抗戰利勝記念 - In Commemoration of Victory in the War of Resistance
中國陸軍第三方面軍 - 3rd Front Army of the Republic of China Army
司令官 - Commander in Chief
湯恩伯敬贈 - Presented by Tang Enboi
Numbered 125.
About general Tang Enboi https://zh.wikipedia.org/wiki/湯恩伯
Ribbon.