Origin(US:SEED) Prnewswire·2024-07-23 12:00Core Viewpoint - Origin Agritech Ltd. projects significant revenue growth through 2029, driven by its GMO corn products and expanding market share in China's agricultural sector [1][2]. Revenue Projections - In 2022, total revenue was ￥52,580 million ($7,240 million), which increased to ￥93,307 million ($12,848 million) in 2023 [2]. - Expected total revenue for 2024 is ￥105,000 million ($14,458 million), with contributions from hybrid seeds and the introduction of GMO corn expected to begin in 2025 [2]. - By 2029, total revenue is projected to reach ￥958,747 million ($132,019 million), with GMO corn sales and intellectual property (IP) granting significantly contributing to revenue streams [2]. Market Share and Growth - The company aims to capture a 5% market share of the GMO corn market, which is projected to cover about 20 million mu of the total corn planting area in China [2]. - By 2029, it is anticipated that GMO corn will account for 70% of the total corn planting area in China, approximately 400 million mu [2]. Technological Advancements - Origin Agritech has a strong biotechnology seed pipeline, including products with glyphosate tolerance and pest resistance traits [3]. - The company was the first to receive a Bio-Safety Certificate for its phytase corn from China's Ministry of Agriculture, highlighting its leadership in agricultural biotechnology [3]. Leadership Commentary - Dr. Gengchen Han, Chairman and CEO, expressed optimism about the company's growth prospects and commitment to addressing global food security challenges through innovation and sustainable agricultural practices [1][2].