Origin Agritech Reports 24.6% Revenue Growth and Key Technological Milestones in Fiscal Year 2024

Core Viewpoint - Origin Agritech Ltd. reported significant growth in revenue and strategic advancements in GMO development for the fiscal year ended September 30, 2024, positioning itself for future growth in the agricultural technology sector [1][15]. Business Accomplishments and Highlights - The company achieved a revenue of RMB 113.4 million (US$16.2 million) for fiscal year 2024, up from RMB 93.3 million (US$13 million) in fiscal year 2023, primarily due to increased corn seed sales [5]. - Origin received a GMO safety certificate for its transgenic maize BBL2-2, which includes two insect-resistant genes and one herbicide-tolerance gene [7]. - The company established the "Origin Marker Biological Breeding Service Consortium" to enhance the commercialization of its GMO and gene editing technologies [7]. - Origin developed over ten maize gene editing induction lines with improved traits, including drought resistance and lodging resistance [7]. Corporate Leadership & Governance - In August 2024, Weibin Yan was appointed as CEO and Board Director, with Dr. Gengchen Han remaining as Chairman, and Patrick Cheng appointed as CFO, bringing extensive corporate management experience [4]. Fiscal Year 2024 Financial Results - Total operating expenses increased to RMB 52.7 million (US$7.5 million) from RMB 32.3 million (US$4.5 million) in the previous year [6]. - Net income from continuing operations was RMB 18.7 million (US$2.7 million), a decrease from RMB 62.7 million (US$8.7 million) in fiscal year 2023, which was influenced by investment income from subsidiary disposal [10]. - Net income attributable to Origin was RMB 20.7 million (US$3.0 million), down from RMB 55.3 million (US$7.7 million) in the previous year [11]. Liquidity and Cash Flow - As of September 30, 2024, cash and cash equivalents were approximately RMB 8.4 million (US$1.2 million), down from RMB 23.7 million (US$3.3 million) in 2023 [12]. - Net cash used in operating activities was RMB 15 million (US$2.1 million) for fiscal year 2024, compared to RMB 5.5 million (US$0.76 million) in the previous year [13]. Management Commentary - The CEO highlighted that fiscal year 2024 was transformative for the company, with revenue growth driven by Xinjiang operations and significant milestones in GMO safety certification and gene editing breakthroughs [15].