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Origin Agritech Announces Long-Term Revenue Projections Across Key Product Lines Through 2029
BEIJING, July 23, 2024 /PRNewswire/ -- Origin Agritech Ltd. (NASDAQ: SEED) (the "Company" or "Origin"), a leading Chinese agricultural technology company, is
About this update from Origin Agritech Limited
[{"type":"text","content":"BEIJING, July 23, 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.\nRevenue Projections\nRevenue from hybrid seeds and other\nRevenue from NEC\nRevenue from GMO\nTotal Revenue(￥'000)\nTotal Revenue(US$'000)\n2022\n ￥52,580 \n-\n-\n ￥52,580 \n$7,240\n2023\n ￥93,307 \n-\n-\n ￥93,307 \n$12,848\n2024 (Expected)\n ￥95,000 \n ￥10,000 \n-\n ￥105,000 \n$14,458\n2025 (Expected)\n ￥99,750 \n ￥50,000 \n ￥30,000 \n ￥179,750 \n$24,751\n2026 (Expected)\n ￥104,738 \n ￥100,000 \n ￥90,000 \n ￥294,738 \n$40,585\n2027 (Expected)\n ￥109,974 \n ￥150,000 \n ￥210,000 \n ￥469,974 \n$64,715\n2028 (Expected)\n ￥115,473 \n ￥225,000 \n ￥330,000 \n ￥670,473 \n$92,324\n2029 (Expected)\n ￥121,247 \n ￥337,500 \n ￥500,000 \n ￥958,747 \n$132,019\nAssumptions: \nIn 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 2025GMO IP granting business begins to contribute revenue in 2027\nDr. 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.\"\nAbout Origin Agritech Limited\nOrigin 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 i...