Fujian Snowman Group Co., Ltd. (Snowman Group, formerly "Snowman Co.") (002639)

Individual Stock Analysis Report | Industry: Refrigeration Equipment and Engineering Technology Services | Report Date: September 13, 2026 | As of the close on September 11, 2026; technical indicators are daily, unadjusted basis, primarily derived from a single technical data source; shareholder data as of June 30, 2026, subject to quarterly lag.

This report is automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

1. Core Summary

Snowman Group achieved operating revenue of RMB 1.225 billion in the first half of 2026, a year-on-year increase of 27.60%, but net profit attributable to shareholders was only RMB 6.1887 million, a year-on-year decrease of 76.99%, and net profit excluding non-recurring items showed a loss of RMB 1.3653 million; net cash flow from operating activities during the same period was -RMB 94.1976 million. The company currently presents a coexistence of revenue expansion with pressure on core profitability and cash flow, and as of September 11, 2026, the stock price was approximately RMB 13.18, corresponding to a dynamic P/E ratio of approximately 649x–675x, with valuation being relatively sensitive to expectations for future earnings recovery and new business volume ramp-up.

The company's core business remains refrigeration equipment, compressors, and system integration. In 2025, revenue from refrigeration equipment manufacturing and other businesses was RMB 1.644 billion, and revenue from oil and gas technology services was RMB 728 million, accounting for 65.12% and 28.85% of total revenue, respectively; compressor (unit) revenue was RMB 1.086 billion, making it the largest single product revenue source. Ice-making equipment has a relatively high gross margin, but the compressor (unit) gross margin fell to 21.37% in 2025, down 5.76 percentage points from 2024, with raw materials accounting for 77.83% of refrigeration equipment manufacturing costs, making profitability susceptible to material prices, product mix, and project pricing.

Data center cooling system integration revenue in 2025 was RMB 153 million, a year-on-year decrease of 19.85%. Hydrogen energy and cryogenic equipment remain in the R&D, project construction, and industrialization preparation stage, with no clear production capacity, production ramp-up timeline, or stable orders disclosed; oil and gas technology services are affected by investment contraction, declining service prices, rigid increases in labor costs, and insufficient capacity utilization of certain projects. Future growth logic mainly depends on refrigeration equipment and compressor orders, overseas and high-value-added ice-making businesses, oil and gas service recovery, and whether data center cooling and hydrogen energy businesses can form verifiable orders and scaled delivery.

The stock price recently surged with heavy volume from September 2 to 4 before pulling back, closing at RMB 13.18 on September 11, which has fallen below MA5 and MA10 but remains above MA20 and the Bollinger middle band of RMB 12.64; main force funds have seen continuous net outflows over the past three trading days. The company has indicated that the recent stock price increase deviates from performance changes, and as of the relevant disclosure date, no new major mergers and acquisitions, restructuring, or undisclosed major positive news has been identified.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Refrigeration equipment manufacturing and others: 2025 revenue of RMB 1.644 billion, 65.12% of operating revenue, a year-on-year increase of 15.90%, gross margin of 25.54%
• Oil and gas technology services: 2025 revenue of RMB 728 million, 28.85% of operating revenue, a year-on-year increase of 7.80%, gross margin of 15.16%
• Data center cooling system integration: 2025 revenue of RMB 153 million, 6.04% of operating revenue, a year-on-year decrease of 19.85%, gross margin of 13.87%
• Compressor (unit): 2025 revenue of RMB 1.086 billion, 42.99% of operating revenue, a year-on-year increase of 18.18%, gross margin of 21.37%, the largest single product revenue source
• Ice-making equipment: 2025 revenue of RMB 550 million, 21.78% of operating revenue, a year-on-year increase of 12.48%, gross margin of 33.14%
• Hydrogen energy and cryogenic equipment: R&D and industrialization preparation around fuel cell power systems and core components, fuel cell air compressors, hydrogen circulation pumps, fuel cell stacks, and liquid hydrogen and cryogenic equipment; as of December 31, 2025, no clear designed production capacity, production ramp-up timeline, or stable orders were disclosed

2.3 Industry Chain Upstream/Downstream Position and Cost-Profit Structure

Snowman Group is positioned in the midstream of the refrigeration equipment industry chain, with a business model of "core equipment manufacturing + system integration + engineering technology services." The company procures metal materials and electromechanical components from upstream and uses specialized outsourcing, while serving downstream customers in cold chain, food, pharmaceuticals, petrochemicals, oil and gas, data centers, and large energy enterprises. Its value creation mainly comes from compressor technology, ice-making equipment brand, system integration, and project delivery capabilities, rather than upstream resource monopoly or downstream consumer brand premium.

• Refrigeration equipment and compressor products actually procure steel, castings, copper, motors, valves, heat exchangers, controllers, electronic components, and seals and other metal materials and electromechanical components, and incur commissioned processing, labor, depreciation, and power costs.
• In 2025 refrigeration equipment manufacturing and other business costs, raw materials were RMB 953 million, accounting for 77.83% of this business category's costs; labor costs were RMB 136 million, accounting for 11.14%; depreciation and amortization were RMB 35.46 million, accounting for 2.90%; commissioned processing fees were RMB 43.57 million, accounting for 3.56%; power costs were RMB 14.095 million, accounting for 1.15%; other costs were RMB 41.93 million, accounting for 3.42%.
• The company did not disclose the specific procurement amounts for steel, copper, motors, control systems, and other specific raw materials, so the cost proportion of individual raw materials cannot be further inferred.
• The company's top five suppliers' procurement amount was RMB 220 million, accounting for 11.63% of total annual procurement; based on disclosed data, supplier concentration is not high, and no obvious dependence on a single supplier is currently shown.
• The company is clearly a material-cost-driven equipment manufacturing enterprise, with limited bargaining power over steel, copper, castings, electromechanical components, and outsourcing processing prices, and gross margin is susceptible to material costs, outsourcing prices, product mix, and project pricing.
• Downstream of ice-making and refrigeration equipment includes food processing enterprises, supermarkets and cold chain logistics enterprises, pharmaceutical enterprises, petrochemical enterprises, deep-sea fishing, concrete and mine cooling customers, typically using project-based, customized procurement, valuing energy efficiency, reliability, full lifecycle operation and maintenance, and engineering delivery capabilities.
• Compressor and refrigeration system customers cover food processing, biopharmaceuticals, cold chain logistics, petrochemicals, oil and gas processing, large-scale scientific engineering, ice and snow sports, air conditioning and heat pumps, and hydrogen energy equipment; large industrial customers and engineering general contractors typically have strong bargaining power.
• Oil and gas technology service customers are concentrated in PetroChina, Sinopec, CNOOC, and their industry chain enterprises, with relatively large project amounts and relatively high customer credit quality, but the bidding and supplier admission systems of large energy enterprises suppress service provider bargaining power, and project acceptance and delivery pace also affect revenue recognition and cash collection.
• Downstream of data center cooling system integration includes IDC operators, telecommunications operators, internet companies, and EPC/PC general contractors, with customers placing greater emphasis on project delivery, safety, energy efficiency indicators, and system integration capabilities. Hangzhou Longhua has participated in nearly 100 data center construction and O&M projects, with partners including China Mobile, China Telecom, Alibaba-affiliated companies, and Huawei.
• In 2025, the company's top five customers combined sales amount was RMB 740 million, accounting for 29.30% of total annual sales; the largest customer accounted for 17.00%. This data is disclosed in the company's annual report, but the specific names of the top five customers were not made public, making it impossible to determine which business the largest customer belongs to, nor to confirm the trend of customer concentration changes; please refer to the latest annual report for specifics.
• The company's overall customer-side concentration is higher than supplier-side concentration, making it potentially more susceptible to large customer payment terms, project acceptance, and bargaining conditions; however, the annual report did not disclose accounts receivable and customer payment terms by business segment, making it impossible to accurately judge the collection quality of oil and gas, refrigeration equipment, or data center businesses individually.
• As of December 31, 2025, accounts receivable book balance was RMB 1.226 billion, approximately 48.54% of 2025 operating revenue; accounts receivable book value was RMB 1.030 billion, approximately 40.80% of full-year operating revenue; inventory book value was RMB 846 million, approximately 33.51% of full-year operating revenue. The combined scale of accounts receivable and inventory is relatively large, reflecting the significant occupation of working capital by project-based sales, engineering services, customized equipment, and advance material preparation; the minutes did not disclose payment terms by business, accounts receivable turnover days, or specific data on prepayments and accounts payable.
• In 2025, the company's top five customers accounted for 29.30% of sales, with the largest customer accounting for 17.00%; the top five suppliers accounted for 11.63% of procurement. Customer concentration is higher than supplier concentration, but customer names were not disclosed, and the trend of related customer concentration changes cannot be confirmed; please refer to the latest annual report for specifics.

The company is located in the midstream of the refrigeration equipment industry chain, belonging to "midstream technology equipment manufacturing + engineering services," with overall profit margins lower than upstream resource enterprises with resource pricing power, and lacking downstream consumer brand premium. Ice-making equipment has relatively high gross margins due to brand, customization, and system integration; compressor revenue is the largest but clearly material-cost-driven; oil and gas technology services have strong project-based characteristics, low gross margins, and significant working capital occupation. Future profit improvement mainly depends on compressor upgrades toward high efficiency, magnetic levitation, natural refrigerants, high pressure, and special operating conditions, increased share of high-value-added ice-making equipment and overseas projects, transformation of oil and gas services toward long-term O&M and whole-plant trusteeship, and whether data center cooling and hydrogen energy businesses can form verifiable orders and scaled delivery capabilities.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

H1 2026 net profit excluding non-recurring items showed a loss of RMB 1.3653 million, a year-on-year decrease of 105.07%; Q1 2026 net profit excluding non-recurring items showed a loss of RMB 3.4045 million, a year-on-year decrease of 149.01%. H1 2026 basic earnings per share was RMB 0.0080, weighted average return on equity 0.24%; FY2025 basic earnings per share was RMB 0.0473, weighted average return on equity 1.45%.

The company presents a characteristic of relatively fast revenue growth but significantly pressured profits. H1 2026 net profit attributable to parent included approximately RMB 7.5540 million in non-recurring gains and losses, of which government subsidies were approximately RMB 4.8276 million, and financial asset fair value changes and disposal gains were approximately RMB 877,600; after excluding non-recurring items, a loss has already appeared, and core profitability quality is weaker than the surface data of net profit attributable to parent. Reasons for profit decline include intensified domestic market competition, rising prices of some raw materials leading to a decline in overall gross margin, geopolitical impact in the Middle East, and contraction of investment in oil and gas service business, declining service prices, and rigid increases in labor costs. FY2025 net cash flow from operating activities was RMB 106.60 million, a year-on-year decrease of 69.66%; H1 2026 was -RMB 94.1976 million, compared to -RMB 78.0455 million in the same period last year, with cash flow further deteriorating. Accounts receivable book value at end-2025 was approximately RMB 1.030 billion, higher than approximately RMB 812 million at end of the previous year; the audit report listed revenue recognition, goodwill impairment, and accounts receivable impairment as key audit matters.

3.2 Earnings Forecast

As of September 13, 2026, Tonghuashun shows no institutional earnings forecasts for 2026 and 2027, and no reliable multi-institution consensus operating revenue, net profit attributable to parent, and EPS forecasts for 2026–2028 have been formed. The company's equity incentive assessment targets are not equivalent to institutional consensus expectations or performance commitments. There is also a single East Money Caifuhao article using a 2026 EPS of approximately RMB 0.083 for calculation, but it is not a formally disclosed securities firm research report and cannot be regarded as institutional consensus forecast.

3.3 Valuation Level and Institutional Ratings

As of September 11, 2026, the stock price was approximately RMB 13.19, with total market capitalization estimated at approximately RMB 10.27 billion based on the minutes. Referencing Lixinger data as of September 10, 2026, the stock price was RMB 13.70, total market capitalization approximately RMB 10.678 billion, TTM P/E ratio approximately 674.72x, PB approximately 4.10x. Based on 2025 basic earnings per share of RMB 0.0473 and the September 11, 2026 stock price of RMB 13.19, the static P/E is approximately 279x, broadly consistent with the approximately 281x page data from Tonghuashun; TTM PE approximately 650x–675x, with Lixinger showing approximately 674.72x; PB approximately 4.1x; the company did not distribute cash dividends for FY2025, and the current dividend yield is 0%. The current PE is significantly elevated, mainly due to the low net profit base over the trailing 12 months, rather than high current profitability. If future net profit attributable to parent only maintains the FY2025 level of approximately RMB 36.5335 million, the PE based on a stock price of RMB 13.19 would be close to 280x; if the H1 2026 non-recurring loss state continues, the explanatory power of traditional PE will further decline. The current valuation more reflects market expectations for future volume ramp-up in hydrogen energy, cryogenic equipment, data center cooling, ice-making equipment, and overseas businesses, and should subsequently be analyzed in conjunction with PB, PS, order fulfillment, and earnings recovery. Valuation data may differ due to update timing, PE caliber, and TTM calculation methods; financial data as of June 30, 2026, stock price as of September 11, 2026.

4. Recent News and Announcements

4.1 Abnormal Stock Trading Fluctuation and Risk Warning

On September 5, 2026, the company disclosed the "Announcement on Abnormal Stock Trading Fluctuation." The company's stock, over three consecutive trading days from September 2 to September 4, 2026, had a cumulative daily closing price increase deviation exceeding 20%. The company's self-examination stated that there were no circumstances requiring correction or supplementation of previously disclosed information, no undisclosed major information was found, recent production and operations were normal, no major changes occurred in internal and external operating environment, and neither the company, the controlling shareholder, nor the actual controller Lin Rujie had any major matters that should be disclosed but were not disclosed or were in the planning stage; Lin Rujie did not buy or sell company shares during the abnormal fluctuation period. The company warned that the short-term significant stock price increase deviates from current performance changes, and trading risks should be noted. H1 2026 net profit attributable to parent was RMB 6.1887 million, a year-on-year decrease of 76.99%; net profit excluding non-recurring items showed a loss of RMB 1.3653 million, a year-on-year decrease of 105.07%. As of September 13, 2026, the announcement did not confirm mergers and acquisitions, asset restructuring, major order changes, or other undisclosed positive matters. Source: https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?id=12585796&stockid=002639

4.2 H1 2026 Earnings Preview and Official Semi-Annual Report

On July 14, 2026, the company disclosed its semi-annual earnings preview, estimating H1 2026 net profit attributable to parent of RMB 5.5 million to RMB 8 million, a year-on-year decrease of 70.26% to 79.55%; net profit excluding non-recurring items estimated at a loss of RMB 2 million to a profit of RMB 500,000, a year-on-year decrease of 98.14% to 107.43%; basic earnings per share estimated at RMB 0.0071 to RMB 0.0103. Reasons for performance decline include intensified domestic market competition, rising prices of some raw materials, geopolitical impact in the Middle East, exchange losses from RMB appreciation, business adjustment of subsidiary Jiayun Oil & Gas and insufficient capacity utilization of some natural gas liquefaction projects, increased equity incentive share-based payment expenses, and increased investment in hydrogen energy business. The official semi-annual report disclosed on August 24, 2026 showed operating revenue of RMB 1.22542 billion, a year-on-year increase of 27.60%; net profit attributable to parent of RMB 6.1887 million, a year-on-year decrease of 76.99%; net profit excluding non-recurring items showed a loss of RMB 1.3653 million, a year-on-year decrease of 105.07%; net cash flow from operating activities of -RMB 94.1976 million; basic earnings per share of RMB 0.0080, a year-on-year decrease of 77.01%. The official semi-annual report data fell within the earnings preview range. Source: https://vip.stock.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?CompanyCode=80187887&gather=1&id=12446531; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?id=12520903&stockid=002639

4.3 Changes in Top Ten Tradable Shareholders and Pledge Data

As of June 30, 2026, Wang Airui newly entered the top ten tradable shareholders, holding 9.8493 million shares, approximately 1.49% of tradable shares; Yang Yi held 7.6518 million shares, approximately 1.16% of tradable shares, an increase of approximately 2.7027 million shares from the previous reporting period; some oil and gas industry ETFs and northbound capital positions exited or reduced holdings. The above is static shareholding data as of the semi-annual report date and cannot directly infer that the relevant shareholders maintained the same holdings from July to September 2026. As of September 11, 2026, the East Money individual stock calendar shows the company's pledged shares totaling approximately 44.09 million shares, with a pledge ratio of approximately 5.66%, in 5 transactions; this data comes from market quotation and equity pledge databases and should subsequently be verified against the company's official announcements and China Securities Depository and Clearing data. On June 2, 2026, the company disclosed the release of pledge on part of the controlling shareholder Lin Rujie's shares: Lin Rujie held approximately 15.5452 million company shares, approximately 19.96% of total share capital; the shares released from pledge this time were approximately 40.49 million shares, approximately 26.05% of his holdings, and approximately 5.20% of total share capital. Source: https://q.stock.sohu.com/cn/002639/ltgd_2.shtml?utm_source=openai; https://data.eastmoney.com/stockcalendar/002639.html?utm_source=openai; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?id=12366218&stockid=002639&utm_source=openai

4.4 Progress on Providing Guarantees for Wholly-Owned Subsidiaries

On August 24, 2026, the company disclosed the "Announcement on Progress of Providing Guarantees for Wholly-Owned Subsidiaries." The company provided a maximum amount of RMB 48 million joint and several liability guarantee for Fujian Snowman Refrigeration Equipment Co., Ltd.'s application to Agricultural Bank of China for comprehensive credit; and provided a maximum amount of RMB 50 million joint and several liability guarantee for Fujian Snowman Zhenxun Development Co., Ltd.'s application to Export-Import Bank of China for comprehensive credit, with total new maximum guarantee amount of RMB 98 million. As of the announcement disclosure date, the company and its controlled subsidiaries had approved total expected guarantee limit of RMB 1.5185 billion, of which credit business guarantee limit was RMB 1.3185 billion and project performance guarantee limit was RMB 200 million; the actual signed external guarantee balance was RMB 1.1805 billion, accounting for 46.21% of the company's most recent audited net assets. The company stated that there are no guarantees provided to entities outside the consolidated statement scope, overdue guarantees, guarantees involving litigation, or guarantees that should be borne due to losing a lawsuit. Source: https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?id=12520895&stockid=002639

4.5 2026 First Extraordinary Shareholders' Meeting Approved Guarantee Limit and Articles of Association Amendment

The company held the 2026 First Extraordinary Shareholders' Meeting on September 9, 2026, and disclosed the resolution announcement on September 10, 2026. The meeting reviewed and approved the "Proposal on the Estimated Project Performance Guarantee Limit for Wholly-Owned Subsidiaries" and the "Proposal on Amending the Articles of Association." A total of 1,176 shareholders and authorized representatives attended, representing 165,778,997 shares, accounting for 21.2694% of total share capital on the equity registration date; of which on-site attendees represented 157,360,029 shares, and online voting represented 8,418,968 shares. The project performance guarantee limit proposal received 98.9412% approval from valid voting shares, and the Articles of Association amendment proposal received 99.1287% approval from valid voting shares, both passing with more than two-thirds of the total valid voting shares held by attending shareholders. This matter is not equivalent to actual liabilities or cash expenditures of the same amount having been formed, and subsequent attention should be paid to specific project contracts, actual guarantee amounts incurred, and subsidiary performance and collection conditions. Source: https://vip.stock.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?id=12593062&stockid=002639

4.6 Share Buyback Verification Results

As of September 13, 2026, among the company announcements from July to September 2026 retrieved, no new share buyback implementation announcement or buyback progress announcement was found. The company's 2025 annual report and 2026 semi-annual report both show that there was no share buyback implementation during the reporting period. The company has stock options and employee equity incentive plans, but equity incentives are not equivalent to the listed company repurchasing shares through the secondary market. Therefore, the recent stock price increase cannot currently be directly linked to company buybacks. Source: https://static.cninfo.com.cn/finalpage/2026-04-28/1225212504.PDF?utm_source=openai

4.7 Mergers and Acquisitions, Major Asset Restructuring, and Regulatory Matters

As of September 13, 2026, no new major mergers and acquisitions, major asset restructuring, change of control, or regulatory penalty announcements disclosed by the company during July to September 2026 were retrieved. In the September 5, 2026 abnormal stock trading fluctuation announcement, the company clearly stated that there were no major matters in the planning stage, nor any information that should be disclosed but was not disclosed. Recent public announcements focused on semi-annual performance, guarantees, extraordinary shareholders' meeting, and abnormal fluctuation risk warnings, with no announced major M&A transactions. Source: https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?id=12585796&stockid=002639

4.8 Securities Identity and Comprehensive Announcement Assessment

As of September 13, 2026, A-share code 002639 corresponds to Fujian Snowman Group Co., Ltd., with the securities abbreviation "Snowman Group," listed on the Shenzhen Stock Exchange. Recent announcements show that the company's H1 2026 revenue increased 27.60% year-on-year, but net profit attributable to parent decreased 76.99% year-on-year, and net profit excluding non-recurring items turned to a loss; the stock experienced abnormal fluctuation with cumulative increase deviation exceeding 20% from September 2 to September 4, 2026, and the company found no undisclosed major positive news and warned of trading risks; as of August 24, 2026, the actual guarantee balance was approximately RMB 1.1805 billion, accounting for 46.21% of the most recent audited net assets; as of June 30, 2026, the shareholder structure showed certain changes. No new share buyback, major M&A, or major asset restructuring announcements were found. Whether new announcements appear after September 13, 2026, subsequent changes in third-party shareholder holdings and pledge data, and the actual impact of hydrogen energy, oil and gas technology services, and project performance guarantees cannot be determined from the existing minutes. Source: https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?id=12520903&stockid=002639

5. Stock Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Snowman Group closed at RMB 13.18, pulling back from the intraday high of RMB 15.20 on September 8, having broken below MA5 and MA10 in the short term, but still above MA20 and the Bollinger middle band of RMB 12.64. MACD remains above the zero line, RSI has not entered the traditional oversold zone, indicating the technical structure has not completely weakened, but consecutive declines, continuous net outflows of main force funds over the past 3 trading days, and high-level turnover remaining at a relatively high level reflect weakening short-term momentum and chip redistribution. Subsequent focus should be on the RMB 13.00–13.30 support, the RMB 12.64 middle band, and the RMB 13.53 and RMB 13.94 moving average resistance.

5.3 Short-Term Trend Outlook (Next Week, Scenario Projection, For Reference Only)

⚠️ Risk Warning: The following content is solely a subjective scenario projection based on closing data as of September 11, 2026, historical prices, and technical indicators. It does not constitute investment advice, nor does it constitute buy or sell instructions.

① Key Technical Levels

② Next Week Scenarios (Subjective Weighting, Not Statistical Probability)

• Consolidation (relatively high weight, approximately 60%; this weight is a subjective heuristic judgment based on current technical structure and capital flows, not statistical probability.): Price range approximately RMB 13.00–14.30. Trigger conditions are holding RMB 13.00–13.30, narrowing main force net outflow, turnover declining from approximately RMB 1.0 billion on September 11 or remaining moderate, and no further consecutive large bearish candles. Reclaiming MA10 at RMB 13.53 can be regarded as an initial signal of short-term repair, and after further reclaiming MA5 at RMB 13.94, the consolidation center may move toward above RMB 14.
• Weaker downside (medium weight; a subjective heuristic judgment based on current technical structure and capital flows, not statistical probability.): Price range approximately RMB 12.60–13.20. Trigger conditions are a high-volume break below support near RMB 13.00, with continuous main force net outflows and turnover maintained above RMB 1.0 billion but insufficient price absorption. If it further breaks below MA20 at RMB 12.64 and the Bollinger middle band, the short-term structure weakens, possibly testing the next support area near RMB 12.
• Rebound strengthening (relatively low weight; a subjective heuristic judgment based on current technical structure and capital flows, not statistical probability.): Price range approximately RMB 14.30–15.20. Trigger conditions are reclaiming MA5 at RMB 13.94 and resistance near RMB 14.30, with significantly expanded turnover, main force funds shifting from continuous net outflow to continuous net inflow, and related themes or industry sectors remaining strong. Only an effective breakout near RMB 14.90 would provide an opportunity to retest the September 8 intraday high of RMB 15.20; MACD remaining above the zero line alone is insufficient to confirm this scenario.

③ Capital and Liquidity Background

Turnover in late August was typically approximately RMB 160 million–370 million, expanding to approximately RMB 860 million–2.59 billion after the rapid early September rise; September 11 turnover was approximately RMB 1.0 billion with a turnover rate of approximately 10.77%–11.50%, current short-term trading activity significantly higher than late August, but capital exchange more intense, with correspondingly increased price volatility and slippage risk. Shareholder structure data as of June 30, 2026: top ten tradable shareholder concentration approximately 13.2%, institutional holdings approximately 2.06% of tradable shares, natural person shareholders accounting for a relatively high proportion; of which Hong Kong Securities Clearing Company Limited held approximately 7.5578 million shares, approximately 1.15% of tradable shares, a decrease of approximately 24.0924 million shares from the previous reporting period. The above shareholder data is subject to quarterly lag and cannot fully reflect the latest chip changes after the early September volume surge. The verifiable volume confirmation signal is: if subsequent single-day turnover continues to expand to above RMB 1.5 billion, while the stock price reclaims the RMB 14.00–14.30 range and main force funds turn to net inflow, this can be regarded as a confirmation signal of improved capital absorption; if turnover expands but the stock price continues to break below RMB 13.00, it is closer to a signal of high-volume distribution or chip loosening.

If subsequent single-day turnover continues to expand to above RMB 1.5 billion, while the stock price reclaims the RMB 14.00–14.30 range and main force funds turn to net inflow, this can be regarded as a volume confirmation signal of improved capital absorption.

④ Points of Attention (Observation Ideas Only, Not Operational Instructions)

• Observation idea, not operational instruction: Watch whether the RMB 13.00–13.30 area can stabilize, and whether MA20 at RMB 12.64 and the Bollinger middle band are breached.
• Observation idea, not operational instruction: Watch whether MA10 at RMB 13.53 and MA5 at RMB 13.94 can be reclaimed.
• Observation idea, not operational instruction: Watch whether a breakout of the RMB 14.30–14.90 resistance zone is accompanied by turnover rising to above RMB 1.5 billion and main force funds turning positive.
• Observation idea, not operational instruction: Watch whether the continuous main force net outflow ends, and whether the stock price can show "high volume without decline" or "high volume with rise" in the high turnover environment.

The above scenario projections are based on September 11, 2026 closing data and historical prices and technical indicator calculations. Short-term stock prices will also be disturbed by multiple factors including news, capital flows, and overall market environment. Technical indicators themselves have lag and limitations, do not constitute a guarantee of future actual trends, and do not constitute buy or sell recommendations. Please make independent judgments based on the latest market information and bear investment risks yourself.

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

Snowman Group spans multiple sub-sectors including refrigeration compressors, ice-making equipment, industrial refrigeration, oil and gas technology services, data center cooling, and hydrogen energy equipment. Competition in the refrigeration equipment industry has shifted from single equipment manufacturing to "core components + system integration + engineering services + energy-saving O&M," oil and gas technology services have project-based and large-customer characteristics, and data center cooling is evolving toward liquid cooling, high-efficiency refrigeration, and overall system integration.

6.2 Competitive Landscape

• The main competitive factors in the refrigeration compressor and ice-making equipment industry include compressor technology and energy efficiency levels, application capabilities for natural refrigerants such as ammonia and CO2, project experience in cold chain and industrial scenarios, large project system integration and engineering delivery capabilities, and after-sales service, energy-saving retrofit, and full lifecycle O&M capabilities.
• In 2025, industry technology and policy directions developed toward low-carbon refrigeration, refrigerant substitution, high energy efficiency, and intelligence. R22 will gradually exit the market, and refrigerants such as R507 and R404A will face stricter restrictions in the future; energy efficiency standards such as GB 44015—2024 are driving the elimination of low-efficiency equipment.
• The refrigeration industry shows tiered competition: leading comprehensive equipment enterprises have brands, compressor technology, engineering general contracting, and customer resources; specialized compressor enterprises form segment advantages in screw, scroll, centrifugal, or special refrigerant fields; cold chain equipment enterprises deeply cultivate quick-freezing equipment, cold storage, food processing equipment, and system engineering; small and medium-sized enterprises mainly participate in standardized products, regional engineering, and price competition.
• Oil and gas technology services are affected by domestic energy security, oil and gas exploration and development capital expenditure, natural gas infrastructure construction, and overseas projects, generally characterized by project-based operations, high customer concentration, long acceptance cycles, and relatively high capital occupation.
• The data center cooling industry is evolving from traditional air cooling to liquid cooling, high-efficiency refrigeration, and overall system integration, with competition focus shifting from single air conditioning equipment to comprehensive delivery capabilities in power supply and distribution, cooling systems, cabinets, coolant distribution units, heat exchange systems, and on-site O&M.
• Snowman Group has a relatively broad business scope, covering piston, screw, and centrifugal compressors, and extending to ice-making systems, oil and gas services, data center cooling, and hydrogen energy; however, compared to large comprehensive refrigeration equipment enterprises, the company still has gaps in revenue scale, profitability, and business focus.
• The hydrogen energy business is currently mainly in the technology R&D, project construction, and industrialization preparation stage, and publicly disclosed content does not show that it has formed clear large-scale commercial production capacity or stable revenue scale, and it should not be regarded as a current revenue mainstay.

6.3 Main Competitors

Compared to comparable companies, Snowman Group has differentiated characteristics in ice-making equipment, piston/screw/centrifugal compressor combinations, oil and gas technology services, and hydrogen energy layout, but its business span is relatively broad. Its core competitiveness mainly lies in refrigeration equipment brand, compressor technology, system integration, and project delivery; compared to comprehensive refrigeration equipment enterprises, it still faces issues of insufficient scale, profitability quality, and business focus. Different business segments have significantly different customers, costs, and competitive landscapes, and should not be simply benchmarked against a single industry or single company.

7. Risk Warnings

• Core profitability decline and earnings quality deterioration risk: H1 2026 net profit attributable to parent decreased 76.99% year-on-year, net profit excluding non-recurring items showed a loss of RMB 1.3653 million, and net profit attributable to parent included approximately RMB 7.5540 million in non-recurring gains and losses; if the core business fails to improve, the sustainability of surface profit growth is insufficient.
• Raw material and gross margin fluctuation risk: Raw materials account for 77.83% of refrigeration equipment manufacturing costs, and the 2025 compressor (unit) gross margin has fallen from 27.13% in 2024 to 21.37%; changes in steel, copper, casting, and electromechanical component prices, project pricing pressure, or product mix changes may continue to compress profit space.
• Operating cash flow and working capital occupation risk: FY2025 net cash flow from operating activities was RMB 106.60 million, a year-on-year decrease of 69.66%, and H1 2026 further deteriorated to -RMB 94.1976 million; as of end-2025, accounts receivable book value was approximately RMB 1.030 billion and inventory book value was approximately RMB 846 million; collection delays, project acceptance, or inventory turnover slowdown may increase capital pressure.
• Customer concentration and project delivery risk: In 2025, the top five customers accounted for 29.30% of sales, with the largest customer accounting for 17.00%, and oil and gas technology service customers are mainly concentrated in large energy enterprises; large customer bidding, bargaining, acceptance, and payment pace may affect revenue recognition and cash recovery, and the company did not disclose accounts receivable and payment terms by business segment.
• Oil and gas technology services business fluctuation risk: The company disclosed that oil and gas services are affected by investment contraction, declining service prices, rigid increases in labor costs, and insufficient capacity utilization of some natural gas liquefaction projects; if related project investment and service prices continue to face pressure, this business's revenue and gross margin may further fluctuate.
• Data center cooling and hydrogen energy business fulfillment risk: 2025 data center cooling system integration revenue decreased 19.85% year-on-year, and hydrogen energy and cryogenic equipment had not disclosed clear designed production capacity, production ramp-up timeline, and stable orders as of end-2025; related businesses face the risk that revenue, profit, and cash returns fall short of expectations despite increased investment.
• Guarantee and financial leverage related risk: As of August 24, 2026, the company and its controlled subsidiaries' actually signed external guarantee balance was RMB 1.1805 billion, accounting for 46.21% of the most recent audited net assets; if subsidiary performance or collection subsequently falls short of expectations, it may increase guarantee compensation and financial pressure.
• Stock price volatility and valuation drawdown risk: The company's stock had a cumulative increase deviation exceeding 20% over three consecutive trading days from September 2 to 4, 2026, pulled back after touching RMB 15.20 intraday on September 8, and main force funds had a net outflow of approximately RMB 86.10 million on September 11; based on data at that time, the dynamic P/E ratio was approximately 649x–675x; if earnings recovery or new business volume ramp-up falls short of expectations, valuation and stock price may face significant volatility.

8. Conclusion and Outlook

The company possesses piston, screw, and centrifugal compressor technology, the SNOWKEY ice-making equipment brand, and system integration capabilities. Refrigeration equipment manufacturing and compressor businesses remain the main basis for current revenue growth. If high-efficiency compressors, high-value-added ice-making equipment products, overseas projects, and oil and gas service orders improve, revenue growth is expected to continue further; data center cooling and hydrogen energy provide potential incremental growth, but the current scale and order verification of related businesses remain insufficient and cannot be regarded as having formed stable profit pillars.

Short-term operating quality still requires key observation. H1 2026 revenue growth did not translate into profit growth, with a loss appearing after excluding non-recurring items. FY2025 operating cash flow decreased 69.66% year-on-year, accounts receivable book value was approximately RMB 1.030 billion, and inventory book value was approximately RMB 846 million, all creating significant capital occupation. At the same time, the company's top five customers accounted for 29.30% of sales and the largest customer accounted for 17.00%; customer bargaining, project acceptance, and collection pace may affect cash flow and profit realization.

Whether the company can subsequently improve its valuation foundation depends on overall gross margin recovery, non-recurring profit restoration, operating cash flow turning positive, and new business order fulfillment, rather than单纯的 revenue growth or theme expectations. Technically, the RMB 13.00–13.30 and RMB 12.64 areas are currently important observation zones, with RMB 14.30–14.90 as the upper resistance zone; these price levels only reflect historical technical conditions as of September 11, 2026, and cannot replace judgment on fundamental changes.

Data Sources

• Snowman Group (002639)_Company Announcements_Snowman Group: 2025 Annual Report Sina Finance_Sina
• Snowman Group (SNOWMAN GROUP)-Company Introduction
• Snowman Group: 2025 Annual Report_Stock Channel_Stockstar
• Snowman Group (002639)_Company Announcements_Snowman Co.: 2023 Annual Report Sina Finance_Sina
• Snowman Group (002639)_Company Announcements_Snowman Co.: 2024 Annual Report Sina Finance_Sina
• Binglun Environment Technology Co., Ltd.--Official Website-Binglun Environment
• Group Introduction-Bingshan Cold & Heat Technology Co., Ltd.-Deeply Cultivating China's Refrigeration and Air Conditioning Industry
• Shanghai Hanbell Precision Machinery Co., Ltd.
• About Sifang-Square Technology
• Snowman Group (002639)_Company Announcements_Snowman Group: 2026 Semi-Annual Report Sina Finance_Sina
• Snowman Group: H1 2026 Net Profit RMB 6.1887 Million _ East Money
• Snowman Group: Expected January-June 2026 Attributable Net Profit of RMB 5.5 Million to RMB 8 Million_Stock Channel_Stockstar
• Snowman Group (002639) Earnings Forecast_F10_Tonghuashun Financial Services Network
• Snowman Group In-Depth Research Report: Value Reassessment from Ice-Making Leader to "Hydrogen Energy + Nuclear Fusion" Dual-Track Dark Horse_Caifuhao_East Money
• Snowman Group In-Depth Research Report: Value Reassessment from Ice-Making Leader to "Hydrogen Energy + Nuclear Fusion" Dual-Track Dark Horse_Caifuhao_East Money
• https://igu888.com/hangqing/002639.html?utm_source=openai
• Snowman Group (002639)_Company Announcements_Snowman Group: Abnormal Stock Trading Fluctuation Announcement Sina Finance_Sina
• Snowman Group (002639)_Company Announcements_Snowman Group: 2026 Semi-Annual Earnings Preview Sina Finance_Sina
• Snowman Group (002639) - Tradable Shareholders Within Two Years - Stock Market Center - Sohu Securities
• Snowman Group_Individual Stock Calendar_East Money_Data Channel
• Snowman Group (002639)_Company Announcements_Snowman Group: Announcement on Release of Shareholder Equity Pledge Sina Finance_Sina
• Snowman Group (002639)_Company Announcements_Snowman Group: Announcement on Progress of Providing Guarantees for Wholly-Owned Subsidiaries Sina Finance_Sina
• Snowman Group (002639)_Company Announcements_Snowman Group: 2026 First Extraordinary Shareholders' Meeting Resolution Announcement Sina Finance_Sina
• Fujian Snowman Group Co., Ltd. 2025 Annual Report Full Text
• Shenzhen Stock Exchange Main Board Listed Companies List
• Snowman Group (002639)_Stock Market, Market Homepage_China Finance Network
• Snowman Group (002639)_Stock Market, Market Homepage_China Finance Network
• Snowman Co. (002639) Stock Latest Price Market, Real-Time Trend Chart, Stock Price Analysis Forecast_Investing.com
• Snowman Group (002639.SZ) Stock Market_Historical Data_Main Force Funds - Big Wave Data
• Snowman Group (002639)_Capital Flow_Stockstar
• Snowman Group (002639) - Tradable Shareholders - Stock Market Center - Sohu Securities

This report is automatically retrieved, compiled, and generated by AI based on public channel information, with information as of the close on September 11, 2026; technical indicators are daily, unadjusted basis, primarily derived from a single technical data source; shareholder data as of June 30, 2026, subject to quarterly lag., and may have timeliness differences; please refer to the company's official announcements and authoritative data terminals for specific data. This report is solely for information compilation and research reference, does not constitute any investment advice, and investors should make independent judgments and bear investment risks themselves.