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 May 2023
COMMISSION 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 ¨ 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- ¨
Six Month Unaudited Financial Results of the Company.
Origin Agritech Limited has issued its unaudited financial results for the period ended March 31, 2023. 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 AGRITECH LIMITED
| By: | /s/ Han Gengchen |
|---|---|
| Name: | Han Gengchen |
| Title: | Chief Executive Officer |
Dated: May 9, 2023
| Exhibit Index | |
|---|---|
| The following exhibits are filed as part of this Form 6-K | |
| Exhibit No. | Description of Exhibit |
| 99.1 | Six Month Unaudited Financial Results for the period ended March 31, 2023 |
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 FY2023 ended March 31, 2023, prepared in accordance with United States generally accepted accounting principles.
FINANCIAL RESULTS OVERVIEW
The Company reported net revenue of RMB66.1 million (US$9.6 million) during the first half year of FY2023, compared to RMB46.4 million for the first half year of FY2022.
Total operating expenses for the first half year of FY2023 were RMB14.97 million (US$2.2 million), up 4.96% from RMB14.3 million for the same period a year ago. Selling and marketing expenses for the first half year of FY2023 were RMB3.9 million (US$0.6 million), compared to RMB3.5 million a year ago. General and administrative expenses increased 25% to RMB8.3 million (US$ 1.2 million), up from RMB6.6 million a year ago. Research and development expenses for the first half year of FY2023 were RMB2.8 million (US$0.4 million), down 31% from RMB4.1 million a year ago.
Total operating loss for the first half year of FY2023 was RMB0.2 million (US$0.03 million), compared to total operating loss of RMB1.3 million reported a year ago.
There was no interest expense during the first half year of FY2023. The rental income of RMB5.3 million (US$0.8 million) represents that the Company received from renting a portion of its headquarters building in Beijing, PRC.
Net loss attributable to the Company for the first half year of FY2023 was RMB1.1 million (US$0.16 million), compared to the net profit of RMB1.3 million a year ago.
Loss per ordinary share for the first half of FY2023 was RMB0.17 (or US$0.02), compared to the income per share of RMB0.22 during the same period a year ago.
Balance Sheet
As of March 31, 2023, cash and cash equivalents were RMB14.4 million (US$2.1 million), a decrease of RMB3.3million from the cash and cash equivalents of RMB17.7 million as of September 30, 2022.
As of March 31, 2023, the current portion of long-term debt were RMB137.7 million (US$20 million). Advances from customers were RMB26.5 million (US$3.9 million), compared to RMB60.6 million as of September 30, 2022.
As of March 31, 2023, total current assets were RMB74.5 million (US$10.8 million) and non-current assets was RMB53.7 million (US$7.8
million).
As of March 31, 2023, total current liabilities were RMB254.6 million (US$37.1 million).
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVEINCOME (In thousands, except share data)
| Six Months Ended March 31, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2,022 | 2,023 | 2,023 | ||||||
| RMB'000 | RMB'000 | '000 | ||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||
| Revenues | 46,367 | 66,093 | ||||||
| Cost of revenues | (33,411 | ) | (51,303 | ) | ) | |||
| Gross profit | 12,956 | 14,790 | ||||||
| Operating expenses: | ||||||||
| Selling and marketing | (3,517 | ) | (3,871 | ) | ) | |||
| General and administrative | (6,630 | ) | (8,260 | ) | ) | |||
| Research and development | (4,117 | ) | (2,841 | ) | ) | |||
| Total operating expenses, net | (14,264 | ) | (14,972 | ) | ) | |||
| Loss from operations | (1,308 | ) | (182 | ) | ) | |||
| Interest expense, net | (105 | ) | 19 | |||||
| Rental income | 5,302 | 5,302 | ||||||
| Other non-operating income (expense), net | 189 | 237 | ||||||
| Income (loss) before income taxes from operations | 4,078 | 5,376 | ||||||
| Income tax (expense) benefits | - | (155 | ) | ) | ||||
| Net income (loss) | 4,078 | 5,221 | ||||||
| Less: Net income attributable to non-controlling interests | 2,798 | 6,288 | ||||||
| Net income (loss) attributable to Origin Agritech Ltd. | 1,280 | (1,067 | ) | ) | ||||
| Other comprehensive income (loss): | ||||||||
| Net loss | 4,078 | 5,221 | ||||||
| Foreign currency translation difference | (2,197 | ) | (325 | ) | ) | |||
| Comprehensive income (loss) | 1,881 | 4,896 | ||||||
| Less: Comprehensive loss attributable to non-controlling interests | 2,798 | 6,288 | ||||||
| Comprehensive loss attributable to Origin | (917 | ) | (1,392 | ) | ) | |||
| Basic and diluted net loss per share attributable to Origin Agritech Limited | 0.22 | (0.17 | ) | ) | ||||
| Shares used in calculating basic and diluted net income (loss) per share | 5,773,094 | 6,214,744 |
All values are in US Dollars.
| UNAUDITED CONSOLIDATED BALANCE SHEETS | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands, except share data) | |||||||||||
| 3/31/2022 | 9/30/2022 | 3/31/2023 | |||||||||
| RMB'000 | RMB'000 | RMB'000 | US'000 | ||||||||
| (unaudited) | (audited) | (unaudited) | (unaudited) | ||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | 6,506 | 17,669 | 14,402 | ||||||||
| Restricted cash | |||||||||||
| Accounts receivable | 2,445 | 619 | 2,296 | ||||||||
| Due from related parties | 14,114 | 28,127 | 16,283 | ||||||||
| Advances to suppliers | 4,378 | 20,022 | 3,395 | ||||||||
| Advances to growers | - | - | 21 | ||||||||
| Inventories | 2,392 | 2,106 | 11,217 | ||||||||
| Other current assets | 5,119 | 12,997 | 26,893 | ||||||||
| Total current assets | 34,954 | 81,540 | 74,507 | ||||||||
| Land use rights, net | 1,713 | 1,792 | 1,761 | ||||||||
| Plant and equipment, net | 47,404 | 46,389 | 46,073 | ||||||||
| Long-term investment | 4,596 | 1,690 | 1,690 | ||||||||
| Acquired intangible assets, net | 3,382 | 2,989 | 2,597 | ||||||||
| Lease Asset | 1,784 | 1,555 | 1,555 | ||||||||
| Other assets | 24 | - | - | ||||||||
| Total assets | 93,857 | 135,955 | 128,183 | ||||||||
| Liabilities, minority interests and shareholders’equity | |||||||||||
| Current liabilities: | |||||||||||
| Current portion of long-term borrowings | 137,660 | 137,660 | 137,660 | ||||||||
| Accounts payable | 8,688 | 9,797 | 6,360 | ||||||||
| Due to growers | 6,673 | 404 | 404 | ||||||||
| Due to related parties | 28,593 | 18,629 | 25,918 | ||||||||
| Advances from customers | 25,828 | 60,551 | 26,464 | ||||||||
| Income tax payable | 731 | 773 | 773 | ||||||||
| Lease Liability - current | 559 | 119 | 119 | ||||||||
| Other payables and accrued expenses | 53,067 | 64,932 | 56,913 | ||||||||
| Total current liabilities | 261,799 | 292,865 | 254,611 | ||||||||
| Lease Liability - noncurrent | 2,492 | 1,501 | 1,501 | ||||||||
| Other long-term liability | 15,717 | 14,231 | 14,049 | ||||||||
| Total liabilities | 280,008 | 308,597 | 270,161 | ||||||||
| Shareholders’ equity (deficit): | |||||||||||
| Additional paid-in capital | 539,315 | 551,933 | 572,126 | ||||||||
| Retained deficit | (649,353 | ) | (656,898 | ) | (657,965 | ) | ) | ||||
| Treasury stock at cost (20,523 and 20,523 shares as of March 31, 2022 and 2023, respectively) | (6,133 | ) | (6,133 | ) | (6,133 | ) | ) | ||||
| Accumulated other comprehensive loss | (25,418 | ) | (22,774 | ) | (23,099 | ) | ) | ||||
| Total shareholders' equity (deficit) | (141,589 | ) | (133,872 | ) | (115,071 | ) | ) | ||||
| Noncontrolling interest | (44,562 | ) | (38,770 | ) | (26,907 | ) | ) | ||||
| Total equity (deficit) | (186,151 | ) | (172,642 | ) | (141,978 | ) | ) | ||||
| Total liabilities and deficit | 93,857 | 135,955 | 128,183 |
All values are in US Dollars.