Estimated Revenue Growth of 30-40% in the
First Half of FY 2024
Two New Hybrids Completed National Trials and
Four GMO Corn Hybrids Currently in National Trials
BEIJING, April 2,
2024 /PRNewswire/ -- Origin Agritech Ltd.
(NASDAQ: SEED) (the "Company" or "Origin"), a leading Chinese
agricultural technology company, provided an update on its
financial and operational performance.
Origin Agritech reported an estimated half-year revenue of
RMB 85-95 million, an increase of
30-40% compared to the same period in the previous fiscal year.
Product and Innovation Updates:
New Hybrid Developments: Two new hybrids have
successfully completed three years of national trials and are
expected to receive approval this summer. These hybrids are
anticipated to be commercially available in 2025. Furthermore, an
additional 15 new hybrids have entered the national official
registration trial, highlighting the Company's ongoing commitment
to expanding its product portfolio.
GMO Hybrid Trials: Progress continues in
developing genetically modified organisms (GMOs), with four GMO
hybrids undergoing national GMO hybrid trials. This initiative
represents a significant step in the Company's efforts to introduce
traits that enhance crop resilience and yield.
Biosafety Certification Application: Origin has
submitted a new application for a GMO bt/gt trait for biosafety
certification to further its advancements in GMO technology. This
submission underscores the Company's dedication to adhering to
regulatory standards while pushing the boundaries of agricultural
biotechnology.
NEC Hybrid Success: The Company is also proud to
report the successful performance of its new NEC hybrid. Following
promising results, plans are underway to prepare for large-scale
planting in Xinjiang. This expansion is poised to contribute
significantly to the region's agricultural productivity and
sustainability.
Dr. Gengchen Han, Chairman and CEO of Origin Agritech,
commented, "Origin Agritech continues to lead the way in
agricultural innovation, as evidenced by our strong financial
performance and exciting progress in product development. With new
hybrids and GMO technology advancements, we are setting the stage
for a future where agriculture is more productive, sustainable, and
resilient. We remain committed to leveraging our gene editing and
hybrid development expertise to address the pressing challenges of
food security and agricultural sustainability and deliver
high-value solutions to farmers and stakeholders worldwide."
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 that 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, 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
that such expectations will be correct. 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. You 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
