Core Viewpoint - The company Yao Mazi Food Co., Ltd. is attempting to go public again by submitting IPO materials to the Sichuan Securities Regulatory Bureau after previously withdrawing its application for the Shenzhen Stock Exchange main board in December 2023 [1][4]. Group 1: Company Background - Yao Mazi was established on March 20, 2008, with a registered capital of 132 million yuan [3]. - The controlling shareholder is Zhao Yuejun, who directly holds 30.92% of the company's shares [3]. - The company primarily operates in the food production industry and is currently listed on the National SME Share Transfer System with the stock code 874322 [3]. Group 2: IPO Journey - The IPO journey has faced challenges, including a shift from the initial plan to list on the ChiNext board to the Shenzhen main board, and ultimately a withdrawal of the application in December 2023 due to strategic adjustments [4]. - Following the withdrawal, the company and its intermediaries faced regulatory penalties for failing to adequately verify related party transactions [4]. Group 3: Financial Performance - In 2024, the company achieved a revenue of 625 million yuan, a year-on-year increase of 14.69%, and a net profit of 157 million yuan, which surged by 58.95% [6]. - The gross profit margin improved from 33.3% to 38.83% during the same period [6]. Group 4: Product Dependency and Market Competition - The company heavily relies on its flagship product, pepper oil, which accounted for 92.48% of its revenue in 2024 [6]. - The market for pepper oil in China is projected to grow from 1.67 billion yuan in 2022 to 3.56 billion yuan by 2027, with a compound annual growth rate of approximately 15%-20% [6]. Group 5: Governance and Risk Factors - Yao Mazi is a family-owned business, with the founding family holding 68.21% of the shares, which raises governance concerns [8]. - The company has faced 37 complaints related to product quality issues from early 2022 to August 2024, although it claims to have implemented corrective measures [9].

Core Viewpoint - 幺麻子食品股份有限公司 has completed the listing guidance filing with the Sichuan Securities Regulatory Bureau, with plans to go public after previously withdrawing its IPO application in December 2023 [1][2]. Company Overview - 幺麻子 was established on March 20, 2008, with a registered capital of 132 million yuan, and is headquartered in Hongya County, Sichuan [1][2]. - The company focuses on the research, production, and sales of seasoning oils, compound seasonings, and local specialty foods, primarily centered around pepper oil [2]. Financial Performance - In 2024, the company reported an operating income of 625.22 million yuan, a year-on-year increase of 14.69% [2][3]. - The net profit attributable to shareholders was 157 million yuan, reflecting a significant year-on-year increase of 58.95% [2][3]. - The gross profit margin improved to 38.83%, compared to 33.30% in the previous year [3]. Shareholding Structure - The controlling shareholder, Zhao Yuejun, directly holds 30.92% of the company's shares, while other family members collectively hold a significant portion, resulting in a total of 73.28% of shares held by the Zhao family [4][5]. - Zhao Yuejun, Gong Wanfen, Zhao Qi, and Zhao Lin are identified as the actual controllers of the company, actively participating in its daily operations and management [5].