What happened
On the evening of September 4, Snowman Group (002639) announced that its shares were considered abnormally traded because the cumulative deviation of closing prices across September 2, 3 and 4 exceeded 20%.
The company said the sharp short-term stock rally deviates from its current earnings performance and urged investors to be cautious about investment risks.
Its 2026 semi-annual report showed operating revenue rose 27.60% to 1.225 billion yuan, but net profit attributable to shareholders fell 76.99% to 6.1887 million yuan, while non-GAAP net profit turned negative at minus 1.3653 million yuan.
Why it matters
The stock's double-digit rally in just three days contrasts sharply with a half-year report showing lower margins, a big profit drop and a non-GAAP operating loss, signaling a possible disconnect between market sentiment and fundamentals.
The company explicitly points to intensifying competition, rising raw-material costs, exchange-rate pressure and uncertainty at a subsidiary, suggesting the earnings strain may persist unless those factors ease.
Key facts
Snowman Group's stock price cumulative closing-gain deviation exceeded 20% over September 2–4, triggering an abnormal-trading alert.
For the 2026 first half, revenue reached 1.225 billion yuan, up 27.60%; attributable net profit was 6.1887 million yuan, down 76.99%; non-GAAP net profit was minus 1.3653 million yuan.
Gross margin fell to 19.87% from 22.97%, net margin fell to 0.85% from 2.92%, and financial expenses jumped 832.47% to 29.12 million yuan.
Operating cash flow was minus 94.2 million yuan, with the net outflow widening from the same period last year.
What to watch next
Whether the stock price can stay elevated after the company's own risk warning and after a report showing its main business swung to a loss.
How the company manages foreign-exchange exposure, raw-material costs and competitive pressure, along with any update on subsidiary Jiayun Oil & Gas's strategic adjustment and project utilization.