Origin Agritech Limited announced that Mr. Geoffery Merszei would be appointed to the board of directors of the company, replacing Dr. Yingqi Xia who retired from the board. However, after further discussions, it was mutually agreed that Mr. Merszei will not join the board of directors. The company will continue to search for a new director to replace Dr. Xia.

The company announced unaudited consolidated earnings results for the full year ended September 30, 2015. For the year, the company reported revenues of RMB 376,250,000 compared to RMB 414,891,000 a year ago. Income from operations was RMB 1,340,000 compared to loss of RMB 24,479,000 a year ago. Loss before income taxes was RMB 16,519,000 compared to RMB 48,523,000 a year ago. Net loss was RMB 17,814,000 compared to RMB 10,140,000 a year ago. Net loss attributable to the company was RMB 13,808,000 or 0.61 cents per basic and diluted share compared to RMB 9,527,000 or 0.42 cents per basic and diluted share a year ago. Net cash provided by operating activities was RMB 52,189,000 compared to net cash used in operating activities of RMB 85,639,000 a year ago. Purchase of plant and equipment was RMB 14,747,000 compared to RMB 10,502,000 a year ago. Purchase of intangible assets was RMB 4,884,000 compared to RMB 11,440,000 a year ago.

The company provided earnings guidance for the full year of 2016. The company expects revenues and operating income to improve in fiscal year 2016. More importantly, the company believes that cash flow from operating activities will continue to show significant improvement as the company manages inventory and sales efforts product by product.