同德化工债务危机蔓延，法院强制执行8920万元，转型豪赌陷生死局

Core Viewpoint - Tongde Chemical is facing a severe debt crisis, with overdue debts amounting to 203.9 million yuan as of October 2025, stemming from a failed transformation gamble into the biodegradable plastic sector, which has led to significant financial losses and multiple lawsuits [1][4][8]. Debt Crisis - The recent court ruling requires Tongde Chemical and its subsidiary to fulfill their obligations or face asset freezes and other enforcement actions [1]. - The debt crisis originated from a financing lease transaction in March 2024, where Tongde's subsidiary failed to meet payment obligations due to liquidity issues, leading to multiple lawsuits totaling over 240 million yuan in claims [2][3]. Financial Performance - In 2024, Tongde Chemical reported a net loss of 71.99 million yuan, marking its first loss since going public, with a year-on-year decline of 116.43% [4]. - The company's revenue for the first half of 2025 was 256 million yuan, down 19.32% year-on-year, and the net profit further declined to a loss of 9.94 million yuan in Q3 2025, a drop of 125.28% [4][5]. Transformation Gamble - The company's current difficulties trace back to a 32 billion yuan investment in a PBAT project aimed at transitioning from traditional explosives to new materials, which has yet to commence production despite 95.5% construction completion [6][8]. - The PBAT project was expected to benefit from increasing demand for biodegradable plastics due to environmental regulations, but it has instead become a financial burden [6]. Asset Sales - To alleviate financial pressure, Tongde Chemical has been selling off its core explosives business, which generated 97.39% of its total revenue in 2024 [7][8]. - The company has transferred stakes in several subsidiaries to raise funds, but this strategy risks undermining its long-term cash flow stability [7]. Rescue Efforts - In response to the crisis, Tongde Chemical has engaged with government entities to form a creditor committee to negotiate with financial institutions for better loan terms [9]. - The controlling shareholder has also pledged shares to repay debts and is seeking partners for the PBAT project to secure additional funding [10][11].