Form 6-K Origin Agritech LTD For: May 18

May 18, 2022 11:48 AM EDT

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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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