BEIJING, Jan 14, 2010 (BUSINESS WIRE) ------Operating Cash Flow in FY2009 was US $30.59 million from US $8.42 million in FY2008

--Advances from Customers rose 57.6% from US$ 20.44 to US$ 32.21 million

Origin Agritech Limited (NASDAQ: SEED) ("Origin" or the "Company"), a vertically--integrated supplier of hybrid and genetically-modified crop seeds in China, today announced audited financial results for the year ended September 30, 2009. These audited twelve month results reflect the Company's financial statements during the period from October 1, 2008 to September 30, 2009. Origin prepares its financial statements in accordance with generally accepted accounting principles (GAAP) of the United States.

China's Blossoming Seed Industry

With the rapid growth in China prompting greater demands on domestic food production, and China rapidly becoming a net corn importer, as a result of the rising consumer desire for higher quality food products, the Chinese central government has taken several measures to deal with these core issues. Crop seed is the fundamental input in the corn industry, and this input which possesses the greatest upside in gains from technological improvements. According to research, corn seed plays the most active factor in the increase of yield gains, accounting for over 35.5% of the total contribution.

During the past years, the Chinese central government initiated a comprehensive USD 6 billion plan for the implementation of genetically modified food products throughout China. In 2009, they furthered this plan through further implementation, including the approval of the first genetically modified main crop seed in rice and corn. Compared with conventional varieties, the obvious advantages of transgenic varieties are high yield, high quality, disease-resistance, and herbicide resistance. Farmers plant transgenic varieties to both save time and cost, while also reducing the amount of fieldwork. Given Origin's unique position with our late stage product pipeline, we believe we are the beneficiary of such emerging trends affecting our industry for the next decade.

GMO Phytase Maize, World's First Approval for Commercial Use

We have pursued genetically modified research, and in November 2009, we received the Bio-Safety Certificate from the Ministry of Agriculture as a final approval for commercial use of the world's first genetically modified phytase corn. This is the first genetically modified corn seed product in China. We are also actively pursuing the approval of other GM seed products including glyphosate resistant corn and Bt Corn. Origin's focus remains in the production of higher quality seed products, whether proprietary or licensed.

Consequently, we established several plant genetic engineering technology platforms to meet the demands we foresee in the future. These include transforming genetically modified traits such as herbicide tolerance, insect resistance, nitrogen efficiency, and drought stress tolerance genes into corn inbred lines. As a domestic company, we are afforded the ability to proceed through all five phases of GMO approval, while international entities are restricted to phases one currently, and forbidden to proceed to phase 2 through 5. We have already had several products in the phase 2 to phase 4, and we will be the first company ready to sell and produce GM corn seed in China.

As an example, we have been successful in marketing genetically modified BT cotton varieties in China and plan to continue to develop other new seed varieties. Upon introduction, the Bt cotton gene was able to increase yield and production value. As a result, the farmers were willing to pay more for genetically modified seeds and prices increased roughly four-fold for genetically modified cotton seed as compared to standard hybrid seed. Today, almost all the planted acreage in China utilizes genetically modified cotton seed, exclusive of the Xinjiang region. We believe that other crop seeds can follow similar product adoption patterns.

GMO Catalysts

Glyphosate resistance and Bt corn, as highly successful products elsewhere in the world, remain "industry changers" in China. Origin Agritech retains the exclusive license rights to these specific traits, and expects to be the first company to commercialize these crops in China.

Worldwide, the largest segment of the transgenic crop market has been herbicide resistant crops. Specifically, glyphosate resistant crops have been widely accepted in cotton, corn, and canola in North America. Introduced in the US in 1998, the use of glyphosate resistant corn grew at a compounded annual growth rate of 51.9%, according to the US Department of Agriculture. The rapid historical adoption rate indicates farmers find this trait to extremely valuable. Additionally, Bt crops produce a protein toxic to specific insects used in areas with high levels of infestations of targeted pests. Introduced in 1996 in the US, acreage of Bt corn has grown at a compounded annual growth rate of 36.7%, according to the US Department of Agriculture.

We have roughly 100 total hybrid products in the market, and began to develop Origin's own proprietary hybrid seed varieties in 1998. As of December 2009, we have 23 proprietary corn seed products, 18 proprietary rice seed products, 3 proprietary cotton seed products and 3 proprietary canola seed products that are in commercial production and distribution. Currently, we have 9 breeding stations and employ 136 full time research personnel. Origin's longstanding, education-based distribution platform enables us to introduce higher quality products into the marketplace, as Origin's associated infrastructure affords us the ability to successfully launch genetically modified products.

FY 2009 Accomplishments

-- Announcement of World's First Phytase Maize in Phase 5 of GMO Approval.

-- Completion of the repurchase of the remaining outstanding convertible notes, US $17.26 million in principal at 104.

-- Introduction of board members Dr. Yingqi Xia and Dr. James Kang, respected members of the Chinese economic development community and international biotech research community, respectively.

-- Introduction of Mr. Irving H. Kau as Acting Chief Financial Officer.

-- Introduction of a New Drying Facility in Northwestern China.

-- Increase in the majority interest in Origin's subsidiary, Jilin Changrong.

-- Compilation of the Strategic Advisory Committee of the Most Prominent Agro-Scientists in China.

FY 2010 Expectation

-- FY 2010 Revenue Guidance: RMB 630 million to RMB 660 million

-- Hybrid rice and corn seed supply levels at normal levels for FY 2010

-- Further development in Origin's GM product pipeline

-- Development of complementary product lines

Liang Yuan, President and Chief Executive Officer of Origin Agritech, commented, "We remain excited of the positive growth trends illustrated by results for the fiscal 2009 year period ended September 30, 2009. 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, 2009 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."

FINANCIAL RESULTS OVERVIEW

Revenues & Gross Margin

Our revenues for the year ended September 30, 2009 were RMB592.49 million (US $86.76 million), an increase of 15.39% 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%. For the year ended 2009, our scrap sales only amounted to 0.54% 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% (unaudited) as compared to our 31.56% (unaudited) gross margins for the twelve months ended September 30, 2008.

The revenues resulting from non-scrap seed sales for the twelve months ended September 30, 2009 as compared to that of the twelve months ended September 30, 2008 were as follows:

                      Revenues                Gross Margin
   Year ended  Year ended  Year ended  Year ended
   September   September   September   September
   30, 2009    30, 2008    30, 2009    30, 2008
   RMB'000     RMB'000
   Hybrid Corn seeds*    411,405     355,890     40.60 %     35.58 %
   Hybrid Rice seeds*    125,135     95,083      16.5  %     16.93 %
   Hybrid Cotton seeds*  9,917       16,622      49.9  %     36.93 %
   Hybrid Canola seeds*  42,747      23,774      41.99 %     66.54 %
   Total normal sales*   589,272     491,428     35.60 %     31.56 %
   

* exclusive of scrap sales

Cost of Revenue

Our cost of revenue for the year ended September 30, 2009 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% from RMB404.80 million (US$59.62 million) from FY2008, including the inventory write-down of RMB18.01 million (US$2.65 million).

Gross Profit

Our gross profit for the year ended September 30, 2009 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% from the fiscal year ended September 30, 2008.

Operating expenses

Operating expenses for the year ended September 30, 2009 were RMB153.95 million (US$22.55 million), representing an increase of 1.91% from RMB151.07 million (US$22.25 million) for the fiscal year ended September 30, 2008. For all 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, 2009 were RMB55.65 million (US$8.15 million), representing an increase of 4.61% 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, 2009 were RMB64.83 million (US$9.50 million), representing a decrease of 11.63 % 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, 2009 were RMB33.47 million (US$4.90 million), representing an increase of 36.56 % from RMB24.51million (US$3.61 million) for the twelve months ended September 30, 2008. These R& D expenses represent 5.65% of our total revenues inline with our 5.0% of total revenue targets.

Income from Operations

As a result of the impact of the components described above, we had gain from operations for the year ended September 30, 2009 of RMB45.70 million (US$6.69 million), compared with the loss from operations of RMB42.38 million (US$6.24 million) for the twelve months ended September 30, 2008.

Net Income

Our net loss was RMB40.82 million (US$5.98 million) in the year ended September 30, 2009, as compared to the net loss of RMB43.29 million (US$6.37 million) for the fiscal year ended September 30, 2008. In Q209, the company repurchased their outstanding convertible notes from Citadel Investment Group (CIG). While this event had no material impact on our Q409 financial results, the repurchase event does affect our fiscal year financial figures. As a result, a similar GAAP vs. Non GAAP calculation has been calculated for reference. Excluding non-recurring charges related to the convertible notes charged mainly in the second quarter of 2009, net income for the fiscal year ended 2009 was RMB 1.91 million (unaudited), or US$0.08 per diluted share, as compared to a loss of US$0.27 per share a year ago.

GAAP and non-GAAP FY 2009
   Origin Agritech Limited
   Consolidated Statements of Income Data (USD in thousands, except
   per share amounts)
   (unaudited)
   Year Ended September 30
   2008                                       2009
   GAAP (1)         Difference  Non-GAAP (2)  GAAP (1)         Difference  Non-GAAP (2)
   Income from Operations                                             (6,243     )     -           (6,243     )  6,689      
   -           6,689
   Interest Expense                                                   (5,439     )     (1,633 )    (3,806     )  (2,458     )
   (763   )    (1,695     )
   Other Income/ (Expense)                                            93               -           93            (7,192     )
   (7,483 )    291
   Changes in Fair Value of Embedded Derivatives
   2,979            2,979       0             483              483         0
   Share of Earnings in Equity Investee, Interest Income, Income Tax
   Expenses, and Minority Interests
   2,234            -           2,234         (3,502     )     -           (3,372     )
   Net Income (Loss)                                                  (6,376     )     1,346       (7,722     )  (5,980     )
   (7,893 )    1,913
   EPS                                                                (0.27      )     0.06        (0.34      )  (0.26      )
   (0.34  )    0.08
   Weighted Average
   Number of Shares
   Basic and Diluted                                                  22,987,270                   22,987,270    23,013,692 
   23,013,692
   

(1) Reflects operating results in accordance with U.S. generally accepted accounting principles (or GAAP).

(2) Non-GAAP amounts exclude repurchase-related special items, the amortization of the discount of the convertible notes and the gains from the write-downs of the fair value of embedded derivatives.

Balance Sheet

As of September 30, 2008 and 2009, we had approximately RMB102.26 million (US $15.00 million) and RMB121.26 million (US $17.76 million), respectively, in cash and cash equivalents. Our cash and cash equivalents primarily consisted of cash on hand.

Our Advances from Customers at September 30, 2009 were RMB219.963 million (US $32.21 million), an increase of 58.47% from RMB138.80 million (US $20.44 million) at September 30, 2008. Inclusive of any currency changes, based on US $, the year over year increase in revenues to US $32.21 million from US $20.44 was 57.58%.

Conference Call Information

The Company will host a teleconference on January 14, 2010, at 8:00 a.m. EDT / 9:00 p.m. Beijing time to discuss the fiscal year end results. To participate in the call, please dial +1-877-407-9210 in North America, or +1-201-689-8049 internationally, approximately 15 minutes prior to the scheduled start time.

About Origin

Founded in 1997 and headquartered in Beijing, Origin Agritech Limited (NASDAQ GS: SEED) is China's leading, vertically-integrated agricultural biotechnology company specializing in research, development and production to supply the growing populations of China. Origin develops, grows, processes, and markets high quality, hybrid crop seeds to farmers throughout China and parts of Southeast Asia via a network of approximately 3,800 first-level distributors and 65,000 second-level distributors and retailers, and possesses a pipeline of genetically modified seed products including glyphosate resistant corn and Bt Corn. The first genetically modified corn seed product for China, Phytase corn, was approved in November 2009 of which Origin possesses exclusive rights. For further information, please log on www.originagritech.com.

Forward Looking Statement

This release contains forward-looking statements. All forward-looking statements included in this release are based on information available to us on the date hereof. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "targets," "goals," "projects," "continue," or variations of such words, similar expressions, or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Neither we nor any other person can assume responsibility for the accuracy and completeness of forward-looking statements. Important factors that may cause actual results to differ from expectations include, but are not limited to, those risk factors discussed in Origin's filings with the SEC including its annual report on Form 20-F to be filed. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

CONSOLIDATED BALANCE SHEETS
   (In thousands, except number of share and per share data)
   September 30,
   2008       2009        2009
   RMB        RMB         US$
   Assets
   Current assets:
   Cash and cash equivalents                                           102,263    121,255     17,756
   Restricted bank deposits (note 13)                                  -          500         73
   Accounts receivable, less allowance for doubtful amounts of RMB842  4,686      5,692       834
   as of September 30, 2008 and 2009
   Due from related parties (note 4)                                   10,542     7,004       1,026
   Advances to suppliers (note 5)                                      1,937      1,937       284
   Advances to growers                                                 45,488     24,681      3,614
   Inventories (note 6)                                                387,734    341,770     50,047
   Income tax recoverable (note 19)                                    1,697      1,725       253
   Prepaid expenses and other current assets (note 7)                  11,195     8,725       1,277
   Total current assets                                                565,542    513,289     75,164
   Land use rights, net (note 8)                                       21,055     20,496      3,001
   Plant and equipment, net (note 9)                                   146,372    152,962     22,399
   Equity investments (note 10)                                        65,384     65,453      9,585
   Goodwill (note 1)                                                   16,665     16,665      2,440
   Acquired intangible assets, net (note 11)                           32,305     36,648      5,367
   Deferred income tax assets (note 19)                                26,192     15,040      2,202
   Other assets (note 12)                                              20,781     3,991       584
   Total assets                                                        894,296    824,544     120,742
   Liabilities, minority interests and shareholders' equity
   Current liabilities:
   Short-term borrowings (note 13)                                     163,940    80,290      11,757
   Accounts payable                                                    7,924      13,938      2,041
   Note payable (note 14)                                              -          117,896     17,264
   Due to growers                                                      14,033     9,619       1,409
   Due to related parties (note 4)                                     15,671     15,699      2,299
   Advances from customers                                             138,804    219,963     32,210
   Deferred revenues                                                   34,848     18,280      2,677
   Income tax payable                                                  39,059     39,661      5,808
   Other payables and accrued expenses (note 15)                       73,297     31,476      4,609
   Total current liabilities                                           487,576    546,822     80,074
   Long-term borrowings (note 13)                                      940        -           -
   Convertible notes, net of discount of RMB79,935 as of September     65,294     -           -
   30, 2008 (note 14)
   Embedded derivatives-redemption feature (note 14)                   33,580     -           -
   Other long-term liabilities (note 16)                               3,658      -           -
   Total liabilities                                                   591,048    546,822     80,074
   Minority interests                                                  39,224     51,389      7,525
   Commitments and contingencies (note 23)
   Shareholders' equity:
   Preferred stock (no par value; 1,000,000 shares authorized, none    -          -           -
   issued)
   Common stock (no par value; 60,000,000 shares authorized,           -          -           -
   23,013,692 shares issued and outstanding as of September 30, 2008
   and 2009)
   Additional paid-in capital                                          388,860    391,620     57,347
   Retained earnings (deficit)                                         (84,690 )  (125,507 )  (18,379 )
   Treasury stock at cost (498,851 shares) (note 18)                   (29,377 )  (29,377  )  (4,302  )
   Accumulated other comprehensive loss                                (10,769 )  (10,403  )  (1,523  )
   Total shareholders' equity                                          264,024    226,333     33,143
   Total liabilities, minority interests and shareholders' equity  894,296   824,544   120,742
   

CONSOLIDATED STATEMENTS OF OPERATIONS
   (In thousands, except number of share and per share data)
   Year ended September 30,
   2007             2008             2009          2009
   RMB              RMB              RMB           US$
   Revenues                                                        489,379          513,490          592,492       86,761
   Cost of revenues                                                (462,852   )     (404,795   )     (392,842   )  (57,526  
   )
   Gross profit                                                    26,527           108,695          199,650       29,235
   Operating expenses:
   Selling and marketing                                           (57,994    )     (53,203    )     (55,648    )  (8,149   
   )
   General and administrative                                      (92,246    )     (73,355    )     (64,833    )  (9,495   
   )
   Research and development                                        (28,441    )     (24,513    )     (33,473    )  (4,902   
   )
   Total operating expenses                                        (178,681   )     (151,071   )     (153,954   )  (22,546  
   )
   Income (loss) from operations                                   (152,154   )     (42,376    )     45,696        6,689
   Interest expense                                                (21,697    )     (36,939    )     (16,784    )  (2,458   
   )
   Share of earnings (loss) in equity investee companies           (669       )     7,702            4,669         684
   Interest income                                                 10,942           5,199            2,036         298
   Loss on repurchase of convertible notes (note 14)               -                -                (51,101    )  (7,483   
   )
   Other income                                                    1,312            628              1,991         291
   Changes in the fair value of embedded derivatives               12,601           20,229           3,300         483
   Income (loss) before income taxes and minority interests        (149,665   )     (45,557    )     (10,193    )  (1,496   
   )
   Income tax expense (note 19)
   Current                                                         (8,737     )     (9,369     )     (580       )  (85      
   )
   Deferred                                                        8,786            13,364           (11,152    )  (1,633   
   )
   Income tax expense                                              49               3,995            (11,732    )  (1,718   
   )
   Income (loss) before minority interests                         (149,616   )     (41,562    )     (21, 925   )  (3,214   
   )
   Minority interests                                              (13,584    )     (1,724     )     (18,892    )  (2,766   
   )
   Net income (loss)                                               (163,200   )     (43,286    )     (40,817    )  (5,980   
   )
   Net income (loss) per share - basic (note 20)                   RMB(7.01)        RMB(1.88)        RMB (1.77)    USD(0.26)
   Net income (loss) per share - diluted (note 20)                 RMB(7.01)        RMB(1.88)        RMB (1.77)    USD(0.26)
   Shares used in calculating basic net income (loss) per share    23,268,062       22,987,270       23,013,692    23,013,692
   Shares used in calculating diluted net income (loss) per share  23,268,062       22,987,270       23,013,692    23,013,692
   Cash dividend per share                                         -                -                -             -
   

CONSOLIDATED STATEMENTS OF CASH FLOWS
   (In thousands)
   Year ended September 30,
   2007         2008        2009        2009
   RMB          RMB         RMB         US$
   Operating activities:
   Net loss                                                            (163,200 )   (43,286 )   (40,817 )   (5,980 )
   Adjustments to reconcile net loss to net cash provided by (used
   in) operating activities:
   Depreciation and amortization                                       22,032       22,298      21,266      3,114
   Loss on disposal of plant and equipment                             851          823         457         67
   Gain on disposal of acquired intangible assets                      (104     )   -           -           -
   Gain on disposal of debt securities                                 (3,339   )   (3,845  )   -           -
   Change in the fair value of embedded derivatives                    (12,601  )   (20,229 )   (3,300  )   (483   )
   Impairment on receivables                                           2,464        (1,051  )   26          4
   Inventory write down                                                77,244       18,005      7,395       1,083
   Impairment on intangible assets                                     2,325        1,962       -           -
   Loss on repurchase of convertible note                              -            -           51,101      7,483
   Interest expense and amortization of discount on convertible notes  4,127        18,824      3,799       557
   Written-off of acquired research and development expenses           2,196        -           -           -
   Deferred income tax assets                                          (8,786   )   (13,364 )   11,152      1,633
   Minority interests                                                  13,584       1,724       18,892      2,766
   Share-based compensation expense                                    5,284        10,104      2,760       404
   Share of earnings in equity investee companies                      669          (7,702  )   (4,669  )   (684   )
   Changes in operating assets and liabilities:
   Accounts receivable, net                                            8,323        (902    )   (1,006  )   (147   )
   Due from related parties                                            (516     )   3,251       3,538       518
   Advances to growers                                                 28,354       (21,036 )   20,807      3,047
   Advances to suppliers                                               2,530        (908    )   -           -
   Inventories                                                         (57,477  )   43,468      38,569      5,648
   Income tax recoverable                                              426          63          (28     )   (4     )
   Prepaid expenses and other current assets                           7,510        (1,803  )   2,444       358
   Other assets                                                        75           (295    )   10,182      1,491
   Accounts payable                                                    (31,238  )   (6,441  )   6,014       881
   Due to growers                                                      (20,983  )   (3,778  )   (4,414  )   (646   )
   Due to related parties                                              (6,102   )   11,438      16,856      2,468
   Advances from customers                                             (44,182  )   56,617      81,159      11,884
   Deferred revenues                                                   (863     )   11,610      (16,568 )   (2,426 )
   Income tax payable                                                  -            -           602         88
   Other long-term liabilities                                         2,458        200         (3,658  )   (536   )
   Other payables and accrued expenses                                 (303     )   (18,549 )   (13,676 )   (2,003 )
   Net cash provided by (used in) operating activities                 (169,242 )   57,198      208,883     30,588
   

CONSOLIDATED STATEMENT OF CASH FLOWS
   (In thousands)
   Year ended September 30,
   2007         2008         2009         2009
   RMB          RMB          RMB          US$
   Investing activities:
   Dividends received                                                1,200        1,200        4,600        674
   Purchase of plant and equipment                                   (36,526  )   (19,662  )   (18,804  )   (2,754  )
   Purchase of debt securities                                       (286,270 )   (215,907 )   -            -
   Loan to shareholders of a subsidiary                              (825     )   -            -            -
   Repayment of loan from shareholders of a subsidiary               -            3,000        -            -
   Proceeds from disposal of plant and equipment                     8,002        2,019        1,395        204
   Proceeds from disposal of acquired intangible assets              267          49           -            -
   Proceeds from sale of debt securities                             297,020      346,048      -            -
   Purchase of land use rights                                       (5,458   )   -            -            -
   Acquisition of equity method investment                           (30,330  )   -            -            -
   Deposits for purchase of acquired technology and land use rights  -            (6,732   )   (2,650   )   (388    )
   Deposits for purchase of plant and equipment                      (122     )   (448     )   (332     )   (49     )
   Business acquisition, net of cash acquired                        (31,872  )   -            -            -
   Purchase of intangible assets                                     (6,034   )   (1,937   )   (100     )   (15     )
   Net cash provided by/(used in) investing activities               (90,948  )   107,630      (15,891  )   (2,328  )
   Financing activities:
   Restricted bank deposits                                          -            -            (500     )   (73     )
   Proceeds from short-term borrowings                               361,400      283,000      134,850      19,747
   Repayment of short-term borrowings                                (346,000 )   (388,400 )   (219,440 )   (32,134 )
   Repayment of third party loans                                    (6,256   )   (1,208   )   (4,560   )   (668    )
   Repurchase of convertible notes                                   -            (106,849 )   (68,290  )   (10,000 )
   Proceeds from issuance of convertible bonds                       302,384      -            -            -
   Dividends paid to minority interest                               -            -            (17,993  )   (2,635  )
   Advance from a shareholder                                        1,623        -            -            -
   Exercise of staff options                                         -            1,432        -            -
   Repurchase of treasury stock                                      (29,377  )   -            -            -
   Net cash provided by (used in) financing activities               283,774      (212,025 )   (175,933 )   (25,763 )
   Net increase (decrease) in cash and cash equivalents              23,584       (47,197  )   17,059       2,494
   Cash and cash equivalents, beginning of year                      140,953      162,314      102,263      14,975
   Effect of exchange rate changes on cash and cash equivalents      (2,223   )   (12,854  )   1,933        287
   Cash and cash equivalents, end of year                            162,314      102,263      121,255      17,756
   Supplemental disclosure of cash flow information:
   Income taxes paid                                                 8,311        9,306        6            1
   Interest paid                                                     18,280       18,566       11,574       1,695
   

SOURCE: Origin Agritech Limited

   Origin Agritech Limited 
   Irving Kau 
   Acting Chief Financial Officer 
   Tel: 011.86.136.8108.0243 or 949.726.8101 
   Email: Irving.kau@originseed.com.cn
   

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