TOND(SZ:002360) Mei Ri Jing Ji Xin Wen·2025-10-14 07:30Core 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 the biodegradable plastics industry [1][5][6] 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 coal company [2] Group 2: Financial Performance - The company reported its first loss since going public in 2024, with a profit of 11.09 million yuan in the first half of 2025, a decline of 75.76% year-on-year [6] - As of September 21, 2025, the overdue debt principal for the company and its subsidiaries has reached 129 million yuan [1] Group 3: Strategic Shift and Investment - The company invested over 3.2 billion yuan in a project to transition from traditional explosives to a fully biodegradable plastics (PBAT) production chain, which has yet to commence production despite 95.5% completion [5] - The transition has led to significant financial strain, prompting the company to sell off subsidiaries to raise cash, which risks undermining its core explosives business [5]