Origin Agritech Limited (SEED) Cash Flow Statement
Where SEED’s cash came from and went, FY2025
September 30, 2025 · Chinese yuan- Cash from operations
- −CN¥22.6M
- Capital expenditures
- CN¥13.4M 14.6% of revenue
- Free cash flow
- −CN¥35.9M −39.3% margin
- Returned to shareholders
- —
- Change in cash
- CN¥7.4M cash at year-end CN¥15.9M
Cash from operations
−CN¥22.6M
Capital expenditures
−CN¥13.4M
Acquisitions & other
−CN¥922,011
Net borrowing (repayment)
+CN¥3.0M
Shares issued
+CN¥38.6M
Other financing
+CN¥2.9M
Currency & other
−CN¥224,374
Change in cash
CN¥7.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SEED operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
SEED cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CN¥47.9MFY2016 | −CN¥22.6MFY2025 | — | |
| Capital expenditures | CN¥17.0MFY2016 | CN¥13.4MFY2025 | −2.6%/yr | |
| Free cash flow | CN¥30.9MFY2016 | −CN¥35.9MFY2025 | — | |
| Free cash flow margin | 9.2%FY2016 | −39.3%FY2025 | −48.6 pts | |
| Operating cash flow / net income | 1.42FY2022 | −0.80FY2024 | −2.22 | |
| Stock-based compensation | CN¥8.8MFY2016 | CN¥23.1MFY2025 | +11.3%/yr | |
| Dividends paid | CN¥0FY2016 | CN¥200,000FY2023 | — | |
| Share buybacks (net) | CN¥0FY2016 | CN¥0FY2019 | — | |
| Capex / revenue | 5.1%FY2016 | 14.6%FY2025 | +9.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SEED cash flow by activity
OperatingInvestingFinancingChange in cash
SEED net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SEED cash flow statement in Chinese yuan
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −CN¥52.6M | CN¥18.7M | CN¥62.7M | CN¥2.3M | −CN¥127.1M | −CN¥102.8M | −CN¥65.7M | −CN¥153.7M | −CN¥106.3M | −CN¥65.6M |
| Depreciation & amortization | CN¥3.2M | CN¥2.8M | CN¥4.0M | CN¥3.9M | CN¥8.3M | CN¥10.6M | CN¥13.8M | CN¥16.5M | CN¥27.7M | CN¥31.2M |
| Stock-based compensation | CN¥23.1M | CN¥5.2M | CN¥1.2M | CN¥1.0M | CN¥11.0M | CN¥13.2M | CN¥12.2M | — | CN¥5.4M | CN¥8.8M |
| Change in working capital | CN¥5.2M | CN¥13.5M | CN¥12.7M | −CN¥5.0M | −CN¥33.9M | CN¥2.5M | −CN¥31.6M | CN¥29.0M | −CN¥98.9M | CN¥63.7M |
| Other non-cash items | −CN¥1.4M | −CN¥55.2M | −CN¥86.0M | CN¥987,000 | CN¥116.6M | CN¥71.0M | CN¥11.1M | CN¥98.1M | CN¥51.9M | CN¥9.7M |
| Cash from operating activities | −CN¥22.6M | −CN¥15.0M | −CN¥5.5M | CN¥3.3M | −CN¥25.1M | −CN¥5.6M | −CN¥60.1M | −CN¥10.0M | −CN¥120.2M | CN¥47.9M |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥13.4M | −CN¥5.0M | −CN¥12.2M | −CN¥622,000 | −CN¥1.7M | −CN¥1.7M | −CN¥3.0M | −CN¥3.0M | −CN¥3.9M | −CN¥17.0M |
| Investments (net) | CN¥0 | −CN¥5.0M | −CN¥11.2M | −CN¥1.1M | −CN¥1.2M | −CN¥42.2M | CN¥9.4M | CN¥47.6M | CN¥29.5M | −CN¥6.5M |
| Acquisitions & other investing | −CN¥922,011 | CN¥5.0M | CN¥12.2M | CN¥622,000 | CN¥1.7M | CN¥1.7M | CN¥3.0M | CN¥3.0M | CN¥3.9M | CN¥17.0M |
| Cash from investing activities | −CN¥14.3M | −CN¥5.0M | −CN¥11.2M | −CN¥1.1M | −CN¥1.2M | −CN¥42.2M | CN¥9.4M | CN¥47.6M | CN¥29.5M | −CN¥6.5M |
| Financing activities | ||||||||||
| Dividends paid | — | — | −CN¥200,000 | −CN¥2.4M | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Share repurchases & issuance (net) | — | — | — | — | — | — | CN¥53.6M | CN¥0 | CN¥6.7M | CN¥0 |
| Net borrowing (repayment) | CN¥3.0M | CN¥5.0M | CN¥0 | −CN¥9.3M | CN¥2.2M | CN¥47.6M | CN¥47.6M | −CN¥35.4M | CN¥19.2M | −CN¥47.9M |
| Shares issued | CN¥38.6M | CN¥10,000 | CN¥24.5M | CN¥11.0M | CN¥17.2M | CN¥16.2M | CN¥53.6M | CN¥0 | CN¥0 | CN¥0 |
| Other financing | CN¥2.9M | −CN¥462,000 | −CN¥1.4M | CN¥340,000 | CN¥472,000 | CN¥2.1M | −CN¥101.2M | CN¥0 | CN¥21.2M | −CN¥901,000 |
| Cash from financing activities | CN¥44.5M | CN¥4.5M | CN¥22.9M | −CN¥332,000 | CN¥19.8M | CN¥65.9M | CN¥53.6M | −CN¥35.4M | CN¥47.0M | −CN¥48.8M |
| Summary | ||||||||||
| Net change in cash | CN¥7.4M | −CN¥15.3M | CN¥6.0M | CN¥2.3M | −CN¥7.1M | CN¥19.3M | CN¥1.2M | −CN¥1.3M | −CN¥51.3M | −CN¥11.5M |
| Cash at end of period | CN¥15.9M | CN¥8.4M | CN¥23.7M | CN¥17.7M | CN¥15.4M | CN¥22.5M | CN¥3.2M | CN¥2.0M | CN¥3.2M | CN¥54.5M |
| Free cash flow | −CN¥35.9M | −CN¥20.0M | −CN¥17.7M | CN¥2.7M | −CN¥26.8M | −CN¥5.6M | −CN¥60.1M | −CN¥13.0M | −CN¥124.1M | CN¥30.9M |
| Free cash flow margin | −39.3% | −17.6% | −18.9% | 5.1% | −57.7% | −10.7% | −65.0% | −100.8% | — | 9.2% |
| Capex / revenue | 14.6% | 4.4% | 13.1% | 1.2% | 3.7% | 3.3% | 3.2% | 23.1% | — | 5.1% |
| Operating cash flow / net income | — | −0.80 | −0.09 | 1.42 | — | — | — | — | — | — |
| Mar '26 | Dec '25 | Jun '25 | Mar '25 | Dec '24 | Jun '24 | Mar '24 | Dec '23 | Mar '23 | Dec '22 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −CN¥7.2M | −CN¥7.2M | −CN¥13.9M | −CN¥12.8M | −CN¥12.8M | CN¥9.7M | CN¥1.4M | CN¥677,500 | −CN¥533,500 | −CN¥533,500 |
| Depreciation & amortization | — | CN¥800,500 | CN¥1.6M | CN¥690,750 | CN¥690,750 | CN¥1.4M | CN¥984,000 | CN¥984,000 | CN¥975,250 | CN¥975,250 |
| Stock-based compensation | — | — | CN¥11.6M | — | CN¥2.6M | CN¥2.6M | — | CN¥4.2M | — | CN¥3.7M |
| Change in working capital | — | — | CN¥16.7M | — | CN¥22.5M | CN¥22.5M | — | — | — | CN¥19.3M |
| Other non-cash items | CN¥6.3M | CN¥5.5M | −CN¥21.6M | CN¥6.2M | −CN¥18.9M | −CN¥37.6M | −CN¥14.5M | −CN¥12.0M | −CN¥12.1M | −CN¥35.1M |
| Cash from operating activities | −CN¥908,000 | −CN¥908,000 | −CN¥5.5M | −CN¥5.9M | −CN¥5.9M | −CN¥1.5M | −CN¥12.1M | −CN¥6.0M | −CN¥11.7M | −CN¥11.7M |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥629,500 | −CN¥629,500 | −CN¥3.5M | −CN¥2.1M | −CN¥2.1M | −CN¥2.0M | −CN¥986,916 | −CN¥492,000 | −CN¥176,000 | −CN¥176,000 |
| Acquisitions & other investing | CN¥0 | CN¥0 | −CN¥1.3M | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥500,000 | CN¥500,000 |
| Cash from investing activities | −CN¥629,500 | −CN¥629,500 | −CN¥4.8M | −CN¥2.1M | −CN¥2.1M | −CN¥2.0M | −CN¥986,916 | −CN¥492,000 | CN¥324,000 | CN¥324,000 |
| Financing activities | ||||||||||
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | CN¥255,000 | CN¥255,000 | CN¥17.0M | CN¥5.1M | CN¥5.1M | CN¥2.4M | −CN¥318,944 | −CN¥159,000 | CN¥9.9M | CN¥9.9M |
| Cash from financing activities | CN¥255,000 | CN¥255,000 | CN¥17.0M | CN¥5.1M | CN¥5.1M | CN¥2.4M | −CN¥318,944 | −CN¥159,000 | CN¥9.9M | CN¥9.9M |
| Summary | ||||||||||
| Net change in cash | — | CN¥13.5M | −CN¥2.4M | — | — | −CN¥10.4M | −CN¥13.0M | −CN¥6.6M | CN¥14.4M | −CN¥1.6M |
| Cash at end of period | — | CN¥15.9M | CN¥2.4M | CN¥2.4M | — | — | CN¥10.4M | −CN¥6.6M | CN¥14.4M | −CN¥1.6M |
| Free cash flow | −CN¥1.5M | −CN¥1.5M | −CN¥9.1M | −CN¥8.0M | −CN¥8.0M | −CN¥3.5M | −CN¥13.1M | −CN¥6.5M | −CN¥11.9M | −CN¥11.9M |
| Free cash flow margin | −21.9% | −6.2% | −95.8% | −22.0% | −22.0% | −32.4% | −28.5% | −14.2% | −35.9% | −35.9% |
| Capex / revenue | 9.0% | 2.6% | 37.3% | 5.7% | 5.7% | 18.7% | 2.1% | 1.1% | 0.5% | 0.5% |
| Operating cash flow / net income | — | — | — | — | — | −0.15 | −8.93 | −8.93 | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
SEED cash generation
In fiscal 2025 (ended September 30, 2025), Origin Agritech generated -CN¥22.6 million of cash from operations and spent CN¥13.4 million on capital expenditures, leaving free cash flow of -CN¥35.9 million, −39.3% of revenue. Cash and equivalents rose by CN¥7.4 million over the year.
Related: SEED income statement, SEED balance sheet. See the SEED stock overview for the latest quote and news.
SEED cash flow FAQ
What is Origin Agritech's free cash flow?
Origin Agritech's free cash flow was -CN¥35.9 million in fiscal 2025: -CN¥22.6 million of operating cash flow minus CN¥13.4 million of capital expenditures It was -CN¥20.0 million a year earlier..
How much cash does Origin Agritech generate from operations?
Origin Agritech generated -CN¥22.6 million of cash from operating activities in fiscal 2025.
How much does Origin Agritech spend on capital expenditures?
Origin Agritech spent CN¥13.4 million on capital expenditures in fiscal 2025, 14.6% of revenue, compared with CN¥5.0 million the year before.