This is an English adaptation of a FoodBud historical article originally published on March 5, 2025.
For operators who think about ingredient supply and category specialists behind the menu, Yaomazi is a case study in a single-category condiment leader, its B2B distribution model, and a long, winding road to the capital markets.
Yaomazi's listing journey was anything but smooth. It first sought a ChiNext (Shenzhen) listing in 2020, switched to the main board in 2021, then withdrew its IPO application in December 2023 amid regulatory penalties over related-party disclosure issues and intermediary violations. In June 2024 it pivoted to China's NEEQ ("New Third Board"), and after review formally listed on February 27, 2025 — becoming the first green-peppercorn-oil company on the NEEQ. The article frames the move as flexible adaptation to a changing regulatory environment and a foundation for later capital actions.
Yaomazi is the leading player in green-peppercorn oil, with its core product contributing over 80% of revenue and roughly 27% category market share in 2022. Performance has grown steadily: 2023 revenue of RMB 545 million and net profit of RMB 98.78 million; for the first eight months of 2024, revenue of RMB 408 million and net profit of RMB 101 million, with gross margin rising above 38%. Its distribution network spans 34 provinces and municipalities with 600+ distributors, serving major customers such as Haidilao and Juewei Food, and it has lifted the sales share from markets outside Southwest China to over 50%.
The company plans three growth curves: consolidate its lead in green-peppercorn oil, expand compound seasonings, and develop Meishan-specialty foods (such as bobo chicken). It also plans to invest RMB 566 million to expand capacity, adding 20,000 tons of green-peppercorn oil and 1,800 tons of compound seasonings annually.
Juewei Food invested twice via its investment platform Wangju Capital, for a cumulative RMB 180 million. In April 2019, Wangju Capital first invested RMB 130 million for a 15.29% stake; in September that year, a Wangju-controlled fund (Hunan Si Yi Wu) added RMB 50 million for a further 5.26%. CICC Qichen invested the same RMB 50 million for another 5.26% in the same period. Together, the Juewei group accumulated a 20.55% holding, becoming one of Yaomazi's most important strategic shareholders — a reflection of Juewei's strategic positioning in the má (numbing) flavor segment anchored by green-peppercorn oil, with CICC Qichen's participation reinforcing market confidence in the model.
Yaomazi focuses on má-flavor condiments — green-peppercorn oil at the core, plus compound seasonings, vegetable products and snack foods. Seasoning oils have long exceeded 90% of core revenue: 92.6% in Jan–Aug 2024 (91.29% in 2023, 91.34% in 2022). Green-peppercorn oil is the star product, holding about 27% of the domestic category. Compound seasonings (Sichuan-style má-flavor) are about 4–5% of revenue with upside; vegetable products and snacks together are under 2%.
Quality is positioned as a differentiator via a triple process ("traditional sealed fermentation + ambient fresh-pressing + supercritical extraction"), improving raw-material utilization and flavor stability, with sampling pass rates kept at 100% and no major food-safety incidents.
The model is distributor-led with a direct-sales complement. As of end-August 2024, the company had 604 tier-one distributors (64.4% corporate, about 35.6% individual businesses and other non-corporate). Distribution revenue exceeds 90% of core revenue; direct sales are under 10%.
Note for international readers: This is a China-specific story — green-peppercorn oil and the NEEQ listing venue have limited direct overseas analogues, and figures are 2024 partial-year. It is included for the supply-chain and category-specialist lens (a B2B ingredient leader serving large chains), not as investment guidance.