米多多集团拟赴港IPO，盈利能力整体欠佳

Core Viewpoint - Mido Group has submitted a listing application to the Hong Kong Stock Exchange, focusing on providing digital marketing and operational support services for cross-border e-commerce companies, but has shown poor profitability in recent years [1][2]. Financial Performance - The net profits of Mido Group for the years 2022, 2023, 2024, and the first half of 2025 were $1.641 million, -$16.413 million, -$0.163 million, and -$1.985 million respectively, indicating a declining trend in profitability [1][2]. - The operating cash flow was negative in 2022 and the first half of 2024, primarily due to extended credit terms granted to several clients [2]. Business Strategy - Mido Group aims to expand its global business coverage, focusing on localizing customized marketing services in overseas markets, developing overseas e-commerce operations, and investing in marketing-related technology [2]. - The company has become the official advertising agent for TikTok for Business in 2024 and for Amazon in 2025, successfully assisting over 1,700 direct clients in promoting their brands across more than 20 countries [3]. Client and Supplier Concentration - Revenue from the top five clients accounted for 62.2%, 66.8%, 43.8%, and 37.2% of total revenue in 2022, 2023, 2024, and the first half of 2025 respectively, with the largest client contributing 45.9%, 23.7%, 12.1%, and 10.5% [3]. - The top five suppliers represented 95.3%, 99.1%, 88.4%, and 96.5% of total cost of sales in the same periods, indicating a high concentration in supplier relationships [3].