire these personnel in

the future, our ability to improve our products and implement our business objectives could be adversely affected.

operating results may fluctuate as a result of factors beyond our control.

face risks related to product liability claims.

operating results also depend on the availability and pricing of energy and raw materials.

material disruption at one of our manufacturing facilities could prevent us from meeting customer demand, reduce our sales, and/or negatively

affect our net income.

certificates, permits, and licenses related to our papermaking operations are subject to governmental control and renewal and failure

to obtain renewal will cause all or part of our operations to be terminated.

with environmental regulations is expensive, and noncompliance may result in adverse publicity and potentially significant monetary damages

and fines or suspension of our business operations.

we are unable to respond to pricing pressures, our business may be harmed.

we fail to introduce enhancements to our existing products or to develop new products, our business and results of operations could be

adversely affected.

have limited insurance coverage and may incur losses resulting from product liability claims or business interruptions.

failure to protect our intellectual property rights may undermine our competitive position, and external infringements of our intellectual

property rights may adversely affect our business.

may be subject to intellectual property infringement claims or other allegations, which may materially and adversely affect our business,

financial condition and prospects.

Risks Related To Doing Business in the PRC

● The PRC government has significant oversight and discretion over the conduct of a PRC company’s

business operations or to exert control over any offering of securities conducted overseas and/or foreign investment in China-based issuers,

and may intervene with or influence our operations, may limit or completely hinder our ability to offer or continue to offer securities

to investors, and may cause the value of such securities to significantly decline or be worthless, as the government deems appropriate

to further regulatory, political and societal goals.

● The CSRC has released the Trial Measures for Administration of Overseas Securities Offerings and Listings

by Domestic Companies (the “Trial Measures”).

While such rules have become into effect, the Chinese government may exert more

oversight and control over offerings that are conducted overseas and foreign investment in China-based issuers, which could significantly

limit or completely hinder our ability to continue to offer our securities to investors and could cause the value of our securities to

significantly decline or become worthless.

● Recent greater oversight by the Cyberspace Administration of China, or the “CAC,” over data security, particularly

for companies seeking to list on a foreign exchange, could adversely impact the business of us, the consolidated VIE and its subsidiary

and investing in our securities.

● The occurrence of security breaches and cyber-attacks could negatively impact our business.

● Our business may be subject to a variety of PRC laws and other obligations regarding cybersecurity and data protection.

● Changes in the policies of the PRC government could have a significant impact upon the business we may be able to conduct in the

PRC and the profitability of such business.

● The PRC laws and regulations governing our current business operations are sometimes vague and uncertain.

Any changes in such PRC

laws and regulations may harm our business.

● A slowdown, inflation or other adverse developments in the PRC economy may harm our customers and the demand for our services and

● Our PRC Subsidiaries, consolidated VIE and its subsidiary in China are subject to restrictions on making dividends and other payments

to us or any other affiliated company.

● 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.

● Governmental control of currency conversion may limit our ability to utilize our revenues effectively and affect the value of investors’

● 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 making 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.

● The fluctuation of the Renminbi may harm your investment.

● Failure to comply with PRC regulations relating to the establishment of offshore special purpose companies by PRC residents may

materially adversely affect us.

● While the approval and/or other requirements of the CSRC or other PRC governmental authorities are

currently not required, they may be required, in connection with our oversea listing under PRC rules, regulations or policies, and, if

required, we cannot predict whether or how soon we will be able to obtain such approval.

● The M&A Rules and certain other PRC regulations establish complex procedures for some acquisitions of Chinese companies by

foreign investors, which could make it more difficult for us to pursue growth through acquisitions in China.

● The PRC’s legal and judicial system may not adequately protect our business and operations and the rights of foreign investors.

● Because our principal assets are located outside of the United States and most of our directors and

officers reside outside of the United States, it may be difficult for you to effect service of legal process, enforce your rights based

federal securities laws against us and our officers or to enforce U.S.

PRC government has significant oversight and discretion over the conduct of a PRC company’s business operations or to exert control

over any offering of securities conducted overseas and/or foreign investment in China-based issuers, and may intervene with or influence

our operations, may limit or completely hinder our ability to offer or continue to offer securities to investors, and may cause the value

of such securities to significantly decline or be worthless, as the government deems appropriate to further regulatory, political and

societal goals.

CSRC has released the Trial Measures for Administration of Overseas Securities Offerings and Listings by Domestic Companies (the “Trial

While such rules have become into effect, the Chinese government may exert more oversight and control over offerings

that are conducted overseas and foreign investment in China-based issuers, which could significantly limit or completely hinder our ability

to continue to offer our securities to investors and could cause the value of our securities to significantly decline or become worthless.

greater oversight by the Cyberspace Administration of China, or the “CAC,” over data security, particularly for companies

seeking to list on a foreign exchange, could adversely impact the business of us, the consolidated VIE and its subsidiary and investing

in our securities.

occurrence of security breaches and cyber-attacks could negatively impact our business.

business may be subject to a variety of PRC laws and other obligations regarding cybersecurity and data protection.

in the policies of the PRC government could have a significant impact upon the business we may be able to conduct in the PRC and the

profitability of such business.

PRC laws and regulations governing our current business operations are sometimes vague and uncertain.

Any changes in such PRC laws and

regulations may harm our business.

slowdown, inflation or other adverse developments in the PRC economy may harm our customers and the demand for our services and products.

PRC Subsidiaries, consolidated VIE and its subsidiary in China are subject to restrictions on making dividends and other payments to

us or any other affiliated company.

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.

● Governmental

control of currency conversion may limit our ability to utilize our revenues effectively and affect the value of investors’ investment.

regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion

may delay us from making 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.

fluctuation of the Renminbi may harm your investment.

to comply with PRC regulations relating to the establishment of offshore special purpose companies by PRC residents may materially adversely

the approval and/or other requirements of the CSRC or other PRC governmental authorities are currently not required, they may be required,

in connection with our oversea listing under PRC rules, regulations or policies, and, if required, we cannot predict whether or how soon

we will be able to obtain such approval.

M&A Rules and certain other PRC regulations establish complex procedures for some acquisitions of Chinese companies by foreign investors,

which could make it more difficult for us to pursue growth through acquisitions in China.

PRC’s legal and judicial system may not adequately protect our business and operations and the rights of foreign investors.

our principal assets are located outside of the United States and most of our directors and officers reside outside of the United States,

it may be difficult for you to effect service of legal process, enforce your rights based on U.S.

federal securities laws against us

and our officers or to enforce U.S.

court judgment against us or them in the PRC.

● It may be difficult for overseas regulators to conduct investigation or collect evidence within China.

● We may be required to broaden the coverage of the mandatory social security insurance programs under the Labor Law of the PRC.

● The current tensions in international trade and rising political tensions, particularly between U.S.

and China, may adversely impact

our business, financial condition, and results of operations.

may be difficult for overseas regulators to conduct investigation or collect evidence within China.

may be required to broaden the coverage of the mandatory social security insurance programs under the Labor Law of the PRC.

current tensions in international trade and rising political tensions, particularly between U.S.

and China, may adversely impact our

business, financial condition, and results of operations.

Risks Related to Our Corporate Structure

● Our current corporate structure and business operations may be affected by the newly enacted Foreign Investment Law.

● Any failure by our consolidated VIE or their shareholders to perform their obligations under our contractual arrangements with

them would have a material adverse effect on our business.

● In order to comply with PRC regulatory requirements, we operate our businesses through companies with which we have contractual

relationships but in which we do not have controlling ownership.

● Because we rely on the consulting services agreement with Dongfang Paper for essentially all of our

revenue and cash flows, any difficulty for Dongfang Paper to pay consulting fees to Baoding Shengde under the consulting agreement may

have a material adverse effect on our operations.

● If the PRC government determines that the contractual agreements constituting part of our VIE structure

do not comply with applicable PRC regulations, or if these regulations change or are interpreted differently in the future, we may be

unable to assert our contractual rights over the assets of the VIE, and our common stock may decline in value.

● The contractual arrangements under a VIE Structure may not be as effective as direct ownership in respect of our relationship with

the VIE, and thus, we may incur substantial costs to enforce the terms of the arrangements, which we may not be able to enforce at all.

● The shareholders of Dongfang Paper may have actual or potential conflicts of interests with us, which may adversely affect our

● We may lose the ability to use and enjoy assets held by the VIE that are material to the operation of our business if the entity

goes bankrupt or becomes subject to a dissolution or liquidation proceeding.

● Our arrangements with Dongfang Paper and its shareholders may be subject to a transfer pricing adjustment by the PRC tax authorities

which could have an adverse effect on our income and expenses.

● We may lose the ability to use, or otherwise benefit from, the licenses, approvals and assets held by the VIE, which could severely

disrupt our business, render us unable to conduct some of our business operations and constrain our growth.

● The exercise of our option to purchase part or all of the equity interests in Dongfang Paper under

the Call Option Agreement might be subject to approval by the PRC government.

Our failure to obtain this approval may impair our ability

to substantially control Dongfang Paper and could result in actions by Dongfang Paper that conflict with our interests.

current corporate structure and business operations may be affected by the newly enacted Foreign Investment Law.

failure by our consolidated VIE or their shareholders to perform their obligations under our contractual arrangements with them would

have a material adverse effect on our business.

order to comply with PRC regulatory requirements, we operate our businesses through companies with which we have contractual relationships

but in which we do not have controlling ownership.

we rely on the consulting services agreement with Dongfang Paper for essentially all of our revenue and cash flows, any difficulty for

Dongfang Paper to pay consulting fees to Baoding Shengde under the consulting agreement may have a material adverse effect on our operations.

the PRC government determines that the contractual agreements constituting part of our VIE structure do not comply with applicable PRC

regulations, or if these regulations change or are interpreted differently in the future, we may be unable to assert our contractual

rights over the assets of the VIE, and our common stock may decline in value.

contractual arrangements under a VIE Structure may not be as effective as direct ownership in respect of our relationship with the VIE,

and thus, we may incur substantial costs to enforce the terms of the arrangements, which we may not be able to enforce at all.

shareholders of Dongfang Paper may have actual or potential conflicts of interests with us, which may adversely affect our business.

may lose the ability to use and enjoy assets held by the VIE that are material to the operation of our business if the entity goes bankrupt

or becomes subject to a dissolution or liquidation proceeding.

arrangements with Dongfang Paper and its shareholders may be subject to a transfer pricing adjustment by the PRC tax authorities which

could have an adverse effect on our income and expenses.

may lose the ability to use, or otherwise benefit from, the licenses, approvals and assets held by the VIE, which could severely disrupt

our business, render us unable to conduct some of our business operations and constrain our growth.

exercise of our option to purchase part or all of the equity interests in Dongfang Paper under the Call Option Agreement might be subject

to approval by the PRC government.

Our failure to obtain this approval may impair our ability to substantially control Dongfang Paper

and could result in actions by Dongfang Paper that conflict with our interests.

Risks Related to Our Common Stock

● Our common stock may be delisted from the NYSE American under the Holding Foreign Companies Accountable

Act if the PCAOB is unable to adequately inspect audit documentation located in China.

The delisting of our common stock, or the threat

of their being delisted, may materially and adversely affect the value of your investment..

● If we fail to comply with Section 404 of the Sarbanes-Oxley Act of 2002 in a timely manner, our business could be harmed and our

stock price could decline.

● If we become directly subject to the scrutiny involving U.S.

listed Chinese companies, we may have to expend significant resources

to investigate and/or defend the matter, which could harm our business operations, stock price and reputation.

● Our officers and directors control us through their positions and stock ownership and their interests may differ from other stockholders.

● We may not continue to pay cash dividends and any return on investment may be limited to the value of our common stock.

● Our common stock may be affected by limited trading volume and may fluctuate significantly.

● Future financings may dilute stockholders or impair our financial condition.

common stock may be delisted from the NYSE American under the Holding Foreign Companies Accountable Act if the PCAOB is unable to adequately

inspect audit documentation located in China.

The delisting of our common stock, or the threat of their being delisted, may materially

and adversely affect the value of your investment..

we fail to comply with Section 404 of the Sarbanes-Oxley Act of 2002 in a timely manner, our business could be harmed and our stock price

could decline.

we become directly subject to the scrutiny involving U.S.

listed Chinese companies, we may have to expend significant resources to investigate

and/or defend the matter, which could harm our business operations, stock price and reputation.

officers and directors control us through their positions and stock ownership and their interests may differ from other stockholders.

may not continue to pay cash dividends and any return on investment may be limited to the value of our common stock.

common stock may be affected by limited trading volume and may fluctuate significantly.

financings may dilute stockholders or impair our financial condition.

We, through our PRC Subsidiaries

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comprised approximately 100% of our total paper production quantities and roughly 99.82% of our total revenue.

Raw materials used in

the production of corrugating medium paper include recycled paper board (or Old Corrugating Cardboard or “OCC,” as it is commonly

Raw materials used in the

production of corrugating medium paper include recycled paper board (or Old Corrugating Cardboard or “OCC,” as it is commonly

referred to in the United States) and certain supplementary agents.

19 unchanged sentences

in the publishing industry.

Revenue from offset printing paper was $3,215,190 with 5,573 tonnes sold for the year ended December 31, 2023.

Raw materials used in making offset printing paper include recycled white scrap paper, fluorescent whitening agent and sizing agent.

currently have two production lines, PM2 and PM3, for the production of offset printing paper.

Production of offset printing paper was suspended during the year ended December 31, 2024.

Raw materials used

in making offset printing paper include recycled white scrap paper, fluorescent whitening agent and sizing agent.

We currently have two

production lines, PM2 and PM3, for the production of offset printing paper.

Tissue Paper Products

7 unchanged sentences

tissue paper production of PM8 and PM9 at such time.

On May 5, 2020, the Company announced it planned the commercial launch of a new tissue

paper production line PM10 and the Company entered into an agreement to purchase paper machine with paper machine supplier.

expected the new tissue paper production line to be launched after the completion of trial run.

The machine supplier was delayed because

On May 5, 2020, we announced we planned the commercial launch of a new tissue paper

production line PM10 and we entered into an agreement to purchase paper machine with paper machine supplier.

We expected the new tissue

paper production line to be launched after the completion of trial run.

The machine supplier was delayed because the supplier extended

the production schedule.

We are closely following up the provider for further actions.

Tissue paper products comprised approximately 0.52% of our

total paper production quantities and approximately 1.51% of our total sales revenue for the year ended December 31, 2023.

Tissue paper production was suspended during the

year ended December 31, 2024.

On April 29, 2020, we launched

3 unchanged sentences

and drug administration in Hebei province, and began commercial production in November 2021.

Face mask production was suspended during

the year ended December 31, 2024.

Market for our Products

4 unchanged sentences

Total domestic consumption was

124.03 million tonnes in 2022, down by 1.94% from 126.48 million tonnes in 2021.

131.65 million tonnes in 2023, up by 6.14% from 124.03 million tonnes in 2022.

The output of paper and

9 unchanged sentences

Paper Industry, May 2024, China Paper Association

Corrugating medium paper production in China

totaled 27.70 million tonnes in 2022, a 3.17% increase from 2021.

Consumption of corrugating medium paper in China amounted to 30.10 million

tonnes in 2022, an increase of 1.11% as compared to 2021.

Corrugating medium paper

production in China totaled 29.15 million tonnes in 2023, a 5.23% increase from 2022.

Consumption of corrugating medium paper in China

amounted to 32.72 million tonnes in 2023, an increase of 8.70% as compared to 2022.

Uncoated offset printing

1 unchanged sentence

Consumption of uncoated offset printing paper

in China amounted to 16.78 million tonnes in 2022, a decrease of 6.41% as compared to 2021.

in China amounted to 17.11 million tonnes in 2023, an increase of 1.97% as compared to 2022.

The paper making industry

15 unchanged sentences

in Hebei Province and Shandong Province.

For the year ended December 31, 2023, five major

customers who individually accounted for more than 5% of our total sales revenue are as follows:

For the year ended December

31, 2024, 10 major customers who individually accounted for more than 5% of our total sales revenue are as follows:

(USD$, net of

Company A (Hebei)

Company B (Shandong)

Company C (Hebei)

Company D (Shandong)

Company B (Hebei)

Company C (Shandong)

Company D (Tianjin)

Company E (Tianjin)

Company F (Hebei)

Company G (Hebei)

Company H (Hebei)

Company I (Hebei)

Company J (Hebei)

Total Major Customers

Eight of our top-ten customers of 2023 are also

in the top-ten customer list in 2022, representing 85.66% of the 2022 top-ten customer sales.

All of our top-ten customers of 2024 are also in

the top-ten customer list in 2023.

Target Market

9 unchanged sentences

Paper Product

Designed Capacity

(tonnes/year)

Status as of December 31, 2023

Corrugating Medium Paper

5 unchanged sentences

Dongfang Paper

In production

Suspended during 2024

Offset Printing Paper

1 unchanged sentence

Dongfang Paper

In production

Suspended during 2024

Digital Photo Paper

16 unchanged sentences

Dongfang Paper

In production

Suspended during 2024

Dongfang Paper

In production.

Suspended during 2024

Dongfang Paper

1 unchanged sentence

In construction

Paper machines under renovation,

under construction, or in the planning stage.

PM6 is funded and owned by Baoding Shengde;

ancillary facilities

that support the PM6 operation are built and owned by Dongfang Paper.

machines under renovation, under construction, or in the planning stage.

is funded and owned by Baoding Shengde;

ancillary facilities that support the PM6 operation are built and owned by Dongfang Paper.

On December 31, 2009, we

7 unchanged sentences

We have implemented a plan

to renovate one of the old production lines that has been idle since the end of 2007.

We previously made paper with anti-counterfeit features

from that production line.

When the renovation is completed, we intend to use the renovated production line to produce high-profit margin

specialty papers.

to renovate one of the old production lines (PM7) that has been idle since the end of 2007.

We previously made paper with anti-counterfeit

features from that production line.

When the renovation is completed, we intend to use the renovated production line to produce high-profit

margin specialty papers.

On November 27, 2012, we

10 unchanged sentences

tissue paper production line PM10 and the Company signed an agreement to purchase paper machine with paper machine supplier.

expected the new tissue paper production line to be launched after the completion of trial run.

the new tissue paper production line to be launched after the completion of trial run.

We voluntarily renovated

109 unchanged sentences

Intellectual Property

The Company has registered eight trademarks with the Trademark

Bureau under the State of Administration for Industry & Commerce.

The Company has registered

eight trademarks with the Trademark Bureau under the State of Administration for Industry & Commerce.

Certificate No.

1 unchanged sentence

Dongfang Paper

April 7, 2014 through April 6, 2024

September 7, 2015 through September 6, 2025

Toilet paper, handkerchief tissues, tissues, paper napkins, paper mats, beer mats, paper place mats, printing paper (including offset paper, newsprint, books paper, bond paper, plate paper and halftone paper), coated paper

6 unchanged sentences

Baoding Shengde

July 28, 2017 through July 27, 2027

July 28, 2017 through

July 27, 2027

Paper table cover, paper pinafore, drawer lining (with flavor or not)

6 unchanged sentences

Tengsheng Paper

July 14, 2017 through July 13, 2027

July 14, 2017 through

July 13, 2027

Coasters, paper table cover, paper costers, cleansing paper

1 unchanged sentence

February 28, 2016 through February 27, 2026

The Company has

also been granted twelve new utility patent certificates on paper manufacturing related equipment issued by the State Intellectual Property

Office, including equipment testing, screening and filtering, and mixing.

The Company has also been

granted twelve new utility patent certificates on paper manufacturing related equipment issued by the State Intellectual Property Office,

including equipment testing, screening and filtering, and mixing.

Certificate No.

6 unchanged sentences

The utility model relates to a packaging equipment for pulp waste

Tengsheng Paper

October 8, 2021 through October 8, 2031

26 unchanged sentences

August 6, 2020 through August 6, 2031

IT Tech Packaging has registered the internet domain name,

https://www.itpackaging.cn.

IT Tech Packaging has registered

the internet domain name, https://www.itpackaging.cn.

Government Regulation

6 unchanged sentences

Environmental Regulation

Our operations and facilities are subject

to environmental laws and regulations stipulated by the national and the local environment protection bureaus in the PRC.

Our operations and facilities

are subject to environmental laws and regulations stipulated by the national and the local environment protection bureaus in the PRC.

Since the implementation

81 unchanged sentences

For information regarding

our executive officers as of March 27, 2024, see Part III, Item 10, “Directors, Executive Officers and Corporate Governance.”

our executive officers as of April 11, 2025, see Part III, Item 10, “Directors, Executive Officers and Corporate Governance.”

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 1. Business