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Enovix Corp is engaged in designing, developing, manufacturing, and commercializing Lithium-ion, or Li-ion, battery cells. It uses BreakFlow and Encapsulation technologies to manufacture high capacity and resilient batteries. The company's product portfolio comprises power disc batteries, flexible lithium-ion polymer batteries, superior lithium-ion polymer batteries, active silicon lithium-ion cells, and others. Geographically, the company generates maximum revenue from its customers in South Korea, followed by Switzerland, Norway, the United States, Taiwan, and other regions.

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Palantir, Carvana, Enovix, Grab, Tesla: 5 acciones que están en el radar de los inversores

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Evercore ISI Group analyst David Togut initiates coverage on Accenture (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>) with a Outperform rating and announces Price Target of $330.

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Initiation

Analyst Ratings

Evercore ISI Group Initiates Coverage On Accenture with Outperform Rating, Announces Price Target of $330

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="900" height="600" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/17014805/Yangtuo-0717-900x600-1.png" alt="" class="wp-image-15953" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/17014805/Yangtuo-0717-900x600-1.png 900w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/17014805/Yangtuo-0717-900x600-1-300x200.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/17014805/Yangtuo-0717-900x600-1-768x512.png 768w" sizes="(max-width: 900px) 100vw, 900px" /></figure>
The infant products e-commerce platform has filed for a Hong Kong IPO, hoping investors will buy into its transformation story after its revenue flatlined last year
<h4 class="wp-block-heading">Key Takeaways:</h4>
<ul class="wp-block-list">
<li>Yangtuo's infant products e-commerce platform targets lower-tier Chinese cities, towns and villages that account for 85% of its newborns</li>
<li>The company's revenue flattened in 2024 and it lost money, as it shifts from its original B2B e-commerce focus to a direct sales model with its own brands</li>
</ul>
China's dairy industry may be&nbsp;<a href="https://thebambooworks.com/feihes-sliding-profits-point-to-china-dairy-market-past-its-sell-by-date/">past its prime</a>, as plunging fertility rates cause demand for infant formula and other dairy products to slowly dry up. But&nbsp;Yangtuo Technology Inc.&nbsp;hopes to convince investors that there's still potential in the field, saying it understands moms in the nation's smaller markets better than any of its competitors.
The operator of an e-commerce platform selling infant formula and other baby products&nbsp;<a href="https://www1.hkexnews.hk/app/sehk/2025/107510/documents/sehk25063000118.pdf">filed for</a>&nbsp;a Hong Kong IPO at the end of June, boasting an all-star cast of Citic Securities as its underwriter and Fosun, Hillhouse and Lei Jun, co-founder of smartphone giant Xiaomi, among its backers. The company has already raised nearly $200 million over six previous funding rounds, suggesting the Hong Kong IPO could raise another $100 million or more.
Yangtuo's core management team also boasts strong e-commerce credentials, with many of its members harkening from industry leader&nbsp;Alibaba&nbsp;(BABA; 9988.HK). Zhao Chen, the company's 43-year-old founder and CEO, worked for nine years at Alibaba, where he played a key role in the launch of its Tmall Global. COO Xu Hong managed Taobao Coins, Alibaba's consumer loyalty program, and CTO Xiao Jiantao was part of the launch team for Juhuasuan, a group buying site on Tmall.&nbsp;
Yangtuo's target market is growing, though not very fast, reflecting plateauing demand for infant nutritional products. According to third-party market data in the listing document, China's family care and nutrition product market grew from 2.2 trillion yuan ($307 billion) in sales in 2019 to 2.6 trillion yuan in 2024, averaging just 2.9% annual growth during that time.
The market is dominated by lower tier cities that are Yangtuo's focus and account for nearly three-quarters of national sales. That segment grew from 1.6 trillion yuan in 2019 to 1.9 trillion yuan in 2024, translating to a faster growth rate of 3.4%. The lower-tier market is expected to increase to 2.4 trillion yuan by 2029, driven by its massive consumer base and growing health awareness and spending power among local residents.
Regions beyond China's largest first- and second-tier cities have a population of 1.2 billion, accounting for 83.5% of the country's population and 85% of its newborns in 2024, according to the listing document.
Yangtuo's biggest sales areas are in Central China's Henan province, as well as the relatively affluent coastal provinces of Zhejiang and Guangdong, which has China's highest birth rate. Yangtuo cites research showing that per capita consumption of family care and nutrition products is rising faster in lower-tier markets than in China's big cities, growing at an average 5.5% annually in the former versus 3.1% in the latter in recent years.
Yangtuo is best known in China for Hipac, its B2B e-commerce app that connects manufacturers with retail shops. But the company is shifting to an online-to-offline (O2O) business model where it sells directly to those shops, rather than simply acting as a middleman between buyers and sellers. It's the top player in its niche in terms of retail sales, with gross merchandise value (GMV) of 8.6 billion yuan ($1.19 billion) in 2024, and 10.1% of the family care and nutrition products market in lower-tier cities.
<h4 class="wp-block-heading">Weak financials</h4>
Despite the market's huge size, Yangtuo's recent financials look relatively weak, as consumers throughout China grow increasingly cautious. The company's revenue flatlined between 2023 and 2024, dropping slightly from 1.07 billion yuan to 1.03 billion yuan over that period. Its gross margin has also dropped steadily over the last three years, falling from 43.9% in 2022 to 32.5% last year.
The company's bottom line looks similarly unimpressive, including losses of 52.1 million yuan in 2023 and 78.4 million yuan in 2024, reversing a profit of 1.8 million yuan in 2022. On an adjusted basis, which excludes the impact of convertible redeemable preferred shares and equity-settled share-based payments to its investors, the company was profitable in the last two years.
Yangtuo blames the weak numbers on its strategic shift to a business model that gives it more control of its supply chain but typically carries lower margins. Its original B2B e-commerce business, started in 2015, specialized in selling infant formula from major China-based brands to stores in lower-tier cities. The newer O2O model sees Yangtuo sell directly to a huge network of buyers, many of them small mom-and-pop stores.
Yangtuo has spent the last six years building a self-operated business that gives it more control over its supplier network, as it sells directly to its buyers. That business includes a growing number of the company's own products and brands, such as its rice crackers for babies called "Wonder Miao" and its Doctor Jepson line of nutrition drinks.
Revenue from Yangtuo's self-operated business reached 802 million yuan in 2024, or about 80% of its total that year, though its self-operated brands were just a small portion of that, with revenue of 222.2 million yuan last year. Revenue from the company's digital marketplace business, where it acts as a middleman between buyers and sellers, has been declining over the last two years, falling to just 229 million yuan – or 22% of total revenue – in 2024.
The shift to a more asset-heavy model could raise risks associated with inventory management and the potential for non-payments by retail customers. The company's inventory rose by more than 30% from 59.5 million yuan to 74.7 million yuan between 2022 and 2024, while its trade receivables also rose from 3.2 million yuan to 13.5 million yuan over that time.
While much larger e-commerce companies like&nbsp;Pinduoduo&nbsp;(PDD.US) also target buyers in lower-tier cities, Yangtuo is tightly focused on its niche of child-care and family nutritional products. It plans to use proceeds from the IPO to build up its self-operated business in that niche, including through deeper collaboration with leading infant formula brands and better control over pricing terms.
Many of Yangtuo's competitors in the infant products area have imploded in recent years, including&nbsp;BabyTree Group, which delisted from Hong Kong last December, and cross-border e-commerce company&nbsp;Mia.com, which shut down its app in 2022.
Many of these companies, including Yangtuo, are exposed to China's declining birthrate, which dropped for seven consecutive years until rising slightly in 2024 to 6.77 births per thousand, according to the National Bureau of Statistics. 2024 was the Year of the Dragon, an auspicious year on the Chinese zodiac favored by expectant parents, which could explain the slight uptick. But many expect the declines to resume over the longer term, posing challenges for Yangtuo and other companies chasing China's dwindling infant market.

Asia

IPOs

Global

Opinion

Yangtuo Bets On Small-town Moms Despite Declining Birth Rates

Evercore ISI Group analyst David Motemaden downgrades Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) from Outperform to In-Line and announces $275 price target.

Downgrades

Evercore ISI Group Downgrades Progressive to In-Line, Announces $275 Price Target

U.S. Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USB#NYSE">USB</a>) expects FY2025 revenue on taxable-equivalent basis for 2025 FY is expected to up by 3 to 5% YoY

Guidance

U.S. Bancorp expects FY2025 revenue on taxable-equivalent basis for 2025 FY is expected to up by 3 to 5% YoY

B of A Securities analyst Andrew Obin maintains Vertiv Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VRT#NYSE">VRT</a>) with a Buy and raises the price target from $140 to $150.

B of A Securities Maintains Buy on Vertiv Holdings, Raises Price Target to $150

B of A Securities analyst Alexander Perry maintains Hasbro (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>) with a Buy and raises the price target from $85 to $90.

B of A Securities Maintains Buy on Hasbro, Raises Price Target to $90

In a recent interview hosted by Webber Research &amp; Advisory, Jerry Kalogiratos, CEO of Capital Clean Energy Carriers Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CCEC#NASDAQ">CCEC</a>), provided a detailed overview of the company's strategic pivot to LNG shipping, its growth trajectory, and the broader market dynamics shaping the sector. The discussion, led by Michael Webber, Managing Partner at Webber Research and Advisory, explored long-term market fundamentals, fleet deployment strategy, capital structure, trading liquidity, and emerging trends such as the role of portfolio players and the rising importance of floating storage.
Watch the full discussion here:
<a href="https://vimeo.com/1101255591/aab17ad355?share=copy">https://vimeo.com/1101255591/aab17ad355?share=copy</a>
Key Highlights:
<ul class="wp-block-list">
<li>Exit from container shipping unlocked $440 million, reinforcing liquidity and enabling LNG-focused growth</li>
</ul>
<ul class="wp-block-list">
<li>Modern LNG vessels with reliquefaction systems provide 40–50% better economics and 20–30% lower emissions, supporting long-term charter demand</li>
</ul>
<ul class="wp-block-list">
<li>Balanced chartering strategy, combines long-term income stability with selective spot exposure, backed by a $3.1 billion contracted revenue backlog</li>
</ul>
<ul class="wp-block-list">
<li>Market fundamentals are tightening toward 2027–2028, favoring high-spec LNG vessel owners like CCEC</li>
</ul>
A Strategic Pivot to LNG
Formerly Capital Product Partners L.P., CCEC has undergone a major strategic transformation since its inception as a product tanker MLP in 2007. The company's strategic shift toward LNG and gas transportation was formalized in late 2023, supported by a $500 million rights offering and the conversion to a C corporation structure.
This decision helped address trading liquidity issues tied to reduced public float and positioned the company for a capital-efficient growth trajectory. CCEC has paid out nearly $1.1 billion in cumulative dividends since its IPO and continues to prioritize high-specification, environmentally efficient shipping assets.
Today, the company maintains a robust balance sheet, with $420 million in cash, leverage below 50% (expected to peak around 60% with newbuild deliveries), and no need for additional equity funding. Its liquidity was further strengthened through the sale of its container segment in 2023.
Building the Largest U.S.-Listed LNG Fleet
CCEC aims to become the largest listed LNG fleet in the U.S. public markets by 2026. It currently operates 12 LNG carriers and has 6 newbuilds under construction, with a strategy centered on scale and vessel quality. The company is also set to receive 10 specialized gas carriers over the next 18 months, designed for LPG, ammonia, and emerging cargoes like liquid CO₂.
A core focus is on two-stroke LNG carriers equipped with reliquefaction systems ("reliqs"), which provide 40–50% better daily economics and 20–30% lower emissions than older steam turbine vessels. These high-specification ships are now favored in long-term charters, and their advanced capabilities make floating storage and delayed discharge strategies financially viable. Only about one-third of the global fleet has full reliq capability, creating a strong premium currently between $20,000 and $50,000 per day based on vessel specs and age.
Preparing for Market Tightness
Global LNG demand is projected to rise from 3 billion tons in 2025 to 3.2 billion tons by 2030, fueled by the shift away from coal and growing energy needs in developing regions. On the supply side, liquefaction capacity is expected to reach 500 MTPA by 2025, with another 350 MTPA in development, supporting strong demand for LNG carriers.
The CEO noted that the existing LNG carrier orderbook is largely committed, leaving limited uncontracted tonnage. In response, CCEC is withholding 4 of its 6 newbuilds from long-term commitments, intending to capitalize on market tightening in 2027–2028.
Disciplined Chartering Approach
CCEC follows a disciplined chartering strategy, combining 7–15-year fixed contracts for cash flow stability with selective exposure to spot and forward markets for upside potential. The company's $3.1 billion contracted revenue backlog provides strong earnings visibility over the coming years, and management remains focused on value-maximizing contracts rather than locking in marginal returns.
Looking ahead, Mr. Kalogiratos anticipates a more dynamic and diversified LNG market by 2027, driven by the emergence of new market participants. He noted that current newbuilding decisions will have fully materialized in fleet supply by 2027–2028, setting the stage for renewed strategic positioning opportunities.
Disclosure: Capital Link is the investor relations advisor to Capital Clean Energy Carriers Corp. This content is for informational purposes only and not intended to be investing advice. We would like to highlight that this is not a Capital Link article with our own editorial on the company. It is a CEO interview. Thus, all comments in the article are the CEO&#8217;s.

Commodities

Trading Ideas

CCEC

Capital Clean Energy Carriers Eyes LNG Market Leadership With High-Spec Fleet, Disciplined Chartering Strategy

B of A Securities analyst Christopher Nardone maintains Deckers Outdoor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DECK#NYSE">DECK</a>) with a Neutral and lowers the price target from $128 to $114.

DECK

B of A Securities Maintains Neutral on Deckers Outdoor, Lowers Price Target to $114

B of A Securities analyst Tim Anderson maintains Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) with a Neutral and raises the price target from $161 to $175.

B of A Securities Maintains Neutral on Johnson & Johnson, Raises Price Target to $175

MP: -7% &#x7C; <a href="https://www.benzinga.com/node/46455258">MP Materials shares are trading lower after the company announced a $500 million proposed public offering.</a>
&nbsp;
YHC: -28% &#x7C; <a href="https://www.benzinga.com/node/46455434">LQR House shares are trading lower after the company and its board were named in a lawsuit about the breach of fiduciary duty.</a>
&nbsp;
XXII: 196% &#x7C; <a href="https://www.benzinga.com/node/46456421">22nd Century Group Reveals Multiple Tobacco Brands Partnering With 22nd Century To Expand Availability and Awareness of VLN-Based Reduced Nicotine Content Products</a>

Movers

XXII

Market-Moving News for July 17th

B of A Securities analyst Lawson Winder maintains Alcoa (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) with a Underperform and raises the price target from $26 to $27.

B of A Securities Maintains Underperform on Alcoa, Raises Price Target to $27

Velocity Clinical Research ("Velocity"), the leading fully integrated site organization, has announced a strategic partnership with Palantir Technologies ("Palantir") to automate and streamline the notoriously complex payments reconciliation process in clinical trials. This collaboration marks a milestone in applying advanced artificial intelligence (AI) to one of the industry's most persistent administrative challenges.
Reconciling invoices and payments in clinical research has long been a fragmented, time-consuming, and error-prone task. Sites often use multiple siloed systems to manage invoices, while Sponsors and CROs maintain their own financial systems, creating inconsistency and inefficiency.
Velocity and Palantir's automated reconciliation solution integrates Palantir's agentic AI technology with Velocity's proprietary workflows. The application successfully processed and reconciled customer payment report entries, saving Velocity's Finance Collections team a significant amount of time and freeing them up to work on high-value tasks.
The partnership between Velocity and Palantir represents a significant step toward modernizing clinical trial operations and unlocking efficiencies that will benefit sponsors, sites, and, most importantly, patients.

Velocity Clinical Research Partners With Palantir Technologies To Automate And Streamline Complex Payments Reconciliation Process In Clinical Trials

B of A Securities analyst Brad Sills maintains Bilibili (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BILI#NASDAQ">BILI</a>) with a Buy and raises the price target from $25 to $27.

BILI

B of A Securities Maintains Buy on Bilibili, Raises Price Target to $27

VERI

Veritone Achieves "Awardable" Status In DoD's P1 Solutions Marketplace, Expanding Access To AI Tools For Defense Data Analysis And Workflow Automation

B of A Securities analyst Ebrahim Poonawala maintains PNC Financial Services Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) with a Buy and raises the price target from $223 to $226.

B of A Securities Maintains Buy on PNC Financial Services Gr, Raises Price Target to $226

Needham analyst Charles Shi reiterates Taiwan Semiconductor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) with a Buy and maintains $270 price target.

Reiteration

Needham Reiterates Buy on Taiwan Semiconductor, Maintains $270 Price Target

FLGT

Fulgent Genetics Secures EU CE Mark For FulgentExome And PLM, Expanding Access To 4600-Gene NGS Diagnostic Platform Across Europe

Biotech

General

PRTC

PureTech Founded Entity, Seaport Therapeutics, Doses First Patient In Phase 2b BUOY-1 Study of GlyphAllo For Major Depressive Disorder

B of A Securities analyst Joshua Shanker maintains Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) with a Buy and lowers the price target from $337 to $336.

B of A Securities Maintains Buy on Progressive, Lowers Price Target to $336

Main Street's preliminary estimate of net asset value ("NAV") per share as of June&nbsp;30, 2025 is $32.27 to $32.33, representing an increase of $0.24 to $0.30 per share, or 0.7% to 0.9%, from the NAV per share of $32.03 as of March 31, 2025, with this increase after the impact of the supplemental dividend paid in June 2025 of $0.30 per share. The estimated increase in NAV per share is primarily due to the net fair value increase on the investment portfolio and the accretive impact of equity issuances, partially offset by a decrease due to the issuance of restricted stock. The net fair value increase on the investment portfolio is the result of net fair value increases on the wholly-owned asset manager and the lower middle market ("LMM") investment portfolio, partially offset by net fair value decreases on the private loan and middle market investment portfolios.

MAIN

Main Street's Preliminary Estimate Of NAV Per Share As Of June 30, 2025 Is $32.27 - $32.33, Up 0.7% - 0.9%, From NAV Per Share Of $32.03 As Of March 31, 2025

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