The company's operational performance has deteriorated significantly, evidenced by a 75.3% year-over-year revenue contraction and an operating margin that reached -153.8% in 2025Q4.
Origin Agritech Limited (SEED) annual income statement — 22-year revenue, gross profit & net income history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Sales/Revenue | 43.75M | 91.29M | 113.38M | 93.31M | 52.58M | 46.42M | 52.51M | 92.44M | 12.93M | 0 | 335.25M | 376.25M | 414.89M | 481.69M | 552.11M | 567.43M | 584.86M | 592.49M | 513.49M | 489.38M | 207.38M | 0 | 0 |
| Revenue Growth % | -53.3% | -19.48% | 21.51% | 77.46% | 13.26% | -11.59% | -43.19% | 615.09% | - | -100% | -10.9% | -9.31% | -13.87% | -12.75% | -2.7% | -2.98% | -1.29% | 15.39% | 4.93% | 135.98% | - | - | - |
| Cost of Goods Sold | 41.3M | 84.9M | 97.31M | 76.06M | 36.39M | 33.61M | 49M | 105.27M | 7.05M | 0 | 259.25M | 264.04M | 301.15M | 315.08M | 387.78M | 371.59M | 353.59M | 392.84M | 404.8M | 462.85M | 129.22M | 0 | 0 |
| COGS % of Revenue | - | 93% | 85.83% | 81.52% | 69.2% | 72.4% | 93.31% | 113.88% | 54.51% | - | 77.33% | 70.18% | 72.58% | 65.41% | 70.24% | 65.49% | 60.46% | 66.3% | 78.83% | 94.58% | 62.31% | - | - |
| Gross Profit | 2.45M | 6.39M | 16.07M | 17.25M | 16.19M | 12.81M | 3.51M | -12.83M | 5.88M | 0 | 76M | 112.21M | 113.74M | 166.61M | 164.33M | 195.84M | 231.27M | 199.65M | 108.69M | 26.53M | 78.17M | 0 | 0 |
| Gross Margin % | 5.59% | 7% | 14.17% | 18.48% | 30.8% | 27.6% | 6.69% | -13.88% | 45.49% | - | 22.67% | 29.82% | 27.42% | 34.59% | 29.76% | 34.51% | 39.54% | 33.7% | 21.17% | 5.42% | 37.69% | - | - |
| Gross Profit Growth % | - | -60.21% | -6.84% | 6.5% | 26.38% | 264.76% | 127.38% | -318.2% | - | -100% | -32.27% | -1.35% | -31.73% | 1.39% | -16.09% | -15.32% | 15.84% | 83.68% | 309.75% | -66.06% | - | - | - |
| Operating Expenses | 31.33M | 60.2M | 52.67M | 32.24M | 29.09M | 80.86M | 67M | 43.51M | 41.4M | 68.56M | 137.31M | 110.87M | 138.22M | 148.45M | 167.8M | 183.23M | 169.29M | 153.95M | 151.07M | 178.68M | 60.71M | 6.91M | 4.43K |
| OpEx % of Revenue | - | 65.94% | 46.45% | 34.55% | 55.33% | 174.17% | 127.6% | 47.06% | 320.25% | - | 40.96% | 29.47% | 33.32% | 30.82% | 30.39% | 32.29% | 28.95% | 25.98% | 29.42% | 36.51% | 29.28% | - | - |
| Selling, General & Admin | 25.14M | 47.16M | 42.27M | 22.59M | 21.66M | 78.88M | 62.89M | 31.27M | 32.56M | 34.91M | 100.24M | 80.67M | 105.4M | 121.53M | 134.02M | 143.58M | 130.94M | 120.48M | 126.56M | 150.24M | 56.04M | 6.91M | 4.43K |
| SG&A % of Revenue | - | 51.66% | 37.28% | 24.21% | 41.19% | 169.91% | 119.76% | 33.82% | 251.86% | - | 29.9% | 21.44% | 25.4% | 25.23% | 24.27% | 25.3% | 22.39% | 20.33% | 24.65% | 30.7% | 27.02% | - | - |
| Research & Development | 8.72M | 13.04M | 10.13M | 7.45M | 7.43M | 1.98M | 4.12M | 13.27M | 27.13M | 38.68M | 44.03M | 48.74M | 40.38M | 42.16M | 37.63M | 44.77M | 38.36M | 33.47M | 24.51M | 28.44M | 6.98M | 0 | 0 |
| R&D % of Revenue | - | 14.29% | 8.93% | 7.98% | 14.14% | 4.26% | 7.84% | 14.35% | 209.89% | - | 13.13% | 12.95% | 9.73% | 8.75% | 6.82% | 7.89% | 6.56% | 5.65% | 4.77% | 5.81% | 3.37% | - | - |
| Other Operating Expenses | 0 | 0 | 275K | 2.2M | 0 | 0 | 0 | -1.03M | -18.29M | -5.03M | -6.96M | -18.54M | -7.55M | -15.24M | -3.85M | -5.12M | 0 | 0 | 0 | 0 | -2.31M | 0 | 0 |
| Operating Income | -37.41M | -53.8M | -36.6M | -14.99M | -12.9M | -137.91M | -63.49M | -56.34M | -35.52M | -68.56M | -61.31M | 1.34M | -24.48M | 18.16M | -3.47M | 12.61M | 61.98M | 45.7M | -42.38M | -152.15M | 17.45M | -6.91M | -4.43K |
| Operating Margin % | -85.51% | -58.94% | -32.28% | -16.07% | -24.53% | -297.07% | -120.91% | -60.94% | -274.77% | - | -18.29% | 0.36% | -5.9% | 3.77% | -0.63% | 2.22% | 10.6% | 7.71% | -8.25% | -31.09% | 8.42% | - | - |
| Operating Income Growth % | - | -47.01% | -144.14% | -16.25% | 90.65% | -117.21% | -12.7% | -58.61% | 48.19% | -11.83% | -4675.22% | 105.47% | -234.77% | 623.28% | -127.52% | -79.65% | 35.64% | 207.83% | 72.15% | -971.7% | 352.77% | - | - |
| EBITDA | -35.92M | -50.6M | -33.77M | -10.96M | -8.99M | -129.63M | -52.88M | -42.54M | -19.07M | -40.87M | -30.09M | 31.89M | 4.04M | 46.33M | 16.07M | 35.92M | 83.69M | 66.96M | -20.08M | -130.12M | 24.21M | -6.91M | 77.13M |
| EBITDA Margin % | -82.1% | -55.43% | -29.78% | -11.75% | -17.11% | -279.24% | -100.7% | -46.02% | -147.5% | - | -8.97% | 8.48% | 0.97% | 9.62% | 2.91% | 6.33% | 14.31% | 11.3% | -3.91% | -26.59% | 11.68% | - | - |
| EBITDA Growth % | 41.42% | -49.85% | -208.12% | -21.85% | 93.06% | -145.15% | -24.31% | -123.11% | 53.35% | -35.85% | -194.35% | 688.31% | -91.27% | 188.28% | -55.26% | -57.08% | 24.99% | 433.51% | 84.57% | -637.42% | 450.63% | -108.95% | - |
| D&A (Non-Cash Add-back) | 1.49M | 3.2M | 2.83M | 4.03M | 3.9M | 8.28M | 10.61M | 13.8M | 16.45M | 27.69M | 31.22M | 30.55M | 28.52M | 28.16M | 19.54M | 23.31M | 21.71M | 21.27M | 22.3M | 22.03M | 6.76M | 0 | 0 |
| EBIT | -26.89M | -55.52M | 20.25M | 63.81M | -12.9M | -68.04M | -96.62M | -60.47M | -130.01M | -112.83M | -65.43M | -49.64M | -28.78M | 25.1M | 3.11M | 2.42M | 84.21M | 6.59M | -8.62M | -127.97M | 31.98M | 17.45M | 71.9M |
| Net Interest Income | -3.32M | -2.74M | -1.51M | -982K | -8.23M | -8.56M | -5.8M | -4.68M | -22.78M | -7.58M | -7.54M | -9.91M | -19.15M | -9.55M | -1.48M | 302K | -6.91M | -14.75M | -31.74M | -10.76M | -944.6K | -944.6K | 1.38M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3K | 6K | 1.43M | 69K | 656K | 596K | 1.78M | 2.55M | 1.77M | 1.63M | 2.04M | 5.2M | 10.94M | 888.09K | 1.38M | 1.38M |
| Interest Expense | 3.32M | 2.74M | 1.51M | 982K | 8.23M | 8.56M | 5.8M | 4.68M | 22.79M | 9.01M | 7.61M | 10.57M | 19.74M | 11.33M | 4.03M | 1.47M | 8.54M | 16.78M | 36.94M | 21.7M | 1.83M | 1.83M | 0 |
| Other Income/Expense | -5.3M | -4.45M | 55.34M | 77.82M | 15.21M | 11.01M | -10.83M | -3.65M | -111.68M | -52.28M | -7.54M | -9.91M | -24.04M | -4.39M | 2.55M | -11.66M | 11.35M | -55.89M | -3.18M | 2.49M | 234.13K | 234.13K | 1.61M |
| Pretax Income | -42.71M | -58.26M | 18.74M | 62.83M | 2.31M | -126.9M | -102.42M | -65.14M | -152.79M | -76.14M | -75.4M | -16.52M | -48.52M | 13.77M | -923K | 949K | 75.67M | -10.19M | -45.56M | -149.66M | 17.69M | 0 | 0 |
| Pretax Margin % | -97.63% | -63.82% | 16.53% | 67.34% | 4.4% | -273.35% | -195.03% | -70.47% | -1181.94% | - | -22.49% | -4.39% | -11.7% | 2.86% | -0.17% | 0.17% | 12.94% | -1.72% | -8.87% | -30.58% | 8.53% | - | - |
| Income Tax | -307.72K | -293K | 61K | 162K | -14K | 178K | 425K | 510K | -94.48M | 46.02M | 1.44M | 1.29M | -38.38M | 4.46M | 1.86M | 13.73M | 9.32M | 11.73M | -4M | -49K | 1.4M | 5.53M | 4.43K |
| Effective Tax Rate % | 0.72% | 0.5% | 0.33% | 0.26% | -0.61% | -0.14% | -0.41% | -0.78% | 61.84% | -60.44% | -1.9% | -7.84% | 79.1% | 32.39% | -201.73% | 1446.79% | 12.32% | -115.1% | 8.77% | 0.03% | 7.94% | - | - |
| Net Income | -26.97M | -53.33M | 20.71M | 55.33M | -6.26M | -91.53M | -102.84M | -65.65M | -153.66M | -75.67M | -65.58M | -13.81M | -9.53M | 7.49M | -1.43M | -23.08M | 49.05M | -40.82M | -43.29M | -163.2M | 16.42M | -5.53M | -4.43K |
| Net Margin % | -61.64% | -58.42% | 18.27% | 59.3% | -11.92% | -197.15% | -195.84% | -71.02% | -1188.7% | - | -19.56% | -3.67% | -2.3% | 1.56% | -0.26% | -4.07% | 8.39% | -6.89% | -8.43% | -33.35% | 7.92% | - | - |
| Net Income Growth % | -333.17% | -357.47% | -62.57% | 983.19% | 93.16% | 11% | -56.64% | 57.27% | -103.06% | -15.4% | -374.93% | -44.94% | -227.13% | 622.59% | 93.79% | -147.05% | 220.18% | 5.7% | 73.48% | -1093.82% | 397.1% | - | - |
| Net Income (Continuing) | -42.41M | -57.96M | 18.68M | 62.67M | 2.33M | -127.08M | -102.84M | -65.65M | -152.79M | -121.84M | -73.04M | -60.21M | -10.14M | 9.31M | -2.79M | -12.78M | 66.35M | -21.93M | -41.56M | -149.62M | 16.42M | 16.42M | 65.46M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -37.86M | -38.18M | -27.31M | -23.86M | -38.77M | -44.93M | -8.27M | 7.21M | 1.36M | 490K | 38.33M | 49.58M | 53.59M | 54.2M | 52.38M | 26.77M | 57.09M | 51.39M | 39.22M | 48.77M | 13.04M | 3.24M | 0 |
| EPS (Diluted) | -3.60 | -7.03 | 3.20 | 8.43 | -1.09 | -16.29 | -20.45 | -15.69 | -50.18 | -26.95 | -28.69 | -6.06 | -4.19 | 3.20 | -0.61 | -10.00 | 21.00 | -17.74 | -18.83 | -70.14 | 14.61 | -5.53 | -0.00 |
| EPS Growth % | -865.63% | -319.69% | -62.04% | 873.39% | 93.31% | 20.34% | -30.34% | 68.73% | -86.2% | 6.06% | -373.43% | -44.63% | -230.94% | 624.59% | 93.9% | -147.62% | 218.38% | 5.79% | 73.15% | -580.08% | 364.2% | - | - |
| EPS (Basic) | - | -7.03 | 3.20 | 8.43 | -1.09 | -16.29 | -20.45 | -15.69 | -50.18 | -26.95 | -28.69 | -6.06 | -4.19 | 3.20 | -0.61 | -10.00 | 21.20 | -17.74 | -18.83 | -70.14 | 15.21 | -5.53 | -0.00 |
| Diluted Shares Outstanding | 7.49M | 7.49M | 6.47M | 6.56M | 5.62M | 5.62M | 5.03M | 4.18M | 3.06M | 2.81M | 2.29M | 2.28M | 2.27M | 2.33M | 2.34M | 2.31M | 2.33M | 2.3M | 2.3M | 2.33M | 1.12M | 1M | 1M |
| Basic Shares Outstanding | 7.49M | 7.49M | 6.47M | 6.56M | 5.62M | 5.62M | 5.03M | 4.18M | 3.06M | 2.81M | 2.29M | 2.28M | 2.27M | 2.33M | 2.34M | 2.31M | 2.32M | 2.3M | 2.3M | 2.33M | 1.08M | 1M | 1M |
| Dividend Payout Ratio | - | - | - | 0.36% | - | - | - | - | - | - | - | - | - | - | - | - | 14.08% | - | - | - | - | - | - |
Quick answers to the most common questions about buying SEED stock.
For fiscal year 2025, Origin Agritech Limited (SEED) reported total revenue of $91.3M.
Origin Agritech Limited (SEED) reported a net loss of $53.3M for the fiscal year ending 2025.
Origin Agritech Limited (SEED) reported an operating income of $-53.8M, resulting in an operating profit margin of -58.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Origin Agritech Limited (SEED) generated $6.4M in gross profit for the year, representing a gross profit margin of 7.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory and liquidity dependency
Revenue Contraction Signals Structural Weakness
According to the most recent quarterly filings, Origin Agritech experienced a severe 75.3% year-over-year revenue decline, suggesting that the company's pivot toward an e-commerce platform has failed to offset the underlying volatility and seasonal weakness inherent in its traditional hybrid seed production and distribution business model.
The sharp drop in top-line performance indicates that the company is struggling to maintain market share within the competitive Chinese agricultural landscape. Investors should monitor whether this contraction reflects a permanent loss of commercial relevance or merely a temporary disruption in the company's seasonal planting cycle.
Margin Compression Reflects Distribution Reliance
As reported in financial statements, the company's gross margin plummeted to -9.0% in the most recent quarter, a stark departure from historical levels that suggests the firm is currently operating as a low-margin reseller rather than a high-value biotech innovator with defensible pricing power.
This negative gross margin implies that the cost of goods sold is consistently exceeding the revenue generated, which is highly atypical for a firm positioned as a technology-driven seed developer. Such results suggest that the company lacks the necessary scale or proprietary product differentiation to command premium pricing in the current market environment.
Operating Leverage Remains Severely Constrained
Based on the provided income statement data, the company's operating margin has deteriorated to -153.8%, indicating that the firm is unable to achieve the necessary operating leverage to cover its fixed R&D and logistical overhead as revenue continues to trend downward across recent reporting periods.
The inability to scale operating income relative to gross profit suggests that the current cost structure is fundamentally misaligned with the company's actual commercial output. Without a significant shift toward high-margin licensing revenue, the firm appears trapped in a cycle of high fixed costs that continue to erode shareholder value.
Sustainability of Operations Under Scrutiny
Data from recent filings reveals that with operating losses deepening and cash reserves limited to approximately $15.9 million, the company faces a precarious financial position that may necessitate further dilutive equity financing to sustain its ongoing research and development activities over the next twelve months.
Short-sellers would likely focus on the disconnect between the company's biotech narrative and its actual financial performance, which resembles a struggling distributor rather than a high-growth ag-tech firm. The reliance on external capital to fund operations warrants further investigation into the long-term viability of the current business model.