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RELATED PARTY BALANCES AND TRANSACTIONS
 12 Months Ended
Sep. 30, 2023
RELATED PARTY BALANCES AND TRANSACTIONS  
RELATED PARTY BALANCES AND TRANSACTIONS

3.         RELATED PARTY BALANCES AND TRANSACTIONS (In RMB’000)

(1)Related party relationships

​

Name of related parties

 

Relationship

Beijing Shihui(i)

​

Being owned by close family members of the Company’s Chairman

Linze Origin Seeds Ltd.(i)

 

Being owned by close family members of the Company’s Chairman

Henan Yingde Agricultural Ltd.

​

Being owned by close family members of the Company’s Chairman

Beijing Liantaide Biotechnology Co., Ltd.

​

Being owned by close family members of the Company’s Chairman

Beijing Agrite Co., Ltd.

​

Being owned by close family members of the Company’s Chairman

Fifth Division State-owned Assets Management and Operation Co., Ltd

​

Being the non-controlling interest of Xinjiang Origin

Shareholders

​

Non-controlling shareholders of Hubei Aoyu, Anhui Aoyu, Xuzhou

​

​

Aoyu, Shandong Aoruixinong, Henan Aoyu, Shandong Aoruixinong

(i)Other than typical transactions between related parties, the Company has entered into a Restructuring Agreement with three parties: Linze Fumin Industrial Investment and Development Co., Ltd. (Linze Fumin), Beijing Shihui, Linze Origin Seeds Ltd (Linze Origin) in April 2020. According to the Restructuring Agreement, Linze Origin, which is currently a wholly owned subsidiary of Beijing Shihui, would be restructured. At the result of the planned restructuring, Linze Fumin, an investment company owned by the Linze county government, and the Company would have 51% and 49%, respectively, of the ownership of Linze Origin. The restructuring would require the Company to repay the borrowing amounted to RMB27.0 million from Beijing Agriculture Finance Leasing, LLC.(“BAFL”) for Linze Origin and to offer a loan of RMB20.0 million to Linze Origin. As of September 30, 2023, the restructuring for Linze Origin is in process.
(1)Due from related parties, net of bad debt allowance

​

​

​

​

​

​

​

​

September 30, 

​

    

2022

    

2023

​

​

RMB

​

RMB

​

​

​

​

​

Linze Origin Seeds Ltd

​

45

​

45

Beijing Shihui (iii)

​

29,998

​

17,060

Shareholders (i)

​

9,165

​

5,336

Henan Yingde Agricultural Ltd.

​

11,529

​

—

Beijing Liantaide (ii)

​

7,466

​

9,046

Beijing Origin

​

—

​

450

The Company’s Chairman (iv)

​

—

​

5,999

The Close family of the Company’s Chairman

​

6

​

6

Total

 

58,125

 

37,942

Allowance for doubtful account

​

29,998

​

17,560

Due from related parties, net

​

28,127

​

20,382

​

Note (i): As of September 30, 2023, the balance of due from shareholders include seed sales amounted RMB 15, advances for business use amounted RMB 4,421 and advances for purchases raw materials amounted RMB 900.

Note (ii): As of September 30, 2023, the balance of due from shareholders is advances for purchases raw materials amounted RMB 9,046.

Note (iii): As of September 30, 2023, the Company provide cash to fund the related party, Beijing Shihui’s operations amounted RMB 17,060. The Company made fully allowance of due from related party as of September 30, 2023.

Note (iv): As of September 30, 2023, the balance of due from the Company’s Chairman is advances to staff for business use amounted RMB 5,999.

(2)Due to related parties

​

​

​

​

​

​

​

​

September 30, 

​

    

2022

    

2023

​

 

RMB

 

RMB

​

​

​

​

​

Linze Origin Seeds Ltd

​

300

​

—

Henan Agriculture University

​

1,000

​

—

Xinjiang Ginbo Seeds Center

​

54

​

54

Companies controlled by the Company’s directors (i)

 

1,702

 

1,721

Shareholders (i) (ii)

 

10,123

 

15,434

Beijing Origin (iii)

​

—

​

148,219

The Company’s Chairman (i)

​

970

​

3,657

YingDe(i)

​

187

​

5,399

The close family of the Company’s Chairman

​

4,293

​

—

​

 

18,629

 

174,484

Note (i): In the ordinary course of business, the Company purchases raw materials from and sells product to related parties, and related parties also provide cash to fund the Company’s operations.

Note (ii): As of September 30, 2023, the balance of due to shareholders include borrowing amounted RMB5,381, which is unsecured, interest-bearing (the borrowing interest rate is from 5.8% to 12%) and repayable on demand, accrued interest amounted use amounted RMB 354 and advances from shareholders of selling seed amounted RMB 9,699.

Note (iii): As of September 30, 2023, Beijing Origin, an associate, provide cash to fund the Company’s operations amounted RMB 148,219, which is unsecured, interest-free and repayable on demand.

(3)

Transactions with related parties

(a)

Sales to

​

​

​

​

​

​

​

​

​

​

Year ended

​

​

September 30, 

​

    

2021

    

2022

    

2023

​

​

RMB

 

RMB

 

RMB

YingDe

 

3,134

 

1,818

 

6,384

Shareholders (i)

​

4,701

​

3,574

​

4,677

Henan Agriculture University

​

—

​

5

​

—

The close family of the Company’s Chairman

​

—

​

2,618

​

—

​

 

7,835

 

8,015

 

11,061

​

Note(i): RMB4,677 and RMB3,574, or 5% and 6.8% of the Company for the year ended September 30, 2023, respectively, are derived from shareholders and the sales price is market price.

(b)

Purchase from

​

​

​

​

​

​

​

​

​

​

Year ended

​

​

September 30,

​

    

2021

    

2022

    

2023

​

​

RMB

​

RMB

​

RMB

YingDe

 

11,700

 

14,012

 

162

Linze Origin Seeds Limited

 

4,706

 

—

 

—

Beijing Shihui

​

360

​

—

​

—

Liantaide

 

—

 

9,708

 

6,334

Close family of the Company’s Chairman

​

333

​

29

​

—

Shareholders

 

2,227

 

—

 

—

​

 

19,326

 

23,749

 

6,496

​