登录新浪财经APP 搜索【信披】查看更多考评等级 转自：北京日报客户端 幺麻子食品股份有限公司（以下简称"幺麻子"）再度发起对"藤椒油第一股"的冲击。近日，北交所官网 显示，幺麻子的北交所IPO已获受理。回看幺麻子的上市之路，从深交所创业板转向深交所主板，两次 冲击上市未果，期间还因IPO申报文件中存在隐藏关联方的信息披露漏洞等被深交所采取书面警示。此 次转战北交所，细看招股书可以发现，幺麻子对单一产品藤椒油的依赖依然较为明显，且公司的存货规 模持续处于高位，而这些或将成为公司能否顺利上市的关键考验。 转战北交所 藤椒油收入占比超80% 回顾幺麻子冲击上市的历程，可谓一波三折。早在2020年9月，幺麻子就已向四川证监局提交辅导备 案，最初拟在深交所创业板上市。 2021年3月，幺麻子转向深交所主板，同年12月向证监会报送主板上市申请文件。后续在注册制新规落 地后，其上市申请文件于2023年3月平移至深交所。然而，在经历了约两年的审核流程后，2023年12月 27日，幺麻子及保荐人向深交所提交了撤回上市申请，给出的解释为"战略规划调整及业务发展考虑"。 随后几则监管函的落地，揭示了幺麻子主动终止深交所主板上市背 ...

Core Viewpoint - Company "Yao Mazi" is attempting to list on the Beijing Stock Exchange (BSE) after previous unsuccessful attempts on the Shenzhen Stock Exchange (SSE) due to regulatory issues and reliance on a single product, Sichuan pepper oil, which poses risks for its IPO success [1][3][4]. Group 1: Listing Journey - Yao Mazi initially aimed to list on the SSE's ChiNext in September 2020, later shifting to the SSE main board, but withdrew its application in December 2023 after two years of review, citing strategic adjustments [3]. - The company faced multiple regulatory warnings from the SSE for failing to disclose related party information in its IPO documents [3]. - In June 2024, Yao Mazi applied for listing on the New Third Board, targeting the BSE, and its application has recently been accepted [3][4]. Group 2: Financial Performance - Yao Mazi plans to raise 568 million yuan for projects including the production of 35,000 tons of Sichuan pepper oil and other seasoning oils, as well as for building a technology center and marketing network [4]. - The company has shown steady revenue growth, with revenues of 450 million yuan, 545 million yuan, 625 million yuan, and 332 million yuan for the years 2022 to 2025 (first half) respectively, and net profits of 81.1 million yuan, 98.7 million yuan, 157 million yuan, and 105 million yuan for the same periods [5]. Group 3: Product Dependency - Over 80% of Yao Mazi's revenue comes from Sichuan pepper oil, with the proportion of seasoning oil revenue being 94.07%, 93.15%, 93.63%, and 93.31% from 2022 to 2025 (first half) [6]. - The company is recognized as a leader in the Sichuan pepper oil market, holding a 30% market share in 2024, but faces competition from other brands and larger companies entering the market [5][6]. Group 4: Inventory Risks - Yao Mazi's inventory levels are high, with net inventory amounts of 266 million yuan, 261 million yuan, 245 million yuan, and 254 million yuan from 2022 to 2025 (first half) [7]. - High inventory levels can lead to increased financial costs and potential risks of inventory impairment if market demand changes or if there are issues with storage management [7][8].

来源：食安时代 调味品作为日常生活的"刚需"，品类发展长时间保持稳健态势，但这两年受市场需求变化等影响也悄然发生了改变，品类发展面临着成本上涨、产品同质 化严重、渠道管理难度加大等多重挑战。 尤其是一些区域企业在高度集中的竞争格局下发展困境尤为突出，上市便成了寻求新增量的出路，但资本并不是"万能药"，外面也并非一片坦途。 今年8月4日，以藤椒油为核心的调味油、复合调味料及地方特色食品的研发、生产和销售的企业幺麻子也正式向北交所发起冲刺，据悉，该品牌自2020年 以来已辗转深交所、新三板、北交所三地，但今年2月挂牌新三板基础层后不到三个月便晋升至创新层，并于8月递交了在北交所上市的辅导备案申请材 料，这一速度让人直呼惊讶。 区域调味品企业扎堆IPO的背后，是行业从增量市场转向存量竞争的深刻变革，有数据显示2024年调味品零售规模达1716.9亿元，同比增长4.1%，整体市 场规模预计2025年突破7881亿元，增速放缓至5%-8%，而市场格局高度集中的大环境就在一定程度上说明了区域企业的发展困境，尤其是头部企业纷纷上 市后调味品市场的竞争愈发激烈。 深挖这些区域企业的主营业务能够发现，这些品牌或许想通过聚焦特色 ...

Core Viewpoint - The upcoming National Day holiday is driving a surge in domestic tourism, particularly in Leshan, where local specialties like "Zhao Duck" are becoming popular among tourists looking to bring home authentic Sichuan flavors [1][3]. Group 1: Tourism Trends - Modern tourists prefer to combine experiences of eating and shopping during their travels, seeking to create lasting memories beyond just sightseeing [3]. - Leshan is not only home to the UNESCO World Heritage site of Leshan Giant Buddha but also serves as a significant hub for Sichuan cuisine, attracting visitors with its spicy flavors and local ingredients [3]. Group 2: Popular Local Specialties - "Zhao Duck" stands out as a highly recommended local specialty due to its long-standing reputation as an "old brand" that has maintained quality and customer satisfaction over decades [4]. - The product's vacuum packaging and freshness-locking technology allow it to retain its authentic taste, making it a viable option for tourists to take home [4]. Group 3: Emotional and Cultural Significance - For locals, "Zhao Duck" represents a nostalgic flavor tied to their upbringing, while for visitors, it serves as a tangible connection to their travel experiences [5]. - Bringing home "Zhao Duck" allows travelers to extend their journey's narrative and share it with family and friends, enhancing the emotional value of their trip [5]. Group 4: Other Recommended Local Products - In addition to "Zhao Duck," other notable Sichuan delicacies include: - Fermented tofu, a staple on local dining tables, known for its spicy flavor [6]. - "Bobo Chicken" seasoning, which allows consumers to recreate Sichuan-style cold skewers at home [7]. - "Douhua" dipping sauce, offering a unique taste experience for adventurous eaters [8]. - "Fengjiao oil," known for its fragrant and numbing qualities, suitable for various dishes [9]. - Despite the variety, "Zhao Duck" remains the top choice for tourists due to its combination of taste, portability, and social appeal [9]. Group 5: Travel and Culinary Experience - The act of bringing back edible souvenirs transforms travel into a daily source of happiness, making food a meaningful part of the journey [10]. - Tourists are encouraged to include "Zhao Duck" in their travel plans to enrich their experience and share the warmth of their journey with others [10].

Group 1 - The 15th China International Trademark and Brand Festival opened in Taiyuan on September 6, focusing on "serving trademark brand construction projects and cultivating well-known Chinese trademark brands" with the theme "Inheritance, Transformation, Sharing" [1] - The festival featured two core activities: the "China Trademark Annual Conference" and the "China Brand Trademark Expo," attracting approximately 3,500 participants from various sectors, including the National Intellectual Property Administration and international organizations [1] - The Market Supervision Administration of Ya'an City received the "Outstanding Contribution Award," becoming the only city-level department in the country to achieve this honor in previous years [1] Group 2 - The Market Supervision Administration of Ya'an organized six enterprises and one association to showcase four major specialty industries, including Ya'an Tibetan Tea and Mengding Mountain Tea, under the theme "Inheritance, Transformation, Sharing" [3] - During the event, Ya'an's market supervision authority actively facilitated the exhibition and conducted various promotional activities, with products like pepper oil and vine pepper oil becoming popular gifts, successfully attracting numerous customers for tasting and experience [3] - The relevant official from Ya'an's Market Supervision Administration stated that winning the "Outstanding Contribution Award" at the 2025 China Brand Trademark Expo follows the previous year's gold awards for brands like "Hanyuan Pepper" and "Runzhao Caviar," highlighting the high standards of their exhibition and quality products [5]

Core Viewpoint - The company, Yao Mazi, is planning to list on the Beijing Stock Exchange after its recent listing on the New Third Board, aiming to leverage capital for product diversification and channel expansion amidst a competitive seasoning market [1][3]. Group 1: Company Overview - Yao Mazi, known for its pepper oil, has shown steady growth in recent years, with revenue increasing from 450 million yuan in 2022 to 625 million yuan in 2024, and net profit rising from approximately 81.16 million yuan to 157 million yuan during the same period [5]. - The company has a high dependency on a single product, with over 91% of its revenue coming from pepper oil, indicating potential risks associated with market saturation [5][6]. Group 2: IPO Journey - Yao Mazi's IPO journey has faced challenges, including a previous attempt to list on the Shenzhen Stock Exchange that was halted due to 43 feedback issues from the regulatory body [1][2]. - The company has recently submitted a listing application to the Beijing Stock Exchange, with a faster-than-expected timeline from its New Third Board listing to the current IPO preparation [2]. Group 3: Governance and Compliance Issues - The company has faced scrutiny over governance issues, particularly regarding related party transactions and transparency, which were highlighted during its previous IPO attempt [2][4]. - The family-controlled structure of Yao Mazi raises concerns about internal controls and the potential neglect of minority shareholders' interests [4]. Group 4: Market Position and Competition - Yao Mazi is positioned as a leader in the niche market of pepper oil, but it faces increasing competition from larger players like Jinlongyu and Haitian, who are entering the pepper oil segment [6][7]. - The company’s market penetration remains low outside its primary region, with less than 10% market share in Eastern and Northern China, indicating a slow national expansion [5]. Group 5: Future Strategies - To address its reliance on a single product, Yao Mazi has initiated a "Pepper+" strategy to diversify its offerings, although current revenue from new product lines remains minimal [6][7]. - The company aims to enhance its core competencies in R&D, smart manufacturing, and brand marketing to adapt to market challenges and consumer trends [7].

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 - The company, Yao Mazi Food Co., Ltd., is attempting to relaunch its IPO journey on the Beijing Stock Exchange after previously withdrawing its application for the Shenzhen Stock Exchange, despite showing strong revenue growth in its core product, pepper oil [1][3]. Company Overview - Yao Mazi was established in 2008 and focuses on the research, production, and sales of pepper oil, compound seasonings, and local specialty foods [1]. - The company has a significant market share in the pepper oil sector, holding approximately 27% in 2022 [1]. Financial Performance - Yao Mazi has shown consistent revenue growth from 2022 to 2024, with revenues of 450 million, 545 million, and 625 million yuan respectively, and net profits of approximately 81.16 million, 98.78 million, and 157 million yuan [4][5]. - The gross profit margins have also improved, standing at 32.34%, 33.3%, and 38.83% over the same period [4]. Product Dependency - The company heavily relies on its core product, pepper oil, which accounts for over 80% of its main business revenue [5][6]. - Despite attempts to diversify its product offerings, including developing new seasoning products, these efforts have not yet significantly impacted overall performance [5]. Ownership Structure - Yao Mazi is predominantly a family-owned business, with over 68% of shares held by a family of four, which may pose governance risks despite potential decision-making efficiencies [6][7]. - The company has faced scrutiny for inadequate disclosure of related party transactions, leading to regulatory penalties [7]. Competitive Landscape - The entry of major players like Haitian Flavoring and Jinlongyu into the pepper oil market has intensified competition, challenging Yao Mazi's market position [8]. - The company acknowledges the need for continuous innovation and brand marketing to maintain its market share amid rising competition [8].

登录新浪财经APP 搜索【信披】查看更多考评等级 每经记者｜陈晴 每经编辑｜文多 获绝味食品方面财务投资、一度有望成为"藤椒油第一股"，幺麻子食品股份有限公司（以下简称幺麻 子）在深交所主板IPO（首次公开募股）折戟一年多后，近日筹划北交所上市。 值得注意的是，在2023年12月终止审查后第八个月（即2024年8月），幺麻子仍因遗漏披露关联方收到 深交所监管函，这一"撤单后追责"的罕见情形引发市场关于公司内控合规性的一些质疑。 2025年8月6日，香颂资本董事沈萌接受《每日经济新闻》记者采访时分析称，监管层持续追责，意味着 相关问题或涉及重大事项，"如果没有彻底修正的话，同样会影响在北交所的IPO"。 上次申报创业板未果 幺麻子主营以藤椒油为核心的调味油、复合调味料和地方特色食品的研发、生产和销售。赵跃军、龚万 芬、赵麒、赵麟为公司共同实际控制人。其中，赵跃军、龚万芬系夫妻关系，赵麒、赵麟为二人之子。 早在2020年9月，幺麻子就向四川证监局提交辅导备案材料，目标板块为创业板。此后，公司改道深交 所主板。上述IPO申请于2023年3月获受理，至2023年12月底审核终止。 对于深交所主板上市审核终止事项，20 ...

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].