Exhibit 99.1

Origin Agritech Limited (“Origin” or the “Company”), an agriculture technology company in China, is filing its unaudited financial results for the first half of FY2024 ended March 31, 2024, prepared in accordance with United States generally accepted accounting principles.

FINANCIAL RESULTS OVERVIEW

The Company reported net revenue of RMB92.0 million (US$13.0 million) during the first half year of FY2024, compared to RMB66.1 million for the first half year of FY2023.

Total operating expenses for the first half year of FY2024 were RMB13.4 million (US$1.9 million), down 10% from RMB15.0 million for the same period a year ago. Selling and marketing expenses for the first half year of FY2024 were RMB3.5 million (US$0.5 million), compared to RMB3.9 million a year ago. General and administrative expenses decreased 19% to RMB6.7 million (US$ 1.0 million), down from RMB8.3 million a year ago. Research and development expenses for the first half year of FY2024 were RMB3.2 million (US$0.5 million), up 13% from RMB2.8 million a year ago.

Total operating income for the first half year of FY2024 was RMB4.3 million (US$0.6 million), compared to total operating loss of RMB0.2 million reported a year ago.

The interest expense during the first half year of FY2024 was RMB0.4 million (US$0.1 million), compared to interest income of RMB0.02 million reported a year ago. There was no rental income during the first half year of FY2024.

Net profit attributable to the Company for the first half year of FY2024 was RMB1.4 million (US$0.2 million), compared to the net loss of RMB1.1 million a year ago.

Income per ordinary share for the first half of FY2024 was RMB0.21 (or US$0.03), compared to the loss per share of RMB0.17 during the same period a year ago.

Balance Sheet

As of March 31, 2024, cash and cash equivalents were RMB10.4 million (US$1.5 million), a decrease of RMB13.3million from the cash and cash equivalents of RMB23.7 million as of September 30, 2023.

As of March 31, 2024, there was no current portion of long-term debt. Advances from customers were RMB84.7 million (US$11.9 million), compared to RMB114.8 million as of September 30, 2023.

As of March 31, 2024, total current assets were RMB123.8 million (US$17.5 million) and non-current assets was RMB99.6 million (US$14.0 million).

As of March 31, 2024, total current liabilities were RMB293.7 million (US$41.4 million).

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) 

(In thousands, except share data)

The Company has been renting its headquarters building and manage the property over the years. In May 2020, the Company entered into lease agreements with BC-TID. and leased the whole building of Beijing Origin located in Changping District, Beijing 102206, China from May 1, 2020 to April 30, 2040. The Company classify the lease as an operating lease and recognize rental income on a straight-line basis. Rental income amounted toRMB-nil- and RMB5.3 million for the first half year of 2024 and 2023, respectively, which is due to the Company changed from consolidation of Beijing Origin to using equity method for investment for the fiscal year ending September 30, 2023.

Agritech and its subsidiary, State Harvest are incorporated in the British Virgin Islands and are exempted from the income tax under the laws of the British Virgin Islands. State Harvest’s subsidiaries and State Harvest’s variable interest entity, Beijing Origin and its majority owned subsidiaries (together, the “PRC entities”) were incorporated in the PRC and governed by the PRC laws.

The applicable tax rate of the PRC Enterprise Income Tax (“EIT”) was changed from 33% to 25% on January 1, 2008, according to the Corporate Income Tax Law. The preferential tax rate previously enjoyed by the PRC entities is gradually transitioned to the new standard rate of 25% over a five-year transitional period. In addition, article 28 of the new tax law stated that the income tax rate of a “high technology” company (high-tech status) is to remain at 15%.

The Company’s liability for income taxes includes the liability for unrecognized tax benefits, interest and penalties which relate to tax years still subject to review by taxing authorities. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any such adjustment could be material to the Company’s results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. Until June 30, 2024, the management considered that the Company had no uncertain tax positions affected its consolidated financial position. The Company’s uncertain tax positions are related to tax years that remain subject to examination by the relevant tax authorities and the major one is the China tax authority. The open tax years for examinations in China are 5 years.

The current and deferred components of income tax expense are as follows:

The following table sets forth the computation of basic and diluted loss per share for the years indicated:

For the six months ended June 30, 2023, the effect of the outstanding options was anti-dilutive. For the six months ended June 30, 2024, the Company did not have any potential diluted shares.

(i)            Other than typical transactions between related parties, the Company has entered into a Restructuring Agreement with three parties: Linze Fumin Industrial Investment and Development Co., Ltd. (Linze Fumin), Beijing Shihui, Linze Origin Seeds Ltd (Linze Origin) in April 2020. According to the Restructuring Agreement, Linze Origin, which is currently a wholly owned subsidiary of Beijing Shihui, would be restructured. At the result of the planned restructuring, Linze Fumin, an investment company owned by the Linze county government, and the Company would have 51% and 49%, respectively, of the ownership of Linze Origin. The restructuring would require the Company to repay the borrowing amounted to RMB27.0 million from Beijing Agriculture Finance Leasing, LLC.(“BAFL”) for Linze Origin and to offer a loan of RMB20.0 million to Linze Origin. As of June 30, 2024, the restructuring for Linze Origin is in process.

Note (i): As of June 30, 2024, the balance of due from shareholders include seed sales amounted RMB 932, advances for business use amounted RMB 2,547 and advances for purchases raw materials amounted RMB 236.

Note (ii): As of June 30, 2024, the balance of due from shareholders is advances for purchases raw materials amounted RMB 14,476.

Note (i): In the ordinary course of business, the Company purchases raw materials from and sells product to related parties, and related parties also provide cash to fund the Company’s operations.

Note (ii): As of June 30, 2024, the balance of due to shareholders include borrowing amounted RMB5,457, which is unsecured, interest-bearing and repayable on demand, accrued interest amounted RMB 414 and advances from shareholders of selling seed amounted RMB 10,110.

Note (iii): As of June 30, 2024, Beijing Origin, an associate, provide cash to fund the Company’s operations amounted RMB 148,162, which is unsecured, interest-free and repayable on demand.

Note(i): RMB3,856 and RMB3,790, or 5.8% and 4.1% of the Company for six months ended ended June 30, 2023 and 2024, respectively, are derived from shareholders and the sales price is market price.

Note (i) : The borrowing interest rate is from 5.8% to 12% and repayable on demand.

As of September 30, 2023 and June 30, 2024, inventories are comprised of work in progress of RMB 13 million and RMB 25.7 million, respectively. No inventories have been pledged as collateral for bank loans as of September 30, 2023 and June 30, 2024.

Note (i) : As of September 30, 2023 and June 30, 2024, receivable from third party represents that third party provide cash to fund the Company’s operations.

During the six months ended 30 June 2023 and 2024, the Group acquired assets at a cost of RMB 352 and RMB 662 respectively.

None of assets were disposed by the Group during the six months ended 30 June 2023 and 2024.

No impairment loss was recognized for the six months ended 30 June 2023 and 2024.

The Company owns 17.94% equity interest in Jilin Jinong Hi-tech Development Shares Co. Ltd. (“Jinong”) and accounted for the equity investment without readily determinable fair value (previously known as cost method investment) September 30, 2023 and June 30, 2024.

The Company owns 20% equity interest in Nianfeng Minfu (Beijing) Agricultural Science and Technology Development Co., Ltd. (“Nianfeng Minfu”)

The Company owns 48.27% equity interest in Beijing Origin which deconsolidated during fiscal year 2023 and changed to equity method investment.

The Company recorded an impairment on cost method investment of RMB18.7 million and RMB 18.7 million on its equity investment without readily determinable fair value As of September 30, 2023 and June 30, 2024, respectively.

Note (i) : It represents that the cost method investment amounted RMB 37.66 million, fair value adjustment amounted RMB 28.79 million and investment income amounted RMB 0.84 million on equity method investment

Other payables and accrued expenses consist of:

Note (i) : As of September 30, 2023 and June 30, 2024, others mainly represents that the third party provide cash to fund the Company’s operations amounted RMB 7,376 and RMB 15,144.

For the six months ended June 30, 2023,, the Company didn’t receive government subsidies from the local PRC government for equipment projects. The non-current portion of such government subsidies are recorded as long-term liability, which will be amortized over the estimated useful lives related to the plant and equipment and land use right. The increase in deferred government subsidies was due to reclassification from other payable account.

Legal proceeding

In July, 2022, Origin Biotechnology entered into a supply agreement with Henan Yingdafeng Agricultural Development Limited (“Yingdafeng”) to supply 100,000 tonnes corn bulk commodities. Due to the impact of Covid-19 and quarantine policies in Xinjiang province, the products were not delivered as scheduled. Yingdafeng filed lawsuit and the local court in Neixiang County issued first legal judgement on August 16, 2023 that requires Origin to pay a total of RMB22 million to Yingdafeng.

After Origin appealed the decision from the local court in Neixiang County, the Intermediate People's Court of Nanyang City (a higher-level court over Neixiang County People’s Court) decided on December 14, 2023 to revoke the judgement of Neixiang Contry People’s Court. During retrail in Neixiang Contry People’s Court, the plaintiff Yingdafeng has withdrawn the lawsuit. This case is closed.

There are no significant subsequent events.