Global Printing Won The Withdrawal Of The Lawsuit From One Of The Plaintiffs, Lingkai Technology, While The Claims From The Other Two Plaintiffs Are Still Pending.

On November 20, Global Printing (002799) announced that the listed company received a notice of response as a defendant, involving an amount of more than 300 million yuan, but Global Printing did not recognize the plaintiff's claim.

It is reported that Jiangsu Lingkai Digital Technology Co., Ltd. (hereinafter referred to as "Jiangsu Lingkai") and Huocheng Lingkai Information Technology Co., Ltd. (hereinafter referred to as "Huocheng Lingkai"), a subsidiary of Horgos Lingkai Network Technology Co., Ltd. (hereinafter referred to as "Lingkai Technology"), a subsidiary of Global Printing Holdings, have had a number of bank loans overdue since January 2025.

Global Printing announced that the company, as a guarantor, has fulfilled its guarantee obligations for the overdue loans of Jiangsu Lingkai and Huocheng Lingkai, and has advanced all overdue loans of Jiangsu Lingkai and Huocheng Lingkai to Zheshang Bank. Other shareholders of Lingkai Technology provided relevant counter-guarantees for the above matters in accordance with their direct or indirect holdings of the equity of Lingkai Technology and its holding subsidiaries. In response to the above matters, Global Printing has communicated and coordinated with relevant parties many times, and actively avoided or reduced losses through recovery, litigation and other measures to protect the interests of the company and investors.

However, Global Printing recently received the "Notice of Response" from the Ili Kazakh Autonomous Prefecture Branch of the High People's Court of Xinjiang Uygur Autonomous Region, and Jiangsu Lingkai, Huocheng Lingkai and Lingkai Technology filed a lawsuit against Lin, Qu, Liu and Global Printing for a dispute over liability for harming the interests of their companies. As of the date of disclosure of this announcement, the above-mentioned litigation cases have not yet been tried.

The plaintiffs Jiangsu Lingkai, Huocheng Lingkai, and Lingkai Technology believe that the defendants Lin, Qu and Liu, as the chairman, financial officer and financial manager of Lingkai Technology, respectively, failed to fulfill their duty of care when cooperating with Beijing Brainstorming Technology Co., Ltd. and signed a cooperative business contract, and should be liable for compensation for the losses of Lingkai Technology, Huocheng Lingkai and Jiangsu Lingkai. At the same time, the plaintiff believes that Global Printing, as the controlling shareholder and actual controller of Lingkai Technology, Huocheng Lingkai and Jiangsu Lingkai, failed to take active and effective measures to prevent further expansion of losses during the performance of the contract, and should be jointly and severally liable for the losses of Lingkai Technology, Huocheng Lingkai and Jiangsu Lingkai with Lin, Qu and Liu.

According to the plaintiff's claim, defendant 1 Lin, defendant 2 Qu and defendant 3 Liu were ordered to jointly compensate the plaintiff for losses of 333 million yuan and pay the capital occupation fee from April 15, 2023 to the date of actual payment of compensation.

Among them, based on a loss of 246 million yuan, the loss of capital occupation fee will be charged at an annual interest rate of 3.1% on the date of prosecution from April 16, 2023, and the loss of capital occupation fee will be temporarily calculated as 15.558 million yuan until April 30, 2025; Based on a loss of 87.0603 million yuan, the loss of capital occupation fee will be charged at an annual interest rate of 3.1% on the date of litigation from July 1, 2023, and the loss of capital occupation fee will be temporarily calculated as 10.7955 million yuan until April 30, 2025.

In addition, the plaintiff requested that Defendant 4 Global Printing be jointly and severally liable for the first loss compensation that Defendants 1, 2 and 3 should bear; The defendant was ordered to jointly bear the case acceptance fee, preservation fee, and guarantee insurance premium in this case.

In response to the above cases, Global Printing said that it does not recognize the plaintiff's claims and will actively take various measures, including but not limited to filing objections to the court, to assert its legitimate rights and interests in accordance with the law. At the same time, we will increase efforts to pursue the counter-guarantee liability of other shareholders of Lingkai Technology, resolutely safeguard the legitimate rights and interests of the company, and effectively defend the interests of the company and all shareholders.

According to the third quarter report of 2025, from January to September this year, Global Printing achieved operating income of 619 million yuan, a year-on-year decrease of 44.12%; the net profit was a loss of 20.0619 million yuan. Global Printing said that the decline in revenue was mainly due to the large decline in Internet digital marketing business revenue during the reporting period; The decline in net profit was mainly due to the year-on-year decline in gross profit margin and the contraction of Internet digital marketing business due to the increase in new factory production costs and intensified market competition during the reporting period.

In addition, Lingkai Technology and its holding subsidiaries, as Internet digital marketing operation service providers, provide customers with technical support, material and creative design and production, material operation, delivery testing and effect analysis and other services, and assist customers in market development and product promotion. In recent years, affected by factors such as changes in the economic environment, the development of emerging technologies, and intensified industry competition, superimposed accounts receivable are overdue, the revenue and gross profit of the Internet digital marketing business have declined significantly, the working capital is insufficient, the operating conditions have seriously declined, and there is no hope of turning around losses in the short term.

In order to better cope with market uncertainty and pressure, Global Printing has taken comprehensive measures such as shrinking operations for the Internet digital marketing sector. Taking into account the actual situation of the Internet digital marketing business, in order to focus on the main core strategic direction of listed companies and optimize the resource allocation and asset structure of listed companies, Global Printing intends to reduce the Internet digital marketing business of its subsidiaries. At present, Global Printing continues to reduce the subsidiary's Internet digital marketing business.

On November 7, Global Printing announced that as of the disclosure date of the announcement, the listed company has fulfilled its guarantee obligation for Huocheng Lingkai's overdue loan, and has advanced 53.1087 million yuan of Huocheng Lingkai's overdue loan amount to Zheshang Bank; At the same time, the cumulative external guarantee balance of Global Printing and its subsidiaries is 73.0428 million yuan, accounting for 5.66% of the company's latest audited net assets.

On the evening of December 3, Global Printing issued an announcement on the receipt of the withdrawal ruling. According to the announcement, the company was previously sued by subsidiaries and related parties for disputes over liability for damage to the company's interests, involving more than 300 million yuan - one of the plaintiffs, Lingkai Technology, has applied to the court to withdraw the lawsuit, and the court has ruled to allow it. However, the claims of the remaining plaintiffs in the case, Huocheng Lingkai and Jiangsu Lingkai, are still advancing, and the case has not yet been tried. In the context of two consecutive years of losses and year-on-year profit and loss in the first three quarters of 2025, this partial withdrawal of the lawsuit has relieved some of the pressure on Global Printing.

The announcement said that Lingkai Technology, one of the plaintiffs in this litigation, has withdrawn the lawsuit, and the remaining plaintiffs in the case, Huocheng Lingkai and Jiangsu Lingkai, have not made any new progress for the time being. The company is actively communicating with other relevant parties and striving to properly resolve the litigation matters. As of the date of disclosure of this announcement, the court has not yet held a trial of this litigation case, and the outcome of the litigation is uncertain, and the impact on the company's current or future profits cannot be determined.

In the context of two consecutive years of losses and year-on-year profit and loss in the first three quarters of 2025, the partial withdrawal of the lawsuit has relieved some of the pressure on Global Printing, but the direction of the subsequent lawsuit is still uncertain.

Previously, on the evening of November 28, Global Printing issued an announcement on the change and closure of some fundraising projects and the permanent replenishment of liquidity with the saved funds raised and the postponement of some fundraising projects. According to the announcement, the company has changed, completed and postponed some fundraising projects, and intends to permanently supplement working capital with the 45.7502 million yuan of funds saved after the completion of the "Pharmaceutical Packaging Folding Carton Expansion and Intelligent Manufacturing Project", and postpone the "Global Printing Expansion and Green Packaging Intelligent Manufacturing Industrial Park (Phase I) Project" to December 2027. The main reasons for the adjustment are that the demand in the pharmaceutical industry has fallen short of expectations and market competition has intensified.

In terms of performance, Global Printing has been losing money for two consecutive years, and its revenue declined in the first three quarters of this year, and its net profit turned into a loss year-on-year. In the first three quarters, the company's operating income was 619 million yuan, down 44.12% year-on-year; net profit attributable to the parent company was -20.0619 million yuan, down 173.05% year-on-year; the net profit after deducting non-attributable to the parent company was -21.7935 million yuan, a year-on-year decrease of 184.30%.