Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]
September 03 2024 - 7:36AM
Edgar (US Regulatory)
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 SEPTEMBER 2024
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- ¨
September 2024 Investor Deck
Origin Agritech Limited is filing herewith an investor
deck dated September 2024. 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: |
Weibin Yan |
|
Title: |
Chief Executive Officer
|
Dated: September 3, 2024
Exhibit Index
The following exhibits are filed as part of this Form 6-K
Exhibit 99.1
| ORIGIN AGRITECH LTD.
September 2024 | NASDAQ: SEED |
| Forward Looking Statements & Disclaimers |
| ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
3
Origin Agritech at a Glance
Origin Agritech is a leading agtech company in China, specializing in the development and commercialization of
genetically modified crops, advanced crop seeds, and agricultural solutions to enhance crop yield and resilience.
Currently, we are specifically focused on enhancing corn crop yields through production of nutritionally enhanced corn (NEC) to achieve
our mission of solving China’s food security needs through industry leading technological innovations & socially responsible practices.
Ticker Symbol NASDAQ: SEED
Total Market Cap $17.8M USD
Share Price (Aug 1, 2024) $2.78
52-Week Range $1.37-6.38
Shares Outstanding 6.3M
HOW IT STARTED
oFounded in 1997
oHeritage in hybrid corn
breeding
oR&D developing GMO seed
traits & transgenic technology
oCollaborated with Chinese
agricultural institutes to
leverage their resources
WHERE WE ARE
oLarge-scale commercial
production of GMO seeds &
NEC corn in 2024
o3rd generation BT & GT GMO
corn BBL2-2 has been granted
Bio-Safety certificate in May
2024
oDrought resistance GMO corn
in final stage of safety
certificate approval
WHERE WE’RE GOING
oGene editing to increase the
speed of innovation
oUsing leading tech to create
corn varieties to meet
customers' needs
oFuture expansion from just
seeds to a vertically integrated
agritech company |
|
NASDAQ: SEED 4
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
Problem – Food Security & Climate Change
Tough Mismatch Import Dependent Climate Change Inflation |
|
NASDAQ: SEED 5
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
Rapid Transition Expected with Gov’t GMO Corn Approval
Despite having far fewer GMO corn acres than the US,
China’s growth rate is increasing, while the US is in decline
-
20
40
60
80
100
2022 2023 2024
百万
GMO Corn Acres Planted USA vs. China
USA China
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
0
20
40
60
80
100
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
百万
Adoption of Genetically Engineered Corn Cops in the United States
(1996-2024)1,2
Acres Harvested % of Planted Acres (HT Corn) % of Planted Acres (Bt Corn)
Genetically engineered (GE) seed varieties were
commercially introduced in the US in 1996. Adoption
rates for these crops increased rapidly in the years
that followed. China is set to see the same rapid
growth that was experienced in the US with GMO
varieties now being approved by the government.
1USDA2USDA |
|
NASDAQ: SEED 6
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
Origin is Set to Reap the Benefits
If China’s GMO corn trend is anything like the USA’s, we are well positioned for success
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
-
10
20
30
40
50
60
70
80
90
2025E 2026E 2027E 2028E 2029E
百万
China’s Expected GMO Corn Acres / % of All Corn Planted
(2025-2029)
China GMO Corn Acres % of all corn planted |
|
NASDAQ: SEED 7
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
China’s GMO Corn
Growing Landscape
Government GMO Corn Approval in February 2023
660k
ACRES (4 million MU)
• To be planted this year
• 1% of the total corn harvest area
• Likely 90% GMO within 5 years
• Foreign companies not
allowed to produce GMO corn
in China
• Origin’s GMO corn hybrids are in the national demo
plot in 2024 and are ready for commercial
production |
|
NASDAQ: SEED 8
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
Our Solution: Three Technology Pillars
GERMPLASM
GENE EDITING
GMO TRAITS
• Origin’s huge library of
thriving hybrid corn
varieties are the solid
foundation for innovation
• Huge competitive
advantage vs. competition
• Origin is a leading player
in using gene editing to
create innovative new
corn varieties
• Breakthrough technology
significantly increases
breeding efficiency
• Origin has all of the
major GMO traits
integrated into its hybrid
corn and is awaiting
approval |
|
NASDAQ: SEED 9
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
Origin’s Germplasm Superiority
Our 27 years of R&D on hybrid corn provide a huge competitive advantage
GMO & GERMPLASM GO HAND-IN-HAND
• GMO traits only modify a few genetic traits; the
underlying seed variety needs to be of high quality to
ensure a superior product
IMPROVING REGULATORY ENVIRONMENT
• Chinese regulators are strengthening IP protection to
incentivize innovation in the agricultural industry,
making Origin’s germplasm more commercially
valuable
VALIDATED TECHNOLOGY
• 112 hybrids approved as new varieties in the last 27 years
• 4,000 new hybrids being tested across major corn
production regions in China each year
• Origin’s hybrids cover all major production regions in
China
INCREASING NEED FOR ELITE HYBRIDS
• Climate change has made and will continue to make
the growing environment more challenging,
exacerbating the need for elite corn hybrids
|
| NASDAQ: SEED
10
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
Germplasm Gene Mapping
• 1037 elite Inbred Lines
(100 DH derived lines)
• ~80 new elite DH lines used in making
R1 cross/year
• 700 exotic germplasm sources.
Includes: patent expired germplasm
from, Euro and Chinese public
germplasm.
• Pipeline materials: 50,000. Includes:
BCx, Fx, DHs, pop, in evaluation stage.
HIGHLIGHTS |
|
NASDAQ: SEED 11
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
Origin is Creating More Resilient Crops
The field performance of our BBL2-2 transgenic maize has been outstanding
Non-genetically modified corn (Aoyu 510) BBL2-2 transgenic maize Aoyu 510 |
|
NASDAQ: SEED 12
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
Our GMO Trait Portfolio
Drought Resistance
Origin’s drought resistant gene is the only one
in China. Filed for biosafety certificate in May
2023. We expect approval in 2025.
Herbicide and Insect Resistance
The first and only triple stack GMO corn hybrid
entering the national demo plot and ready for
commercial production in 2023. Several elite
commercial hybrids in the new variety approval
process.
Next generation triple stack trait includes two bt
genes that not only resist lepidoptera but also
resistant to coleoptera dichotoma, a major pest in
Southern China. Approved for Bio-Safety
certificate in May 2024.
Phytase Corn
Origin's Phytase corn GMO is the first GMO corn
trait to receive biosafety certificate in 2009.
Phytase is an enzyme that is added to corn
feedstock so that livestock can absorb
essential nutrients. The use of phytase corn
should also reduce phosphate pollution
caused by animal waste and excessive
fertilizer use. |
|
NASDAQ: SEED 13
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
This is the effect of
nitrogen-efficiency
inbred B73 vs. control
samples |
|
NASDAQ: SEED 14
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
Major Milestone:
Origin Receives GMO Safety Certificate for Triple Stack Maize
Certification of transgenic maize, BBL2-2,
containing two insect-resistant genes
(Cry1Ab, Cry3Bb) and one herbicide-tolerance gene (Cp4-epsps):
• Enhances agricultural productivity &
sustainability
• Provides effective pest management &
reduces environmental impact
• Advancement in gene editing with high-yield corn inbred line
• Yield increase of over 50% in trials, pending
biosafety assessment
“
China Approves Gene-Edited Grain
Crops in Food Security Push
-May 2024
“
China approves first gene-edited
wheat in step to open up GM tech
to food crops
-May 2024 |
|
NASDAQ: SEED 15
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
Creating Compact Corn Using Gene Editing Technology
Using one-step phylogenetic techniques, knocking out the lac1 gene can achieve intelligent plant type in maize plants, with a
reduced angle between the upper leaves of the ear and no significant changes in the middle and lower parts of the ear.
POLLINATION GENE EDITING |
|
NASDAQ: SEED 16
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
Using Gene Editing Tech to Create Corn w/ an Extended Growth Period
Our gene editing technology is creating new corn materials with a delayed growth period to provide new ideas for
improving silage corn.
POLLINATION GENE EDITING
INDUCTION LINE EXTENDED
REPRODUCTIVE PERIOD |
|
NASDAQ: SEED 17
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
Using Gene Editing Tech to Obtain New Dwarf Corn Varietals
The use of gene editing technology to create dwarf corn has shown significant effects, providing germplasm materials for
the cultivation of high-density corn varieties
POLLINATION GENE EDITING
INDUCTION LINE EXTENDED
REPRODUCTIVE PERIOD |
|
NASDAQ: SEED 18
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
Current GMO Corn Application Timeline
GMO Corn Variety 2024 2025 2026
AOYU 64BF
AOYU 63BF
AOYU 728
LIYU 16
AOYU 966
AOYU 288
AOYU 510
Time of Application Expected Approval
There are plenty more varieties in the pipeline |
|
NASDAQ: SEED 19
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
Origin’s Groundbreaking Gene-Editing Plant Breeding
2024
2022
2021
2016
2023 |
|
NASDAQ: SEED 20
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
NEC Supply Chain: Disrupting a $75B Industry
Origin is the first example of a vertically integrated business model in the space…
Eliminates the need for
expensive additives in hog feed
Doubles feedstock
company margins
No competition
for the product
Large market size
in China
2x
$75B
Expanding to NEC Corn Production
Dramatically Increases Market Size
*Market size in billions of dollars
$3.5
$4.6
$83.5
$417
HYBRID CORN SEED
GMO CORN SEED
CORN PRODUCTION
FEED/FOOD INDUSTRY |
|
NASDAQ: SEED 21
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
Our Business Model
Post
Harvest/Storage
New Hybrid
Development
Trade &
Transport
Field Grain
Production
Feed/Food
Processing
Industry
o With innovation, we control more
of the supply chain
o We grow NEC corn, rather than
simply sell seed
o This increases both our revenue
and profit potential
The Origin Agritech Advantage |
|
NASDAQ: SEED 22
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
Established Production Facilities & Distribution Channels
Growing ~5,000 Acres of NEC in Xinjiang
• Grown by Origin’s joint venture, Baodao Origin
Agritech and Livestock Co. Ltd.
Constructing 100,000 Ton Corn Drying Base
• Also in Xinjiang, with the $11.1 million investment
being funded by our JV partner and local banks
Expands Origin’s Market Opportunity >20x
• 112 hybrids approved as new varieties in last 26 years
• 4,000 new hybrids being tested across major corn
production regions in China each year
• Origin’s hybrids cover all major production regions in
China
In Negotiations for Similar Deals Nearby
• Our goal is to expand NEC production into all major
corn growing regions across China’s various provinces
|
|
NASDAQ: SEED 23
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
Projected Revenue Growth for Key Revenue Drivers
¥53
¥93 ¥105
¥180
¥295
¥470
¥670
¥959
$-
$15
$30
$45
$60
$75
$90
$105
$120
$135
¥-
¥100
¥200
¥300
¥400
¥500
¥600
¥700
¥800
¥900
¥1,000
2022 2023 2024E 2025E 2026E 2027E 2028E 2029E
USD Equivalent (Millions)
RMB (Millions)
Total Revenue Revenue from GMO Revenue From NEC Revenue from hybrid seeds and other
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 |
|
NASDAQ: SEED 24
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
Recent Financial Performance
66.1
92
14.8
17.7
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
0
10
20
30
40
50
60
70
80
90
100
2023 2024
1H 2023-24 (RMB Millions)
Revenue Gross Profit Operating Margin Net Margin |
|
NASDAQ: SEED 25
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
Comparable Chinese Firms w/ GMO Certificates
¥0 ¥2,000 ¥4,000 ¥6,000 ¥8,000 ¥10,000 ¥12,000 ¥14,000 ¥16,000 ¥18,000 ¥20,000
Origin
Beijing Guofeng Shengke Biotechnology Co., Ltd
Beijing Biotechnology Co., Ltd
Hangzhou Ruifeng Biotechnology Co., Ltd
Longping Biotechnology (Hainan) Co., Ltd
Beijing Dabeinong Biotechnology Co., Ltd
Current Valuation (RMB million yuan)
GMO Safety Certificate Approval: 2019
GMO Safety Certificate Approval: 2023
GMO Safety Certificate Approval: 2021
GMO Safety Certificate Approval: 2022
GMO Safety Certificate Approval: 2022
GMO Safety Certificate Approval: 2024 |
|
NASDAQ: SEED 26
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
Management & Key Personnel
Weibin Yan
CEO & Director
Mr. Weibin Yan, CEO of Origin, brings extensive leadership experience in the agricultural
and industrial sectors. He is the President of Hunan Xindaxin Group Ltd. He served as
CEO and Vice Chairman of LPHT from 2004 to 2016 (000998.SZ) and was the principal
founder and former Chairman of Ausnutria from 2003 to 2023 (1717.HK). He holds an
MBA and a bachelor’s degree in Industrial and Foreign Trade from Hunan University. Mr.
Yan has previously served as an independent director of Origin Agritech from 2017 to
2018.
Patrick Cheng
CFO & Director
Mr. Cheng brings over three decades of expertise in corporate management, investment,
and financial control. His career includes leadership roles in various industries such as
natural resources, property investment, and banking. He has served as an Independent
Non-Executive Director at Asiasec Properties Limited, Non-Executive Director and
former Chairman at Affluent Partners Holdings Limited, Chairman of DeTai Energy Group
Limited, and CEO & Executive Director at China Uptown Group Company Limited.
Li Yang
COO & Director
Li Yang has held key directorships in several prominent Hong Kong-listed companies,
including Executive Director and Former Chairman of Virtual Mind Holding, Executive
Director of Asia Television Holdings, and Vice Chairman of both Leyou Technologies
Holdings and China Best Group Holdings. His expertise spans natural resources,
agriculture, and technology. Li's strong background in corporate governance, strategic
planning, M&A, and operational management will be vital as Origin Agritech enhances its
market presence and expands its innovative agricultural technologies.
Dezhi Deng
Head of Research
Deng joined Origin in September 2008 and has since led the R&D team to establish key
platforms for maize biotechnology, including genetic transformation, maize vitro embryo
doubling, and gene editing. His leadership contributed to the development of insect-resistant and herbicide-tolerant genetically modified maize BBL2-2, which received a
safety certificate in 2024. Deng's team also published groundbreaking work on maize
gene editing in Nature Impurities. Over the past decade, he has led or participated in
nearly ten major national and provincial-level projects and secured over 10 Chinese and
PCT patents.
Dr. Gengchen Han
Chairman of the Board and Founder
Dr. Gengchen Han, Chairman, has over 40 years of experience in seed research and
business, especially corn. Dr. Han earned his Ph.D. in Plant Breeding and Cytogenetics
from Iowa State University, worked at CIMMYT in Mexico, and Asia/pacific Region in
Pioneer Hi-bred International from 1990 to 1996. |
|
NASDAQ: SEED 27
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
Key Strategic Alliances
*More partnerships in the works!
Henan Agricultura l
University
N atio nal Maize
Impro vement Center
China A gr icultur al
University
China Academy o f
Agricultural S ciences |
|
NASDAQ: SEED 28
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
Why Invest in Origin Agritech?
Nascent multi-billion dollar
market for GMO corn
Leader in gene editing
Speeding up the pace
of innovation and
staying ahead of
competitors
Seeds -> Vertically
Integrated Corn
Company
NEC corn to drive growth
Harvesting 5,000
acres in Xinjiang
GMO revenues to kick in
Big growth driver
Low-cost structure
Should drive
significant margin
expansion &
profitability
US traded on NASDAQ
Ticker: SEED
Our company is built on solid fundamentals with a clear path to organic growth |
|
NASDAQ: SEED 29
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
Origin’s elite hybrid corn
(germplasm)
Use gene editing to turn
on & off genes to create
what the customer wants
(i.e. high protein)
Integrate GMO traits into
new varieties (herbicide
& insect resistant) to make
corn even better, with a
higher yield
We contract & grow the new NEC
variety for the customer, including
processing, drying & fulfilment
(feedstock co. or hog farmer)
Why Invest in Origin Agritech?
We give our customers what they want |
|
NASDAQ: SEED 30
ABOUT US PROBLEM SOLUTION THE MARKET STRATEGY FINANCIALS OUR TEAM SUMMARY CONTACT
For Mandarin Speakers:
Kate Lang
+86 186.1839.3368
bing.lang@originseed.com.cn
Matt Abenante, Strategic Investor Relations, LLC
347.947.2093
matthew@strategic-ir.com
You’ve heard from us.
we want to hear from you.
|
Origin Agritech (NASDAQ:SEED)
Historical Stock Chart
From Oct 2024 to Nov 2024
Origin Agritech (NASDAQ:SEED)
Historical Stock Chart
From Nov 2023 to Nov 2024