米多多集团拟赴港IPO 盈利能力整体欠佳

Core Viewpoint - Mido Group has submitted its 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]. Group 1: Financial Performance - The net profits of Mido Group for the years 2022, 2023, 2024, and the first half of 2025 were reported as $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 for 2022 and the first half of 2024, primarily due to extended credit terms granted to several clients [2]. Group 2: Business Strategy and Market Position - Mido Group is the fifth largest cross-border e-commerce service provider in China based on 2024 revenue, utilizing digital solutions to help clients reach overseas consumers through platforms like Google, TikTok, Meta, and Amazon [2]. - The company plans to use the funds raised from the listing to expand its global business coverage, focusing on localizing marketing services in overseas markets, developing overseas e-commerce operations, and investing in marketing-related technology [2]. Group 3: Client and Supplier Concentration - In 2024, Mido Group became the official advertising agency for TikTok for Business and in 2025 for Amazon, successfully assisting over 1,700 direct clients in promoting their brands across more than 20 countries [3]. - 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 accounted for 95.3%, 99.1%, 88.4%, and 96.5% of total sales costs in the same periods, indicating a high concentration in supplier relationships [3].