监管函阴影下，幺麻子再启“上市路”

Core Viewpoint - The company "幺麻子食品股份有限公司" is seeking to go public again after a previous failed IPO attempt, with a focus on expanding its product offerings and addressing regulatory concerns from past disclosures [1][6][9]. Group 1: Company Overview - 幺麻子 was founded in March 2008 and has a registered capital of 132 million yuan, primarily engaged in the research, production, and sales of seasoning oils, compound seasonings, and local specialty foods [3]. - The company has seen significant revenue growth, with reported revenues of approximately 450 million yuan, 545 million yuan, and 625 million yuan from 2022 to 2024, respectively [9]. - The main product, 藤椒油, accounts for over 80% of the company's main business revenue, indicating a reliance on a single product [9]. Group 2: IPO Attempts and Regulatory Issues - After a failed IPO attempt in 2023, the company has entered a new listing guidance phase as of August 5, 2024, with the guidance expected to be completed by August 5, 2025 [3][6]. - The company received regulatory scrutiny for failing to disclose related party transactions during its previous IPO attempt, resulting in a regulatory letter from the Shenzhen Stock Exchange in 2024 [7][8]. - The previous IPO process faced issues such as flaws in fund flow verification and distributor customer visit procedures, leading to increased scrutiny in the upcoming IPO review [8]. Group 3: Financial Performance and Challenges - Despite strong revenue growth, the company's inventory turnover rate is significantly lower than that of 15 comparable listed companies in the seasoning industry, with a turnover rate of 1.51 times in 2024 [9][10]. - Sales expenses have been on the rise, increasing from approximately 29.38 million yuan in 2022 to 33.63 million yuan in 2024 [10]. - The company is actively working to diversify its product offerings beyond 藤椒油 to mitigate risks associated with product dependency [9].