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].

Group 1 - The core point of the article is that Yao Mazi Food Co., Ltd. has initiated the listing guidance process for its planned IPO on the Beijing Stock Exchange, with China International Capital Corporation as the guiding institution [1] - Yao Mazi was established on March 20, 2008, with a registered capital of 132 million yuan, and its controlling shareholder is Zhao Yuejun, who holds 30.92% of the company's shares [1] - The company has been listed on the National Equities Exchange and Quotations system with the stock code 874322 and focuses on the research, production, and sales of seasoning oils, compound seasonings, and local specialty foods, primarily centered around pepper oil [1] Group 2 - Prior to this listing guidance, Yao Mazi had previously attempted an IPO, with its initial public offering guidance filed in September 2020, targeting the Shenzhen Stock Exchange's Growth Enterprise Market [1] - Due to strategic planning and business development considerations, the company withdrew its application for the main board IPO on December 27, 2023, after submitting the application on March 2, 2023 [2] - The company has undergone changes in its application process, shifting its intended listing from the Growth Enterprise Market to the main board of the Shenzhen Stock Exchange [1][2]

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]