幺麻子北交所IPO能否讲出新故事？

Core Viewpoint - The company Yao Mazi is attempting to go public on the Beijing Stock Exchange (BSE) after previously failing to list on the Shenzhen Stock Exchange (SSE), amidst increasing competition in the seasoning industry and challenges related to its revenue structure and regulatory history [1][4]. Group 1: IPO Journey - Yao Mazi's IPO journey began in 2020 when it submitted a counseling record to the Sichuan Securities Regulatory Bureau for a listing on the ChiNext board of the SSE [3]. - In December 2023, Yao Mazi voluntarily withdrew its IPO application for the SSE main board after nearly two years of review [4]. - The company has faced collective challenges with other consumer enterprises in the IPO process due to tightened policies and industry classification restrictions, leading many to withdraw their applications [4]. Group 2: Regulatory Issues - Yao Mazi has a history of regulatory scrutiny, having received penalties from the Shenzhen Stock Exchange for insufficient disclosure of related party transactions [2][4]. - The actual controller of Yao Mazi, Zhao Yujun, holds a significant 68.21% stake, which, while beneficial for decision-making efficiency, raises potential governance concerns [4]. Group 3: Financial Performance - In 2024, Yao Mazi reported revenue of 625 million yuan, a year-on-year increase of 14.69%, and a net profit of 157 million yuan, reflecting a 58.95% growth [7]. - The company’s net profit margin exceeded 25% in 2024, indicating strong profitability [7]. - However, over 80% of Yao Mazi's revenue is derived from its core product, pepper oil, highlighting a significant dependency on a single product line [8][10]. Group 4: Market Challenges - The market for pepper oil in China is projected to grow at a compound annual growth rate of 15% to 20%, reaching approximately 3.56 billion yuan by 2027, but the market ceiling poses challenges for Yao Mazi's growth [10]. - The company faces competition from larger brands like Haitian and Jinlongyu, which have entered the pepper oil market, leveraging their distribution and cost advantages [10]. - Yao Mazi's sales are heavily concentrated in the Sichuan and Chongqing regions, with about 90% of revenue coming from distribution channels, indicating limited geographic reach [10][11].