炮打司令部, 红衛兵造反萬歲

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On the paper:
Chinese: 炮打司令部
Pinyin: Paoda silingbu
English: Bombard the Headquarters!

On the red stripe:
Chinese: 紅衛兵造反萬歲
Pinyin: Hongweibing zaofan wansui
English: Long live the Red Guards’s Rebellion

Author:
Chinese: 春雷紅衛兵串連聯絡站
Pinyin: Chunlei hongwibing chuanlian lianluo zhan
English: Liaison station of the Spring Thunder Red Guards Union