新股前瞻|行业第五难挡利润端恶化，米多多海外电商运营的新故事难讲？

Core Viewpoint - The cross-border e-commerce industry in China is projected to reach a scale of $461.7 billion in 2024, driven by advanced production capabilities and strong government support, with a growing demand for marketing services in this sector [1]. Industry Overview - The cross-border e-commerce marketing market in China is expected to reach $14.3 billion in 2024, indicating a robust growth trajectory [1]. - The company Mido has submitted its listing application to the Hong Kong Stock Exchange, positioning itself as a representative player in the cross-border e-commerce marketing sector [1]. Company Performance - Mido's revenue from 2022 to 2024 was $6.517 million, $7.085 million, and $7.113 million respectively, while it reported net profits of $164.1 thousand, -$1.6413 million, and -$16.3 thousand during the same period [1]. - In the first half of 2025, Mido's revenue surged by 81.6% to $5.577 million, but net losses expanded significantly from -$2.2 thousand to -$19.85 million [1]. Business Model and Structure - Mido has transitioned through three phases since its establishment in 2014, evolving from a traditional intermediary to a digital advertising agency and finally to a cross-border e-commerce marketing service provider [2]. - The company operates three main business lines: overseas marketing services, overseas e-commerce operations, and digital exhibition services [3]. Revenue Composition - Mido's revenue heavily relies on overseas marketing services, which accounted for 99% of its revenue from 2022 to 2024, with minimal contributions from other services [4]. - The company’s gross margin has significantly declined from 8% in 2022 to 4.1% in 2023 and 4.4% in 2024, indicating a deterioration in profitability [6]. Cost Structure - Media costs represent a substantial portion of Mido's expenses, reaching 99.3% in 2023, which has severely impacted its gross margin [9]. - The total expenses related to marketing, administration, and research and development account for approximately 4% of total revenue, indicating a critical threshold for profitability [8]. Market Challenges - Mido's business model is vulnerable due to its heavy reliance on overseas marketing services, which are susceptible to fluctuations in media costs and demand [9]. - The company faces challenges in expanding its digital exhibition services and newly launched overseas e-commerce operations, which require significant investment and time to scale [11]. Future Outlook - Mido's ability to achieve a higher market valuation is hindered by its dependence on a fragile business model and the sluggish growth of new revenue streams [12]. - The success of Mido's new growth initiatives will be crucial in reshaping market perceptions, but short-term profitability may be adversely affected [12].