Origin Agritech provides first half revenue forecast and updates advancements in hybrids and GMO development

Date:04-17-2024

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."