监管函阴影下 幺麻子再启“上市路”

Core Viewpoint - The company, Yao Ma Zi Food Co., Ltd., is seeking to go public again after a previous failed IPO attempt, with a focus on expanding its core product, pepper oil, while facing challenges such as low inventory turnover and rising sales expenses [1][5][8]. Group 1: Company Overview - Yao Ma Zi was established on March 20, 2008, with a registered capital of 132 million yuan [3]. - The company primarily engages in the research, production, and sales of seasoning oils, compound seasonings, and local specialty foods, with pepper oil as its core product [3]. - The actual controller, Zhao Yuejun, holds 30.92% of the company's shares, and the Zhao family collectively controls 68.21% of the company [3][4]. Group 2: IPO Attempts and Regulatory Issues - The company entered the IPO counseling phase on August 5, 2024, with the China International Capital Corporation as the counseling agency [3]. - Previous IPO attempts faced regulatory scrutiny, including a failure to disclose related party transactions, leading to a regulatory letter from the Shenzhen Stock Exchange in August 2024 [5][6][7]. - The company withdrew its IPO application in December 2023 due to strategic adjustments and business development considerations [5]. Group 3: Financial Performance - Yao Ma Zi's revenue and net profit have shown consistent growth from 2022 to 2024, with revenues of approximately 450 million yuan, 545 million yuan, and 625 million yuan, and net profits of approximately 81.16 million yuan, 98.78 million yuan, and 157 million yuan, respectively [8]. - The revenue from the main product, pepper oil, accounts for over 80% of the total revenue, indicating a reliance on a single product [8]. - The company's inventory turnover rate for 2024 is reported at 1.51 times, which is lower than that of 15 comparable listed companies in the seasoning and fermentation industry [9]. Group 4: Sales and Marketing Expenses - Sales expenses have been increasing, with figures of approximately 29.38 million yuan, 32.42 million yuan, and 33.64 million yuan from 2022 to 2024 [9].