First, collect and measure all the required ingredients according to the list.
Secondly, prepare the base by sautéing chopped onion and minced garlic over medium heat.
Thirdly, add peanut butter, sesame paste, soy sauce (both light and dark), oyster sauce, hoisin sauce, sugar, wine, white pepper, chili oil, five-spice powder, and coconut milk into the base and stir nicely.
Then, add water to adjust the consistency and simmer the sauce for about 10 minutes.
After simmering, taste the sauce and adjust according to your taste.
Finally, the sauce is ready to serve.