12月9日，米多多集团股份有限公司(简称"米多多集团")向港交所递交上市申请。公司作为综合服务平 台，主要为跨境电商企业提供数字营销及运营支援服务。 2022年、2023年、2024年以及2025年上半年，米多多集团净利润分别为164.1万美元、-1641.3万美 元、-16.3万美元以及-1985万美元，盈利能力整体欠佳。 根据灼识咨询的资料，以2024年的收入计算，米多多集团为中国第五大跨境电商服务供应商。公司的数 字解决方案让企业客户通过Google、TikTok、Meta及Amazon等国际领先的数字媒体平台触达目标海外 消费者。 计划扩大全球业务覆盖 米多多集团面对的主要风险包括：公司在提供海外广告服务时，媒体资源采购依赖数目有限的供应商； 若公司未能维持和扩大公司的客户群或吸引新客户，经营业绩及财务状况可能受到重大不利影响；公司 与国际数字媒体平台的关系中断及安排的不利变动，可能会对公司的业务及经营业绩产生重大不利影 响；经营活动产生负现金流量，或会面临流动资金风险，并可能影响公司营运的灵活性。公司主要通过 向客户提供海外营销服务产生收入，公司通常与客户订立短期服务合约，这使得收入面临不确定性及潜 ...

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].

Core Insights - Mido Group has submitted its listing application to the Hong Kong Stock Exchange, with CCB International as the sole sponsor [1] - The company is a leading and rapidly growing integrated service platform providing digital marketing and operational support for cross-border e-commerce businesses [1] - Mido Group is projected to be the fifth largest cross-border e-commerce service provider in China based on 2024 revenue [1] Revenue Composition - In the first half of 2025, Mido Group's revenue reached $5,578 million, up from $3,072 million in the same period last year, with a loss of $1,985 million [1] - The overseas marketing service is the core business line, generating $5,503.5 million, which accounts for 98.7% of total revenue [2] - The company also reported $35.2 million from overseas e-commerce operations (0.6%) and $39.2 million from digital exhibition services (0.7%) [2] Client Concentration - Mido Group has a high client 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 largest client contributed 10.5% of total revenue [2]

Core Viewpoint - Mido Group is a leading and rapidly growing integrated service platform providing digital marketing and operational support services for cross-border e-commerce companies, aiming to enhance their sales of Chinese manufactured goods to overseas consumers [1] Group 1: Business Overview - Mido Group is positioned as the fifth largest cross-border e-commerce service provider in China based on projected revenue for 2024 [1] - The company develops digital solutions that enable clients to reach target overseas consumers through major international digital media platforms such as Google, TikTok, Meta, and Amazon [1] Group 2: Fundraising and Strategic Plans - The company plans to use the funds raised from its IPO to expand its global business coverage, focusing on localizing marketing services in overseas markets, developing overseas e-commerce operations, and investing in or acquiring synergistic companies, particularly in the Southeast Asian e-commerce supply chain [1] Group 3: Financial Performance - For the fiscal year 2024, Mido Group reported a revenue of $71.132 million, a year-on-year increase of 0.4%, and a net loss attributable to shareholders of $0.059 million, an improvement from a loss of $16.414 million in the previous year [1] - The net cash flow from operating activities for 2024 was $2.735 million, a decrease of 0.44% year-on-year [1] Group 4: Recent Financial Results - From January 1 to June 30, 2025, the company achieved a revenue of $55.779 million, representing an 81.6% year-on-year increase, while the net loss attributable to shareholders was $13.528 million, compared to a loss of $0.015 million in the same period last year [2] - The net cash flow from operating activities for the first half of 2025 was $3.856 million, a significant increase from -$1.001 million in the same period last year [2] Group 5: Asset and Liability Changes - As of June 2025, accounts receivable increased by 1.62%, while cash and cash equivalents rose by 80.58%, indicating a stronger liquidity position [10] - Accounts payable increased by 48.2%, and prepayments rose by 42.33%, reflecting changes in the company's liabilities [13]

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]

Group 1 - The core viewpoint of the article is that Mido Group Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CCB International as its sole sponsor [1] - Mido Group is identified as a leading and rapidly growing integrated service platform that provides digital marketing and operational support services for cross-border e-commerce businesses [1] - The company develops digital solutions for enterprise clients, enabling them to sell Chinese-made products to overseas consumers through cross-border e-commerce [1] Group 2 - According to the prospectus, Mido Group is the fifth largest cross-border e-commerce service provider in China based on projected revenue for 2024 [1] - The company's digital solutions allow enterprise clients to reach target overseas consumers through major international digital media platforms, including but not limited to Google, TikTok, Meta, and Amazon [1]

Core Insights - Wuhan Meteor Gathering's successful listing marks a new phase in China's cross-border e-commerce service sector [1][5] - The company provides comprehensive support for sellers, including store setup, product selection, order fulfillment, and after-sales service, enhancing brand influence in international markets [1] - The company has successfully assisted over 10,000 partner clients in expanding their cross-border business, demonstrating its service capability and market value [4] Industry Overview - The European e-commerce market shows significant growth potential, with an internet penetration rate of 91% and an expected online shopping population exceeding 500 million by 2026, leading to an overall e-commerce revenue forecast of $569.2 billion [2] - Wuhan Meteor Gathering has deepened its presence in the European market, leveraging its mature operational system to help Chinese sellers connect with European consumer demands [2] - The continuous growth of the European e-commerce market presents long-term stable development opportunities for Chinese sellers, with projections indicating that by 2027, the user base will exceed 260 million and market transaction volume will reach $571.8 billion [4]

Group 1 - The core viewpoint of the articles highlights the successful listing of Wuhan Meteor Gathering E-commerce Co., Ltd. on the Shanghai Equity Exchange, marking a significant recognition of its capabilities in the cross-border e-commerce sector [1][2] - The company has developed a unique five-to-one service system that provides comprehensive support to over 10,000 clients, enabling them to achieve their cross-border ambitions [1][2] - The founder, Zhu Jian, has leveraged industry insights and operational experience to create a business model that integrates self-operated store management and seller incubation services, enhancing operational efficiency for clients [2][4] Group 2 - The company emphasizes a customer-centric approach, viewing client success as a driving force for its own development, and offers systematic training and practical guidance to help sellers master key skills [4] - The successful listing of Wuhan Meteor Gathering not only affirms its business model and service capabilities but also provides a replicable development path for the cross-border e-commerce service sector [4] - As global e-commerce penetration continues to rise, specialized and refined services are becoming crucial for industry development, with the company exemplifying the importance of the "enabler" role in supporting small and medium-sized sellers [4]

Financial Data and Key Metrics Changes - The company reported a GMV of $1,240 million, representing a 34% year-over-year increase, and revenues of nearly $190 million, up 30% year-over-year [10][28] - Adjusted gross profit for Q1 was $86.3 million, up 31% from last year, with an adjusted EBITDA of $31.6 million, reflecting a 48% increase compared to the same quarter last year, resulting in a 16.6% margin [10][31] - The net loss for the quarter was $17.9 million, an improvement from a net loss of $32.1 million in the previous year [32] Business Line Data and Key Metrics Changes - Service fees revenue increased by 23% to $84 million, while fulfillment services revenue rose by 36% to $105.9 million [28] - The growth in fulfillment revenue was positively impacted by GMV mix, while service fees were affected by the bankruptcy of Ted Baker UK and the GMV mix share of larger merchants [28] Market Data and Key Metrics Changes - The company noted that U.S. inbound GMV, which constitutes approximately 12% of overall GMV, may be negatively impacted by significant retail price increases due to high tariffs and the removal of the import de minimis [12][90] - The company launched with several new merchants across various regions, including Europe and Asia Pacific, indicating strong demand for services [23][24] Company Strategy and Development Direction - The company signed a new three-year strategic partnership agreement with Shopify, transitioning from exclusivity to preferred provider status, which is expected to enhance commercial terms and streamline operations [17][19] - The company is focusing on developing new capabilities to help merchants navigate the complexities of international trade, which is seen as an opportunity for growth [14][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term growth potential despite current uncertainties in the geopolitical and macroeconomic environment, reiterating full-year guidance for 2025 [16][34] - The company is closely monitoring the situation regarding trade tariffs and their potential impact on performance, but has not observed clear directional trends thus far [12][41] Other Important Information - The company expects to achieve GAAP profitability starting in Q2 2025, as the amortization of the majority of Shopify warrants will be completed [25] - The company has seen increased interest in its new 3B2C offering, which allows merchants to mitigate tariff impacts [21][100] Q&A Session Summary Question: Impact of macroeconomic conditions on guidance - Management acknowledged greater uncertainty in the geopolitical environment but maintained full-year guidance, noting that same-store sales are slightly lower than historical averages [41][42] Question: Changes in Shopify partnership and managed markets - Management confirmed that the transition to preferred provider status allows for exclusive features and improved commercial terms, maintaining confidence in competitive positioning [44][45] Question: Trends in GMV and pricing changes - Management noted pockets of softness in certain merchants trading high shares of goods from China or Hong Kong but emphasized no clear directional impact on overall GMV [52] Question: Expectations for NDR and large enterprise merchants - Management indicated that while same-store sales are slightly lower, there has been a positive ramp-up from large new merchants onboarded in the previous quarter [56][58] Question: Service fee take rate and GMV growth - Management explained that the first quarter's service fee take rate is expected to remain stable, influenced by the loss of Ted Baker and a higher share of larger merchants [86] Question: Interest in 3B2C offering - Management reported high interest in the 3B2C solution, with several merchants already in the project stage for launch [100]