Hello ladies and gentlemen, and welcome to participate in IT Tech Packaging's Third Quarter 2020 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 Mr. Zhenyong Liu, IT Tech Packaging's Chairman and Chief Executive Officer and Ms. Jing Hao, the Company's Chief Financial Officer. Remarks from both Mr. Liu and Ms. Hao will be delivered in English by interpreters. IT Tech Packaging announced its third quarter 2020 financial results via press release yesterday, which can be found on the Company's website at www.itpackaging.cn. First, Mr. Liu will brief you on the Company's key operational highlights over the third quarter 2020 and then Ms. Hao will review 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 its 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, and 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 expectation except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that this expectations 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 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 measure; or EBITDA; or earnings before interest, taxes, depreciation and amortization. Please refer to our press release for a complete reconciliations of EBITDA to net income. As a kind reminder, all numbers in our presentation are quoted in US dollars and all comparisons refer to year-over-year comparisons unless otherwise stated. I would now like to turn the call over to Mr. Liu. His comments will be delivered in English by Hebe Xu from EverGreen Investor Relations. Mrs. Xu, please go ahead.

Thank you, operator, and good morning everyone. Thanks for joining our third quarter 2020 earnings conference call. We continued to make improvements in sales volume for this quarter as our paper products business, along with the whole industry, recovered from the pandemic. Our total revenue increased to $33.4 million and our tissue paper products grew 53.4% in revenue with total sales volume of 74,126 tonnes for this quarter. Sales volumes for CMPs and offset printing paper continued quarter-on-quarter growth and rebounded to the same level as last year. Our ASPs recording a 10.4% sequential increase from Q2 2020, experienced slight decreases compared to the Q3 2019. The Chinese government updated the Ban on Free Plastic Bags in 2020 and as the specific restrictions are implemented nationwide, paper packing products are expected to become the main substitute of plastic packages under the requirements, involving sectors such as catering taking out, supermarket retailing, logistics and express delivery. According to Huachuang Securities' market analysis on substitute demand for cardboard paper in the aforementioned areas, the market demand expected to be 4.91 million tonnes. As such, the Company will take full advantage of the market opportunities brought by the substitute demand for paper packages. Now, I will turn the call over to our CFO, Ms. Jing Hao, who will review and comment on the third quarter financial results. Her comments will be delivered in English by my colleague, Janice Wang. Janice, please go ahead.

Thanks, Hebe, and 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 of 2020. Also, I will occasionally refer to specific production lines associated with various products. I will make clear which products I am referring to. For reference, the numbering system for our production lines is provided on Slide number 18. Now let's look at our financial performance for the third quarter of 2020. Please turn to Slide number 7. For third quarter of 2020, total revenue increased to 1.3% to $33.4 million, due to the increase in sales volume of tissue paper products, CMP and face mask products. Turning to Slide 8. For the third quarter of 2020, the CMP segment, including both regular CMP and light weight CMP, generated revenue of $24.6 million, representing 73.8% of total revenue. $19.6 million of revenue was from our regular CMP products, and $5.1 million was from light weight CMP. CMP segment volume slightly increased by 1.3% to 60,991 tonnes, of which 48,107 tonnes were regular CMP and 12,884 tonnes were light weight CMP. Average selling price, or ASP, for regular CMP slightly decreased by 0.3% to $406 per tonne, and ASP for light weight CMP was equal to $394 per tonne. Turning to Slide 9. For the third quarter of 2020, the offset printing paper generated revenue of $6.1 million, decreased by $0.9 million, or 12.9% from the same period of last year. The offset printing paper volume slightly increased by 0.8% to 10,280 tonnes. ASP for offset printing paper decreased by 13.6% to $596 per tonne. Turning to Slide 10. Tissue paper products generated revenue of $2.4 million, increased by $0.8 million, or 53.4%. This resulted from sales of 2,855 tonnes tissue paper…

I beg your pardon. Can you repeat that, please?

Operator, please go ahead.

Do you want to conclude the call, please?

Yes, yes. Currently, we're not going to have Q&A session, so we're going to conclude the remarks. Thanks.

Certainly. Ladies and gentlemen, you may now disconnect your lines. Thank you for your participation. End of Q&A: