Core Viewpoint - The article discusses the financial and legal challenges faced by Tongde Chemical and its subsidiary Tongde Technology, primarily due to asset freezes and multiple leasing contract disputes, which are impacting the company's operations and financial health [2][4][10]. Group 1: Asset Freezing and Legal Issues - Tongde Chemical and Tongde Technology have had their bank accounts frozen for a total of 87 million yuan due to a civil ruling from the Qingdao City Laoshan District People's Court related to a financing lease contract dispute with Qingdao Huaton Financing Leasing Co., Ltd [2][4]. - The company has faced multiple leasing contract disputes since May 2025, leading to further asset freezes and legal complications, including a case with Ping An International Financing Leasing Co., Ltd, which resulted in the freezing of 2.35 million yuan [6][7]. - As of July 28, the total overdue amount owed by Tongde Chemical and Tongde Technology to financing leasing companies is 50.63 million yuan, which accounts for 2.54% of the company's audited net assets for 2024 [8]. Group 2: PBAT Project and Financial Strain - The PBAT integrated project, which was intended to be a new growth point for the company, has become a financial burden, with total investments increasing to approximately 3.123 billion yuan, yet the project has not yet commenced production [10][11]. - The company reported a significant decline in revenue for 2024, with total revenue of 545 million yuan, a year-on-year decrease of 43.52%, and a net loss of 71.9869 million yuan compared to a profit of 438 million yuan in the previous year [14]. - To address financial pressures, the company is exploring asset sales and seeking financial assistance from institutions, including a proposed transfer of up to 45% equity in several subsidiaries to Shenglai Minexplosion [15][16]. Group 3: Government Support and Future Outlook - The local government has organized meetings with financial institutions to coordinate support for Tongde Chemical, aiming to prevent loan withdrawals and facilitate debt restructuring [16]. - The company is actively seeking industrial and financial investors to resume the installation and commissioning of equipment for the PBAT project, which has been stalled due to funding issues [15][16].