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6-K

Origin Agritech LTD (SEED)

6-K 2020-05-18 For: 2020-05-18
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Added on April 11, 2026

UNITEDSTATESSECURITIES AND EXCHANGE COMMISSION****WASHINGTON, D.C. 20549

FORM 6-K

REPORTOF FOREIGN PRIVATE ISSUERPURSUANT TO RULE 13a-16 OR 15d-16 OFTHE SECURITIES EXCHANGE ACT OF 1934


FOR THE MONTH OF MAY 2020COMMISSION FILE NUMBER 000-51576

ORIGIN AGRITECH LIMITED

(Translation of registrant's name into English)

No. 21 Sheng Ming Yuan Road, Changping District, Beijing 102206

(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-F x      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 ¨       Nox

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-________

Six Month Unaudited Financial Results of the Company

The Company issued on May 18, 2020, its unaudited financial results for the period ended March 31, 2020. See the attached exhibit 99.1

Exhibit Index

Number Description
99.1 Unaudited Consolidated Financial Statements of Origin Agritech Limited for the six month period ended March 31, 2020

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 AGRITECH LIMITED
By: /s/  Han Gengchen
Name: Han Gengchen
Title: Chief Executive Officer

Dated: May 18, 2020

Exhibit 99.1


OriginAgritech Limited (“Origin” or the “Company”),an agriculture technology and rural e-commerce company in China, is filing its unaudited financial results for the first half ofFY2020 ended March 31, 2020, prepared in accordance with United States generally accepted accounting principles.FINANCIAL RESULTS OVERVIEWThe Company reported net revenue of RMB44.1 million (US$6.3million) during the first half year of FY2020, compared to RMB82.2 million for the first half year of FY2019.Total operating expenses for the first half year of FY2020 wasRMB10.5 million (US$1.5 million), down 42% from RMB18.1 million for the same period a year ago. Selling and marketing expense forthe first half year of FY2020 was RMB1.7 million (US$0.2 million), compared to RMB2.5 million a year ago. General and administrativeexpenses declined 49% to RMB4.3 million (US$0.6 million), down from RMB8.5 million a year ago. Research and development expensesfor the first half year of FY2020 were RMB4.5 million (US$0.6 million), down from RMB7.1 million a year ago.Total operating income for the first half year of FY2020 wasRMB2.6 million (US$0.4 million), compared to total operating income of RMB0.9 million reported a year ago.Interest expense was RMB2.3 million (US$0.3 million) duringthe first half year of FY2020. Other income of RMB3.2 million (US$0.5 million) was mainly rental income that the Company receivedfrom renting a portion of its headquarters building.Net loss attributable to the Company forthe first half year of FY2020 was RMB0.7 million (US$0.1 million), compared to the net income of RMB1.2 million a year ago.Loss per share for the first half of FY2020was RMB0.14 (or US$0.02), compared to the diluted earnings per share of RMB0.30 during the same period a year ago.Balance SheetAs of March 31, 2020, cash and cash equivalentswere RMB8.4 million (US$1.2 million), an increase of RMB5.2 million from the cash and cash equivalents of RMB3.2 million as ofSeptember 30, 2019,The current portion of long-term debt isRMB78.6 million (US$11.1 million) as of March 31, 2020. Advances from customers were RMB40.1 million (US$5.7 million), comparedto RMB52.2 million as of September 30, 2019.As of March 31, 2020, total current assetswere RMB86.8 million (US$12.3 million) and non-current assets was RB186.6million (US$26.4 million).As of March 31, 2020, total current liabilitieswere RMB252.4million (US$35.7 million).About OriginFounded in 1997 and headquartered in Zhong-Guan-Cun (ZGC) LifeScience Park in Beijing, Origin Agritech Limited (NASDAQ GS: SEED) is China's leading agricultural biotechnology company, specializingin crop seed breeding and genetic improvement, seed production, processing, distribution, and related technical services. Leadingthe development of crop seed biotechnologies, Origin Agritech's phytase corn was the first transgenic corn to receive the Bio-SafetyCertificate from China's Ministry of Agriculture. Over the years, Origin has established a robust biotechnology seed pipelineincluding products with glyphosate tolerance and pest resistance (Bt) traits. Origin operates production centers, processing centersand breeding stations nationwide with sales centers located in key crop-planting regions. Product lines are vertically integratedfor corn, rice and canola seeds. For further information, please log on to the Company's website at: www.originseed.com.cn. Forward Looking StatementThis release contains forward-looking statements. All forward-lookingstatements included in this release are based on information available to us on the date hereof. These statements involve knownand unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those impliedby the forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "targets," "goals," "projects," "continue," or variations of such words, similar expressions, or the negative of these terms or other comparable terminology.Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee futureresults, levels of activity, performance or achievements. At this time we also cannot quantify the effect of Covid-19 on our business:however, we anticipate that there will be an adverse impact on our operations, income and net results. Therefore, actual resultsmay differ materially and adversely from those expressed in any forward-looking statements. Neither we nor any other person canassume responsibility for the accuracy and completeness of forward-looking statements. Important factors that may cause actualresults to differ from expectations include, but are not limited to, those risk factors discussed in Origin's filings with theSEC including its annual report on Form 20-F to be filed. We undertake no obligation to revise or update publicly any forward-lookingstatements for any reasons. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVEINCOME(In thousands, except share data)| | Six Months ended March 31, | | | | | | | || --- | --- | --- | --- | --- | --- | --- | --- | --- || | 2019 | | | 2020 | | | | || | RMB | | | RMB | | | US | || Revenues | | 82,185 | | | 44,074 | | | || Cost of revenues | | (63,173 | ) | | (30,941 | ) | | ) || Gross profit | | 19,012 | | | 13,133 | | | || Operating expenses: | | | | | | | | || Selling and marketing | | (2,520 | ) | | (1,718 | ) | | ) || General and administrative | | (8,482 | ) | | (4,321 | ) | | ) || Research and development | | (7,066 | ) | | (4,457 | ) | | ) || Total operating expenses | | (18,068 | ) | | (10,496 | ) | | ) || Profit (loss) from operations | | 944 | | | 2,637 | | | || Interest expense | | (2,340 | ) | | (2,340 | ) | | ) || Interest income | | 2 | | | 6 | | | || Other operating income, net | | 2,267 | | | 3,236 | | | || Invest income (loss) | | | | | 169 | | | || Profit (loss) before income taxes from operations | | 873 | | | 3,708 | | | || Income tax expense from operations: | | | | | | | | || Current | | | | | | | | || Deferred | | | | | | | | || Income tax expense from operations | | | | | | | | || Net income (loss) from operations | | 873 | | | 3,708 | | | || Net income (loss) | | 873 | | | 3,708 | | | || Less: Income (loss) attributable to the non-controlling interests | | (343 | ) | | 4,396 | | | || Net income (loss) attributable to Origin Agritech Limited | | 1,216 | | | (688 | ) | | || Other comprehensive loss | | | | | | | | || Net income (loss) | | 873 | | | 3,708 | | | || Foreign currency translation difference | | (2,178 | ) | | 429 | | | || Comprehensive loss | | (1,305 | ) | | 4,137 | | | || Less: Comprehensive income (loss) attributable to non-controlling interests | | (343 | ) | | 4,396 | | | || Comprehensive loss attributable to Origin Agritech Limited | | (962 | ) | | (259 | ) | | ) || Net income (loss) per share - basic | | 0.34 | | | (0.14 | ) | | || Net income (loss) per share - diluted | | 0.30 | | | (0.14 | ) | | || Shares used in computing earnings per share | | | | | | | | || Basic | | 3,559,783 | | | 4,801,724 | | | || Diluted | | 4,058,413 | | | 4,801,724 | | | |All values are in US Dollars. UNAUDITED CONSOLIDATED BALANCE SHEETS(In thousands, except share data)| | 3/31/2019 | | | 9/30/2019 | | | 3/31/2020 | | | 3/31/2020 | || --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- || | RMB | | | RMB | | | RMB | | | US | || ASSETS | | | | | | | | | | | || Current Assets | | | | | | | | | | | || Cash and cash equivalents | | 5,779 | | | 3,198 | | | 8,392 | | | || Account receivables | | 944 | | | 1,481 | | | 11,661 | | | || Due from related parties | | 45 | | | 33,890 | | | 33,390 | | | || Advances to suppliers | | 2,571 | | | 538 | | | 3,186 | | | || Inventories | | 64,418 | | | 28,527 | | | 25,419 | | | || Other current assets | | 1,344 | | | 1,588 | | | 4,727 | | | || Total current assets | | 75,101 | | | 69,222 | | | 86,775 | | | || Land use rights, net | | 14,897 | | | 12,913 | | | 12,727 | | | || Plant and equipment, net | | 167,890 | | | 149,116 | | | 145,109 | | | || Asset held for sale | | | | | 5,652 | | | 5,652 | | | || Long-term investments | | 16,347 | | | 16,347 | | | 16,347 | | | || Acquired intangible assets, net | | 7,972 | | | 5,469 | | | 4,535 | | | || Other assets | | 948 | | | 2,393 | | | 2,231 | | | || Total assets | | 283,155 | | | 261,112 | | | 273,376 | | | || LIABILITIES AND EQUITY | | | | | | | | | | | || Current liabilities | | | | | | | | | | | || Current portion of long-term borrowings | | 78,611 | | | 78,611 | | | 78,611 | | | || Accounts payable | | 7,609 | | | 9,723 | | | 13,994 | | | || Due to growers | | 7,514 | | | 7,260 | | | 7,171 | | | || Due to related parties | | 20,577 | | | 42,633 | | | 42,522 | | | || Advances from customers | | 59,432 | | | 52,244 | | | 40,111 | | | || Income tax payable | | | | | 656 | | | 657 | | | || Other payables and accrued expenses | | 44,413 | | | 56,675 | | | 69,359 | | | || Total current liabilities | | 218,156 | | | 247,802 | | | 252,425 | | | || Long-term borrowings | | | | | | | | 2,000 | | | || Other long-term liability | | 21,391 | | | 28,785 | | | 28,785 | | | || Total liabilities | | 239,547 | | | 276,587 | | | 283,210 | | | || Shareholders’ equity: | | | | | | | | | | | || Preferred stock (no par value; 1,000,000 shares authorized, none issued) | | - | | | | | | | | | || Common stock (no par value; 60,000,000 shares authorized, | | | | | | | | | | | || 4,866,633, 4,866,633 and 4,866,633 shares issued as of March 31, 2019, September 30, 2019 and March 31, 2020, respectively; | | | | | | | | | | | || 4,801,724, 4,801,724 and 4,801,724 shares outstanding as of | | | | | | | | | | | || March 31, 2019, September 30, 2019 and March 31, 2020, respectively) | | - | | | | | | | | | || Additional paid-in capital | | 484,673 | | | 494,098 | | | 494,246 | | | || Accumulated deficit | | (410,507 | ) | | (473,843 | ) | | (474,531 | ) | | ) || Treasury stock at cost (64,909, 64,909 and 64,909 shares | | | | | | | | | | | || as of March 31, 2018, September 30, 2019 and March 31, 2020, respectively) | | (19,163 | ) | | (19,163 | ) | | (19,163 | ) | | ) || Accumulated other comprehensive loss | | (24,314 | ) | | (23,776 | ) | | (23,885 | ) | | ) || Total Origin Agritech Limited shareholders’ equity | | (30,689 | ) | | (22,684 | ) | | (23,333 | ) | | ) || Non-controlling interests | | (12,919 | ) | | 7,209 | | | 13,499 | | | || Total equity | | 43,608 | | | (15,475 | ) | | (9,834 | ) | | ) || Total liabilities and equity | | 283,155 | | | 261,112 | | | 273,376 | | | |All values are in US Dollars.