TOND(SZ:002360) Zhong Guo Jing Ying Bao·2025-09-19 14:15Core Viewpoint - Tongde Chemical is facing significant financial challenges due to overdue debts and ongoing litigation related to leasing disputes, which may impact its financial stability and operational capacity [2][6][8]. Debt Overdue - As of September 15, Tongde Chemical and its subsidiary Tongde Kecai Materials Co., Ltd. reported overdue principal debts amounting to 81.81 million yuan, representing 4.10% of the audited net assets for 2024, with overdue interest totaling 1.39 million yuan, leading to a total of 83.21 million yuan in overdue debts [2][3]. - The company is actively negotiating with financial institutions to sign supplementary agreements to extend repayment deadlines and alleviate short-term debt repayment pressure [3][4]. Litigation Disputes - Tongde Chemical and Tongde Kecai have been sued by a financing leasing company for leasing disputes, with the case currently accepted by the court but not yet heard, involving a claim of approximately 85.46 million yuan [6][7]. - The core demands of the plaintiff include payment of unpaid rent, purchase price, and late penalties, with Tongde Chemical potentially liable for joint repayment [6][7]. Financial Performance - In the first half of 2025, Tongde Chemical reported a revenue of 256 million yuan, a year-on-year decrease of 19.32%, and a net profit attributable to shareholders of 11.09 million yuan, down 75.76% [8]. - The decline in performance is attributed to reduced demand for explosives due to a drop in coal production and operational losses in the power business due to limited gas supply [8]. Project Investment - Tongde Kecai was established to advance a project for producing 60,000 tons of biodegradable plastics and 240,000 tons of 1,4-butanediol, with a total budget of 3.479 billion yuan [5]. - The project has faced cost overruns due to rising equipment and raw material prices, contributing to financial strain on the company [5].