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
