BEIJING, July 23rd, 2024, (PRNewswire) — Origin Agritech Ltd. (NASDAQ: SEED) (the “Company” or “Origin”), a leading Chinese agricultural technology company, is pleased to announce its revenue projections for key product lines through the year 2029.
| Revenue Projections | |||||
| Revenue from hybrid seeds and other | Revenue from NEC | Revenue from GMO | Total Revenue(￥‘000) | Total Revenue(US$’000) | |
| 2022 | ￥52,580 | – | – | ￥52,580 | $7,240 |
| 2023 | ￥93,307 | – | – | ￥93,307 | $12,848 |
| 2024 (Expected) | ￥95,000 | ￥10,000 | – | ￥105,000 | $14,458 |
| 2025 (Expected) | ￥99,750 | ￥50,000 | ￥30,000 | ￥179,750 | $24,751 |
| 2026 (Expected) | ￥104,738 | ￥100,000 | ￥90,000 | ￥294,738 | $40,585 |
| 2027 (Expected) | ￥109,974 | ￥150,000 | ￥210,000 | ￥469,974 | $64,715 |
| 2028 (Expected) | ￥115,473 | ￥225,000 | ￥330,000 | ￥670,473 | $92,324 |
| 2029 (Expected) | ￥121,247 | ￥337,500 | ￥500,000 | ￥958,747 | $132,019 |
| Assumptions:
· In 5 years, China’s GMO corn will account for 70% of the total corn planting area, about 400 million mu. Origin aims to have a 5% market share of about 20 million mu (GMO seed sale & IP granting). · Exchange rate $:￥:7.2622 (July 15) · GMO seeds sale begins to contribute revenue in 2025 · GMO IP granting business begins to contribute revenue in 2027 |
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Dr. Gengchen Han, Chairman and CEO of Origin Agritech, commented: “We are excited about the growth prospects for Origin Agritech as we continue to innovate and expand our product offerings. These revenue projections and our clear timeline for GMO corn variety approvals reflect our commitment to delivering high-value solutions to farmers worldwide and significant value to our shareholders. By leveraging our GMO technology and gene editing expertise, we are well-positioned to address global food security challenges and promote sustainable agricultural practices.”
About Origin Agritech Limited
Origin Agritech Limited, founded in 1997 and headquartered in Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, is a leading Chinese agricultural technology company. In 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. For further information, please visit the Company’s website at www.originagritech.com. The Company also maintains a Twitter account for updating investors on Company and industry developments which is https://x.com/origin_agritech.
For more information, please contact:
Origin Agritech Limited Contact:
Kate Lang (Mandarin/English)
Director of Investor Relations
Phone: +86 186-1839-3368
Email: bing.lang@originseed.com.cn
Investor Relations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com
