YaoMaZi Food Co., Ltd. updated its listing application review status on the Beijing Stock Exchange on May 28. The company has responded to the first round of review inquiries, with the main issues addressed including whether there are any matters affecting the clarity of equity, the innovative characteristics and market space, and the compliance and stability of production and operation land.

Regarding whether there are any matters affecting the clarity of equity, the company stated that all transactions between the company and JUEWEI FOOD are normal business activities, and these transactions adhere to the principle of fairness. The transaction prices do not differ significantly from those of other customers in the company's offline direct sales channels, and there are no issues of benefit transfer or other special interest arrangements. This does not constitute a significant reliance on JUEWEI FOOD and does not affect the operational independence of the issuer.

Regarding innovative characteristics and market space, the company stated that it is a leading enterprise in the niche market of pepper oil and has significant competitive advantages compared to other companies in the pepper oil and related hemp-flavored oil industry. The company has long been actively expanding its market in different regions, continuously educating consumers about the flavor of pepper, and developing a second growth line through hemp-flavored compound seasonings. The company's market expansion in the pepper oil sector is progressing smoothly, and the sustainability of future performance growth is strong. In recent years, the company has actively expanded its product matrix of pepper-flavored compound seasonings based on its advantageous product, pepper oil, aiming to become the most representative producer of hemp-flavored seasonings in China.

Regarding the compliance and stability of production and operation land, the company stated that the issuer has constructed properties without obtaining the corresponding housing construction permits, resulting in 8 properties that have not obtained ownership certificates. These flawed properties are relatively small in overall area, are non-production-related properties, and do not have a direct correlation with the issuer's operating income. The issuer has obtained a "Letter of Explanation" from the People's Government of Hongya County and a statement from the Hongya County Regulatory Bureau regarding YaoMaZi Food Co., Ltd., confirming that these 8 properties without ownership certificates can be retained and continue to be used, and the actual controller has provided a commitment to cover any issues. The aforementioned flawed properties do not face risks of demolition or penalties and will not have a significant adverse impact on the stability of the issuer's production and operations.

The company also responded to other questions one by one.

According to Changbi Finance, the company is engaged in the research, production, and sales of specialty seasoning foods with hemp flavor characteristics, and has initially formed a product matrix dominated by pepper-flavored oil, featuring compound seasonings with pepper flavor and local specialty foods. The company possesses an industry-leading "extraction + fresh squeezing + supercritical extraction" process for producing pepper oil. The company is a pioneer in the domestic pepper oil-related seasoning category and is one of the largest manufacturers of pepper oil and pepper-flavored compound seasonings in China. The core product produced by the company, "YaoMaZi" brand pepper oil, is a leading brand product in terms of national market share in this category