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Origin Agritech LTD

CIK:0001321851|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) ¥ in Thousands, $ in Thousands	12 Months Ended
	Sep. 30, 2025 CNY (¥) ¥ / shares shares	Sep. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2024 CNY (¥) ¥ / shares shares	Sep. 30, 2023 CNY (¥) ¥ / shares shares
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
Revenues	¥ 91,290	$ 12,848	¥ 113,381	¥ 93,307
Cost of revenues	(84,897)	(11,948)	(97,314)	(76,060)
Gross profit	6,393	900	16,067	17,247
Operating expenses
Selling and marketing	(6,989)	(984)	(6,286)	(8,359)
General and administrative	(40,167)	(5,653)	(35,979)	(14,228)
Research and development	(13,042)	(1,835)	(10,126)	(7,447)
Impairment of assets	(3,984)	(561)	(275)	(2,204)
Total operating expenses, net	(64,182)	(9,033)	(52,666)	(32,238)
Loss from operations	(57,789)	(8,133)	(36,599)	(14,991)
Interest expense, net	(2,742)	(386)	(1,512)	(982)
Impairment of long-term investment \| ¥			(200)	(1,490)
Rental income	0	0	0	10,603
Other non-operating income,net	2,274	320	57,050	69,691
Income (loss) before income taxes	(58,257)	(8,199)	18,739	62,831
Income tax (expense) benefits (note 17)	293	41	(61)	(162)
Net income (loss)	(57,964)	(8,158)	18,678	62,669
Less: Net income (loss) attributable to non-controlling interests	(4,636)	(652)	(2,034)	7,337
Net income (loss) attributable to Origin Agritech Limited	(53,328)	(7,506)	20,712	55,332
Other comprehensive income (loss)
Net income (loss)	(57,964)	(8,158)	18,678	62,669
Foreign currency translation difference	(203)	(29)	172	(214)
Comprehensive income (loss)	(58,167)	(8,187)	18,850	62,455
Less: Comprehensive income (loss) income attributable to non-controlling interests	(4,636)	(652)	(2,034)	7,337
Comprehensive income (loss) attributable to Origin Agritech Limited	¥ (53,531)	$ (7,535)	¥ 20,884	¥ 55,118
Basic net income(loss) per share attributable to Origin Agritech Limited (note 18) (in dollars per share) \| (per share)	¥ (7.12)	$ (1)	¥ 3.21	¥ 8.45
Diluted net income(loss) per share attributable to Origin Agritech Limited (note 18) (in dollars per share) \| (per share)	¥ (7.12)	$ (1)	¥ 3.2	¥ 8.43
Shares used in computing earnings (loss) per share:
Basic (in shares)	7,490,671	7,490,671	6,459,189	6,546,153
Diluted (in shares)	7,490,671	7,490,671	6,465,370	6,562,278

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Sep. 30, 2025 CNY (¥)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 CNY (¥)	Sep. 30, 2023 CNY (¥)
Operating activities:
Net income (loss)	¥ (57,964)	$ (8,158)	¥ 18,678	¥ 62,669
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	3,202	451	2,829	4,031
Written off plant and equipment	339	48	165	373
Gain on disposal of right-of-use assets				(651)
Gain on disposal of subsidiaries	(281)	(40)		(69,529)
Investment income from long term equity investment			(836)
Gain on disposal of long term equity investment			(65,026)
Allowance for credit loss			9,998
Recovery on credit loss	506	71		10
Impairment on intangible assets				2,204
Impairment on long-term equity investment			200	1,490
Inventories write off	3,984	561	275
Interest expense write back	(46)	(6)		(20,361)
Share-based compensation expense	23,105	3,252	5,223	1,163
Changes in operating assets and liabilities:
Accounts receivable	(132)	(19)	(3,641)	1,654
Due from related parties	(1,550)	(218)	11,746	4,842
Advances to suppliers	42,316	5,955	6,541	(51,458)
Inventories	(6,631)	(933)	(110)	(10,933)
Other current assets	182	26	1,293	(17,476)
Accounts payable	4,006	564	3,533	2,193
Due to growers			(404)
Due to related parties	(4,935)	(695)	(15,506)	18,856
Contract liabilities	(31,598)	(4,447)	(35,872)	50,048
Income tax payable	(649)	(91)	34
Lease liabilities	(1,587)	(223)	(113)	(109)
Other long-term liabilities	4,677	658	(364)	(2,270)
Other payables and accrued expenses	1,127	159	46,326	17,318
Net cash used in operating activities	(22,861)	(3,216)	(15,031)	(5,456)
Investing activities:
Proceeds from other investment				1,000
Proceeds from disposal of plant and equipment and land use right	463	65
Purchase of plant and equipment	(11,212)	(1,578)	(4,972)	(8,912)
Purchase of land use rights				(3,297)
Purchase of intangible assets	(2,316)	(326)
Cash in subsidiaries disposed of	658	93		15
Net cash used in investing activities	(13,723)	(1,932)	(4,972)	(11,224)
Financing activities:
Proceeds from short-term borrowings	9,950	1,400	4,950
Proceeds from exercise of stock options			599	226
Proceeds from issuance of common stock	38,255	5,384		19,594
Proceeds from related parties	7,132	1,004	935
Repayment to related parties	(2,592)	(365)	(1,506)	(1,587)
Dividends paid to minority shareholders	(1,087)	(153)	(490)	(200)
Proceeds from capital contribution	180	25	10	4,900
Proceeds from issuance of treasury stocks	165	23
Acquisition of non-controlling interests	(739)	(104)
Repayment of short-term borrowings	(6,950)	(978)
Net cash provided by financing activities	44,314	6,236	4,498	22,933
Net increase (decrease) in cash and cash equivalents	7,730	1,088	(15,505)	6,253
Cash and cash equivalents, beginning of year	8,375	1,179	23,708	17,669
Effect of exchange rate changes on cash and cash equivalents	(203)	(29)	172	(214)
Restricted cash	(27)
Cash and cash equivalents, end of the year	15,875	2,238	8,375	23,708
Supplemental disclosures of cash flow information:
Income taxes paid	99	14	75	41
Interest paid, net of interest capitalized	2,598	366	1,021	843
Supplemental disclosures of non-cash information:
Obtaining right-of-use assets in exchange for lease liabilities	4,103	577
Related Party
Adjustments to reconcile net loss to net cash provided by operating activities:
Allowance for credit loss	¥ 80	$ 11		¥ 500
Nonrelated Party
Adjustments to reconcile net loss to net cash provided by operating activities:
Allowance for credit loss			¥ 9,998

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Sep. 30, 2025 CNY (¥)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 15,875	$ 2,234	¥ 8,375
Restricted cash	27	4
Accounts receivable, net	3,451	486	4,032
Due from related parties, net of allowance for credit loss (note 3)	¥ 10,106	$ 1,422	¥ 8,636
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Advances to suppliers (note 4)	¥ 21,511	$ 3,027	¥ 65,076
Inventories (note 5)	14,433	2,031	12,874
Other current assets (note 6)	673	95	755
Total current assets	66,076	9,299	99,748
Land use rights, net (note 7)			3,192
Plant and equipment, net (note 8)	28,819	4,056	28,301
Intangible assets, net (note 9)	2,077	292	0
Right-of-use assets, net (note 10)	3,675	517	321
Total non-current assets	34,571	4,865	31,814
Total assets	100,647	14,164	131,562
Current liabilities:
Borrowings (note 11)	7,950	1,119	4,950
Accounts payable	12,056	1,697	8,469
Due to related parties (note 3)	¥ 25,766	$ 3,626	¥ 27,029
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Contract liabilities	¥ 46,837	$ 6,592	¥ 78,694
Income tax payable	435	61	807
Lease liabilities- current (note 10)	303	43	63
Other payables and accrued expenses (note 12)	55,985	7,879	64,271
Total current liabilities	149,332	21,017	184,283
Lease liabilities - non-current (note 10)	2,341	329	65
Other long-term liability (note 13)	10,490	1,476	5,813
Total non - current liabilities	12,831	1,805	5,878
Total liabilities	162,163	22,822	190,161
Commitments and contingencies (note 21)
Shareholders' deficit:
Preferred stock(no par value; 1,000,000 shares authorized, none issued)
Common stock (no par value; 60,000,000 shares authorized, 6,581,630 and 11,939,335 shares issued as of September 30, 2024 and 2025; 6,561,107 and 11,924,349 shares outstanding as of September 30, 2024 and 2025 respectively)	0	0	0
Additional paid-in capital	638,326	89,835	578,512
Accumulated deficit	(634,182)	(89,252)	(580,854)
Treasury stock at cost 20,523 and 14,986 shares as of September 30, 2024 and 2025, respectively)* (note 14)	(4,461)	(628)	(6,133)
Accumulated other comprehensive loss	(23,019)	(3,240)	(22,816)
Total Origin Agritech Limited shareholders' deficit	(23,336)	(3,285)	(31,291)
Non-controlling interests	(38,180)	(5,373)	(27,308)
Total shareholders' deficit	(61,516)	(8,658)	(58,599)
Total liabilities and shareholders' deficit	¥ 100,647	$ 14,164	¥ 131,562