国货品牌幺麻子再谋资本局，此前“带病”闯关被罚还不足一年

Core Viewpoint - The company, Yao Mazi Food Co., Ltd., is attempting to go public again after previously withdrawing its application due to regulatory issues, including insufficient checks on related party transactions and unusual dealer cooperation times [1][2][4][10]. Group 1: IPO Journey - Yao Mazi submitted its IPO application to the Sichuan Securities Regulatory Bureau on August 4, 2025, aiming for a listing on the Beijing Stock Exchange [1]. - The company had previously aimed for a listing on the Shenzhen Stock Exchange but withdrew its application in December 2023, citing strategic adjustments [8]. - The company has engaged China International Capital Corporation (CICC) as its advisory firm for this IPO attempt [1][7]. Group 2: Regulatory Challenges - Yao Mazi and its intermediaries faced regulatory penalties due to inadequate checks on related party transactions and flaws in the verification of dealer customer visits [9][10][11]. - The company was penalized alongside CICC and other firms for failing to disclose related party transactions adequately in its prospectus [10][11]. Group 3: Financial Performance - In 2024, Yao Mazi reported a revenue of 625 million yuan, a year-on-year increase of 14.69%, and a net profit of 157 million yuan, up 58.95% [18]. - The gross profit margin improved from 33.3% to 38.83% during the same period [18]. - However, over 80% of the company's revenue is derived from a single product, pepper oil, indicating a significant reliance on this product [19]. Group 4: Customer and Dealer Relationships - The company reported sales of 12.99 million yuan to Guangzhou Jiu Xiang Food Co., Ltd. in 2024, despite the latter being established only in April 2023, raising questions about the legitimacy of such transactions [12][16]. - Several of Yao Mazi's top dealers were found to have been established after the commencement of their business relationships with the company, which contradicts standard business practices [16]. Group 5: Product Quality and Safety Issues - Yao Mazi has faced 37 complaints related to product quality issues from early 2022 to August 2024, including problems like hair in products and oil turbidity [21]. - The company has stated that it is taking corrective measures to address these complaints and improve its quality control processes [21][23]. Group 6: Recent Dividends - Recently, Yao Mazi distributed a cash dividend of 29.96 million yuan, with a payout of 2.27 yuan per share, benefiting its major shareholders significantly [23].