互联网科技包装 2025年季度报告

FORM10-Q (Mark One)☒QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedSeptember 30,2025 or ☐TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromto Commission file number:001-34577 IT TECH PACKAGING, INC.(Exact name of registrant as specified in its charter) 20-4158835 Science Park,Juli Rd,Xushui District,Baoding CityHebei Province, The People’s Republic ofChina072550(Address of principal executive offices and Zip Code) 011 - (86)312-8698215(Registrant’s telephone number, including area code) (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on whichregistered Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.): Yes☐No☒ As of November 13, 2025, there were16,965,420shares of the registrant’s common stock, par value $0.001, outstanding. TABLE OF CONTENTS Part I. - FINANCIAL INFORMATION1Item 1.Financial Statements1Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations31Item 3.Quantitative and Qualitative Disclosures About Market Risk46Item 4.Controls and Procedures46Part II. - OTHER INFORMATION47Item 1.Legal Proceedings47Item 1A.Risk Factors47Item 2.Unregistered Sales of Equity Securities and Use of Proceeds47Item 3.Defaults Upon Senior Securities47Item 4.Mine Safety Disclosures47Item 5.Other Information48Item 6.Exhibits48SIGNATURES49 IT TECH PACKAGING, INC.CONDENSED CONSOLIDATED BALANCE SHEETSAS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024 ASSETS Current AssetsCash and bank balances$8,072,936$5,916,373Restricted cash1,046,7711,034,203Accounts receivable (net of allowance for doubtful accounts of $90,225and $53,111as of September30, 2025 and December 31, 2024, respectively)2,079,190287,576Inventories3,899,5712,351,876Prepayments and other current assets19,650,85417,951,267 LIABILITIES AND STOCKHOLDERS’ EQUITY Long-term loans4,727,3241,112,904Lease liability - non-current254,030231,147Derivative liability-5,651 Total liabilities (including amounts of the consolidated VIE without recourse to the Company of$18,629,300and $16,976,765as of September 30, 2025 and December 31, 2024, respectively)23,648,65621,496,469 Common stock $0.001par value per share; Authorized:50,000,000shares; Issued and outstanding:16,965,420shares as of September 30, 2025 and10,065,920shares as of December 31, 2024,respectively.16,96510,066Additional paid-in capital90,228,99689,172,771Statutory earnings reserve6,080,5746,080,574Accumulated other comprehensive loss(11,159,033)(12,998,986) IT TECH PACKAGING, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024(Unaudited) IT TECH PACKAGING, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited) (1) Organization and Business Background IT Tech Packaging, Inc. (the “Company”) was incorporated in the State of Nevada onDecember 9, 2005, under the name “Carlateral,Inc.” Through the steps described immediately below, we became the holding company for Hebei Baoding Dongfang Paper MillingCompany Limited (“Dongfang Paper”), a producer and distributor of paper products in China, on October 29, 2007. Effective on August 1, 2018, we changed our corporate name to IT Tech Packaging, Inc.. The name change was effected through aparent/subsidiary short-form merger of IT Tech Packaging, Inc., our wholly-owned Nevada subsidiary formed solely for the purpose ofthe name change, with and into us. We were the surviving entity. In connection with the name cha