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].

Investment Rating - The report does not explicitly state an investment rating for the infant complementary food industry Core Insights - The global infant complementary food market is expected to grow from RMB 225.71 billion in 2024 to RMB 292.13 billion by 2029, with a CAGR of 5.3% from 2024 to 2029 [8] - The Chinese infant complementary food market is projected to reach RMB 81.75 billion by 2029, growing from RMB 55.91 billion in 2024, with a CAGR of 7.9% from 2024 to 2029 [9][10] - The penetration rate of infant complementary food products globally is expected to increase from 20.1% in 2024 to 25.3% by 2029 [8] - The Chinese market's share of the global infant complementary food market is anticipated to rise from 24.8% in 2024 to 28.0% by 2029 [14] Summary by Sections Global Infant Complementary Food Development and Policy Standards - The global infant complementary food industry has a history of over 150 years, evolving from homemade to industrial production, driven by economic development and consumer awareness [8] - The market size is influenced by the increasing consumer willingness to pay and the rising nutritional requirements for infants [8] Global Infant Complementary Food Key Market Analysis - The market size is projected to grow significantly, with the global market expected to reach RMB 292.13 billion by 2029 [8] - The penetration rate in developed regions is higher compared to developing regions, indicating growth potential in the latter [8] Chinese Infant Complementary Food Market Size - The Chinese market is in a rapid growth phase, with a projected market size of RMB 81.75 billion by 2029, driven by rising consumer awareness and policy support [9][10] - The penetration rate of infant complementary food in China is expected to increase significantly, indicating a shift towards more packaged products [10] Sales Channel Analysis - The online sales channel for infant complementary food in China is expected to grow from RMB 10.98 billion in 2019 to RMB 22.64 billion by 2024, with a CAGR of 15.6% [11] - Offline channels remain significant, but online sales are projected to surpass offline sales by 2029 [11] Regulatory and Standard Development - China's infant complementary food regulations are evolving, with ongoing improvements to align with international standards, enhancing industry quality and market growth [15][18] - The report highlights the need for clearer definitions and standards in the Chinese market to support growth and consumer education [18][20] Consumer Trends and Preferences - Chinese consumers are increasingly favoring organic and convenient infant complementary food products, aligning with trends seen in developed markets [22] - The demand for diverse and balanced food structures is growing, with parents showing interest in customized products to meet specific dietary needs [22]