Ge Long Hui·2026-02-12 08:48Core Viewpoint - Yao Mazi Food Co., Ltd. has received an inquiry letter regarding its IPO application for public stock issuance and listing on the Beijing Stock Exchange, with regulatory concerns about innovation characteristics, market space, compliance of production land, food safety risks, and the sustainability of performance growth [1][4]. Company Overview - Yao Mazi, established in 2008 and located in Meishan, Sichuan, specializes in the research, production, and sales of unique seasoning products, primarily focusing on pepper oil [1][4]. - The company’s main products include a variety of flavored oils, compound seasonings, specialty foods, and snacks, with over 93% of revenue derived from flavored oils [8][12]. Financial Performance - The company aims to raise approximately 568 million yuan for projects including the construction of a comprehensive intelligent production facility for pepper oil and other seasoning oils [6]. - Revenue figures for Yao Mazi from 2022 to the first half of 2025 are approximately 4.5 billion yuan, 5.45 billion yuan, 6.25 billion yuan, and 3.32 billion yuan, respectively, with net profits of about 810 million yuan, 990 million yuan, 1.57 billion yuan, and 1.05 billion yuan [19]. - The gross profit margin has shown an upward trend, reaching 46.45% in the first half of 2025, which is higher than the average gross margin of comparable companies [19][20]. Market Position - The seasoning oil market in China is projected to grow significantly, with the overall seasoning industry expected to reach 687.1 billion yuan by 2024, growing at 16.01% year-on-year [16]. - Yao Mazi holds a 30% market share in the pepper oil segment, making it a leading player in this niche market [21][22]. - However, the core product, pepper oil, has a relatively small market size, estimated at 2.09 billion yuan in 2024, with expectations to grow to 3.91 billion yuan by 2030 [17]. Risks and Challenges - The company faces risks related to food safety, as evidenced by 37 complaints regarding product quality issues from 2022 to 2024 [13]. - Yao Mazi's inventory levels are high, with net inventory amounts around 2.66 billion yuan, which could lead to risks of inventory obsolescence if market competition intensifies [19][22]. - The company is also challenged by the competitive landscape in the compound seasoning market, where it has entered later than established competitors [22].