【私募调研记录】彤源投资调研冰轮环境、若羽臣

Group 1: Ice Wheel Environment - The company reported a revenue of 3.12 billion yuan in the first half of 2025, a year-on-year decline of 7%, with a net profit attributable to shareholders of 266 million yuan, down 20% [1] - Domestic business faces short-term market pressure with a revenue of 2.1 billion yuan, while overseas business grew significantly by 30%, reaching 1.02 billion yuan [1] - The company provides compressors and heat exchange devices, with the low-temperature refrigeration segment generating 1.73 billion yuan, accounting for 55% of total revenue, and the HVAC segment contributing 1.2 billion yuan, making up 39% [1] Group 2: Ruoyuchen - The company is focusing on expanding its product and channel planning, particularly in the fragrance laundry liquid segment, and aims to enhance online and offline channels [2] - The decision to list on the Hong Kong Stock Exchange is driven by favorable policy environment, increased liquidity, and alignment with future business development needs [2] - The H-share listing proceeds will be primarily used for global resource integration and to explore high-quality industry resources in health, personal care, and household cleaning sectors [2]