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Origin Agritech, a technology-focused supplier of hybrid and genetically modified crop seeds in China, on February Hair extensions 2 announced unaudited financial results for the first quarter ended December 31.

In a release, the Company noted:

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 percent 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. In Q110, a lower amount of scrap seed sales were recorded.

Gross profit for the three-months ended December 31, 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 percent versus 47.9 percent 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, 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 percent from RMB 13.24 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, increased 14.0 percent 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, from RMB 8.82 million (US$1.29million) for the same quarter last year, with a decrease of 8.4 percent. 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 Lace wigs 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.

Origin's balance sheet at December 31, included cash and cash equivalents of RMB 213.69 million (US$31.30 million) and shareholders' equity of RMB 197.47 million (US$28.92 million).

Deferred revenue was RMB220.38 million (US$ 32.28 million) for the three-months ended December 31, as compared to RMB176.63 million (US$ 25.84 million) for the same period last year. This represents our orders received and shipped already for products this upcoming selling season.

The Company received Advances from Customers of RMB 295.30 million (US$43.25 million) as of December 31, period as compared to RMB 138.53 million (US$20.27 million) as of December 31, 2008. This represents our cash receipts for products to be ordered this upcoming selling season.

Based on its current outlook, and existing and
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