Analysis of Driving Factors and Market Impact of Snowman Group (002639.SZ) as a Hot Stock

Snowman Group (002639.SZ) is a company focused on refrigeration and air conditioning equipment manufacturing. Since 2025, its stock price has performed strongly, rising from the range of approximately 7-8 yuan at the beginning of the year to 15.70 yuan on November 17, showing a significant increase [0]. The company’s main business covers ice-making equipment, compressors, hydrogen fuel cells, etc. In the first three quarters of 2025, it achieved operating revenue of 1.631 billion yuan, a year-on-year increase of 24.26%; net profit attributable to shareholders was 39.1652 million yuan, a year-on-year increase of 16.63% [0].

The core driving factors for the stock becoming a hot stock include: 1) The hydrogen energy and natural gas concepts are sought after by the market, aligning with the current trends of carbon neutrality and clean energy development [0]; 2) Northbound funds bought a large amount, with a net purchase of 21.5149 million yuan on November 17, totaling 248 million yuan [1]; 3) The company’s continuous performance growth provides fundamental support for the stock price rise [0]; 4) It has been on the Dragon and Tiger List multiple times due to a turnover rate of over 20%, attracting widespread market attention [3].

1. Concept and Capital Resonance
   : The policy dividends of hydrogen energy and natural gas concepts (such as carbon neutrality goals) resonate with the inflow of northbound funds, amplifying the stock price upward momentum [0,1].
2. High Turnover Rate Signal
   : The turnover rate reached 35.54% on November 17, which not only reflects strong market interest in the stock but also implies increased short-term volatility risks [0,4].
3. Value of Business Diversification
   : The company expands into the hydrogen fuel cell field based on its traditional refrigeration business, providing a new engine for long-term growth [0].

• High Policy Alignment
  : The hydrogen energy business aligns with the global clean energy transition trend and is expected to benefit from relevant industrial policy support [0];
• Steady Performance Growth
  : The first three quarters saw double growth in revenue and net profit, indicating good operational conditions of the company [0];
• Increased Market Attention
  : Exposure on the Dragon and Tiger List and inflow of northbound funds further enhance market confidence [1,3].

• Short-term Volatility Risk
  : A high turnover rate (35.54%) may lead to large short-term fluctuations in the stock price; investors should pay attention to risks [0,1];
• Dependence on Concept-driven Growth
  : Part of the stock price rise relies on hydrogen energy and natural gas concepts; if the progress of related businesses is not as expected, it may face correction pressure [0];
• Changes in Market Sentiment
  : Hot stocks are greatly affected by market sentiment; if the market style switches, it may lead to capital outflows [0].

Snowman Group (002639.SZ) becoming a hot stock is the result of the combined effect of multiple factors: concepts, capital, and performance. The company’s layout in the hydrogen energy and natural gas fields aligns with industry trends, and performance growth provides fundamental support. However, the high turnover rate and concept-driven characteristics also bring short-term volatility risks. Investors should combine their own risk tolerance to comprehensively evaluate the company’s long-term development potential and short-term market sentiment [0-4].