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 2026
COMMISSION FILE NUMBER 000-51576
ORIGIN AGRITECH LIMITED
(Translation of registrant's name into English)
Origin R&D Center
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-FxForm 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, 2025 and 2026 |
| --- | --- |
| - | Condensed Consolidated Balance Sheets as of September 30, 2025 and March 31, 2026 (Unaudited) |
| --- | --- |
| - | Condensed Consolidated Statements of Shareholders’ Deficit (Unaudited) for the Six Months Ended March 31, 2025 and 2026 |
| --- | --- |
| - | Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended March 31, 2025 and 2026 |
| --- | --- |
| - | Notes to Condensed Consolidated Financial Statements (Unaudited) |
| --- | --- |
Origin Agritech Limited has issued its unaudited financial results for the six months ended March 31, 2026. 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/ Weibin Yan |
| Name: | Mr. Weibin Yan |
| Title: | Chief Executive Officer |
Dated: May 21, 2026
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 March 31, 2026 |
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 FY2026 ended March 31, 2026, prepared in accordance with United States Generally Accepted Accounting Principles (US GAAP).
FINANCIAL RESULTS OVERVIEW
The Company reported net revenue of RMB49.2 million (US$7.1 million) during the first half year of FY2026, compared to RMB72.3 million for the first half year of FY2025. The decrease was primarily due to the strategic transition in the Company's product portfolio as we’re focusing more on the sales of new corn seed products and reducing the external seed tolling service.
Total operating expenses for the first half year of FY2026 were RMB18.4 million (US$2.7 million), down 44% from RMB32.8 million for the same period a year ago. The decrease was mainly from the drop in general and administrative expenses. Selling and marketing expenses for the first half year of FY2026 were RMB5.1 million (US$0.7 million), compared to RMB2.6 million a year ago, an increase of 93%. The increase in selling and marking expense is attributed to the expansion of sales personnel and the intensified marketing and promotion efforts for new products. General and administrative expenses decreased 70% to RMB7.6 million (US$1.1 million), down from RMB25.0 million a year ago. Research and development expenses for the first half year of FY2026 were RMB5.7 million (US$0.8 million), up 11% from RMB5.2 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 FY2026 was RMB12.9 million (US$1.9 million), compared to total operating income of RMB24.7 million reported a year ago, an improvement of 47.8%. The decline in total operating loss was mainly due to the drop in total operating expenses.
The interest expense during the first half year of FY2026 was RMB1.6 million (US$0.2 million), compared to interest expense of RMB0.5 million reported a year ago. The increase is mainly attributable to a higher amount of borrowed funds.
Net loss attributable to the Company for the first half year of FY2026 was recorded at RMB14.4 million (US$2.1 million), compared to the net loss of RMB25.6 million a year ago. The decline in the net loss was due to the drop in general and administrative expenses.
Net loss per ordinary share for the first half of FY2026 was RMB1.21 (or US$0.17), compared to the net loss per share of RMB3.55 during the same period a year ago.
Balance Sheet
As of March 31, 2026, cash and cash equivalents were RMB13.4 million (US$1.9 million), a decrease of RMB2.5 million from the cash and cash equivalents of RMB15.9 million as of September 30, 2025.
As of March 31, 2026, total liabilities were RMB168.1 million, in which total current liabilities were RMB155.6 million (US$22.5 million) and long term liabilities were RMB12.5 million.
As of March 31, 2026, total assets were RMB92.6 million (US$13.4 million), in which total current assets were RMB60.8 million (US$8.8 million), and non-current assets were RMB31.7 million (US$4.6 million).
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVEINCOME (LOSS) (UNAUDITED)
| Six Months Ended March 31, | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2026 | 2026 | |||||||
| RMB'000 | RMB'000 | '000 | |||||||
| Notes | (Unaudited) | (Unaudited) | (Unaudited) | ||||||
| Revenues | 72,341 | 49,235 | |||||||
| Cost of revenues | (64,240 | ) | (43,728 | ) | ) | ||||
| Gross profit | 8,101 | 5,507 | |||||||
| Operating expenses: | |||||||||
| Selling and marketing | (2,640 | ) | (5,103 | ) | ) | ||||
| General and administrative | (24,978 | ) | (7,553 | ) | ) | ||||
| Research and development | (5,153 | ) | (5,726 | ) | ) | ||||
| Total operating expenses, net | (32,771 | ) | (18,382 | ) | ) | ||||
| Loss from operations | (24,670 | ) | (12,875 | ) | ) | ||||
| Interest expense, net | (461 | ) | (1,614 | ) | ) | ||||
| Other non-operating income, net | 328 | 81 | |||||||
| Income before income taxes from operations | (24,803 | ) | (14,408 | ) | ) | ||||
| Income tax expense | 1 | (34 | ) | (30 | ) | ) | |||
| Net loss | (24,837 | ) | (14,438 | ) | ) | ||||
| Less: Net income (loss) attributable to non-controlling interests | 747 | (59 | ) | ) | |||||
| Net loss attributable to Origin Agritech Ltd. | (25,584 | ) | (14,379 | ) | ) | ||||
| Other comprehensive loss: | |||||||||
| Net loss | (24,837 | ) | (14,438 | ) | ) | ||||
| Foreign currency translation difference | (295 | ) | 60 | ||||||
| Comprehensive loss | (25,132 | ) | (14,378 | ) | ) | ||||
| Less: Comprehensive income (loss) attributable to non-controlling interests | 747 | (59 | ) | ) | |||||
| Comprehensive loss attributable to Origin | (25,879 | ) | (14,319 | ) | ) | ||||
| Basic and diluted net loss per share attributable to Origin Agritech Limited | 2 | (3.55 | ) | (1.21 | ) | ) | |||
| Shares used in calculating basic and diluted net loss per share | 7,198,422 | 11,924,349 |
All values are in US Dollars.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| 3/31/2025 | 9/30/2025 | 3/31/2026 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RMB'000 | RMB'000 | RMB'000 | US'000 | |||||||||
| Notes | (Unaudited) | (Audited) | (Unaudited) | (Unaudited) | ||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | 2,400 | 15,875 | 13,370 | |||||||||
| Restricted cash | - | 27 | 2 | |||||||||
| Accounts receivable | 5,790 | 3,451 | 4,739 | |||||||||
| Due from related parties | 3 | 8,018 | 10,106 | 3,937 | ||||||||
| Advances to suppliers | 4 | 35,015 | 21,511 | 11,367 | ||||||||
| Inventories | 5 | 9,320 | 14,433 | 24,801 | ||||||||
| Other current assets | 6 | 1,717 | 673 | 2,615 | ||||||||
| Total current assets | 62,260 | 66,076 | 60,831 | |||||||||
| Plant and equipment, net | 7 | 23,023 | 28,819 | 28,865 | ||||||||
| Acquired intangible assets, net | 1,662 | 2,077 | 2,419 | |||||||||
| Lease Asset | 128 | 3,675 | 457 | |||||||||
| Other assets | 1,638 | - | - | |||||||||
| Total assets | 88,711 | 100,647 | 92,572 | |||||||||
| Liabilities, minority interests and shareholders’equity | ||||||||||||
| Current liabilities: | ||||||||||||
| Borrowings | 8 | 4,950 | 7,950 | 9,450 | ||||||||
| Accounts payable | 9,795 | 12,056 | 14,072 | |||||||||
| Due to related parties | 3 | 24,612 | 25,766 | 26,098 | ||||||||
| Contract liabilities | 43,212 | 46,837 | 38,569 | |||||||||
| Income tax payable | 764 | 435 | 435 | |||||||||
| Lease Liability - current | 63 | 303 | 17 | |||||||||
| Other payables and accrued expenses | 9 | 62,266 | 55,985 | 66,977 | ||||||||
| Total current liabilities | 145,662 | 149,332 | 155,618 | |||||||||
| Lease Liability - noncurrent | 65 | 2,341 | - | |||||||||
| Other long-term liability | 10 | 5,632 | 10,490 | 12,468 | ||||||||
| Total liabilities | 151,359 | 162,163 | 168,086 | |||||||||
| Shareholders’ deficit: | ||||||||||||
| Additional paid-in capital | 604,524 | 638,326 | 638,326 | |||||||||
| Retained deficit | (606,438 | ) | (634,182 | ) | (648,561 | ) | ) | |||||
| Treasury stock at cost (20,523 and 14,986 shares as of March 31, 2025 and 2026, respectively) | (6,133 | ) | (4,461 | ) | (4,461 | ) | ) | |||||
| Accumulated other comprehensive loss | (23,111 | ) | (23,019 | ) | (22,959 | ) | ) | |||||
| Total shareholders’ deficit | (31,158 | ) | (23,336 | ) | (37,655 | ) | ) | |||||
| Non-controlling interest | (31,490 | ) | (38,180 | ) | (37,859 | ) | ) | |||||
| Total equity deficit | (62,648 | ) | (61,516 | ) | (75,514 | ) | ) | |||||
| Total liabilities and deficit | 88,711 | 100,647 | 92,572 |
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 as of September 30, 2024 | 6,561,107 | - | 578,512 | (580,854 | ) | (22,816 | ) | (6,133 | ) | (27,308 | ) | (58,599 | ) | |||||||
| Net loss for the year | - | - | (25,584 | ) | - | - | 747 | (24,837 | ) | |||||||||||
| Share-based compensation expense | - | - | 7,415 | - | - | - | 7,415 | |||||||||||||
| Business disposal | - | - | - | - | - | (4,629 | ) | (4,629 | ) | |||||||||||
| Dividend | - | - | - | - | - | (300 | ) | (300 | ) | |||||||||||
| Issuance of common shares | 1,055,000 | - | 18,597 | - | - | - | - | 18,597 | ||||||||||||
| Translation<br> adjustments | - | - | - | (295 | ) | - | - | (295 | ) | |||||||||||
| Balance as of March 31,<br> 2025 | 7,616,107 | 604,524 | (606,438 | ) | (23,111 | ) | (6,133 | ) | (31,490 | ) | (62,648 | ) | ||||||||
| Balance as of September 30, 2025 | 11,924,349 | - | 638,326 | (634,182 | ) | (23,019 | ) | (4,461 | )) | (38,180 | )) | (61,516 | ) | |||||||
| Net loss for the year | - | - | (14,379 | ) | - | - | (59 | ) | (14,438 | ) | ||||||||||
| Capital contribution | - | - | - | - | - | 380 | 380 | |||||||||||||
| Translation<br> adjustments | - | - | - | 60 | - | - | 60 | |||||||||||||
| Balance as of March 31,<br> 2026 | 11,924,349 | 638,326 | (648,561 | ) | (22,959 | ) | (4,461 | ) | (37,859 | ) | (75,514 | ) | ||||||||
| In US @ | 6.9194 | 92,252 | (93,731 | ) | (3,318 | ) | (645 | ) | (5,471 | ) | (10,913 | ) |
All values are in US Dollars.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| Six Months Ended March 31, | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2026 | |||||
| RMB'000 | RMB'000 | |||||
| (Unaudited) | (Unaudited) | |||||
| Operating activities | (11,773 | ) | (1,816 | ) | ||
| Investing activities: | ||||||
| Purchase of plant and equipment | (4,142 | ) | (1,259 | ) | ||
| Net cash used in investing activities | (4,142 | ) | (1,259 | ) | ||
| Financing activities: | ||||||
| Proceeds from issuance of common stock | 10,550 | - | ||||
| Proceeds from due to related parties | - | 262 | ||||
| Repayment of due to related parties | (15 | ) | (132 | ) | ||
| Dividends paid to minority shareholders | (300 | ) | - | |||
| Capital contribution | - | 380 | ||||
| Net cash provided by financing activities | 10,235 | 510 | ||||
| Net decrease in cash and cash equivalents | (5,680 | ) | (2,565 | ) | ||
| Cash and cash equivalents, beginning of year | 8,375 | 15,875 | ||||
| Effect of exchange rate changes on cash and cash equivalents | (295 | ) | 60 | |||
| Restricted cash | - | (25 | ) | |||
| Cash and cash equivalents, end of the year | 2,400 | 13,370 |
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
| 1. | INCOME TAXES |
|---|
Origin Agritech and its subsidiaries, State Harvest and Origin BioScience are incorporated in the British Virgin Islands and are exempted from income tax under the laws of the British Virgin Islands. State Harvest’s subsidiaries and State Harvest’s variable interest entity, Hainan Aoyu, and its majority-owned subsidiaries (together, the “PRC entities”) were incorporated in the PRC and are 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 was 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 is 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, 2026, the management considered that the Company had no uncertain tax positions affecting 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:
| Six months ended<br> March 31, | ||||
|---|---|---|---|---|
| 2025 | 2026 | |||
| RMB'000 | RMB'000 | |||
| (Unaudited) | (Unaudited) | |||
| Current income tax expense | 34 | 30 | ||
| Deferred income tax benefit | - | - | ||
| Total | 34 | 30 | ||
| 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, | ||||||
| 2025 | 2026 | |||||
| RMB'000 | RMB'000 | |||||
| (Unaudited) | (Unaudited) | |||||
| Numerator: | ||||||
| Net loss attributable to Origin Agritech Limited | (25,584 | ) | (14,379 | ) | ||
| Denominator: | ||||||
| Average number of ordinary shares outstanding - basic and Diluted | 7,198,422 | 11,924,349 | ||||
| Basic and Diluted Per Share Data: | ||||||
| Basic and diluted loss per share attributable to Origin Agritech Limited: | (3.55 | ) | (1.21 | ) |
For the six months ended March 31, 2025 and 2026, 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 |
| Shareholders | Non-controlling shareholders of Hubei Aoyu, Anhui Aoyu,Anhui Agriculture, Xuzhou, Agriculture, Shandong Aoruixinong, Henan Aoyu, Hubei Agriculture |
(1) Due from related parties, net of allowance forcredit loss
| September 30, | March 31, | |||
|---|---|---|---|---|
| 2025 | 2026 | |||
| RMB'000 | RMB'000 | |||
| (Audited) | (Unaudited) | |||
| Linze Origin Seeds Ltd | 45 | 45 | ||
| Beijing Shihui | 17,140 | 17,140 | ||
| Shareholders (i) | 2,535 | 3,017 | ||
| Companies controlled by the Company’s directors | 7,570 | 920 | ||
| The Close family of the Company’s Chairman | 6 | 5 | ||
| Total | 27,296 | 21,127 | ||
| Allowance for credit loss | 17,190 | 17,190 | ||
| Due from related parties, net | 10,106 | 3,937 |
Note (i): As of March 31, 2026, due from shareholders was RMB3.0 million, which related to the sales of seeds amounting to RMB1.3 million and advances for business use purpose amounting to RMB1.7 million.
(2) Due to related parties
| September 30, | March 31, | |||
|---|---|---|---|---|
| 2025 | 2026 | |||
| RMB'000 | RMB’000 | |||
| (Audited) | (Unaudited) | |||
| Shareholders (i) (ii) | 12,058 | 13,917 | ||
| The Company’s Chairman | 6,914 | 6,737 | ||
| YingDe (i) | 5,870 | 4,520 | ||
| Beijing Liantaide | 647 | 647 | ||
| Chief Executive Officer | 200 | 200 | ||
| The close family of the Company’s Chairman | 77 | 77 | ||
| 25,766 | 26,098 |
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 payments to fund the Company’s operations.
Note (ii): As of March 31, 2026, the balances due to shareholders were RMB13.9 million, of which in relation to the borrowings in nature amounted to RMB6.2 million, which were unsecured, interest-bearing, and repayable on demand; accrued interests costs amounted to RMB1.1 million, and advances in relation to the Sales of seeds amounted to RMB6.6 million.
(3) Transactions with related parties
(a) Sales to
| Six months ended | ||||
|---|---|---|---|---|
| March 31, | ||||
| 2025 | 2026 | |||
| RMB’000 | RMB’000 | |||
| (Unaudited) | (Unaudited) | |||
| Shareholders (Note i) | — | 1,632 | ||
| — | 1,632 |
Note(i): Sales related to shareholders were RMB-nil- million and RMB1.63 for six months ended March 31, 2025 and 2026, respectively, the selling prices of transaction are referenced to market prices.
(b) Purchase from
| Six months ended | ||||
|---|---|---|---|---|
| March 31, | ||||
| 2025 | 2026 | |||
| RMB’000 | RMB’000 | |||
| (Unaudited) | (Unaudited) | |||
| Liantaide | 2,656 | — | ||
| 2,656 | — |
(c) Borrowing
| Six months ended | ||||
|---|---|---|---|---|
| March 31, | ||||
| 2025 | 2026 | |||
| RMB’000 | RMB’000 | |||
| (Unaudited) | (Unaudited) | |||
| Shareholders (Note i) | — | 262 | ||
| — | 262 |
Note (i) : The borrowing interest rates are between 4.5% and 6% and repayable on demand.
(d) Interest accrual
| Six months ended | ||||
|---|---|---|---|---|
| March 31, | ||||
| 2025 | 2026 | |||
| RMB’000 | RMB’000 | |||
| (Unaudited) | (Unaudited) | |||
| Shareholders | 74 | 132 | ||
| 74 | 132 | |||
| 4. | ADVANCES TO SUPPLIERS | |||
| --- | --- | |||
| September 30, | March 31, | |||
| --- | --- | --- | --- | --- |
| 2025 | 2026 | |||
| RMB’000 | RMB’000 | |||
| (Audited) | (Unaudited) | |||
| Prepayments for purchasing seed | 19,003 | 6,111 | ||
| Prepayments for purchasing packaging | 654 | 148 | ||
| Deposits for research and development fee | 1,127 | 3,612 | ||
| Prepayments for professional fee | 347 | - | ||
| Prepayments for advertising fee | - | 174 | ||
| Others | 380 | 1,322 | ||
| 21,511 | 11,367 | |||
| 5. | INVENTORIES | |||
| --- | --- |
Total inventories were RMB 24.8 million as of March 31, 2026, up 72% from RMB14.4 million for the period ended September 30, 2025. As of September 30, 2025, inventories were comprised of raw materials of RMB 0.7 million, finished goods of RMB 0.6 million, work in progress of RMB 17.2 million and a provision of RMB 4.1 million. As of March 31, 2026, inventories were comprised of raw materials of RMB 0.3 million, finished goods of RMB 14.2 million, work in progress of RMB 14.4 million and a provision of RMB 4.1 million.
| September 30, | March 31, | |||||
|---|---|---|---|---|---|---|
| 2025 | 2026 | |||||
| RMB’000 | RMB’000 | |||||
| (Audited) | (Unaudited) | |||||
| Raw materials | 725 | 296 | ||||
| Finished goods | 608 | 14,218 | ||||
| Work in progress | 17,200 | 14,387 | ||||
| Provision | (4,100 | ) | (4,100 | ) | ||
| 14,433 | 24,801 | |||||
| 6. | OTHER CURRENT ASSETS | |||||
| --- | --- | |||||
| September 30, | March 31, | |||||
| --- | --- | --- | --- | --- | ||
| 2025 | 2026 | |||||
| RMB’000 | RMB’000 | |||||
| (Audited) | (Unaudited) | |||||
| Advances to staff for business use | 405 | 426 | ||||
| Deposits for rental | 13 | - | ||||
| Value-added tax credit refund | - | 557 | ||||
| Receivables from third parties | 18 | 1,500 | ||||
| Others | 237 | 132 | ||||
| 673 | 2,615 | |||||
| 7. | PLANT AND EQUIPMENT, NET | |||||
| --- | --- |
During the six months ended March 31, 2025 and 2026, the Group acquired assets at a cost of RMB 4,757 and RMB 1,259, respectively. No assets were disposed of by the Group during the six months ended March 31, 2025 and 2026.
No impairment loss was recognized for the six months ended March 31, 2025 and 2026.
| 9. | BORROWINGS |
|---|
Borrowings consisted of the following:
| September 30, | March 31, | |||
|---|---|---|---|---|
| 2025 | 2026 | |||
| RMB’000 | RMB’000 | |||
| (Audited) | (Unaudited) | |||
| Borrowing from Agricultural Bank of China under Xinjiang Origin, due on September 22, 2026 with annual interest rate of 3.0%, secured by Xinjiang Origin’s properties and land use right | 4,950 | 4,950 | ||
| Borrowing from Industrial and Commercial Bank of China under Xinjiang Origin, due on July 25, 2026 with annual interest rate of 3.3%, secured by Xinjiang Origin’s properties and land use right | 3,000 | 3,000 | ||
| Borrowing from Beijing Rural Commercial Bank under Beijing Agritech, due on December 29, 2026 with annual interest rate of 2.8%, belongs to a credit loan | 1,500 | |||
| Short-term borrowings | 7,950 | 9,450 | ||
| 10. | OTHER PAYABLES AND ACCRUED EXPENSES | |||
| --- | --- |
Other payables and accrued expenses consist of:
| September 30, | March 31, | |||
|---|---|---|---|---|
| 2025 | 2026 | |||
| RMB’000 | RMB’000 | |||
| (Audited) | (Unaudited) | |||
| Payables for the purchase of plant and equipment | 823 | 1,309 | ||
| Professional fees payable | 5,102 | 800 | ||
| Salaries and bonuses payable | 8,863 | 8,427 | ||
| Accrued interest expenses | 852 | 269 | ||
| Deferred government subsidies | 363 | 363 | ||
| Payables for penalty | 5,282 | 3,000 | ||
| Payables for third party (i) | 18,833 | 17,484 | ||
| Borrowings from a third party (i) | 15,537 | 19,651 | ||
| Stock issuance and options | — | 14,584 | ||
| Others | 330 | 1,090 | ||
| 55,985 | 66,977 |
Note (i) : Payables and borrowings from third parties were RMB37.1 million and RMB34.4 million as of March 31, 2026 and September 30, 2025, respectively.
| 11. | OTHER LONG-TERM LIABILITY |
|---|
For the six months ended March 31, 2026 and September 30, 2025, the Company received subsidies of RMB2.16 million and-nil- million 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
Hebei Zhaoyu Breeding Industry Group Co., Ltd. believed that the corn seed Liyu 16 sold by Hubei Aoyu infringed its plant new variety rights of corn seed Liyu 88. In April 2024, the Intermediate People’s Court of Lanzhou City, Gansu Province, judged that Hubei Aoyu had infringed the product, and the Hubei Aoyu was required to pay RMB 3 million of economic losses. Hubei Aoyu has applied for a second trial to the Intellectual Property Court of the Supreme People’s Court in August 2024, and the second trial has not yet been held, and the Company has accrued liabilities of RMB 3 million.
Other obligations
On February 1, 2026, the Company entered into three Securities Purchase Agreements with two individual investors and one investment company to sell 2,000,000 ordinary shares for a total gross subscription amount of US$2.8 million，to be paid in two installments. The first installment of US$2.1 million was paid in February 2026, and the second installment is due in August 2026. As of May 21, 2026, the 2,000,000 ordinary shares have not yet been issued.