Origin Agritech Announces Collaboration with BaoDao Feed Ltd. To Commercialize Nutrition Enhanced Corn – Yahoo Finance
BEIJING, Jan. 4, 2022 /PRNewswire/ — Origin Agritech Ltd. (NASDAQ: SEED) (the "Company" or "Origin"), an agriculture technology company, announced today that it has signed a collaborative agreement with BaoDao Feed Ltd. ("BaoDao"), a Chinese feed producer with 500 million RMB in annual sales.
Under the terms of the agreement, the two companies will collaborate to produce and sell specialized corn crops to feed producers. The corn variety that Origin brings to the collaboration is very desirable for feedstock as it contains 160% higher crude fat content than conventional corn as well as higher amino acid content, eliminating the need for costly additives. The companies estimate a resulting cost savings of 200-300 RMB per metric ton which would effectively double the gross margins compared to BaoDao's sale of conventional corn as feedstock.
The total market for corn feedstock in China is 50 million metric tons per year, which equates to potential net profits of 150 billion RMB. Given the disruptive competitive advantages of Origin's corn, BaoDao estimates that the companies will reach 10 million metric tons in sales within 3-5 years. Origin anticipates the collaboration will positively impact the company's sales and earnings for 2022 and anticipates issuing guidance that reflects this impact soon.
"We are very excited to be opening up this new line of business," said Dr. Gengchen Han, Origin Agritech's Chairman. "We have gotten to know our customers and listened to their needs and let that drive our development of innovative new corn varieties. This partnership validates our customer-centric approach."
About Origin Agritech Limited
Origin Agritech Limited, founded in 1997 and headquartered in Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, is a leading Chinese agricultural technology company. In crop seed biotechnologies, Origin Agritech's phytase corn was the first transgenic corn to receive the Bio-Safety Certificate from China's Ministry of Agriculture. Over the years, Origin has established a robust biotechnology seed pipeline including products with glyphosate tolerance and pest resistance (Bt) traits. For further information, please visit the Company's website at: www.originagritech.com. The company also maintains a twitter account for updating investors on company and industry developments, which is @origin_agritech.
Forward-Looking Statements
This communication contains "forward-looking statements" as defined in the federal securities laws, including Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements address expected future business and financial performance and financial condition, and contain words like "expect," "anticipate," "intend," "plan," "believe," "seek," "will," "would," "target," and similar expressions and variations. Forward-looking statements address matters that are uncertain. Forward-looking statements are not guarantees of future performance and are based on assumptions and expectations which may not be realized. They are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates but involve a number of risks and uncertainties, many of which are beyond the company's control. Some of the important factors that could cause the company's actual results to differ materially from those discussed in forward-looking statements are: failure to develop and market new products and optimally manage product life cycles; ability to respond to market acceptance, rules, regulations and policies affecting our products; failure to appropriately manage process safety and product stewardship issues; changes in laws and regulations or political conditions; global economic and capital markets conditions, such as inflation, interest and currency exchange rates; business or supply disruptions; natural disasters and weather events and patterns; ability to protect and enforce the company's intellectual property rights; and separation of underperforming or non-strategic assets or businesses. The company undertakes no duty or obligation to publicly revise or update any forward-looking statements as a result of future developments, or new information or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.
For further information:
Kirin Smith
President, PCG Advisory
646-823-8656
Joe Ramelli
Director of Investor Relation
Phone: 310-845-6238
Email: joe@originagritech.com
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SOURCE Origin Agritech Limited
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