Origin Agritech (NASDAQ: SEED) H1 2026 revenue falls while net loss narrows

Rhea-AI Filing Summary

Origin Agritech reported weaker results for the first half of FY2026. Net revenue fell to RMB49.2 million (US$7.1 million) from RMB72.3 million a year earlier as the company shifted toward new corn seed products and reduced lower-margin seed tolling services.

Operating expenses dropped 44% to RMB18.4 million, mainly from sharply lower general and administrative costs, helping narrow the net loss attributable to the company to RMB14.4 million (US$2.1 million) from RMB25.6 million. Basic and diluted loss per share improved to RMB1.21 from RMB3.55 as the share count increased.

On the balance sheet, cash and equivalents were RMB13.4 million (US$1.9 million) as of March 31, 2026. Total liabilities of RMB168.1 million significantly exceeded total assets of RMB92.6 million, leaving a total equity deficit of RMB75.5 million. Inventories rose to RMB24.8 million as the product mix shifted toward finished goods.

The company recorded RMB3 million in accrued liabilities for an adverse court judgment in a seed variety rights case that is under second appeal. Separately, Origin entered Securities Purchase Agreements to sell 2,000,000 ordinary shares for US$2.8 million; US$2.1 million has been received, but the shares had not been issued as of May 21, 2026.

Positive

• None.

Negative

• As of March 31, 2026, total liabilities of RMB168.1 million exceeded total assets of RMB92.6 million, leaving a total equity deficit of RMB75.5 million and highlighting a highly leveraged financial position.

Insights

Equity analyst

Revenue declined and leverage remains high, despite narrower losses.

Origin Agritech is in the middle of a strategic shift toward new corn seed products. Net revenue dropped to RMB49.2 million from RMB72.3 million as tolling services were reduced. However, operating expenses fell 44%, mainly from lower general and administrative costs, which narrowed the net loss.

The business still carries a heavy balance-sheet burden. As of March 31, 2026, total liabilities of RMB168.1 million exceeded total assets of RMB92.6 million, resulting in a total equity deficit of RMB75.5 million. Inventories increased to RMB24.8 million as the company built finished goods to support its new product focus.

Liquidity remains tight with cash and equivalents of RMB13.4 million. A planned sale of 2,000,000 ordinary shares for US$2.8 million provided US$2.1 million of cash by May 2026, but the shares were not yet issued. The company has also accrued RMB3 million related to an adverse seed variety judgment, which is under appeal, adding legal overhang.

Key Figures

Net revenue H1 FY2026: RMB49.2 million (US$7.1 million) Net revenue H1 FY2025: RMB72.3 million Net loss attributable to company: RMB14.4 million (US$2.1 million) +5 more

8 metrics

Net revenue H1 FY2026 RMB49.2 million (US$7.1 million) Six months ended March 31, 2026

Net revenue H1 FY2025 RMB72.3 million Six months ended March 31, 2025

Net loss attributable to company RMB14.4 million (US$2.1 million) Six months ended March 31, 2026

Cash and cash equivalents RMB13.4 million (US$1.9 million) As of March 31, 2026

Total liabilities RMB168.1 million As of March 31, 2026

Total assets RMB92.6 million (US$13.4 million) As of March 31, 2026

Total equity deficit RMB75.5 million (US$10.9 million) As of March 31, 2026

Share subscription amount 2,000,000 shares for US$2.8 million Securities Purchase Agreements dated February 1, 2026

Key Terms

variable interest entity, Enterprise Income Tax, non-controlling interest, comprehensive loss, +2 more

6 terms

variable interest entity financial

"State Harvest’s variable interest entity, Hainan Aoyu, and its majority-owned subsidiaries"

A variable interest entity (VIE) is a company structure where one party controls another company’s operations and economic outcomes through contracts or special arrangements instead of owning a majority of its voting shares. For investors, VIEs matter because the controlling party’s financial results, debts and risks can appear in the controller’s reports even though ownership looks separate, so understanding VIEs helps assess true exposure, governance limits and transparency—like spotting a puppet controlled by strings rather than direct ownership.

Enterprise Income Tax regulatory

"The applicable tax rates of the PRC Enterprise Income Tax (“EIT”) was changed from 33% to 25%"

non-controlling interest financial

"Less: Net income (loss) attributable to non-controlling interests"

Non-controlling interest represents the portion of ownership in a company held by investors who do not have a controlling stake, meaning they do not have enough voting power to make major decisions. It is similar to owning a minority share of a business partner’s company—while they benefit from profits, they cannot control how the company is run. This matters to investors because it shows how much of the company's value is owned by outside shareholders and affects overall financial reporting.

comprehensive loss financial

"Comprehensive loss attributable to Origin"

Comprehensive loss measures the total decrease in a company’s value over a reporting period by combining its regular profit-or-loss with other gains or losses that don’t show up on the main income line—things like currency swings, changes in the value of certain investments, or pension adjustments. For investors it matters because it reveals hidden hits to a company’s equity that aren’t reflected in net income, offering a fuller picture of financial health, similar to checking both your bank balance and the value of investments when assessing your net worth.

treasury stock financial

"Treasury stock at cost (20,523 and 14,986 shares as of March 31, 2025 and 2026, respectively)"

Treasury stock is shares that a company has bought back from the public and kept in its own control rather than retiring them. Think of it like a company holding its own tickets in a drawer: those shares no longer vote or receive dividends while held, but the company can reissue or retire them later; this reduces the number of shares available to outside investors and can boost per‑share earnings and influence ownership and stock price.

Securities Purchase Agreements financial

"the Company entered into three Securities Purchase Agreements with two individual investors"

A securities purchase agreement is a legal contract that spells out the terms when a company sells stocks, bonds, or other investment instruments to buyers. It lays out price, how many securities change hands, any promises or protections for each side, and when the sale is completed—like a detailed sales contract for investments. Investors care because it determines ownership stakes, potential dilution, rights attached to the securities, and conditions that affect the company’s future value.

Form 6-K: How Foreign Companies Report to the SEC →

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 2026

COMMISSION FILE NUMBER 000-51576

ORIGIN AGRITECH LIMITED

(Translation of registrant's name into English)

Origin R&D Center

Xushuang Road, Songzhuang Town

Tongzhou District. Beijing China 101119

(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-

Unaudited Results of Operations

Furnished herewith on behalf of the Company are the following:

(a) Financial Results Overview

(b) Unaudited Financial Statements:

- Condensed Statements of Operations and Comprehensive Income (Loss) (Unaudited) for the Six Months Ended March 31, 2025 and 2026

- Condensed Consolidated Balance Sheets as of September 30, 2025 and March 31, 2026 (Unaudited)

- Condensed Consolidated Statements of Shareholders’ Deficit (Unaudited) for the Six Months Ended March 31, 2025 and 2026

- Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended March 31, 2025 and 2026

- Notes to Condensed Consolidated Financial Statements (Unaudited)

Origin Agritech Limited has issued its unaudited financial results for the six months ended March 31, 2026. 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/ Weibin Yan
	Name:	Mr. Weibin Yan
	Title:	Chief Executive Officer

Dated: May 21, 2026

Exhibit Index

The following exhibits are filed as part of this Form 6-K

Exhibit No.	Description of Exhibit
99.1	Unaudited Financial Results for the six months ended March 31, 2026

Exhibit 99.1

Origin Agritech Limited (“Origin” or the “Company”), an agriculture technology company in China, is filing its unaudited financial results for the first half of FY2026 ended March 31, 2026, prepared in accordance with United States Generally Accepted Accounting Principles (US GAAP).

FINANCIAL RESULTS OVERVIEW

The Company reported net revenue of RMB49.2 million (US$7.1 million) during the first half year of FY2026, compared to RMB72.3 million for the first half year of FY2025. The decrease was primarily due to the strategic transition in the Company's product portfolio as we’re focusing more on the sales of new corn seed products and reducing the external seed tolling service.

Total operating expenses for the first half year of FY2026 were RMB18.4 million (US$2.7 million), down 44% from RMB32.8 million for the same period a year ago. The decrease was mainly from the drop in general and administrative expenses. Selling and marketing expenses for the first half year of FY2026 were RMB5.1 million (US$0.7 million), compared to RMB2.6 million a year ago, an increase of 93%. The increase in selling and marking expense is attributed to the expansion of sales personnel and the intensified marketing and promotion efforts for new products. General and administrative expenses decreased 70% to RMB7.6 million (US$1.1 million), down from RMB25.0 million a year ago. Research and development expenses for the first half year of FY2026 were RMB5.7 million (US$0.8 million), up 11% from RMB5.2 million a year ago. Research and development expenses increased due to the development of new proprietary products.

Total operating loss for the first half year of FY2026 was RMB12.9 million (US$1.9 million), compared to total operating income of RMB24.7 million reported a year ago, an improvement of 47.8%. The decline in total operating loss was mainly due to the drop in total operating expenses.

The interest expense during the first half year of FY2026 was RMB1.6 million (US$0.2 million), compared to interest expense of RMB0.5 million reported a year ago. The increase is mainly attributable to a higher amount of borrowed funds.

Net loss attributable to the Company for the first half year of FY2026 was recorded at RMB14.4 million (US$2.1 million), compared to the net loss of RMB25.6 million a year ago. The decline in the net loss was due to the drop in general and administrative expenses.

Net loss per ordinary share for the first half of FY2026 was RMB1.21 (or US$0.17), compared to the net loss per share of RMB3.55 during the same period a year ago.

Balance Sheet

As of March 31, 2026, cash and cash equivalents were RMB13.4 million (US$1.9 million), a decrease of RMB2.5 million from the cash and cash equivalents of RMB15.9 million as of September 30, 2025.

As of March 31, 2026, total liabilities were RMB168.1 million, in which total current liabilities were RMB155.6 million (US$22.5 million) and long term liabilities were RMB12.5 million.

As of March 31, 2026, total assets were RMB92.6 million (US$13.4 million), in which total current assets were RMB60.8 million (US$8.8 million), and non-current assets were RMB31.7 million (US$4.6 million).

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

					Six Months Ended March 31,
					2025				2026				2026
					RMB'000				RMB'000				USD'000
		Notes			(Unaudited)				(Unaudited)				(Unaudited)
Revenues						72,341				49,235				7,116
Cost of revenues						(64,240	)			(43,728	)			(6,320	)
Gross profit						8,101				5,507				796
Operating expenses:
Selling and marketing						(2,640	)			(5,103	)			(737	)
General and administrative						(24,978	)			(7,553	)			(1,092	)
Research and development						(5,153	)			(5,726	)			(828	)
Total operating expenses, net						(32,771	)			(18,382	)			(2,657	)
Loss from operations						(24,670	)			(12,875	)			(1,861	)
Interest expense, net						(461	)			(1,614	)			(233	)
Other non-operating income, net						328				81				12
Income before income taxes from operations						(24,803	)			(14,408	)			(2,082	)
Income tax expense		1				(34	)			(30	)			(4	)
Net loss						(24,837	)			(14,438	)			(2,086	)
Less: Net income (loss) attributable to non-controlling interests						747				(59	)			(9	)
Net loss attributable to Origin Agritech Ltd.						(25,584	)			(14,379	)			(2,077	)
Other comprehensive loss:
Net loss						(24,837	)			(14,438	)			(2,086	)
Foreign currency translation difference						(295	)			60				9
Comprehensive loss						(25,132	)			(14,378	)			(2,077	)
Less: Comprehensive income (loss) attributable to non-controlling interests						747				(59	)			(9	)
Comprehensive loss attributable to Origin						(25,879	)			(14,319	)			(2,068	)
Basic and diluted net loss per share attributable to Origin Agritech Limited		2				(3.55	)			(1.21	)			(0.17	)
Shares used in calculating basic and diluted net loss per share						7,198,422				11,924,349				11,924,349

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

					3/31/2025				9/30/2025				3/31/2026
					RMB'000				RMB'000				RMB'000				US$'000
		Notes			(Unaudited)				(Audited)				(Unaudited)				(Unaudited)
Assets
Current assets:
Cash and cash equivalents						2,400				15,875				13,370				1,932
Restricted cash						-				27				2				-
Accounts receivable						5,790				3,451				4,739				685
Due from related parties		3				8,018				10,106				3,937				569
Advances to suppliers		4				35,015				21,511				11,367				1,643
Inventories		5				9,320				14,433				24,801				3,584
Other current assets		6				1,717				673				2,615				378
Total current assets						62,260				66,076				60,831				8,791
Plant and equipment, net		7				23,023				28,819				28,865				4,172
Acquired intangible assets, net						1,662				2,077				2,419				350
Lease Asset						128				3,675				457				66
Other assets						1,638				-				-				-
Total assets						88,711				100,647				92,572				13,379
Liabilities, minority interests and shareholders’equity
Current liabilities:
Borrowings		8				4,950				7,950				9,450				1,366
Accounts payable						9,795				12,056				14,072				2,034
Due to related parties		3				24,612				25,766				26,098				3,772
Contract liabilities						43,212				46,837				38,569				5,574
Income tax payable						764				435				435				63
Lease Liability - current						63				303				17				2
Other payables and accrued expenses		9				62,266				55,985				66,977				9,679
Total current liabilities						145,662				149,332				155,618				22,490
Lease Liability - noncurrent						65				2,341				-				-
Other long-term liability		10				5,632				10,490				12,468				1,802
Total liabilities						151,359				162,163				168,086				24,292
Shareholders’ deficit:
Additional paid-in capital						604,524				638,326				638,326				92,252
Retained deficit						(606,438	)			(634,182	)			(648,561	)			(93,731	)
Treasury stock at cost (20,523 and 14,986 shares as of March 31, 2025 and 2026, respectively)						(6,133	)			(4,461	)			(4,461	)			(645	)
Accumulated other comprehensive loss						(23,111	)			(23,019	)			(22,959	)			(3,318	)
Total shareholders’ deficit						(31,158	)			(23,336	)			(37,655	)			(5,442	)
Non-controlling interest						(31,490	)			(38,180	)			(37,859	)			(5,471	)
Total equity deficit						(62,648	)			(61,516	)			(75,514	)			(10,913	)
Total liabilities and deficit						88,711				100,647				92,572				13,379

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ DEFICIT (UNAUDITED)

		Equity attributable to Origin Agritech Limited
																		Accumulated
										Additional								Other								Non-
										Paid-in				Accumulated				Comprehensive				Treasury				controlling				Total
		Common stock								Capital				Deficit				Loss				Stock				Interests				Equity
		Shares*				Amount								Unrestricted
						RMB				RMB’000				RMB’000				RMB’000				RMB’000				RMB’000				RMB’000
Balance as of September 30, 2024			6,561,107				-				578,512				(580,854	)			(22,816	)			(6,133	)			(27,308	)			(58,599	)
Net loss for the year			-				-								(25,584	)			-				-				747				(24,837	)
Share-based compensation expense			-				-				7,415				-				-				-								7,415
Business disposal			-				-								-				-				-				(4,629	)			(4,629	)
Dividend			-				-								-				-				-				(300	)			(300	)
Issuance of common shares			1,055,000				-				18,597				-				-				-				-				18,597
Translation adjustments			-				-								-				(295	)			-				-				(295	)
Balance as of March 31, 2025			7,616,107								604,524				(606,438	)			(23,111	)			(6,133	)			(31,490	)			(62,648	)
Balance as of September 30, 2025			11,924,349				-				638,326				(634,182	)			(23,019	)			(4,461	))			(38,180	))			(61,516	)
Net loss for the year			-				-								(14,379	)			-				-				(59	)			(14,438	)
Capital contribution			-				-				-				-								-				380				380
Translation adjustments			-				-								-				60				-				-				60
Balance as of March 31, 2026			11,924,349								638,326				(648,561	)			(22,959	)			(4,461	)			(37,859	)			(75,514	)
In US$ @			6.9194								92,252				(93,731	)			(3,318	)			(645	)			(5,471	)			(10,913	)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

		Six Months Ended March 31,
		2025				2026
		RMB'000				RMB'000
		(Unaudited)				(Unaudited)
Operating activities			(11,773	)			(1,816	)
Investing activities:
Purchase of plant and equipment			(4,142	)			(1,259	)
Net cash used in investing activities			(4,142	)			(1,259	)
Financing activities:
Proceeds from issuance of common stock			10,550				-
Proceeds from due to related parties			-				262
Repayment of due to related parties			(15	)			(132	)
Dividends paid to minority shareholders			(300	)			-
Capital contribution			-				380
Net cash provided by financing activities			10,235				510
Net decrease in cash and cash equivalents			(5,680	)			(2,565	)
Cash and cash equivalents, beginning of year			8,375				15,875
Effect of exchange rate changes on cash and cash equivalents			(295	)			60
Restricted cash			-				(25	)
Cash and cash equivalents, end of the year			2,400				13,370

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. INCOME TAXES

Origin Agritech and its subsidiaries, State Harvest and Origin BioScience are incorporated in the British Virgin Islands and are exempted from income tax under the laws of the British Virgin Islands. State Harvest’s subsidiaries and State Harvest’s variable interest entity, Hainan Aoyu, and its majority-owned subsidiaries (together, the “PRC entities”) were incorporated in the PRC and are governed by the PRC laws.

The applicable tax rates of the PRC Enterprise Income Tax (“EIT”) was changed from 33% to 25% on January 1, 2008, according to the Corporate Income Tax Law. The preferential tax rate previously enjoyed by the PRC entities was gradually transitioned to the new standard rate of 25% over a five-year transitional period. In addition, article 28 of the new tax law states that the income tax rate of a “high technology” company (high-tech status) will remain at 15%. Currently, the applicable tax rate applying on Origin Group Companies in PRC is mainly at 25%, whilst our Xingjiang operational company enjoys 15% preferential tax rate.

The Company’s liability for income taxes includes the liability for unrecognized tax benefits, interest, and penalties related to tax years, which are still subject to review by taxing authorities. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any such adjustment could be material to the Company’s results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. Until March 31, 2026, the management considered that the Company had no uncertain tax positions affecting its consolidated financial position. The Company’s uncertain tax positions are related to tax years that remain subject to examination by the relevant tax authorities and the major one is the China tax authority. The open tax years for examinations in China are 5 years.

The current and deferred components of income tax expense are as follows:

		Six months ended March 31,
		2025				2026
		RMB'000				RMB'000
		(Unaudited)				(Unaudited)
Current income tax expense			34				30
Deferred income tax benefit			-				-
Total			34				30

2. INCOME/(LOSS) PER SHARE

The following table sets forth the computation of basic and diluted loss per share for the years indicated:

		Six months ended
		March 31,
		2025				2026
		RMB'000				RMB'000
		(Unaudited)				(Unaudited)
Numerator:
Net loss attributable to Origin Agritech Limited			(25,584	)			(14,379	)
Denominator:
Average number of ordinary shares outstanding - basic and Diluted			7,198,422				11,924,349
Basic and Diluted Per Share Data:
Basic and diluted loss per share attributable to Origin Agritech Limited:			(3.55	)			(1.21	)

For the six months ended March 31, 2025 and 2026, the effect of the outstanding options was anti-dilutive.

3. RELATED PARTY BALANCES AND TRANSACTIONS (In RMB’000)

(1) Related party relationships

Name of related parties		Relationship
Beijing Shihui(i)		Being owned by close family members of the Company’s Chairman
Linze Origin Seeds Ltd.(i)		Being owned by close family members of the Company’s Chairman
Henan Yingde Agricultural Ltd.		Being owned by close family members of the Company’s Chairman
Beijing Liantaide Biotechnology Co., Ltd.		Being owned by close family members of the Company’s Chairman
Shareholders		Non-controlling shareholders of Hubei Aoyu, Anhui Aoyu,Anhui Agriculture, Xuzhou, Agriculture, Shandong Aoruixinong, Henan Aoyu, Hubei Agriculture

(1) Due from related parties, net of allowance for credit loss

		September 30,				March 31,
		2025				2026
		RMB'000				RMB'000
		(Audited)				(Unaudited)
Linze Origin Seeds Ltd			45				45
Beijing Shihui			17,140				17,140
Shareholders (i)			2,535				3,017
Companies controlled by the Company’s directors			7,570				920
The Close family of the Company’s Chairman			6				5
Total			27,296				21,127
Allowance for credit loss			17,190				17,190
Due from related parties, net			10,106				3,937

Note (i): As of March 31, 2026, due from shareholders was RMB3.0 million, which related to the sales of seeds amounting to RMB1.3 million and advances for business use purpose amounting to RMB1.7 million.

(2) Due to related parties

		September 30,				March 31,
		2025				2026
		RMB'000				RMB’000
		(Audited)				(Unaudited)
Shareholders (i) (ii)			12,058				13,917
The Company’s Chairman			6,914				6,737
YingDe (i)			5,870				4,520
Beijing Liantaide			647				647
Chief Executive Officer			200				200
The close family of the Company’s Chairman			77				77
			25,766				26,098

Note (i): In the ordinary course of business, the Company purchases raw materials from and sells products to related parties, and related parties also provide cash payments to fund the Company’s operations.

Note (ii): As of March 31, 2026, the balances due to shareholders were RMB13.9 million, of which in relation to the borrowings in nature amounted to RMB6.2 million, which were unsecured, interest-bearing, and repayable on demand; accrued interests costs amounted to RMB1.1 million, and advances in relation to the Sales of seeds amounted to RMB6.6 million.

(3) Transactions with related parties

(a) Sales to

		Six months ended
		March 31,
		2025				2026
		RMB’000				RMB’000
		(Unaudited)				(Unaudited)
Shareholders (Note i)			—				1,632
			—				1,632

Note(i): Sales related to shareholders were RMB-nil- million and RMB1.63 for six months ended March 31, 2025 and 2026, respectively, the selling prices of transaction are referenced to market prices.

(b) Purchase from

		Six months ended
		March 31,
		2025				2026
		RMB’000				RMB’000
		(Unaudited)				(Unaudited)
Liantaide			2,656				—
			2,656				—

(c) Borrowing

		Six months ended
		March 31,
		2025				2026
		RMB’000				RMB’000
		(Unaudited)				(Unaudited)
Shareholders (Note i)			—				262
			—				262

Note (i) : The borrowing interest rates are between 4.5% and 6% and repayable on demand.

(d) Interest accrual

		Six months ended
		March 31,
		2025				2026
		RMB’000				RMB’000
		(Unaudited)				(Unaudited)
Shareholders			74				132
			74				132

4. ADVANCES TO SUPPLIERS

		September 30,				March 31,
		2025				2026
		RMB’000				RMB’000
		(Audited)				(Unaudited)
Prepayments for purchasing seed			19,003				6,111
Prepayments for purchasing packaging			654				148
Deposits for research and development fee			1,127				3,612
Prepayments for professional fee			347				-
Prepayments for advertising fee			-				174
Others			380				1,322
			21,511				11,367

5. INVENTORIES

Total inventories were RMB 24.8 million as of March 31, 2026, up 72% from RMB14.4 million for the period ended September 30, 2025. As of September 30, 2025, inventories were comprised of raw materials of RMB 0.7 million, finished goods of RMB 0.6 million, work in progress of RMB 17.2 million and a provision of RMB 4.1 million. As of March 31, 2026, inventories were comprised of raw materials of RMB 0.3 million, finished goods of RMB 14.2 million, work in progress of RMB 14.4 million and a provision of RMB 4.1 million.

		September 30,				March 31,
		2025				2026
		RMB’000				RMB’000
		(Audited)				(Unaudited)
Raw materials			725				296
Finished goods			608				14,218
Work in progress			17,200				14,387
Provision			(4,100	)			(4,100	)
			14,433				24,801

6. OTHER CURRENT ASSETS

		September 30,				March 31,
		2025				2026
		RMB’000				RMB’000
		(Audited)				(Unaudited)
Advances to staff for business use			405				426
Deposits for rental			13				-
Value-added tax credit refund			-				557
Receivables from third parties			18				1,500
Others			237				132
			673				2,615

7. PLANT AND EQUIPMENT, NET

During the six months ended March 31, 2025 and 2026, the Group acquired assets at a cost of RMB 4,757 and RMB 1,259, respectively. No assets were disposed of by the Group during the six months ended March 31, 2025 and 2026.

No impairment loss was recognized for the six months ended March 31, 2025 and 2026.

9. BORROWINGS

Borrowings consisted of the following:

		September 30,				March 31,
		2025				2026
		RMB’000				RMB’000
		(Audited)				(Unaudited)
Borrowing from Agricultural Bank of China under Xinjiang Origin, due on September 22, 2026 with annual interest rate of 3.0%, secured by Xinjiang Origin’s properties and land use right			4,950				4,950
Borrowing from Industrial and Commercial Bank of China under Xinjiang Origin, due on July 25, 2026 with annual interest rate of 3.3%, secured by Xinjiang Origin’s properties and land use right			3,000				3,000
Borrowing from Beijing Rural Commercial Bank under Beijing Agritech, due on December 29, 2026 with annual interest rate of 2.8%, belongs to a credit loan							1,500
Short-term borrowings			7,950				9,450

10. OTHER PAYABLES AND ACCRUED EXPENSES

Other payables and accrued expenses consist of:

		September 30,				March 31,
		2025				2026
		RMB’000				RMB’000
		(Audited)				(Unaudited)
Payables for the purchase of plant and equipment			823				1,309
Professional fees payable			5,102				800
Salaries and bonuses payable			8,863				8,427
Accrued interest expenses			852				269
Deferred government subsidies			363				363
Payables for penalty			5,282				3,000
Payables for third party (i)			18,833				17,484
Borrowings from a third party (i)			15,537				19,651
Stock issuance and options			—				14,584
Others			330				1,090
			55,985				66,977

Note (i) : Payables and borrowings from third parties were RMB37.1 million and RMB34.4 million as of March 31, 2026 and September 30, 2025, respectively.

11. OTHER LONG-TERM LIABILITY

For the six months ended March 31, 2026 and September 30, 2025, the Company received subsidies of RMB2.16 million and-nil- million from the local PRC government on equipment projects. The non-current portion of such government subsidies were recorded as a long-term liability, which would be amortized over the estimated useful lives in relation to the plant & equipment and land use right.

12. COMMITMENTS AND CONTINGENCIES

Legal proceeding

Hebei Zhaoyu Breeding Industry Group Co., Ltd. believed that the corn seed Liyu 16 sold by Hubei Aoyu infringed its plant new variety rights of corn seed Liyu 88. In April 2024, the Intermediate People’s Court of Lanzhou City, Gansu Province, judged that Hubei Aoyu had infringed the product, and the Hubei Aoyu was required to pay RMB 3 million of economic losses. Hubei Aoyu has applied for a second trial to the Intellectual Property Court of the Supreme People’s Court in August 2024, and the second trial has not yet been held, and the Company has accrued liabilities of RMB 3 million.

Other obligations

On February 1, 2026, the Company entered into three Securities Purchase Agreements with two individual investors and one investment company to sell 2,000,000 ordinary shares for a total gross subscription amount of US$2.8 million，to be paid in two installments. The first installment of US$2.1 million was paid in February 2026, and the second installment is due in August 2026. As of May 21, 2026, the 2,000,000 ordinary shares have not yet been issued.

FAQ

How did Origin Agritech (SEED) perform in the first half of FY2026?

Origin Agritech reported weaker performance, with net revenue of RMB49.2 million, down from RMB72.3 million a year earlier. Despite this, operating expenses fell 44%, and the net loss attributable to the company narrowed to RMB14.4 million from RMB25.6 million.

What was Origin Agritech’s net loss and earnings per share for H1 FY2026?

Origin Agritech recorded a net loss of RMB14.4 million (US$2.1 million) for the first half of FY2026. Basic and diluted net loss per share improved to RMB1.21, compared with RMB3.55 a year earlier, reflecting both reduced losses and a higher average share count.

What is the financial position of Origin Agritech (SEED) as of March 31, 2026?

As of March 31, 2026, Origin Agritech had cash and equivalents of RMB13.4 million and total assets of RMB92.6 million. Total liabilities were RMB168.1 million, resulting in a total equity deficit of RMB75.5 million, indicating a leveraged balance sheet with negative equity.

How did Origin Agritech’s operating expenses change in H1 FY2026?

Total operating expenses fell sharply to RMB18.4 million in the first half of FY2026, down 44% from RMB32.8 million a year earlier. The main driver was a 70% reduction in general and administrative expenses, partially offset by higher selling and marketing spending on new product promotion.

What legal liabilities is Origin Agritech currently facing?

Origin Agritech has an ongoing legal matter where a court found a subsidiary infringed corn seed variety rights. The company has accrued RMB3 million in economic loss liabilities related to this judgment and has applied for a second trial at China’s Supreme People’s Court Intellectual Property Court.

What share subscription agreements did Origin Agritech sign in early 2026?

On February 1, 2026, Origin Agritech entered three Securities Purchase Agreements to sell 2,000,000 ordinary shares for a total of US$2.8 million. The first installment of US$2.1 million was received in February 2026, with the second installment due in August 2026.

How did inventories and working capital items change for Origin Agritech?

Inventories increased to RMB24.8 million as of March 31, 2026, up from RMB14.4 million at September 30, 2025, driven by higher finished goods. Advances to suppliers declined from RMB21.5 million to RMB11.4 million, while accounts receivable rose modestly to RMB4.7 million.

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