Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on March 2, 2026

GUANGZHOU, China, March 2, 2026 /PRNewswire/ — Yatsen Holding Limited (“Yatsen” or the “Company”) (NYSE: YSG), a leading China-based beauty group, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter and Full Year 2025 Highlights

• Total net revenues for the fourth quarter of 2025 increased by 20.1% to RMB1.38 billion (US$197.3 million) from RMB1.15 billion for the prior year period. Total net revenues for the full year of 2025 increased by 26.7% to RMB4.30 billion (US$614.6 million) from RMB3.39 billion for the prior year period.
• Total net revenues from Skincare Brands^[1] for the fourth quarter increased by 51.9% to RMB842.8 million (US$120.5 million) from RMB554.8 million for the prior year period. As a percentage of total net revenues, total net revenues from Skincare Brands for the fourth quarter of 2025 were 61.1%, as compared with 48.3% for the prior year period. Total net revenues from Skincare Brands for the full year of 2025 increased by 63.5% to RMB2.28 billion (US$325.7 million) from RMB1.39 billion for the prior year period. As a percentage of total net revenues, total net revenues from Skincare Brands for the full year of 2025 were 53.0%, as compared with 41.1% for the prior year period.
• Gross margin for the fourth quarter of 2025 was 77.7%, remaining largely flat as compared with 77.8% for the prior year period. Gross margin for the full year of 2025 increased to 78.2% from 77.1% for the prior year period.
• Net income for the fourth quarter of 2025 was RMB3.0 million (US$0.4 million), as compared with a net loss of RMB378.8 million for the prior year period. Net loss for the full year of 2025 decreased by 87.0% to RMB92.4 million (US$13.2 million) from RMB710.2 million for the prior year period. Non-GAAP net income^[2] for the fourth quarter of 2025 was RMB41.2 million (US$5.9 million), as compared with RMB107.0 million for the prior year period. Non-GAAP net income for the full year of 2025 was RMB8.4 million (US$1.2 million), as compared with non-GAAP net loss of RMB128.2 million for the prior year period.

Mr. Jinfeng Huang, Founder, Chairman and Chief Executive Officer of Yatsen, stated, “We are pleased to conclude 2025 with solid performances, demonstrating the long-term value of our strategic transformation. Throughout the year, we remained steadfast in our commitment to three core initiatives: driving R&D-led product innovation, strengthening brand equity across our multi-brand portfolio, and improving our overall profitability. As we enter 2026, we remain confident that these foundational strengths will drive sustainable growth and create lasting value for our shareholders.” 

Mr. Donghao Yang, Director and Chief Financial Officer of Yatsen, commented, “Our recent financial results mark a pivotal milestone in our journey toward sustainable growth. For the fourth quarter, we are proud to have achieved net income and non-GAAP net income, alongside total net revenue growth. For the full year of 2025, we achieved year-over-year revenue growth, substantially narrowed our net loss, and achieved a non-GAAP net income turnaround. This success underscores the robust health of our brand portfolio as well as our improved operational efficiency. Looking ahead, we will continue to prioritize financial stability and strategic resource allocation to ensure Yatsen is well-positioned for long-term success.”

Fourth Quarter 2025 Financial Results

Net Revenues

Total net revenues for the fourth quarter of 2025 increased by 20.1% to RMB1.38 billion (US$197.3 million) from RMB1.15 billion for the prior year period. The increase was primarily due to a 51.9% year-over-year increase in net revenues from Skincare Brands, partially offset by a 9.1% year-over-year decrease in net revenues from Color Cosmetics Brands.^[3]

Gross Profit and Gross Margin

Gross profit for the fourth quarter of 2025 increased by 20.0% to RMB1.07 billion (US$153.2 million) from RMB893.0 million for the prior year period. Gross margin for the fourth quarter of 2025 was 77.7%, remaining largely flat as compared with 77.8% for the prior year period.

Operating Expenses

Total operating expenses for the fourth quarter of 2025 decreased by 15.6% to RMB1.08 billion (US$155.0 million) from RMB1.28 billion for the prior year period. As a percentage of total net revenues, total operating expenses for the fourth quarter of 2025 were 78.6%, as compared with 111.8% for the prior year period.

• Fulfillment Expenses. Fulfillment expenses for the fourth quarter of 2025 were RMB77.0 million (US$11.0 million), as compared with RMB63.5 million for the prior year period. As a percentage of total net revenues, fulfillment expenses for the fourth quarter of 2025 were 5.6% as compared with 5.5% for the prior year period, remaining largely flat.
• Selling and Marketing Expenses. Selling and marketing expenses for the fourth quarter of 2025 were RMB893.8 million (US$127.8 million), as compared with RMB690.6 million for the prior year period. As a percentage of total net revenues, selling and marketing expenses for the fourth quarter of 2025 increased to 64.8% from 60.1% for the prior year period. The increase was primarily driven by higher traffic acquisition costs amid intensified competition during the Double 11 shopping festival.
• General and Administrative Expenses. General and administrative expenses for the fourth quarter of 2025 were RMB74.4 million (US$10.6 million), as compared with RMB100.1 million for the prior year period. As a percentage of total net revenues, general and administrative expenses for the fourth quarter of 2025 decreased to 5.4% from 8.7% for the prior year period. The decrease was primarily driven by lower payroll expenses and share-based compensation expenses, coupled with the leveraging effect of higher total net revenues in the fourth quarter of 2025.
• Research and Development Expenses. Research and development expenses for the fourth quarter of 2025 were RMB38.8 million (US$5.5 million), as compared with RMB26.3 million for the prior year period. As a percentage of total net revenues, research and development expenses for the fourth quarter of 2025 increased to 2.8% from 2.3% for the prior year period. The increase was primarily driven by higher payroll expenses resulting from a rise in research and development headcount.
• Impairment of Goodwill. There was no impairment of goodwill for the fourth quarter of 2025, as compared with an impairment of goodwill of RMB403.1 million for the prior year period. Based on our assessment, no impairment indicators were identified as of December 31, 2025.

Loss / Income from Operations

Loss from operations for the fourth quarter of 2025 was RMB12.7 million (US$1.8 million), as compared with RMB390.7 million for the prior year period. Operating loss margin was 0.9%, as compared with 34.0% for the prior year period.

Non-GAAP income from operations^[4] for the fourth quarter of 2025 was RMB11.8 million (US$1.7 million), as compared with RMB93.2 million for the prior year period. Non-GAAP operating income margin^[5] was 0.9%, as compared with 8.1% for the prior year period.

Net Loss / Income

Net income for the fourth quarter of 2025 was RMB3.0 million (US$0.4 million), as compared with net loss of RMB378.8 million for the prior year period. Net income margin was 0.2%, as compared with net loss margin of 33.0% for the prior year period. Net income attributable to Yatsen’s ordinary shareholders per diluted ADS^[6] for the fourth quarter of 2025 was RMB0.08 (US$0.01), as compared with net loss attributable to Yatsen’s ordinary shareholders per diluted ADS of RMB3.98 for the prior year period.

Non-GAAP net income for the fourth quarter of 2025 was RMB41.2 million (US$5.9 million), as compared with RMB107.0 million for the prior year period. Non-GAAP net income margin was 3.0%, as compared with 9.3% for the prior year period. Non-GAAP net income attributable to Yatsen’s ordinary shareholders per diluted ADS^[7] for the fourth quarter of 2025 was RMB0.46 (US$0.07), as compared with RMB0.99 for the prior year period.

Full Year 2025 Financial Results

Total net revenues for the full year of 2025 increased by 26.7% to RMB4.30 billion (US$614.6 million) from RMB3.39 billion for the prior year period, primarily attributable to a 63.5% year-over-year increase in net revenues from Skincare Brands, combined with a 1.9% year-over-year increase in net revenues from Color Cosmetics Brands.

Gross profit for the full year of 2025 increased by 28.4% to RMB3.36 billion (US$480.7 million) from RMB2.62 billion for the prior year period. Gross margin for the full year of 2025 increased to 78.2% from 77.1% for the prior year period. The increase was primarily attributable to increasing sales of higher-gross margin products. 

Loss from operations for the full year of 2025 was RMB185.8 million (US$26.6 million), as compared with RMB824.9 million for the prior year period. Operating loss margin decreased to 4.3% from 24.3% for the prior year period, primarily because there was no impairment of goodwill for the full year of 2025.

Non-GAAP loss from operations for the full year of 2025 was RMB84.0 million (US$12.0 million), as compared with RMB224.3 million for the prior year period. Non-GAAP operating loss margin decreased to 2.0% from 6.6% for the prior year period.

Net loss for the full year of 2025 was RMB92.4 million (US$13.2 million), as compared with RMB710.2 million for the prior year period. Net loss margin decreased to 2.2% from 20.9% for the prior year period. Net loss attributable to Yatsen’s ordinary shareholders per diluted ADS for the full year of 2025 was RMB0.87 (US$0.12), as compared with RMB6.99 for the prior year period.

Non-GAAP net income for the full year of 2025 was RMB8.4 million (US$1.2 million), as compared with non-GAAP net loss of RMB128.2 million for the prior year period. Non-GAAP net income margin was 0.2%, as compared with non-GAAP net loss margin of 3.8% for the prior year period. Non-GAAP net income attributable to Yatsen’s ordinary shareholders per diluted ADS for the full year of 2025 was RMB0.19 (US$0.03), as compared with non-GAAP net loss attributable to Yatsen’s ordinary shareholders per diluted ADS of RMB1.26 for the prior year period.

Balance Sheet and Cash Flow

As of December 31, 2025, the Company had cash, restricted cash and short-term investments of RMB1.05 billion (US$150.7 million), as compared with RMB1.36 billion as of December 31, 2024.

Net cash used in operating activities for the fourth quarter of 2025 was RMB69.4 million (US$9.9 million), as compared with net cash generated from operating activities of RMB202.2 million for the prior year period. Net cash used in operating activities for the full year of 2025 was RMB94.7 million (US$13.5 million), as compared with RMB243.7 million for the prior year period.

Business Outlook

For the first quarter of 2026, the Company expects its total net revenues to be between RMB958.6 million and RMB1.08 billion, representing a year-over-year increase of approximately 15% to 30%. These forecasts reflect the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Exchange Rate

This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ were made at a rate of RMB6.9931 to US$1.00, the exchange rate in effect as of December 31, 2025, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.

Conference Call Information

The Company’s management will hold a conference call on Monday, March 2, 2026, at 7:30 A.M. U.S. Eastern Time or 8:30 P.M. Beijing Time to discuss its financial results and operating performance for the fourth quarter and full year 2025.

The replay will be accessible through Monday, March 9, by dialing the following numbers:

A live and archived webcast of the conference call will also be available on the Company’s investor relations website at http://ir.yatsenglobal.com.

About Yatsen Holding Limited

Yatsen Holding Limited (NYSE: YSG) is a leading China-based beauty group with the mission of creating an exciting new journey of beauty discovery for consumers around the world. Founded in 2016, the Company has launched and acquired numerous color cosmetics and skincare brands including Perfect Diary, Little Ondine, Pink Bear, Galénic, DR.WU (its mainland China business) and Eve Lom. The Company’s flagship brand, Perfect Diary, is one of the leading color cosmetics brands in China in terms of retail sales value. The Company primarily reaches and engages with customers directly both online and offline, with expansive presence across all major e-commerce, social and content platforms in China.

For more information, please visit http://ir.yatsenglobal.com.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP net income (loss), non-GAAP net income (loss) margin, non-GAAP net income (loss) attributable to ordinary shareholders and non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS, each a non-GAAP financial measure, in reviewing and assessing its operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company presents these non-GAAP financial measures because they are used by the management to evaluate operating performance and formulate business plans. Non-GAAP financial measures help identify underlying trends in its business, provide further information about its results of operations, and enhance the overall understanding of its past performance and future prospects. The Company defines non-GAAP income (loss) from operations as income (loss) from operations excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions and (iii) impairment of goodwill. Non-GAAP operating income (loss) margin is non-GAAP income (loss) from operations as a percentage of total net revenues. The Company defines non-GAAP net income (loss) as net income (loss) excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) impairment of investments and (vi) tax effects on non-GAAP adjustments. Non-GAAP net income (loss) margin is non-GAAP net income (loss) as a percentage of total net revenues. The Company defines non-GAAP net income (loss) attributable to ordinary shareholders as net income (loss) attributable to ordinary shareholders excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) impairment of investments, (vi) tax effects on non-GAAP adjustments and (vii) accretion to redeemable non-controlling interests. Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is computed using non-GAAP net income (loss) attributable to ordinary shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS.

However, the non-GAAP financial measures have limitations as analytical tools as the non-GAAP financial measures are not presented in accordance with U.S. GAAP and may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Reconciliations of Yatsen’s non-GAAP financial measures to the most comparable U.S. GAAP measure are included at the end of this press release.

Safe Harbor Statement

This announcement contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs, plans, outlook and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to continue to roll out popular products and maintain popularity of existing products; its ability to anticipate and respond to changes in industry trends and consumer preferences and behavior in a timely manner; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; its ability to integrate newly-acquired businesses and brands; trends and competition in and relevant government policies and regulations relating to China’s beauty market; changes in its revenues and certain cost or expense items; and general economic conditions globally and in China. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Yatsen Holding Limited
Investor Relations
E-mail: ir@yatsenglobal.com

*   In the fourth quarter of 2025, we made certain out of period adjustments mainly relating to revenues and cost of revenues to correct certain prior periods errors mainly occurred during the sales return and inventory receipt processes, which reduced quarterly profit by RMB14.6 million. Out of the RMB14.6 million adjustments, RMB7.4 million adjustments were related to prior years. Based on our quantitative and qualitative analysis, we do not believe these errors are material to our financial position or results of operations for the current year and for any prior years or prior quarters individually or in aggregate.

(1)   Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled to one vote and each Class B ordinary share being entitled to twenty votes on all matters that are subject to shareholder vote.

HONG KONG, March 2, 2026 /PRNewswire/ — MiniMax Group Inc. (“MiniMax” or the “Company”; HKEX: 00100), a global AI foundation model company, today announced its financial results for the year ended December 31, 2025.

FY2025 Key Highlights

• Total revenue increased by 158.9% year over year to US$79.0 million, with more than 70% derived from international markets.
• Gross profit increased by 437.2% year over year to US$20.1 million. Gross profit margin was 25.4%, an improvement of 13.2 percentage points compared to the same period of 2024.
• Adjusted net loss⁽¹⁾ was US$250.9 million, compared to US$244.2 million in 2024. Adjusted net margin narrowed significantly year over year compared to the same period of 2024.
• As of December 31, 2025, MiniMax had cumulatively served more than 236 million users across over 200 countries and regions, as well as 214,000 enterprise customers and developers from more than 100 countries and regions.

Dr. Yan Junjie, Co-founder and CEO of MiniMax, commented, “In 2025, we built full-modality R&D capabilities, with globally competitive models in place across key modalities, including language, video, speech and music. Meanwhile, we continued to enhance the user experience through ongoing technological innovation, upgrading our AI-native product portfolio. We also made further progress in deepening our global footprint.

We believe model intelligence will further advance significantly over the coming year. In coding, we expect to see the emergence of L4 to L5 levels of intelligence, shifting from AI as a tool to AI as a collaborative, colleague-level partner. In workplace scenarios, it will replicate the pace of progress we saw in coding last year. Multimodal creation will also move toward the direct generation of production-ready mid- to long-form content, with new formats emerging that are closer to streaming and real-time output. Taken together, these developments point to a significant expansion in the supply of intelligence at scale, as well as an unprecedented window of innovation at the application layer. The demand placed on our platform will expand to an entirely new magnitude.

Looking ahead, at the strategic level, we will evolve from a large-model company into a platform company for the AI era. We will continue to define and advance new intelligence paradigms, strengthen innovation in technology and products, and enhance scalable infrastructure and token throughput capacity. At the same time, we will deepen our commercialization initiatives and expand global market opportunities, empowering users and partners worldwide with greater intelligence.”

FY2025 Financial Review

Revenue from our AI-native products increased by 143.4% from US$21.8 million in 2024 to US$53.1 million in 2025,  primarily driven by higher user engagement and increased customer willingness to pay for our products, as well as the continued adoption and monetization of products such as Hailuo AI.

Revenue from our Open Platform and other AI-based enterprise services increased by 197.8% from US$8.7 million in 2024 to US$26.0 million in 2025, primarily fueled by a notable increase in paying users.

Gross profit improved by 437.2% from US$3.7 million in 2024 to US$20.1 million in 2025, which is largely higher than the increase of revenue. Gross profit margin increased from 12.2% in 2024 to 25.4% in 2025, which was primarily driven by the improved model and system efficiency, as well as optimization of infrastructure allocation.

Selling and distribution expenses decreased by 40.3% from US$87.0 million in 2024 to US$51.9 million in 2025, as our AI-native products business was primarily driven by organic growth and user referrals, and promotional expenses have decreased accordingly.

Administrative expenses increased by 155.9% from US$14.4 million in 2024 to US$36.8 million in 2025, mainly driven by an increase in staff costs due to increasing headcount and share-based payment expenses for administrative personnel. Moreover, the listing expenses incurred in 2025 also contributed to the overall increase in administrative expenses, which did not occur in 2024.

Research and development expenses increased by 33.8% from US$189.0 million in 2024 to US$252.8 million in 2025, mainly attributed to an increase in cloud services expenses related to training activities, driven by the increased model iteration and upgrades as we continued to develop and refine our foundation models and multimodal capabilities. The year-over-year growth rate of our research and development expenses is significantly lower than our revenue growth rate of 158.9% during the year, demonstrating our improved research and development efficiency.

Adjusted net loss⁽¹⁾ was US$250.9 million in 2025, compared to US$244.2 million in 2024.

Cash balance⁽²⁾ was US$1,050.3 million as of December 31, 2025, compared to US$880.6 million as of December 31, 2024.

FY2025 Business Review

In 2025, we built full-modality R&D capabilities, with globally competitive models in place across key modalities, including language, video, speech and music. Meanwhile, we continued to enhance the user experience through ongoing technological innovation, upgrading our AI-native product portfolio. This includes our enterprise-facing Open Platform, as well as consumer products such as MiniMax Agent, Hailuo AI, Talkie and Xingye. We also made further progress in deepening our global footprint.

In large language models, during the fourth quarter of 2025, we updated three models: M2, M2.1 and M2-her. M2 redefined the balance among performance, cost and speed and incorporated three key capabilities: coding, tool use and deep search. It became the first Chinese model on OpenRouter to exceed 50 billion tokens in daily consumption while ranking first on the Hugging Face global trending leaderboard. M2.1 focused on improving performance on complex, real-world tasks, particularly in coding and workplace scenarios, where it demonstrated stronger capabilities in understanding and executing multi-step instructions. M2-her serves as the underlying model supporting our AI interactive products, Xingye and Talkie. It is designed to deliver more natural and personalized conversational experiences and was ranked first globally in overall performance in 100-turn Long-context Dialogue Testing.

In February 2026, we released M2.5, which achieved globally leading performance across key productivity scenarios, including coding, tool use and workplace applications. In coding, M2.5 delivers a 37% efficiency improvement compared with the previous generation, M2.1. M2.5 makes the operation of complex agents economically scalable. From M2 to M2.1 and now M2.5, each generation has delivered significant improvements in both capability and adoption. In February 2026, average daily token consumption of M2 series text models has grown to over six times that of December 2025,  with token consumption from Coding Plan growing by over ten times.

On the multimodal front, we have now established model coverage across video, speech and music. In October 2025, we released our video model, Hailuo 2.3, which delivered significant improvements in character motion, visual quality and stylistic expression. The Fast model can reduce batch content creation costs by up to 50%. We further upgraded Media Agent within Hailuo AI, which supports full-modality content creation, enabling one-click video generation from a simple description. As of the end of 2025, our video models had helped creators worldwide generate more than 600 million videos in total.  Also in October 2025, we released our speech model, Speech 2.6, which was optimized for Voice Agent scenarios and significantly enhanced voice interaction performance. It achieved globally leading ultra-low latency and supports more than 40 languages. As of the end of 2025, our speech model had helped users worldwide generate over 200 million hours of speech in total, making it one of the core infrastructure platforms in the global voice intelligence ecosystem. Our music models, Music 2.0 and 2.5, also achieved significant advancements. They can reliably handle a wide range of vocal styles and emotional expressions, with individual compositions extending up to five minutes in length.

In the process of developing these models and products, we have also continuously advanced our AI-native organizational evolution. Internally, our agent interns now support nearly 90% of employees, with use cases spanning software development, data analysis, operations management, talent recruitment and sales and marketing. We view ourselves as a testing ground for the evolution of AI-native organizational capabilities, one that will directly shape our future R&D efficiency. In January 2026, we productized these capabilities and successfully launched the MiniMax Agent AI-native workspace.

Conference call

The Company’s management will host a conference call on Monday, March 2, 2026, at 8:00 PM Beijing Time (7:00 AM U.S. Eastern Time) to discuss the results.

Participants are required to pre-register for the conference call at:

Chinese Line (Mandarin):
https://s1.c-conf.com/diamondpass/10053116-eg81mx.html

English Simultaneous Interpretation Line (listen-only mode):
https://s1.c-conf.com/diamondpass/10053115-hu76t5.html

Participants can choose between the Chinese and English simultaneous interpretation options for pre-registration above. Please note that the English simultaneous interpretation option will be in listen-only mode. Please register Chinese Line for Q&A session. Upon registration, participants will receive an email containing conference call dial-in details, event passcode, and a unique registrant ID. This information will allow you to gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.

Additionally, live, and archived webcasts of the conference call, for both Chinese and English simultaneous interpretation, will be available on the Company’s investor relations website at https://ir-tool.minimaxi.com/calendar/index.html?lang=en.

About MiniMax

MiniMax is a global AI foundation model company. We are committed to advancing the frontiers of AI towards AGI via our mission Intelligence with Everyone. Our proprietary multimodal models have advanced coding capability and high agentic performance, as well as ultra-long context processing capability, and can understand, generate, and integrate a wide range of modalities, including text, audio, images, video, and music. These models power our major AI-native products, and our enterprise and developer-facing Open API Platform — which collectively deliver intelligent, dynamic experiences to enhance productivity and quality of life for users worldwide. For more information, please visit https://ir.minimaxi.com/en.

Forward-Looking Statements

Certain statements included in this press release, other than statements of historical fact, are forward-looking statements relating to our business outlook, estimates of financial performance, forecast business plans, growth strategies and projections of anticipated trends in our industry. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may”, “might”, “can”, “could”, “will”, “would”, “anticipate”, “believe”, “continue”, “estimate”, “expect”, “forecast”, “intend”, “plan”, “seek”, or “timetable”. These forward-looking statements are based on information currently available to the Company and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, many of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in the future. Underlying these forward-looking statements are a large number of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements. Except as required by law, the Company, the Board, the employees or the Agencies are not obligated, and undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this press release or those that might reflect the occurrence of unanticipated events. Furthermore, they assume no obligations to whatsoever for any loss arising from the failure of any forward-looking statements to materialize or from their becoming inaccurate.

For investor and media inquiries, please contact

MiniMax
Investor Relations
Email: ir@minimax.io

Media Relations
Email: pr@minimax.io

Piacente Financial Communications
E-mail: Minimax@thepiacentegroup.com

HONG KONG, March 2, 2026 /PRNewswire/ — ATFX continues to expand its global footprint through strategic engagements across London, Miami and Dubai, highlighting its commitment to international collaboration and industry innovation. Through sponsorships, conference participation and exclusive networking initiatives, ATFX and ATFX Connect are reinforcing their position within the global financial markets.

Icebreakers Chinese New Year Dinner 2026

In London, ATFX sponsored the Icebreakers Chinese New Year Dinner 2026, held on 6 February at The Dorchester in Mayfair. Recognised as the flagship annual celebration of UK–China relations, the event brought together senior business leaders, policymakers and trade representatives. The evening featured cultural performances and high-level engagement between executives and government figures, reinforcing ATFX’s commitment to international partnerships and global collaborations.

TradeTech FX USA

In Miami, ATFX Connect demonstrated its institutional expertise at TradeTech FX USA, the United States’ largest buy-side FX conference. Drew Niv, Chief Strategy Officer of ATFX, joined a main-stage panel discussion on liquidity and venue selection, addressing liquidity fragmentation, increasing transparency demands and the evolution of direct market connectivity in a competitive FX landscape. The event convened leading asset managers, hedge funds and corporates, reinforcing ATFX Connect’s institutional positioning and its commitment to delivering advanced liquidity, execution and connectivity solutions.

iFX Expo Dubai 2026

At iFX Expo Dubai 2026, one of the world’s largest B2B online trading expos, ATFX was recognised with the Best Broker–MEA 2026 award, while ATFX Connect received Best B2B Liquidity Provider. Building on this recognition, ATFX executives joined high-level discussions on brokerage dynamics, liquidity and macroeconomic trends. Wei Qiang Zhang, Managing Director of ATFX Connect Global, spoke on broker liquidity, while Mohammed Shanti of ATFX MENA discussed how geopolitical tensions are impacting commodity markets and pricing risks into gold, oil and industrial metals.

Smash & Network | ATFX Connect x Centroid Padel Tournament

Further strengthening institutional relationships, ATFX Connect co-hosted the event on 13 February 2026 at the Park Hyatt Dubai. The event  brought together brokers and institutional clients for padel and networking, providing a dynamic environment to build connections while fostering professional collaboration. The tournament highlighted the strategic partnership between ATFX Connect and Centroid Solutions, reflecting their collaboration to support brokers and institutional clients worldwide.

These initiatives showcase ATFX’s cohesive global vision, driving cross-border collaboration, pioneering institutional insights, and forging strategic partnerships that anticipate the evolving needs of international markets.

About ATFX

ATFX is a leading global fintech broker with a local presence in 24 locations and holds 9 licenses from regulatory authorities, including the UK’s FCA, Australia’s ASIC, Cyprus’ CySEC, the UAE’s SCA, Hong Kong’s SFC, South Africa’s FSCA, Mauritius’ FSC, Seychelles’ FSA, and Cambodia’s SERC. With a strong commitment to customer satisfaction, innovative technology, and strict regulatory compliance, ATFX delivers exceptional trading experiences to clients worldwide.

For further information on ATFX, please visit ATFX website https://www.atfx.com.