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Origin Agritech, a vertically integrated supplier of hybrid and genetically-modified crop seeds in China, announced audited financial results for the year ended September 30.

Liang Yuan, President and Chief Executive Officer of Origin Agritech, said, "We remain excited of the positive growth trends illustrated by results for the fiscal 2009 year period ended September 30. While most other industries remain uncertain, we show positive signs of significant improvement in both Origin's top-line and bottom-line numbers. As expected, Origin's financials for the fiscal 2009 period ended September 30, showed revenue growth, margin improvement, and bottom line increases from the fiscal year ended September 30, 2008. We expect these trends to continue into FY 2010. As the market trends more towards technology based products, we have managed Origin's R&D and operations in anticipation of bringing higher quality products to the market."

In a release dated January 14, the company stated:

- Our revenues for the year ended September 30, were RMB592.49 million (US $86.76 million), an increase of 15.39 percent Hair extensions from RMB513.49 million (US $75.63 million) in the fiscal year ended September 30, 2008. Inclusive of any currency changes, based on US $, the year over year increase in revenues to US $86.76 million from US $75.63 was 14.73 percent. For the year ended 2009, our scrap sales only amounted to 0.54 percent of our total revenues with limited impact on our overall gross margin. Excluding these scrap sales and the impairment of inventory; our gross margins for the period were 35.60 percent (unaudited) as compared to our 31.56 percent (unaudited) gross margins for the twelve months ended September 30, 2008.

- Our cost of revenue for the year ended September 30, was RMB392.84 million (US$57.53 million), including the RMB7.40 million (US$1.08 million) inventory write-down. This was a decrease of 2.95 percent from RMB404.80 million (US$59.62 million) from FY2008, including the inventory write-down of RMB18.01 million (US$2.65 million).

- Our gross profit for the year ended September 30, increased to RMB199.70 million (US$29.24 million) from RMB108.70 million (US$15.94 million) for the year ended September 30, 2008. This represented an increase of 83.72 percent from the fiscal year ended September 30, 2008.

- Operating expenses for the year ended September 30, were RMB153.95 million (US$22.55 million), representing an increase of 1.91 percent from RMB151.07 million (US$22.25 million) for the fiscal year ended September 30, 2008. For all hair extensions wholesale intents and purposes, our operating expenses were relatively flat as compared to the year ended September 30, 2008. Selling and marketing expenses for the year ended September 30, were RMB55.65 million (US$8.15 million), representing an increase of 4.61 percent from RMB53.20 million (US$7.84 million) for the year ended September 30, 2008. General and administrative expenses for the year ended September 30, were RMB64.83 million (US$9.50 million), representing a decrease of 11.63 percent from RMB73.36 million (US$10.80 million) for the twelve months ended September 30, 2008. This decrease in the operating expense during the year in part due to a generally decreased in other operating expenses due to enhancement of control over expenditures during daily operations. Research and development expenses for the year ended September 30, were RMB33.47 million (US$4.90 million), representing an increase of 36.56 percent from RMB24.51million (US$3.61 million) for the twelve months ended September 30, 2008. These R& D ex
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