• The Monsanto of China.
• Bayer's Crop Science division, but focused on genetically modified corn seeds in China.
• Corteva Agriscience for the Chinese market.

• Hybrid Corn Seeds: Advanced corn seeds developed for improved yield, disease resistance, and adaptability.
• Biotechnology Corn Seeds: Hybrid corn seeds enhanced with genetically modified traits such as insect resistance and herbicide tolerance.

Origin Agritech (symbol: SEED) primarily sells its products and services to other companies within the agricultural sector. The company does not publicly disclose specific major customer companies by name in its financial filings, indicating a diversified customer base rather than a reliance on a few large entities.

Based on their business model, Origin Agritech's major customer categories are:

• Farmers and Agricultural Enterprises: These are the primary end-users of Origin Agritech's corn and rice seeds. These customers are typically large-scale farming operations in China that purchase seeds for cultivation. While many may be privately held or operate as individual farms, they function as businesses within the agricultural supply chain.
• Seed Distributors: Origin Agritech utilizes a network of independent distributors who purchase seeds directly from the company. These distributors then resell the seeds through their own sales channels to local farmers and other agricultural entities.
• Other Seed Companies: The company may also sell its proprietary seeds, germplasm, or finished seed products to other seed companies for various purposes, including further breeding, regional distribution, or to supplement their own product lines.

The recent and ongoing opening of China's genetically modified (GM) crop market, particularly for corn, presents a clear emerging threat to Origin Agritech. While this market liberalization is theoretically an opportunity for SEED, it concurrently ushers in intense competition from vastly larger, globally dominant agricultural biotechnology corporations such as Syngenta (owned by ChemChina) and potentially Bayer. These multinational giants possess significantly greater research and development budgets, broader patent portfolios covering a wider array of traits, well-established distribution networks, and substantially more financial resources. As China streamlines its approval processes and commercialization pathways for GM crops, these powerful competitors are poised to rapidly expand their presence and market share, potentially overwhelming smaller, less resourced domestic players like Origin Agritech. This market shift is analogous to a disruptive innovator (like Netflix or Uber) entering a newly accessible or restructured market, posing a significant challenge to existing, less-resourced players.

Origin Agritech (SEED) primarily operates in China, focusing on crop seed breeding and genetic improvement, with a strong emphasis on genetically modified (GM) corn and soybean seeds, as well as an e-commerce platform for related technical services.

The addressable markets for their main products and services in China are substantial:

• China Agricultural Biotechnology Market: This market generated a revenue of USD 12,925.7 million in 2024 and is projected to reach USD 19,152.9 million by 2030, growing at a Compound Annual Growth Rate (CAGR) of 6.5% from 2025 to 2030.
• China Corn Seed Market: The market value for corn seeds in China is expected to remain above CNY 30 billion in the future. (Approximately USD 4.13 billion, based on a 7.2622 USD:CNY exchange rate from July 15, 2024). The broader China seed market size is valued at USD 12.26 billion in 2025 and is projected to reach USD 14.12 billion by 2030.
• China Soybean Seed Market: While specific China soybean *seed* market figures are less direct, the global soybean seed market size reached USD 11.07 billion in 2025 and is forecast to expand to USD 15.05 billion by 2030. Furthermore, the overall China soybean market size is expected to reach USD 153 billion by 2030.

• Commercialization of Gene-Edited Corn Varieties: Origin Agritech is focused on enhancing corn breeding through cutting-edge genetic trait modification and has secured a patent license agreement for advanced gene editing technology. The company is actively pursuing biosafety certifications for its gene-edited corn varieties, which are expected to be secured within 1-2 years, with the aim of swift commercialization. These gene-edited corn varieties, designed for "Smart Plant Architecture" with optimized leaf angles, are anticipated to enable higher planting densities and increased yields.
• Launch and Commercialization of New GMO Corn Varieties: The company received a GMO safety certificate for its transgenic maize BBL2-2 in May 2024, which offers advanced insect resistance and herbicide tolerance traits. Origin Agritech is advancing four GMO corn hybrids in national trials, with one hybrid likely to receive approval in 2025 and two others in 2026. The BBL2-2 version of its corn variety OY728 could see pilot seed production in 2025 and be ready for sale in 2026, contributing to future revenue.
• Expansion into New and Re-entered Agricultural Markets in China: Origin Agritech has obtained new crop seed production and operation licenses, enhancing its capabilities to produce, process, package, wholesale, and retail corn seeds. This expansion is complemented by the successful re-entry into the Northeast China agricultural market in September 2025, where new corn varieties were showcased to over 200 dealers and partners. The company is also strategically restructuring its production and sales units to streamline operations and enhance scalability, positioning itself to serve the vital North China Plain and other regions.
• Introduction and Growth of New Proprietary Hybrid Corn Varieties: The company continues to develop and commercialize new proprietary conventional hybrid corn varieties. For instance, Origin's corn variety Aoyu 728 is projected to generate substantial revenue, with sales volumes expected to cover over 1 million mu and yield approximately $7 million USD in the 2025 season. Other new corn varieties, such as Jinqiao 8, Jingke 4580, and Jingke 317, have received national approvals and are being introduced to the market, further supporting sales growth.

Share Issuance

• On September 30, 2025, Origin Agritech announced the sale of 1,234,300 ordinary shares to investors at $1.20 per share, generating an aggregate consideration of $1,481,250.
• Concurrently, the Board of Directors approved the sale of 2,000,000 ordinary shares to CEO Yan Weibin at $1.20 per share, resulting in gross proceeds of $2,400,000.
• A new compensation plan for independent directors adopted on September 11, 2025, includes annual issuances of 2,000 shares and 2,000 options to non-employee directors and committee chairmen.

Inbound Investments

• Origin Agritech secured approximately $3.88 million in new investments on September 30, 2025.
• This total includes a $2.4 million investment from CEO Weibin Yan for 2,000,000 ordinary shares and $1.48 million from institutional investors, both at $1.20 per share.
• In October 2020, Origin's Beijing Origin subsidiary received an additional RMB20 million (approximately $2.9 million) from its joint venture partner, Beijing Changping Technology Innodevelop Group, bringing the total funding from this partner to RMB157 million (approximately $23.4 million).

Capital Expenditures

• The $3.88 million capital infusion from September 2025 is designated for supporting expansion in China's agricultural biotechnology sector, including enhancing research and development capabilities, expanding market penetration, and strengthening distribution networks.
• The RMB157 million ($23.4 million) funding received in 2020 from the Beijing Changping Technology Innodevelop Group joint venture was allocated to expand seed production and marketing in anticipation of China's move towards GMO-positive policies.
• In October 2025, the company obtained new licenses for corn seed production and GMO crop seed production, and increased the registered capital of its subsidiary Beijing Origin Seed Ltd. from RMB 30 million to RMB 100 million (approximately $4.2 million to $14 million USD) to boost operational capacity and market presence.