The annual production capacity of the surgical masks is expected to reach 38 million pieces of mask and gross profit margin is expected to reach approximately 35%

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IT Tech Packaging Officially Starts its Surgical Masks Production. (Credit: Ri Butov from Pixabay)

IT Tech Packaging, Inc. (NYSE American: ITP) (“IT Tech Packaging” or “the Company”), a leading manufacturer and distributor of diversified paper products in North China, today announced that the Company has officially started its surgical masks production after a month of trial production since the end of November 2021.

The Company’s surgical masks comply with China’s pharmaceutical industry standard YY0469-2011. The annual production capacity of the surgical masks is expected to reach 38 million pieces of mask and gross profit margin is expected to reach approximately 35%.

The Company’s surgical masks have been sold to the local catering and sanitation industries, and the Company has also obtained bidding qualifications from various pharmaceutical companies and hospitals.

According to a report by Arizton, an advisory firm providing comprehensive market intelligence reports and advisory and consulting services, the demand for the medical face masks was high as the impact of Covid-19 pandemic continued to expand. The unit shipment value of medical masks is expected to grow to 13 billion units by 2026. Asia-Pacific is ranked second in consumption of medical masks with an expected CAGR of 9.42%. For more information about the report, please visit https://www.arizton.com/market-reports/medical-mask-market-size-analysis.

Mr. Zhenyong Liu, Chairman and Chief Executive Officer of the Company commented, ” Surgical masks are a key measure and considered as first line of defense to prevent the spread of Covid-19 pandemic, therefore, the demand for surgical masks has steadily increased as the fight against COVID-19 becomes normal globally. As our new product, surgical masks represent the expansion of our business scale. We will continue to strengthen our business operation, optimize the product portfolio, and generate significant economic benefits.”

Source: Company Press Release