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Deferred Revenues increases 24.8% from RMB 176.6 million to RMB 220.4 million

Advances from Customers increases 213.2% from RMB 138.5 million to RMB 295.3 million

Gross Profit increases 33.6% from RMB 15.40 million to RMB 20.58 million

BEIJING -- Origin Agritech Limited (NASDAQ: SEED) (鈥淥rigin鈥?or the 鈥淐ompany鈥?, a technology-focused supplier of hybrid and genetically modified crop seeds in China, today announced unaudited financial results for the first quarter ended December 31, 2009. Origin prepares its financial statements in accordance with generally accepted accounting principles (GAAP) of the United States.

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FINANCIAL RESULTS OVERVIEW

During the first quarter of fiscal 2010, the Company generated revenues of RMB 38.60 million (US$5.65 million), a decrease of 31.5% from RMB 56.33 million (US$8.24 million) generated in the three months ended December 31, 2008. The revenues were mainly from the sales of higher margin canola seed products for the three months ended December 31, 2009. In Q110, a lower amount of scrap seed sales were recorded.

Gross profit for the three-months ended December 31, 2009 was RMB 20.58 million (US$3.01million) compared to RMB 15.40 (US$2.25million) in the same period of the prior year. Gross margins for this quarter were 53.3% versus 47.9% for the canola seed sales for Q109 (exclusive of scrap sales). This is a result of the higher pricing structure of our canola seed products this year.

Total operating expenses for the three-months ended December 31, 2009 were RMB 38.96 million (US$5.71 million) compared with RMB 39.96 million (US$5.85 million) reported for the same period in 2008. Selling and marketing expenses were RMB 10.48 million (US$1.53 million) for the first quarter of 2009, representing a decrease of 20.8% from RMB 13.24 Clip in hair extensions million (US$1.94 million) for the same period of the last year. General and administrative expenses of RMB 20.41 million (US$2.99 million) for the first quarter ended December 31, 2009, increased 14.0% from RMB 17.91 million (US$2.62 million) for the three months ended December 31, 2008. The research and development expenses decreased to RMB 8.08 million (US$1.18 million) for the three-months ended December 31, 2009 from RMB 8.82 million (US$1.29million) for the same quarter last year, with a decrease of 8.4%. These differences in expense categories are a result of slight changes across a broad variety of smaller sub-categories and represents small variations year over year. On an annual comparison, we still expect operating expenses to be relatively flat annually, across all operating expenses and within each separate category.

Operating loss for the first quarter of 2009 amounted to RMB 18.38million (US$2.69 million) compared with an operating loss of RMB 24.56 million (US$3.59 million) for the same period in 2008.

Net loss for the first quarter of 2010 was RMB 13.49 million (US$1.98 million), or RMB 0.59 (US$0.09) per diluted share, as compared to a net loss of RMB 19.72 million (US$2.87 million), or RMB 0.86 (US$0.13) per diluted share in the same period one year ago.

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