米多多港股IPO：核心子公司被撤销科技型中小企业评价 Google持续收紧返点政策 毛利率暴跌市场份额仅剩0.5%

Core Viewpoint - Mido's recent IPO application reveals significant financial challenges, including substantial share-based payments leading to massive losses and a heavy reliance on Google for revenue, which is under threat due to tightening rebate policies [1][18]. Financial Performance - Mido's revenue from 2022 to 2024 was $65.17 million, $70.85 million, and $71.13 million, with 2024 showing only a 0.40% year-on-year growth. Net profits were $1.64 million in 2022, followed by losses of $16.41 million in 2023 and $1.98 million in the first half of 2025 [25]. - In the first half of 2025, Mido achieved revenue of $55.78 million, a year-on-year increase of 81.60%, but recorded a net loss of $19.85 million, a 900-fold increase in losses compared to the previous year [25][26]. - The adjusted net profits for 2023 and the first half of 2025 were $5,900 and -$2,200 respectively, indicating the company is near the breakeven point [25]. Share-Based Payments - Mido made significant share-based payments of $16.47 million in 2023 and $19.46 million in the first half of 2025, which directly contributed to its substantial losses [4][24]. - The payments to executives and employees raised concerns about potential profit transfer issues [1][24]. Business Model and Revenue Sources - Mido's revenue is heavily dependent on overseas marketing services, accounting for 99% of total income, which poses a risk due to lack of diversification [1][29]. - The company has recently expanded into overseas e-commerce operations, generating only $35,200 in revenue, less than 1% of total income [29]. Financial Health - Mido has consistently faced financial instability, with debt ratios of 119.81%, 107.21%, 107.56%, and 106.77% across reporting periods, significantly higher than industry averages [26]. - As of mid-2023, Mido's current liabilities were $28.10 million, while current assets were only $25.45 million, resulting in negative working capital of $264,400 [26]. Market Position and Competition - Mido is the fifth largest cross-border e-commerce marketing service provider in China, with a market share of only 0.5% [34]. - The industry is characterized by intense competition, with many players and no unified standards, leading to low profit margins across the sector [34]. Dependency on Google - Mido's reliance on Google is significant, with Google accounting for 66.6% to 88.7% of total sales costs during the reporting periods [15][35]. - Recent changes in Google's rebate policies have negatively impacted Mido's gross margins, which have been declining [37].