Analysis of the Popularity Reasons and Market Prospects of Snowman Group (002639.SZ)

1. Price and Trading Performance
   : Snowman Group’s stock price has fluctuated significantly recently: it rose by 9.48% on December 11, 6.82% on December 12, 1.66% on the 17th, and 1.65% on the 19th. During the same period, the trading volume exceeded 3 million lots, far higher than the average level of 1.62 million lots on December 10 [0]. High trading volume and price fluctuations reflect increasing market attention.
2. Concept and News Drivers
   : The company is involved in multiple popular concepts such as cold chain logistics, fuel cells, hydrogen energy, and ice and snow industry. Sina Finance (2025-12-12) reported growth in its ice-making product business in the industrial and ice-snow sectors [1]. Data from Zhongcai.com shows that the company’s turnover rate reached 209.64% in the week ending December 20, indicating extremely high trading activity [2].
3. Fundamental Status
   : The company has risen by 194.84% so far this year, but its price-to-earnings ratio is as high as 361.03 times, return on equity is only 1.67%, net profit margin is 1.60%, and profitability is weak [0]. There is a sharp contrast between high valuation and weak fundamentals.

• The company’s popularity is mainly driven by concept speculation, which contrasts with insufficient fundamental support, reflecting the short-term concept speculation characteristics of the A-share market.
• High turnover rate reflects剧烈 fluctuations in investor sentiment, with high short-term trading risks. However, popular concepts (hydrogen energy, cold chain logistics) align with industrial development directions, and there are potential long-term opportunities.
• The growth of the ice-making product business is one of the few fundamental bright spots; if it can be continuously expanded, it may bring performance support to the company.

1. A high P/E ratio of 361.03 times implies significant overvaluation, with the risk of valuation correction [0];
2. Low net profit margin and return on equity indicate weak profitability of the company, lacking long-term value support [0];
3. High turnover rate and price fluctuations are likely to trigger sharp short-term corrections [0].

1. Popular fields such as hydrogen energy and cold chain logistics have broad development prospects. If the company can achieve technological breakthroughs or business expansion, its performance is expected to improve [1];
2. The growth of the ice-making product business shows its competitiveness in the niche field, with potential for sustained growth [1].

Snowman Group has become a market focus due to multiple popular concepts and short-term price fluctuations, but its fundamental characteristics of high valuation and weak profitability need attention. Currently, the popularity is more driven by speculative factors; short-term investors need to be alert to volatility risks, while long-term attention should be combined with its business expansion and performance improvement. This report only provides objective analysis and does not constitute investment advice.