Hello ladies and gentlemen and welcome to IT Tech Packaging's Third Quarter of 2021 Earnings Conference Call. At this time, I would like to inform you that this conference is being recorded and that all participants are in a listen-only mode. Joining us today are the company's Chairman and Chief Executive Officer, Mr. Zhenyong Liu; and the company's Chief Financial Officer Ms. Jing Hao. Remarks from both Mr. Liu and Ms. Hao will be delivered in English by interpreters. IT Tech Packaging announced its third quarter of 2021 financial results via press release on November 10, 2021 which can be found on the company's website at www.itpackaging.cn. Mr. Liu will start today's presentation with an overview for the third quarter of 2021 performance, then Ms. Hao will share more details about the company's financial results. Before we start, I would like to draw your attention to our Safe Harbor statement. Management's prepared remarks contain forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in the announcement are forward-looking statements, including but not limited to anticipated revenues from the corrugating medium paper, tissue paper, offset printing paper and face mask business segments; the actions and initiatives of current and potential competitors; the company's ability to introduce new products; the company's ability to implement capacity expansion; market acceptance of new products; general economic and business conditions; the ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates, and projections about the company and the industry. The company undertakes no obligation to update forward-looking statements to reflect subsequent or current events or circumstances or to changes in its expectations except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot be assured that this expectation will turn out to be correct and investors are cautioned that actual results may differ materially from the anticipated results. There is a presentation document featuring the management's prepared remarks and it is now available for download from the company's website at www.itpackaging.cn. Please note that there will be discussions on non-GAAP financial measures or EBITDA or earnings before interest, taxes, depreciation, and amortization. Please refer to our press release for a complete reconciliation of EBITDA to net income. As a kind reminder, all numbers in the presentation are quoted in U.S. dollars and all comparisons refer to year-over-year comparisons unless otherwise stated. At this time, I would like to turn the call over to Mr. Zhenyong Liu, Chairman and Chief Executive Officer of IT Tech Packaging. His overview will be delivered in English by [indiscernible]. Please go ahead.

Thank you, operator and good morning everyone. Thanks for joining IT Tech Packaging third quarter 2021 earnings conference call today. I'll provide an overview of the company's performance for the third quarter of 2021. For the first nine months of this year, we continue to make improvements in the sales of Corrugating Medium Paper or CMP, offset printing paper and tissue paper products. Our total revenue had an increase of 59.2% to $114.8 million resulted from 36.3% growth of overall sales volume and a 25.6% increase in average selling prices over all categories of products. We recorded 34.8% increase of gross profits. This by the demand of paper products is impacted by factors such as resurgence of COVID-19 double reduction policy and the trend for paperless offices. We expect the earnings per ton will be a significant improve by operating price also, many living paper manufacturers adjusted the production according to the dual control of energy consumption policy, which will cause a shortage of slot. We have confidence and will continue to provide high quality products. We expect the performance in upcoming quarter will be significantly better. Thank you again for all your support and attention. Now, I will turn the call over to Ms. Jing Hao, our CFO who will review our financial results for the third quarter of 2021. Her review will be delivered in English by [indiscernible].

Thanks everyone for being on the call. Next, on behalf of the management team, I will summarize some key financial results for the third quarter and first nine months of 2021. Also I will occasionally refer to the specific production line associated with their products. I will make clear which products I'm referring to. For reference, the numbering system of our production line is provided on Slide number 18. Now let's look at financial performance for third quarter of 2021. Let's turn to Slide number 7. For the third quarter of 2021, total revenue increased by 35.2% to $45.1 million due to the increase in sales volume of Regular Corrugating Medium Paper and the increase in average selling price of CMP and tissue paper products. Then turn to Slide 8. For the third quarter of 2021, the CMP segments including those Regular CMP and Light-Weight CMP generated revenue of $37.3 million representing a 82.8% of total revenue, $31.2 million of revenue was from our Regular CMP products, and $6.1 million was from Light-Weight CMP. CMP segment volume increased by 22.1% to 74,444 tonnes of which 61,947 tonnes were Regular CMP and 12,497 tonnes were Light-Weight CMP. Average selling price or ASP for Regular CMP increased by 24.1% to 504 per tonne. And ASP for Light-Weight CMP increased by 24.4% to 490 per tonne. Let's turn to next page. For the third quarter of 2021, the offset printing paper generated revenue of $4.8 million, decreased by $1.3 million, or 21.7% from the same period of last year. The offset printing paper volumes decreased by 31.5% to 7,045 tonnes. ASP for offset printing paper increased by 14.3% to 681 per tonne. Then turning to Slide 10. For the third quarter of 2021, tissue paper products generated revenue of $2.8 million increased by…

Thank you again for attending IT Tech Packaging third quarter of 2021 earnings conference call. This concludes our call today and we thank you all for listening in. Good bye.