TOND(SZ:002360) Mei Ri Jing Ji Xin Wen·2025-10-14 07:08Core Viewpoint - The company, Tongde Chemical, is facing severe financial distress, highlighted by multiple lawsuits and a significant decline in creditworthiness, primarily due to its failed transition to a new business model focused on biodegradable plastics [1][5]. Group 1: Legal Issues - Tongde Chemical has received four lawsuits in the past month, with a total claim amount of approximately 1.9 billion yuan, covering various disputes including financial loan agreements and leasing contracts [2][3]. - The latest lawsuit from Industrial Bank requires the company to repay over 20 million yuan in principal and interest due to deteriorating credit conditions [1][2]. - The company has had its debts frozen by the court, including a claim of 20.5 million yuan against a subsidiary [2]. Group 2: Financial Situation - As of September 21, 2025, Tongde Chemical and its subsidiaries have overdue debts totaling 129 million yuan [1]. - The company reported its first loss since going public in 2024, with a profit of only 11.09 million yuan in the first half of 2025, a 75.76% decrease year-on-year [5]. Group 3: Business Transition - The company invested over 3.2 billion yuan in a project to transition from traditional explosives to a new biodegradable plastics production line, which has yet to commence operations despite 95.5% completion [5]. - The transition has led to significant financial strain, as the traditional explosives business remains the primary revenue source while the new project has not yet generated income [5].