经营现金流多期告负，赛美特业务合规性被问询，新增股东是否存利益输送？

Core Viewpoint - Semit Information Group Co., Ltd. has received feedback from the CSRC regarding its overseas listing application, highlighting the company's position as a leading provider of smart industrial software solutions in China [1][2]. Group 1: Company Overview - Semit has submitted a listing application to the Hong Kong Stock Exchange in September, with Haitong International, CITIC Securities, and CITIC Jianzhong International as joint sponsors [1]. - As of June 30, 2025, Semit is projected to have 758 clients, including six of the top eight wafer fabs, the top three semiconductor silicon wafer manufacturers, and the top three packaging and testing companies in China [1]. Group 2: Revenue and Financial Performance - The primary revenue sources for Semit are smart manufacturing software solutions and operational management software solutions [2]. - Revenue figures for 2022, 2023, and 2024 are projected to be 181 million, 287 million, and 500 million RMB, respectively, with gross profits of 76.78 million, 126.09 million, and 197.81 million RMB, leading to gross margins of 42.4%, 44%, and 39.6% [2][4]. - The company reported a net profit of -80.91 million, 24.57 million, and 73.83 million RMB for the years 2022, 2023, and 2024, with profit margins of -44.7%, 8.6%, and 14.8% [3][4]. Group 3: Cash Flow and Financial Health - Semit's operating cash flow has been negative in recent years, with outflows of 71 million, 88.3 million, 0.74 million, and 58.4 million RMB for 2022, 2023, the first half of 2024, and the first half of 2025, respectively [4][5]. - The company has indicated that it may continue to record negative operating cash flows in the future [4]. Group 4: Shareholder Structure and Equity Changes - The controlling shareholder, Jiasih Lianchuang Investment, holds approximately 52.92% of the voting rights, while other shareholders collectively hold about 53.47% [5][6]. - The CSRC has requested clarification on the pricing basis for past capital increases and share transfers, as well as the legitimacy of the employee stock incentive plan [7][8]. - Semit has undergone multiple rounds of capital increases since 2017, with the most recent round completed in December 2023, increasing its registered capital from 155.83 million to 159.58 million RMB [7].