Origin Agritech Limited (SEED) Reports Fiscal Year End 2023 Results

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."

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