BEIJING, May 15, 2024 /PRNewswire/ -- Origin Agritech Ltd. (NASDAQ:SEED) (the "Company" or "Origin"), a leading Chinese agricultural technology company, today announced its unaudited financial results for the six months ended March 31, 2024. The Company also provided updates on its key product developments and strategic initiatives. Financial Results Overview: Revenue Growth: Origin Agritech reported net revenues of RMB 92 million (US$13 million) for the first half of FY2024, marking a substantial increase of 39.1% compared to RMB 66.1 million in the first half of FY2023. This growth reflects the strong demand for the Company's innovative crop solutions. Operating Expenses and Income: Total operating expenses decreased by 10% to RMB 13.4 million (US$1.9 million), down from RMB 15 million a year ago. This reduction is primarily attributed to efficiencies gained in general and administrative expenses, which decreased by 19% to RMB 6.7 million (US$1million). Consequently, total operating income for the first half of FY2024 was RMB 4.3 million (US$0.6 million), an improvement from an operating loss of RMB 0.2 million reported in the prior year. Net Profit: The Company achieved a net profit of RMB 1.4 million (US$0.2 million), compared to a net loss of RMB 1.1 million during the same period last year. Earnings per share were RMB 0.21 (US$0.03), compared to a loss per share of RMB 0.17 a year ago. Balance Sheet Highlights: Liquidity Position: As of March 31, 2024, cash and cash equivalents totaled RMB 10.4 million (US$1.5 million). Customer Advances and Liabilities: Advances from customers stood at RMB 84.7 million (US$11.9 million), while total current liabilities were RMB 293.7 million (US$41.4 million) Operational Highlights: GMO Developments: Origin Agritech received a GMO safety certificate for its transgenic maize, BBL2-2, ...