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Origin Agritech (NASDAQ: SEED) reported strong financial results for the first half of FY2024, ending March 31, 2024. The company saw a 39.1% increase in net revenues, reaching RMB 92 million (US$13 million), and decreased operating expenses by 10% to RMB 13.4 million (US$1.9 million). This led to a net profit of RMB 1.4 million (US$0.2 million), compared to a net loss of RMB 1.1 million in the same period last year. Earnings per share were RMB 0.21 (US$0.03).
Operationally, Origin Agritech received a GMO safety certificate for its transgenic maize, BBL2-2. Additionally, two new hybrids are expected to receive regulatory approval by summer 2024, with commercial availability in 2025. The company also announced a breakthrough in high-yield corn, showing a 50% yield increase. Origin Agritech remains focused on securing regulatory approvals and preparing for the commercial launch of new products.
Origin Agritech (NASDAQ: SEED) has received a GMO safety certificate for its transgenic maize, BBL2-2, containing two insect-resistant genes and one herbicide-tolerance gene. The certification marks a significant milestone for the company and the agricultural sector, allowing for the commercial rollout of BBL2-2. This new product is expected to enhance agricultural productivity, sustainability, and pest management, setting a new standard in sustainable agriculture.