米多多冲刺港股，上半年99%营收来自海外

Core Viewpoint - Mido Duo Group has submitted an IPO application to the Hong Kong Stock Exchange, aiming to leverage its position as a leading and rapidly growing comprehensive service platform for cross-border e-commerce businesses [1] Group 1: Company Overview - Mido Duo Group provides digital marketing and operational support services to cross-border e-commerce enterprises, enabling them to sell Chinese-manufactured goods to overseas consumers [1] - The company is the fifth largest cross-border e-commerce service provider in mainland China based on projected revenue for 2024 [1] Group 2: Financial Performance - Revenue for Mido Duo Group from 2022 to 2024 is projected to be $65.17 million, $70.85 million, and $71.13 million respectively, with profits of $1.64 million, -$16.41 million, and -$0.163 million [1] - The gross profit for the same period is expected to be $5.182 million, $2.931 million, and $3.119 million, with gross margins of 8%, 4.1%, and 4.4% respectively [1] - In the first half of 2025, the company reported revenue of $55.78 million, up from $30.72 million in the same period the previous year, with a loss of $19.85 million [1] Group 3: Revenue Composition - The overseas marketing service is the core business line, generating $55.035 million in revenue in the first half of 2025, accounting for 98.7% of total revenue [2] - The overseas e-commerce operation and digital exhibition services contributed $35.2 thousand and $39.2 thousand respectively, making up 0.6% and 0.7% of total revenue [2] Group 4: Customer and Supplier Concentration - Mido Duo Group has a high customer concentration, with the top five clients accounting for 37.2% of revenue in the first half of 2025, down from 62.2% in 2022 [2] - The company relies heavily on a few suppliers, with the top five suppliers accounting for 96.5% of procurement, including Google and TikTok, which together represent 91.0% [2] - A significant reduction in Google's rebate rate from 8.9% to 3.2% has led to a 3.9 percentage point decline in gross margin, highlighting the impact of platform policy changes on profitability [2] Group 5: Shareholding Structure - Prior to the IPO, the chairman Ruan Weixing holds 41.27% of the issued share capital through RUANQi Holding, making him the controlling shareholder [3] - CEO Deng Hai holds 21.49% through INMI Holding, while Lu Xiaokun holds 5.39% through LUXK Holding [3]