BEIJING, Jan. 8, 2024
/PRNewswire/ -- Origin Agritech Ltd. (NASDAQ: SEED) (the "Company"
or "Origin"), a leading Chinese agricultural technology company,
today announced results for the fiscal year ended September 30, 2023.
The Company reported net income from continuing operations for
the fiscal year ended September 30,
2023 of RMB 120 million
(US$ 16.7 million), compared with net
income from continuing operations of RMB 2.3
million in fiscal year 2022. For the fiscal year ended
September 30, 2023, revenue was
RMB 93.3 million (US$13.0 million), compared to RMB 52.6 million for the fiscal year ended
September 30, 2022. The increase in
revenues was mainly due to our operations at our Xinjiang facility
that holds our "Green Pass," the strong market performance of our
new hybrids, and investment income from the sale of our
subsidiary.
Although revenues for the year ended September 30, 2023 were RMB 93.0 million (US$13.0
million), an increase of RMB 40.7
million over the prior fiscal year, the Company had a loss
from operations of RMB 14.5 million
(US$ 2 million). Overall operating
expenses had increased over the prior fiscal year by RMB 2.6 million.
Total assets were RMB 303.6
million (US$42.3 million) for
the fiscal year ended September 30,
2023, compared with RMB 136
million for the fiscal year ended September 30, 2022. As of September 30, 2023, and 2022, we had
approximately RMB 23.7 million
(US$3.3 million) and RMB 17.7 million, respectively, in cash and cash
equivalents for continuing operations.
Total shareholders' equity was RMB 12.8
million (US$1.8 million) as of
September 30, 2023.
Dr. Gengchen Han, Chairman and CEO of Origin Agritech,
commented, "I am pleased to report our 2023 financial results,
which underscore our growth and strategic progress. Despite facing
operational challenges, our overall financial position remains
solid, with a substantial increase in total assets. These results
are a testament to our commitment to innovation and excellence in
the agricultural technology sector."
About Origin Agritech Limited
Origin Agritech Limited, founded in 1997 and headquartered in
Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, is a leading Chinese agricultural
technology company. In crop seed biotechnologies, Origin Agritech's
phytase corn was the first transgenic corn to receive the
Bio-Safety Certificate from China's Ministry of Agriculture. Over the
years, Origin has established a robust biotechnology seed pipeline
including products with glyphosate tolerance and pest resistance
(Bt) traits. For further information, please visit the Company's
website at www.originagritech.com. The Company also maintains a
Twitter account for updating investors on company and industry
developments, which is https://x.com/origin_agritech.
Forward-Looking Statements
This communication contains "forward-looking statements" as
defined in the federal securities laws, including Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in the U.S.
Private Securities Litigation Reform Act of 1995. Forward-looking
statements address expected future business and financial
performance and financial condition, and contain words like
"expect," "anticipate," "intend," "plan," "believe," "seek,"
"will," "would," "target," and similar expressions and variations.
Forward-looking statements address matters that are uncertain.
Forward-looking statements are not guarantees of future performance
and are based on assumptions and expectations which may not be
realized. They are based on management's current expectations,
assumptions, estimates and projections about the Company and the
industry in which the Company operates but involve a number of
risks and uncertainties, many of which are beyond the company's
control. Some of the important factors that could cause the
company's actual results to differ materially from those discussed
in forward-looking statements are: failure to develop and market
new products and optimally manage product life cycles; ability to
respond to market acceptance, rules, regulations and policies
affecting our products; failure to appropriately manage process
safety and product stewardship issues; changes in laws and
regulations or political conditions; global economic and capital
markets conditions, such as inflation, interest and currency
exchange rates; business or supply disruptions; natural disasters
and weather events and patterns; ability to protect and enforce the
company's intellectual property rights; and separation of
underperforming or non-strategic assets or businesses. The company
undertakes no duty or obligation to publicly revise or update any
forward-looking statements as a result of future developments, or
new information or otherwise, should circumstances change, except
as otherwise required by securities and other applicable laws.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and actual
results may differ materially from the anticipated results. You are
urged to consider these factors carefully in evaluating the
forward-looking statements contained herein and are cautioned not
to place undue reliance on such forward-looking statements, which
are qualified in their entirety by these cautionary statements.
For more information, please contact:
Origin Agritech Limited Contact:
Kate Lang (Mandarin/English)
Director of Investor Relations
Phone: +86 186-1839-3368
Email: bing.lang@originseed.com.cn
Investor Relations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com
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SOURCE Origin Agritech Limited