据证券之星公开数据整理，近期*ST高斯（002848）发布2025年中报。截至本报告期末，公司营业总收 入9837.09万元，同比上升7.54%，归母净利润-3091.02万元，同比上升9.51%。按单季度数据看，第二季 度营业总收入5193.67万元，同比上升4.33%，第二季度归母净利润-1610.96万元，同比上升11.63%。本 报告期*ST高斯公司应收账款体量较大，当期应收账款占最新年报营业总收入比达101.2%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率3.52%，同比减2.27%，净利率-31.4%，同比增 16.2%，销售费用、管理费用、财务费用总计2257.29万元，三费占营收比22.95%，同比减15.6%，每股 净资产0.76元，同比减12.77%，每股经营性现金流-0.2元，同比减2.17%，每股收益-0.18元，同比增 9.54% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 9147.25万 | 9837.09万 | 7.54% | | 归母净利润(元) | -3415.77 ...

Group 1 - The "China Bank Cup" 2025 Jiangsu Province Vocational College Innovation and Entrepreneurship Competition attracted 220 colleges and 97,000 projects, making it the largest and most influential event in the province for vocational education [1] - The competition featured four categories: Creative Group, Entrepreneurship Group, Innovation Enlightenment Group, and Practical Enlightenment Group, showcasing a wide range of innovative projects [1] - The third-place project developed a new anti-corrosion coating technology for marine engineering equipment, addressing significant issues of corrosion and mechanical impact [1] Group 2 - A team led by Bai Lang, now the founder and CEO of Yulang Protective Technology Co., has successfully reduced product costs by 30% while extending the protective lifespan from 1-2 years to 3-5 years [2] - The champion project, a directional sound device developed by a team from Nanjing Industrial Vocational Technical University, allows sound to be directed like a beam of light, solving noise issues in various environments [2][3] - The second-place project focuses on industrial-grade digital printing equipment, addressing the growing demand for customization in a market dominated by foreign companies [3] Group 3 - A team from Jiangsu Tourism Vocational College developed an automated external defibrillator (AED) that has successfully saved 115 lives, responding to increased market demand following policy changes [3][4] - The AED project has entered multiple communities and universities, with projected revenue of 32 million yuan for the year, highlighting the team's collaboration with research institutions and experts in various fields [4]

Core Viewpoint - ST Gauss reported a significant decline in revenue and an increase in losses for 2024, indicating ongoing financial difficulties despite efforts in digital television and new materials sectors [1] Digital Television Business - ST Gauss has a comprehensive product line in the digital television sector, including front-end devices, software systems, wireless transmission, and user terminals, but faced a substantial revenue drop due to shrinking market demand and intensified competition [4] - The company's revenue from digital television plummeted, with gross profit falling to 828,700 yuan from 21.27 million yuan the previous year, highlighting a severe decline in profitability despite maintaining some technical advantages [4] New Materials Business - In the new materials sector, ST Gauss focuses on high-frequency, high-speed, and IC packaging materials, with high-frequency materials achieving bulk shipments in 5G communications and base station antennas, yet overall revenue contribution remains limited [5] - Progress has been made in high-speed materials and packaging substrates, but market demand has not fully materialized, posing challenges to profitability due to rising raw material costs and increased competition [6] Financial Challenges - The financial situation of ST Gauss worsened in 2024, with negative net cash flow from operating activities and a significant reduction in cash reserves, alongside increased inventory and accounts receivable [6] - The company's liquidity ratios are below 1, indicating insufficient short-term debt repayment capacity, necessitating business transformation and capital operations to improve financial health [7] - Frequent changes in the shareholder structure reflect mixed market sentiment regarding the company's future, with some investors optimistic but overall caution prevailing due to financial struggles and poor performance [6][7]