TOND(SZ:002360) Mei Ri Jing Ji Xin Wen·2025-10-15 06:08Core 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 the biodegradable plastics industry, which has resulted in overdue debts exceeding 129 million yuan [1][5][6]. Group 1: Legal Issues - Tongde Chemical has received four lawsuits in the past month, with the latest from Industrial Bank, demanding early repayment of over 20 million yuan due to deteriorating credit conditions [1][2]. - The total amount involved in the recent lawsuits against Tongde Chemical and its subsidiaries is approximately 190 million yuan, covering various disputes including financial loan agreements and leasing contracts [2]. - The first lawsuit was filed by Qingdao Huatuo Financing Leasing Co., involving a claim of approximately 85.46 million yuan for overdue rental payments [3]. Group 2: Financial Performance - The company has reported its first loss since going public in 2024, with a significant profit decline of 75.76% in the first half of 2025, achieving only 11.09 million yuan [6]. - The financial strain is attributed to the ongoing investment in the PBAT project, which has yet to commence production despite 95.5% of construction being completed [5]. Group 3: Strategic Shift - Tongde Chemical's strategic shift from traditional explosives to the biodegradable plastics sector involved an investment exceeding 3.2 billion yuan, but this transition has not yielded the expected financial returns [5]. - The company has attempted to sell stakes in its explosive subsidiaries to improve cash flow, but this has raised concerns about the stability of its core business, which still generates the majority of its revenue [5].