Against the background of two consecutive years of losses and the failure of the last major asset restructuring, Gaoling Information (SH688175), a company listed on the Science and Technology Innovation Board, once again set its sights on extended mergers and acquisitions. About half a month ago, Gaoling Information announced the acquisition.
On the evening of March 30, Gaoling Information released a specific transaction plan, planning to acquire 89.49% of the shares of CareerStar Information Technology (Nanjing) Co., Ltd. (hereinafter referred to as CareerStar), a "little giant" company specializing in special new technologies and paying cash, which is a high-tech enterprise mainly engaged in the research and development and production of satellite communication technology and systems.
"Daily Economic News" reporters found that this is the second time Gaoling Information has planned a major asset restructuring within a year – the company had launched an acquisition of another target at the end of 2024, but the plan was terminated in June 2025. Behind this, Gaoling Information has experienced continuous decline in performance since it was listed on the Science and Technology Innovation Board in March 2022. Its revenue in 2025 was only 230 million yuan, less than half of 2022, and its net profit has suffered losses for two consecutive years.
Interestingly, CareyStar, the target of this acquisition, had previously been "targeted" by another listed company, but failed to materialize due to differences in valuation.
CareStar's net profit declines in 2025
According to the reorganization plan, Gaoling Information plans to purchase a total of 89.49% of the shares of Career Skycom held by 20 counterparties, including Shi Yan and Li Jianghua, by issuing shares and paying cash. The issuance price is set at 23.00 yuan per share. At the same time, the company also plans to raise supporting funds to pay for the cash consideration of this transaction and the construction of the target company's projects. However, the current trading price of the underlying assets has not yet been determined.
CareStar, the target of this acquisition, is a national-level specialized and innovative "little giant" enterprise focusing on the field of satellite communications. It is mainly engaged in the R&D and sales of satellite communications baseband products, network management and control systems, ground terminals and other products.
For Gaoling Information, which is deeply involved in the fields of terrestrial communications and network security, the strategic intention of this acquisition is clear. Gaoling Information stated in the plan that after the transaction is completed, its ground communication business can complement the satellite communication business of CareStar to build a complete product chain covering ground communication, satellite communication, security and data services, forming an integrated competitive advantage of "ground security communication + satellite global communication".
In terms of performance, the transaction plan shows that CareStar will achieve operating income of 258 million yuan and 269 million yuan in 2024 and 2025 respectively, and net profits of 41.5001 million yuan and 24.289 million yuan respectively. Among them, the equity incentive plan was implemented in 2025, and share-based payment expenses were confirmed accordingly. If the impact of share-based payment expenses is excluded, the net profit in 2025 will be 29.839 million yuan. Comparison shows that CareerStar's net profit will decline significantly in 2025. The announcement also stated that the above-mentioned financial data have not been audited, and the audited financial data of the target company will be disclosed in the restructuring report.
It is worth noting that in August 2025, Dongzhu Ecology (SH603359) announced its plans to acquire CareStar, but it was terminated in January 2026. At that time, Dongzhu Ecology also proposed to acquire 89.49% of its shares.
Performance has been under pressure year after year, and the company is "looking for a way" again after the failure of the last restructuring.
"Daily Economic News" reporters found that after landing on the Science and Technology Innovation Board in 2022, Gaoling Information's performance will continue to be under pressure. In order to reverse the decline, Gaoling Information has already made moves to seek extensional development. It proposed to acquire CareerStar this time, less than a year after its last failure.
Dongcai Choice data shows that from 2022 to 2024, Gaoling Information's operating income dropped from 517 million yuan to 266 million yuan, nearly halved; the net profit attributable to the parent company dropped from a profit level of over 100 million yuan before listing to a loss of more than 52 million yuan in 2024.
Entering 2025, the operating situation has not yet fundamentally improved. Gaoling Information's latest performance report shows that operating income in 2025 will be approximately 230 million yuan, a year-on-year decrease of 13.87%; net profit attributable to the parent company will be -40.6416 million yuan. Although the company narrowed its losses by 22.26% year-on-year by strengthening the collection of accounts receivable and expense management, the decline in revenue and gross profit margin was still the main reason for the losses. This year's revenue scale is less than half of the level of the year of listing.
In the context of continued sluggish performance, in December 2024, Gaoling Information launched the acquisition of Sino-Telecommunications, with the intention of entering into the civilian market such as telecom operators and opening up new growth space. However, the restructuring plan was terminated in June 2025. The reason given by the company was that "the parties involved in the transaction failed to reach an agreement on the final cooperation plan for this transaction."
After the failure of the last restructuring, investors are paying close attention to the company's development path. In several investor relations activities, investors raised questions about failed restructuring, declining performance, stock price performance and other issues. The company has responded that it is willing to expand the company's operating volume and quality through mergers, acquisitions and restructuring, but it needs to be carefully evaluated and promoted in an orderly manner.
Now, less than a year after the last restructuring failed, Gaoling Information has quickly launched an acquisition plan for CareStar. Whether this "bet" can succeed, the market will wait and see.
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