Lossless audio just means that all the information from the original recording/source is preserved. It doesn't necessarily mean a specific sampling rate all the time - that can vary depending on the original source and how it was captured to create the lossless file.
The entry point for "high res" audio is 24bit/48kHz, so seeing 48kHz displayed isn't necessarily wrong. You'd have to check the specs on the file you're playing to confirm though. If the file info is not 48kHz, then as isolar suggests, either the player or the Fosi is likely configured to resample.
Edit:
That 3.5mm AUX port might be analog.
If you have USB-C out from the player, just go into the PC-USB input on the Fosi. You might need a C to A or B type cable.