Form 6-K Origin Agritech LTD For: May 18

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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 2022 

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.

 

Origin Agritech Limited has issued its unaudited financial results for the period ended March 31, 2022. 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 18, 2022

 

 

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, 2022

 

Exhibit 99.1

 

Origin Agritech 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 FY2022 ended March 31, 2022, prepared in accordance with United States generally accepted accounting principles.

 

FINANCIAL RESULTS OVERVIEW

 

The Company reported net revenue of RMB46.4 million (US$7.3 million) during the first half year of FY2022, compared to RMB11.6 million for the first half year of FY2021.

 

Total operating expenses for the first half year of FY2022 were RMB14.3 million (US$2.2 million), up 18% from RMB12.1 million for the same period a year ago. Selling and marketing expenses for the first half year of FY2022 were RMB3.5 million (US$0.6 million), compared to RMB2.3 million a year ago. General and administrative expenses increased 39% to RMB6.6 million (US$ 1.0 million), up from RMB4.8 million a year ago. Research and development expenses for the first half year of FY2022 were RMB4.1 million (US$0.6 million), down 18% from RMB5.0 million a year ago.

 

Total operating loss for the first half year of FY2022 was RMB1.3 million (US$0.2 million), compared to total operating loss of RMB7.8 million reported a year ago.

 

Three was no interest expense during the first half year of FY2022. The rental income of RMB5.5 million (US$0.9 million) represents that the Company received from renting a portion of its headquarters building in Beijing, PRC.

 

Net profit attributable to the Company for the first half year of FY2022 was RMB1.3 million (US$0.2 million), compared to the net loss of RMB4.0 million a year ago.

 

Income per ordinary share for the first half of FY2022 was RMB0.22 (or US$0.03), compared to the loss per share of RMB0.72 during the same period a year ago.

 

Balance Sheet

 

As of March 31, 2022, cash and cash equivalents were RMB6.5 million (US$1.0 million), a decrease of RMB8.9million from the cash and cash equivalents of RMB15.4 million as of September 30, 2021.

 

As of March 31, 2022, the current portion of long-term debt were RMB137.7 million (US$21.7 million). Advances from customers were RMB25.8 million (US$4.0 million), compared to RMB45.8 million as of September 30, 2021.

 

As of March 31, 2022, total current assets were RMB35.0 million (US$5.5 million) and non-current assets was RMB58.9 million (US$9.3

 

million).

 

As of March 31, 2022, total current liabilities were RMB261.8 million (US$41.2 million).

 

 

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (In thousands, except share data)

 

		Six Months Ended March 31,
		2021				2022				2022
		RMB'000				RMB'000				USD'000
		(unaudited)				(unaudited)				(unaudited)
Revenues			11,648				46,367				7,304
Cost of revenues			(7,327	)			(33,411	)			(5,263	)
Gross profit			4,321				12,956				2,041
			37	%			28	%			28	%
Operating expenses:
Selling and marketing			(2,324	)			(3,517	)			(554	)
General and administrative			(4,758	)			(6,630	)			(1,044	)
Research and development			(5,030	)			(4,117	)			(649	)
Other income			-				-				-
Total operating expenses			(12,112	)			(14,264	)			(2,247	)
Profit (loss) from operations			(7,791	)			(1,308	)			(206	)
Interest expense, net			18				(105	)			(17	)
Rental income			2,209				5,302				835
Other non-operating income (expense), net			979				189				30
Profit (loss) before income taxes from operations			(4,585	)			4,078				642
Income tax expenses			-				-				-
Current			-				-				-
Deferred			-				-				-
Income tax (expense) benefits			-				-				-
Net profit (loss)			(4,585	)			4,078				642
Less: Net profit (loss) attributable to NCI			(579	)			2,798				441
Net profit (loss) attributable to Origin Agritech Ltd.			(4,006	)			1,280				202
Other comprehensive income (loss):
Net loss			(4,585	)			4,078				642
Foreign currency translation difference			1,095				(2,197	)			(346	)
Comprehensive income (loss)			(3,490	)			1,881				296
Less: Comprehensive loss attributable to NCI			(579	)			2,798				441
Comprehensive loss attributable to Origin			(2,911	)			(917	)			(144	)
Basic and diluted net income (loss) per share
Continuing operations			(0.72	)			0.22
Discontinued operations
Basic and diluted net loss per share attributable to Origin Agritech Limited			(0.72	)			0.22
Shares used in computing earnings per share:
Basic			5,567,680				5,773,094
Diluted			5,567,680				5,773,094

 

 

UNAUDITED CONSOLIDATED BALANCE SHEETS

 

(In thousands, except share data)

 

		3/31/2021				9/30/2021				3/31/2022
		RMB'000				RMB'000				RMB'000				US$'000
		(unaudited)				(audited)				(unaudited)				(unaudited)
Assets
Current assets:
Cash and cash equivalents			27,196				15,351				6,506				1,025
Restricted cash			-				14				-				-
Accounts receivable			2,508				260				2,445				385
Due from related parties			69,849				29,179				14,114				2,223
Advances to suppliers			12,421				5,799				4,378				690
Inventories			13,002				4,178				2,392				377
Other current assets			593				3,362				5,119				806
Total current assets			125,569				58,143				34,954				5,506
Land use rights, net			9,526				1,854				1,713				270
Plant and equipment, net			112,808				48,684				47,404				7,467
Asset held for sale			5,652				-				-				-
Long-term investment			10,353				4,596				4,596				724
Acquired intangible assets, net			4,255				3,774				3,382				533
Lease Asset			2,078				1,904				1,784				281
Other assets			88				83				24				4
Total assets			270,329				119,038				93,857				14,785
Liabilities, minority interests and shareholders’equity
Current liabilities:
Short-term borrowings			-				-				-				-
Current portion of long-term borrowings			-				119,038				137,660				21,685
Accounts payable			9,367				9,170				8,688				1,369
Due to growers			6,673				6,673				6,673				1,015
Due to related parties			24,448				30,269				28,593				4,504
Advances from customers			74,990				45,754				25,828				4,069
Income tax payable			936				908				731				115
Lease Liability - current			559				559				559				88
Other payables and accrued expenses			62,027				55,374				53,067				8,358
Total current liabilities			179,000				286,367				261,799				41,239
Long-term borrowing			137,660				-				-				-
Lease Liability - noncurrent			2,611				2,552				2,492				393
Other long-term liability			22,843				15,717				15,717				2,476
Total liabilities			342,114				304,636				280,008				44,108
Equity:
Additional paid-in capital			531,842				539,315				539,315				84,956
Retained earnings (deficit)			(563,110	)			(650,633	)			(649,353	)			(102,289	)
Treasury stock at cost (1,277,622 and 1,277,622 shares as of December
31, 2014 and 2015, respectively)			(10,356	)			(6,133	)			(6,133	)			(966	)
Accumulated other comprehensive loss			(21,310	)			(23,221	)			(25,418	)			(4,004	)
Total shareholders' equity			(62,934	)			(140,672	)			(141,589	)			(22,303	)
Noncontrolling interest			(8,851	)			(44,926	)			(44,562	)			(7,020	)
Total equity			(71,785	)			(185,598	)			(186,151	)			(29,323	)
Total liabilities and shareholders’ equity			270,329				119,038				93,857				14,785

 

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