九成收入靠一瓶藤椒油，幺麻子IPO如何走出“单腿走路”困局？

Core Viewpoint - The company, Yao Mazi, has received approval for its IPO application on the Beijing Stock Exchange, aiming to raise 568 million yuan, with over 60% of the funds allocated for capacity expansion projects [1][11]. Financial Performance - The company's revenue has shown a positive trend, increasing from 450 million yuan in 2022 to 625 million yuan in 2024, with 332 million yuan achieved in the first half of 2025 [3][13]. - The core product, pepper oil, contributes over 80% of the main business revenue, indicating a reliance on a single product category [1][11]. - In 2023 and 2024, the sales of pepper oil increased by 18.62% and 16.01% respectively, driving significant revenue growth of 18.98% and 14.85% [4][14]. Market Expansion and Challenges - The company is expanding its market presence beyond the Southwest region, establishing 341 distributors outside this area, but faces challenges due to limited brand recognition and competition from local and national condiment giants [1][11]. - The company has been diversifying into compound condiments and snacks, but these categories still represent less than 5% of total revenue, highlighting the ongoing dependency on pepper oil [6][16]. - The company’s sales strategy heavily relies on distributors, with over 90% of revenue coming from this channel, but the average output per distributor outside the Southwest is significantly lower, indicating inefficiencies [7][18]. Regional Performance - The Southwest region remains the revenue backbone, contributing 40.48% of total sales in 2024, with 266 distributors, which increased to 281 by mid-2025 [17][18]. - The East China region is a strategic focus for expansion, but the number of distributors decreased by 5 in the first half of 2025 compared to 2024, indicating potential market challenges [19]. Pricing and Sales Trends - The average price per ton of pepper oil was 35,600 yuan in the first half of 2025, reflecting a slight increase of 1.77% from the previous year [4][14]. - However, the growth rate of sales volume and revenue for pepper oil slowed to 1.95% and 3.75% respectively in the first half of 2025, attributed to seasonal demand fluctuations and prior stockpiling by distributors [5][15].