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 2020
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 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 ¨       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

 

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 
  
99.1Unaudited 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 of FY2020 ended March 31, 2020, prepared in accordance with United States generally accepted accounting principles.

 

FINANCIAL RESULTS OVERVIEW

 

The Company reported net revenue of RMB44.1 million (US$6.3 million) 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 was RMB10.5 million (US$1.5 million), down 42% from RMB18.1 million for the same period a year ago. Selling and marketing expense for the first half year of FY2020 was RMB1.7 million (US$0.2 million), compared to RMB2.5 million a year ago. General and administrative expenses declined 49% to RMB4.3 million (US$0.6 million), down from RMB8.5 million a year ago. Research and development expenses for 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 was RMB2.6 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) during the first half year of FY2020. Other income of RMB3.2 million (US$0.5 million) was mainly rental income that the Company received from renting a portion of its headquarters building.

 

Net loss attributable to the Company for the 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 FY2020 was RMB0.14 (or US$0.02), compared to the diluted earnings per share of RMB0.30 during the same period a year ago.

 

Balance Sheet

 

As of March 31, 2020, cash and cash equivalents were RMB8.4 million (US$1.2 million), an increase of RMB5.2 million from the cash and cash equivalents of RMB3.2 million as of September 30, 2019,

 

The current portion of long-term debt is RMB78.6 million (US$11.1 million) as of March 31, 2020. Advances from customers were RMB40.1 million (US$5.7 million), compared to RMB52.2 million as of September 30, 2019.  

 

As of March 31, 2020, total current assets were 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 liabilities were RMB252.4million (US$35.7 million).

 

About Origin

 

Founded in 1997 and headquartered in Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, Origin Agritech Limited (NASDAQ GS: SEED) is China's leading agricultural biotechnology company, specializing in crop seed breeding and genetic improvement, seed production, processing, distribution, and related technical services. Leading the development of crop seed biotechnologies, Origin Agritech's phytase corn was the first transgenic corn to receive the Bio-Safety Certificate from China's Ministry of Agriculture. Over the years, Origin has established a robust biotechnology seed pipeline including products with glyphosate tolerance and pest resistance (Bt) traits. Origin operates production centers, processing centers and breeding stations nationwide with sales centers located in key crop-planting regions. Product lines are vertically integrated for corn, rice and canola seeds. For further information, please log on to the Company's website at: www.originseed.com.cn.

 

 

 

 

Forward Looking Statement

 

This release contains forward-looking statements. All forward-looking statements included in this release are based on information available to us on the date hereof. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by 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 future results, 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 results may differ materially and adversely from those expressed in any forward-looking statements. Neither we nor any other person can assume responsibility for the accuracy and completeness of forward-looking statements. Important factors that may cause actual results to differ from expectations include, but are not limited to, those risk factors discussed in Origin's filings with the SEC including its annual report on Form 20-F to be filed. We undertake no obligation to revise or update publicly any forward-looking statements for any reasons.

 

 

 

 

 

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(In thousands, except share data)

 

   Six Months ended March 31, 
   2019   2020 
   RMB   RMB   US$ 
             
Revenues   82,185    44,074    6,276 
Cost of revenues   (63,173)   (30,941)   (4,406)
Gross profit   19,012    13,133    1,870 
Operating expenses:               
Selling and marketing   (2,520)   (1,718)   (245)
General and administrative   (8,482)   (4,321)   (615)
Research and development   (7,066)   (4,457)   (635)
Total operating expenses   (18,068)   (10,496)   (1,495)
                
Profit (loss) from operations   944    2,637    375 
Interest expense   (2,340)   (2,340)   (333)
Interest income   2    6    1 
Other operating income, net   2,267    3,236    461 
Invest income (loss)        169    24 
Profit (loss) before income taxes from operations   873    3,708    528 
Income tax expense from operations:               
Current               
Deferred               
Income tax expense from operations               
                
Net income (loss) from operations   873    3,708    528 
                
Net income (loss)   873    3,708    528 
Less: Income (loss) attributable to the non-controlling interests   (343)   4,396    626 
Net income (loss) attributable to Origin Agritech Limited   1,216    (688)   98 
Other comprehensive loss               
Net income (loss)   873    3,708    528 
Foreign currency translation difference   (2,178)   429    61 
Comprehensive loss   (1,305)   4,137    589 
Less: Comprehensive income (loss) attributable to non-controlling interests   (343)   4,396    626 
Comprehensive loss attributable to Origin Agritech Limited   (962)   (259)   (37)
                
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      

 

 

 

 

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    1,187 
Account receivables   944    1,481    11,661    1,649 
Due from related parties   45    33,890    33,390    4,721 
Advances to suppliers   2,571    538    3,186    450 
Inventories   64,418    28,527    25,419    3,594 
Other current assets   1,344    1,588    4,727    670 
Total current assets   75,101    69,222    86,775    12,271 
Land use rights, net   14,897    12,913    12,727    1,799 
Plant and equipment, net   167,890    149,116    145,109    20,516 
Asset held for sale        5,652    5,652    799 
Long-term investments   16,347    16,347    16,347    2,311 
Acquired intangible assets, net   7,972    5,469    4,535    641 
Other assets   948    2,393    2,231    315 
Total assets   283,155    261,112    273,376    38,652 
LIABILITIES AND EQUITY                    
Current liabilities                    
Current portion of long-term borrowings   78,611    78,611    78,611    11,114 
Accounts payable   7,609    9,723    13,994    1,979 
Due to growers   7,514    7,260    7,171    1,014 
Due to related parties   20,577    42,633    42,522    6,012 
Advances from customers   59,432    52,244    40,111    5,671 
Income tax payable        656    657    93 
Other payables and accrued expenses   44,413    56,675    69,359    9,806 
Total current liabilities   218,156    247,802    252,425    35,689 
Long-term borrowings             2,000    283 
Other long-term liability   21,391    28,785    28,785    4,070 
Total liabilities   239,547    276,587    283,210    40,042 
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    69,879 
Accumulated deficit   (410,507)   (473,843)   (474,531)   (67,091)
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)   (2,709)
Accumulated other comprehensive loss   (24,314)   (23,776)   (23,885)   (3,378)
Total Origin Agritech Limited shareholders’ equity   (30,689)   (22,684)   (23,333)   (3,299)
Non-controlling interests   (12,919)   7,209    13,499    1,909 
Total equity   43,608    (15,475)   (9,834)   (1,390)
Total liabilities and equity   283,155    261,112    273,376    38,652