6-K
Origin Agritech LTD (SEED)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE MONTH OF JUNE 2025
COMMISSION FILE NUMBER 000-51576
ORIGIN AGRITECHLIMITED
(Translation of registrant's name into English)
Origin R&D Center, Shuangbutou Village
Xushuang Road, Songzhuang Town
Tongzhou District. Beijing China 101119
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-Fx Form 40-F¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No x
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
Unaudited Results of Operations
Furnished herewith on behalf of the Company are the following:
| (a) | Financial Results Overview |
|---|---|
| (b) | Unaudited Financial Statements: |
| --- | --- |
| - | Condensed Statements of Operations and Comprehensive Income (Loss) (Unaudited) for the Six Months Ended March 31, 2024 and 2025 |
| --- | --- |
| - | Condensed Consolidated Balance Sheets as of September 30, 2024 and March 31, 2025 (Unaudited) |
| --- | --- |
| - | Condensed Consolidated Statements of Shareholders’ Deficit (Unaudited) for the Six Months Ended March 31, 2024 and 2025 |
| --- | --- |
| - | Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended March 31, 2024 and 2025 |
| --- | --- |
| - | Notes to Condensed Consolidated Financial Statements (Unaudited) |
| --- | --- |
Origin Agritech Limited has issued its unaudited financial results for the six months ended March 31, 2025. See the attached Exhibit 99.1.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ORIGIN<br> AGRITECH LIMITED | |
|---|---|
| By: | /s/<br> Weibin Yan |
| Name: | Mr. Weibin<br> Yan |
| Title: | Chief<br> Executive Officer |
Dated: June 26, 2025
Exhibit Index
The following exhibits are filed as part of this Form 6-K
| Exhibit No. | Description of Exhibit |
|---|---|
| 99.1 | Unaudited Financial Results for the six months ended<br> March 31, 2025 |
Exhibit 99.1
Origin Agritech Limited (“Origin” or the “Company”), an agriculture technology company in China, is filing its unaudited financial results for the first half of FY2025 ended March 31, 2025, prepared in accordance with United States Generally Accepted Accounting Principles (US GAAP).
FINANCIAL RESULTS OVERVIEW
The Company reported net revenue of RMB72.3 million (US$10.1 million) during the first half year of FY2025, compared to RMB92.0 million for the first half year of FY2024. The decline in revenue was due to the halt of partial production lines at the Xinjiang factory, the implementation of equipment upgrades, and technical renovation on the production lines, resulting in reduced production capacity and consequently decreased revenue during this period. Some of our proprietary products experienced sales declines due to market cycle impacts. Meanwhile, newly launched products this year are still in the market cultivation stage, with channel penetration rates and consumer awareness yet to be fully developed.
Total operating expenses for the first half year of FY2025 were RMB32.8 million (US$4.56 million), up 144% from RMB13.4 million for the same period a year ago. The increase was the result of, (i) Selling and marketing expenses for the first half year of FY2025 were RMB2.6 million (US$0.4 million), compared to RMB3.5 million a year ago; (ii) General and administrative expenses increased 273% to RMB25.0 million (US$ 3.5 million), up from RMB6.7 million a year ago; (iii). Research and development expenses for the first half year of FY2025 were RMB5.2 million (US$0.7 million), up 60% from RMB3.2 million a year ago. Research and development expenses increased due to the development of new proprietary products.
Total operating loss for the first half year of FY2025 was RMB24.7 million (US$3.4 million), compared to total operating income of RMB4.3 million reported a year ago.
The interest expense during the first half year of FY2025 was RMB0.46 million (US$64,000), compared to interest expense of RMB0.43 million reported a year ago. There was no rental income during the first half year of FY2024 and FY2025.
Net loss attributable to the Company for the first half year of FY2025 was recorded at RMB25.6 million (US$3.6 million), compared to the net profit of RMB1.4 million a year ago.
Loss per ordinary share for the first half of FY2025 was RMB3.55 (or US$0.5), compared to the income per share of RMB0.21 during the same period a year ago.
Balance Sheet
As of March 31, 2025, cash and cash equivalents were RMB2.4 million (US$0.33 million), a decrease of RMB6.0 million from the cash and cash equivalents of RMB8.4 million as of September 30, 2024.
As of March 31, 2025, total liabilities were RMB151.3 million, in which total current liabilities were RMB145.6 million (US$20.3 million) and long term liabilities were RMB5.7 million.
As of March 31, 2025, total assets were RMB88 million (US$12.4 million), in which total current assets were RMB62.3 million (US$8.6 million), and non-current assets were RMB26.5 million (US$3.7 million).
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVEINCOME (LOSS) (UNAUDITED)
| Six Months Ended March 31, | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2025 | 2025 | |||||||
| RMB'000 | RMB'000 | '000 | |||||||
| Notes | (Unaudited) | (Unaudited) | (Unaudited) | ||||||
| Revenues | 92,040 | 72,341 | |||||||
| Cost of revenues | (74,335 | ) | (64,240 | ) | ) | ||||
| Gross profit | 17,705 | 8,101 | |||||||
| Operating expenses: | |||||||||
| Selling and marketing | (3,519 | ) | (2,640 | ) | ) | ||||
| General and administrative | (6,704 | ) | (24,978 | ) | ) | ||||
| Research and development | (3,220 | ) | (5,153 | ) | ) | ||||
| Total operating expenses, net | (13,443 | ) | (32,771 | ) | ) | ||||
| Income (loss) from operations | 4,262 | (24,670 | ) | ) | |||||
| Interest expense, net | (428 | ) | (461 | ) | ) | ||||
| Other non-operating income, net | 1,491 | 328 | |||||||
| Income before income taxes from operations | 5,325 | (24,803 | ) | ) | |||||
| Income tax expense | 1 | (39 | ) | (34 | ) | ) | |||
| Net income | 5,286 | (24,837 | ) | ) | |||||
| Less: Net income attributable to non-controlling interests | 3,931 | 747 | |||||||
| Net income (loss) attributable to Origin Agritech Ltd. | 1,355 | (25,584 | ) | ) | |||||
| Other comprehensive income (loss): | |||||||||
| Net income | 5,286 | (24,837 | ) | ) | |||||
| Foreign currency translation difference | 104 | (295 | ) | ) | |||||
| Comprehensive income | 5,390 | (25,132 | ) | ) | |||||
| Less: Comprehensive loss attributable to non-controlling interests | 3,931 | 747 | |||||||
| Comprehensive income (loss) attributable to Origin | 1,459 | (25,879 | ) | ) | |||||
| Basic and diluted net loss per share attributable to Origin Agritech Limited | 2 | 0.21 | (3.55 | ) | ) | ||||
| Shares used in calculating basic and diluted net income (loss) per share | 6,321,107 | 7,198,422 |
All values are in US Dollars.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| 3/31/2024 | 9/30/2024 | 3/31/2025 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RMB'000 | RMB'000 | RMB'000 | US'000 | |||||||||
| Notes | (Unaudited) | (Audited) | (Unaudited) | (Unaudited) | ||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | 10,416 | 8,375 | 2,400 | |||||||||
| Accounts receivable | 4,124 | 4,032 | 5,790 | |||||||||
| Due from related parties | 3 | 23,411 | 8,636 | 8,018 | ||||||||
| Advances to suppliers | 4 | 49,192 | 65,076 | 35,015 | ||||||||
| Inventories | 5 | 25,697 | 12,874 | 9,320 | ||||||||
| Other current assets | 6 | 10,998 | 755 | 1,717 | ||||||||
| Total current assets | 123,838 | 99,748 | 62,260 | |||||||||
| Land use rights, net | 3,225 | 3,192 | - | |||||||||
| Plant and equipment, net | 7 | 22,616 | 28,301 | 23,023 | ||||||||
| Long-term investment | 8 | 67,484 | - | - | ||||||||
| Acquired intangible assets, net | - | - | 1,662 | |||||||||
| Lease Asset | 627 | 321 | 128 | |||||||||
| Other assets | 5,625 | - | 1,638 | |||||||||
| Total assets | 223,415 | 131,562 | 88,711 | |||||||||
| Liabilities, minority interests and shareholders’equity | ||||||||||||
| Current liabilities: | ||||||||||||
| Borrowings | 9 | - | 4,950 | 4,950 | ||||||||
| Accounts payable | 11,338 | 8,469 | 9,795 | |||||||||
| Due to growers | 216 | - | - | |||||||||
| Due to related parties | 3 | 172,139 | 27,029 | 24,612 | ||||||||
| Contract liabilities | 84,653 | 78,694 | 43,212 | |||||||||
| Income tax payable | 871 | 807 | 764 | |||||||||
| Lease Liability - current | 113 | 63 | 63 | |||||||||
| Other payables and accrued expenses | 10 | 24,322 | 64,271 | 62,266 | ||||||||
| Total current liabilities | 293,652 | 184,283 | 145,662 | |||||||||
| Lease Liability - noncurrent | 128 | 65 | 65 | |||||||||
| Other long-term liability | 11 | 5,995 | 5,813 | 5,632 | ||||||||
| Total liabilities | 299,775 | 190,161 | 151,359 | |||||||||
| Shareholders’ equity (deficit): | ||||||||||||
| Additional paid-in capital | 573,289 | 578,512 | 604,524 | |||||||||
| Retained deficit | (600,211 | ) | (580,854 | ) | (606,438 | ) | ) | |||||
| Treasury stock at cost (20,523 and 20,523 shares as of | ||||||||||||
| March 31, 2024 and 2025, respectively) | (6,133 | ) | (6,133 | ) | (6,133 | ) | ) | |||||
| Accumulated other comprehensive loss | (22,884 | ) | (22,816 | ) | (23,111 | ) | ) | |||||
| Total shareholders’ deficit | (55,939 | ) | (31,291 | ) | (31,158 | ) | ) | |||||
| Non-controlling interest | (20,421 | ) | (27,308 | ) | (31,490 | ) | ) | |||||
| Total equity deficit | (76,360 | ) | (58,599 | ) | (62,648 | ) | ) | |||||
| Total liabilities and deficit | 223,415 | 131,562 | 88,711 |
All values are in US Dollars.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ DEFICIT(UNAUDITED)
| Accumulated | ||||||||||||||||||||
| Additional | Other | Non- | ||||||||||||||||||
| Paid-in | Accumulated | Comprehensive | Treasury | controlling | Total | |||||||||||||||
| Capital | Deficit | Loss | Stock | Interests | Equity | |||||||||||||||
| Amount | Unrestricted | |||||||||||||||||||
| RMB | RMB’000 | RMB’000 | RMB’000 | RMB’000 | RMB’000 | RMB’000 | ||||||||||||||
| Balance<br> as of September 30, 2023 | 5,990,604 | - | 551,933 | (656,898 | ) | (22,774 | ) | (6,133 | ) | (38,770 | ) | (172,642 | ) | |||||||
| Net<br> loss for the year | (1,067 | ) | 6,288 | 5,221 | ||||||||||||||||
| Capital<br> contribution | 5,575 | 5,575 | ||||||||||||||||||
| Exercise<br> of share option | 10,503 | 599 | 599 | |||||||||||||||||
| Issuance<br> of common shares | 320,000 | 19,594 | 19,594 | |||||||||||||||||
| Translation<br> adjustments | (325 | ) | (325 | ) | ||||||||||||||||
| Balance<br> as of March 31, 2024 | 6,321,107 | - | 572,126 | (657,965 | ) | (23,099 | ) | (6,133 | ) | (26,907 | ) | (141,978 | ) | |||||||
| Balance<br> as of September 30, 2024 | 6,561,107 | - | 578,512 | (580,854 | ) | (22,816 | ) | (6,133 | ) | (27,308 | ) | (58,599 | ) | |||||||
| Net<br> loss for the year | (25,584 | ) | 747 | (24,837 | ) | |||||||||||||||
| Share-based<br> compensation expense | 7,415 | 7,415 | ||||||||||||||||||
| Business<br> disposal | (4,629 | ) | (4,629 | ) | ||||||||||||||||
| Dividend | (300 | ) | (300 | ) | ||||||||||||||||
| Issuance<br> of common shares | 1,055,000 | 18,597 | 18,597 | |||||||||||||||||
| Translation<br> adjustments | (295 | ) | (295 | ) | ||||||||||||||||
| Balance<br> as of March 31, 2025 | 7,616,107 | 604,524 | (606,438 | ) | (23,111 | ) | (6,133 | ) | (31,490 | ) | (62,648 | ) | ||||||||
| In<br> US @ | 7.1782 | 84,217 | (84,483 | ) | (3,220 | ) | (854 | ) | (4,387 | ) | (8,727 | ) |
All values are in US Dollars.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| Six Months Ended March 31, | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2025 | |||||
| RMB'000 | RMB'000 | |||||
| (Unaudited) | (Unaudited) | |||||
| Operating activities | (12,094 | ) | (11,773 | ) | ||
| Investing activities: | ||||||
| Proceeds from other investment | ||||||
| Purchase of plant and equipment | (984 | ) | (4,142 | ) | ||
| Net cash (used in) provided by investing activities | (984 | ) | (4,142 | ) | ||
| Financing activities: | ||||||
| Proceeds from exercise of stock options | ||||||
| Proceeds from issuance of common stock | 10,550 | |||||
| Proceeds from due to related parties | 726 | - | ||||
| Repayment of due to related parties | (554 | ) | (15 | ) | ||
| Dividends paid to minority shareholders | (490 | ) | (300 | ) | ||
| Net cash provided by (used in) financing activities | (318 | ) | 10,235 | |||
| Net (decrease) increase in cash and cash equivalents | ||||||
| Cash and cash equivalents, beginning of year | 23,708 | 8,375 | ||||
| Effect of exchange rate changes on cash and cash equivalents | 104 | (295 | ) | |||
| Restricted cash | ||||||
| Cash and cash equivalents, end of the year | 10,416 | 2,400 |
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
| 1. | INCOME TAXES |
|---|
Origin Agritech and its subsidiary, State Harvest are incorporated in the British Virgin Islands and are exempted from the income tax under the laws of the British Virgin Islands. State Harvest’s subsidiaries and State Harvest’s variable interest entity, Beijing Origin, and its majority-owned subsidiaries (together, the “PRC entities”) were incorporated in the PRC and governed by the PRC laws.
The applicable tax rates of the PRC Enterprise Income Tax (“EIT”) was changed from 33% to 25% on January 1, 2008, according to the Corporate Income Tax Law. The preferential tax rate previously enjoyed by the PRC entities is gradually transitioned to the new standard rate of 25% over a five-year transitional period. In addition, article 28 of the new tax law states that the income tax rate of a “high technology” company (high-tech status) will remain at 15%. Currently, the applicable tax rate applying on Origin Group Companies in PRC are mainly at 25%, whilst our Xingjiang operational company enjoys 15% preferential tax rate.
The Company’s liability for income taxes includes the liability for unrecognized tax benefits, interest, and penalties related to tax years, which are still subject to review by taxing authorities. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any such adjustment could be material to the Company’s results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. Until March 31, 2025, the management considered that the Company had no uncertain tax positions affected its consolidated financial position. The Company’s uncertain tax positions are related to tax years that remain subject to examination by the relevant tax authorities and the major one is the China tax authority. The open tax years for examinations in China are 5 years.
The current and deferred components of income tax expense are as follows:
| March 31, | ||||
|---|---|---|---|---|
| 2024 | 2025 | |||
| RMB'000 | RMB'000 | |||
| (Unaudited) | (Unaudited) | |||
| Current income tax expense | 39 | 34 | ||
| Deferred income tax benefit | - | - | ||
| Total | 39 | 34 | ||
| 2. | INCOME/(LOSS) PER SHARE | |||
| --- | --- |
The following table sets forth the computation of basic and diluted loss per share for the years indicated:
| Six months ended | |||||
|---|---|---|---|---|---|
| March 31, | |||||
| 2024 | 2025 | ||||
| RMB'000 | RMB'000 | ||||
| (Unaudited) | (Unaudited) | ||||
| Numerator: | |||||
| Net income (loss) attributable to Origin Agritech Limited | 1,355 | (25,584 | ) | ||
| Denominator: | |||||
| Average common stock outstanding - basic and Diluted | 6,321,107 | 7,198,422 | |||
| Basic and Diluted Per Share Data: | |||||
| Basic and diluted income (loss) per share attributable to Origin Agritech Limited: | 0.21 | (3.55 | ) |
For the six months ended March 31, 2024, the Company did not have any potential diluted shares. For the six months ended March 31, 2025, the effect of the outstanding options was anti-dilutive.
| 3. | RELATED PARTY BALANCES AND TRANSACTIONS (In RMB’000) |
|---|
(1) Related party relationships
| Name of related parties | Relationship |
|---|---|
| Beijing Shihui(i) | Being owned by close family members of the Company’s Chairman |
| Linze Origin Seeds Ltd.(i) | Being owned by close family members of the Company’s Chairman |
| Henan Yingde Agricultural Ltd. | Being owned by close family members of the Company’s Chairman |
| Beijing Liantaide Biotechnology Co., Ltd. | Being owned by close family members of the Company’s Chairman |
| Beijing Agrite Co., Ltd. | Being owned by close family members of the Company’s Chairman |
| Fifth Division State-owned Assets Management and Operation Co., Ltd | Being the non-controlling interest of Xinjiang Origin |
| Shareholders | Non-controlling shareholders of Hubei Aoyu, Anhui Aoyu,<br> Xuzhou Aoyu, Shandong Aoruixinong, Henan Aoyu, Shandong Aoruixinong |
(1) Due from related parties, net of bad debt allowance
| September 30, | March 31, | |||
|---|---|---|---|---|
| 2024 | 2025 | |||
| RMB'000 | RMB'000 | |||
| (Audited) | (Unaudited) | |||
| Linze Origin Seeds Ltd | 45 | 45 | ||
| Beijing Shihui | 17,060 | 17,060 | ||
| Shareholders (Note i) | 2,842 | 2,227 | ||
| Beijing Liantaide (Note ii) | 1,186 | 1,071 | ||
| The Company’s Chairman | 4,607 | 4,720 | ||
| The Close family of the Company’s Chairman | 6 | 5 | ||
| Total | 25,746 | 25,128 | ||
| Allowance for doubtful account | 17,110 | 17,110 | ||
| Due from related parties, net | 8,636 | 8,018 |
Note (i): As of March 31, 2025, due from shareholders was RMB2.2 million, which related to the sales of seeds amounting to RMB 726,000- and advances for business use purpose amounting to RMB 1,501,000-.
Note (ii): As of March 31, 2025, the balance of due from shareholders were advances for purchases of raw materials amounting to RMB 1,071,000.
(2) Due to related parties
| September 30, | March 31, | |||
|---|---|---|---|---|
| 2024 | 2025 | |||
| RMB'000 | RMB’000 | |||
| (Audited) | (Unaudited) | |||
| Companies controlled by the Company’s directors (i) | 1,680 | 1,721 | ||
| Shareholders (Notes<br> I and ii) | 13,118 | 13,353 | ||
| The Company’s Chairman | 3,973 | 3,973 | ||
| YingDe(i) | 8,258 | 5,565 | ||
| 27,029 | 24,612 |
Note (i): In the ordinary course of business, the Company purchases raw materials from and sells products to related parties, and related parties also provide cash payment to fund the Company’s operations.
Note (ii): As of March 31, 2025, the balances due to shareholders were RMB13.4 million, of which in relation to the borrowings in nature amounted to RMB4.9 million, which were unsecured, interest-bearing, and repayable on demand; accrued interests costs amounted to RMB0.65 million, and advances in relation to the Sales of seeds amounted to RMB7.8 million.
(3) Transactions with related parties
(a) Sales to
| Six months ended | ||||
|---|---|---|---|---|
| March 310, | ||||
| 2024 | 2025 | |||
| RMB’000 | RMB’000 | |||
| (Unaudited) | (Unaudited) | |||
| YingDe | 2,796 | — | ||
| Shareholders (Note i) | 3,790 | — | ||
| 6,586 | — |
Note(i): Sales related to shareholders were RMB3.79 million and RMB-nil- for six months ended March 31, 2024 and 2025, respectively, the selling prices of transaction are reference to the market price.
(b) Purchase from
| Six months ended | ||||
|---|---|---|---|---|
| March 31, | ||||
| 2024 | 2025 | |||
| RMB’000 | RMB’000 | |||
| (Unaudited) | (Unaudited) | |||
| YingDe | 196 | — | ||
| Liantaide | 5,430 | 2,656 | ||
| 5,626 | 2,656 |
(c) Borrowing
| Six months ended | ||||
|---|---|---|---|---|
| March 31, | ||||
| 2024 | 2025 | |||
| RMB’000 | RMB’000 | |||
| (Unaudited) | (Unaudited) | |||
| Shareholders (Note i) | 726 | — | ||
| 726 | — |
Note (i) : The borrowing interest rates are between 5.8% and 10% and repayable on demand.
(d) Interest accrual
| Six months ended | ||||
|---|---|---|---|---|
| March 31, | ||||
| 2024 | 2025 | |||
| RMB’000 | RMB’000 | |||
| (Unaudited) | (Unaudited) | |||
| NCI | 64 | 74 | ||
| 64 | 74 | |||
| 4. | ADVANCES TO SUPPLIERS | |||
| --- | --- | |||
| September 30, | March 31, | |||
| --- | --- | --- | --- | --- |
| 2024 | 2025 | |||
| RMB’000 | RMB’000 | |||
| (Audited) | (Unaudited) | |||
| Prepayments for purchasing seed | 61,086 | 30,673 | ||
| Prepayments for purchasing package | 175 | 891 | ||
| Deposits for research and development fee | 100 | 1,037 | ||
| Others | 3,715 | 2,414 | ||
| 65,076 | 35,015 | |||
| 5. | INVENTORIES | |||
| --- | --- |
Total inventories were RMB 9.3 million as of March 31, 2024, down 28% from RMB12.8 million for the period ended September 30, 2024. As of September 30, 2024, inventories were comprised of raw materials of RMB 0.2 million, finished goods of RMB 7 million and work in progress of RMB 5.7 million. As of March 31, 2025, inventories were comprised of raw materials of RMB-nil-, finished goods of RMB 6.9 million and work in progress of RMB 2.4 million.
| September 30, | March 31, | |||
|---|---|---|---|---|
| 2024 | 2025 | |||
| RMB’000 | RMB’000 | |||
| (Audited) | (Unaudited) | |||
| Raw materials | 160 | 0 | ||
| Finished goods | 7,004 | 6,902 | ||
| Work in progress | 5,710 | 2,418 | ||
| 12,874 | 9,320 | |||
| 6. | OTHER CURRENT ASSETS | |||
| --- | --- | |||
| September 30, | March 31, | |||
| --- | --- | --- | --- | --- |
| 2024 | 2025 | |||
| RMB’000 | RMB’000 | |||
| (Audited) | (Unaudited) | |||
| Advances to staff for business use | 642 | 975 | ||
| Deposits for rental | 13 | 0 | ||
| Receivables from third parties | 3 | 608 | ||
| Others | 97 | 134 | ||
| 755 | 1,717 | |||
| 7. | PLANT AND EQUIPMENT, NET | |||
| --- | --- |
During the six months ended March 31, 2024 and 2025, the Group acquired assets at a cost of RMB 662 and RMB 4,757, respectively. None of the assets were disposed of by the Group during the six months ended March 31, 2024 and 2025.
No impairment loss was recognized for the six months ended March 31, 2024 and 2025.
| 8. | LONG TERM INVESTMENTS |
|---|
No long term investments were recorded for the period as they had been made by cost impairment in previous year. The Company owns 17.94% equity interest in Jilin Jinong Hi-tech Development Shares Co. Ltd. (“Jinong”) and accounted for the equity investment without readily determinable fair value (previously known as cost method investment) as of September 30, 2024 and March 31, 2025.
The Company owns 20% equity interest in Nianfeng Minfu (Beijing) Agricultural Science and Technology Development Co., Ltd. (“Nianfeng Minfu”).
The Company recorded an impairment on cost method investment of RMB18.9 million and RMB18.9 million on its equity investment without readily determinable fair value As of September 30, 2024, and March 31, 2025, respectively.
| September 30, | March 31, | |||||
|---|---|---|---|---|---|---|
| 2024 | 2025 | |||||
| RMB | RMB | |||||
| (Audited) | (Unaudited) | |||||
| Cost method investment | 18,921 | 18,921 | ||||
| Impairment on cost method investment | (18,921 | ) | (18,921 | ) | ||
| — | — | |||||
| 9. | BORROWINGS | |||||
| --- | --- |
Borrowings consisted of the following:
| September 30, | March 31, | |||
|---|---|---|---|---|
| 2024 | 2025 | |||
| RMB’000 | RMB’000 | |||
| (Audited) | (Unaudited) | |||
| Borrowings from Agricultural Bank of China by Xinjiang Origin, due on September 24, 2025 with an annual interest rate of 3.35%, secured by Xinjiang Origin’s properties and land use right | 4,950 | 4,950 | ||
| 10. | OTHER PAYABLES AND ACCRUED EXPENSES | |||
| --- | --- |
Other payables and accrued expenses consist of:
| September 30, | March 31, | |||
|---|---|---|---|---|
| 2024 | 2025 | |||
| RMB’000 | RMB’000 | |||
| (Audited) | (Unaudited) | |||
| Payables for the purchase of plant and equipment | 622 | 622 | ||
| Professional fees payable | 4,751 | 3,030 | ||
| Salaries and bonuses payable | 12,360 | 16,476 | ||
| Accrued interests expenses | 398 | 506 | ||
| Deferred government subsidies | 363 | 363 | ||
| Payables for penalty | 6,483 | 6,483 | ||
| Payables for third party (Note i) | 12,424 | 5,950 | ||
| Borrowings froma third party (Note i) | 18,624 | 16,651 | ||
| Stock issuance and options | 8,202 | 10,904 | ||
| Others | 44 | 1,281 | ||
| 64,271 | 62,266 |
Note (i) : Payables and borrowings from third parties were RMB22.6 million and RMB31 million as of March 31, 2025 and September 30, 2025, respectively.
| 11. | OTHER LONG-TERM LIABILITY |
|---|
For the six months ended March 31, 2025 and September 30, 2024, the Company received no subsidies from the local PRC government on equipment projects. The non-current portion of such government subsidies were recorded as a long-term liability, which would be amortized over the estimated useful lives in relation to the plant & equipment and land use right.
| 12. | COMMITMENTS AND CONTINGENCIES |
|---|
Legal proceeding
On September 26, 2024, Beijing Haidian District Labor Arbitration Commission made a labor arbitration in relation to a labour dispute. The case is the subject of an appeal. The Company recorded a contingent liability of RMB 1.68 million.
A third party (“Hebei Zhaoyu Breeding Industry Group Co., Limited”) believed that the corn seed Liyu 16 sold by Hubei Aoyu infringed their variety rights in relation to corn seed Liyu 88. In April 2024, the Intermediate People’s Court of Lanzhou City, Gansu Province made a judgement that our Group subsidiary company “Hubei Aoyu” infringed and was required to pay RMB 3 million compensation monies for their economic losses. The case has been appealed to the Intellectual Property Court of the Supreme People’s Court in August 2024. The Company recorded a contingent liability of RMB 3 million.