Market Signal Briefing

TL;DR

XRPL contributor "Vet" warns that high APR staking (like fXRP in Xaman) contains risks as higher yields equal higher collateral and market volatility exposure.Crypto skeptic Peter Schiff sarcastically labeled Bitcoin a "decentralized Ponzi," making its lack of a central leader the only true "innovation" by Satoshi.Six major U.S. economic reports, including ISM Manufacturing and Non-Farm Payrolls, are expected to trigger high crypto volatility this week.Weak U.S. employment data is currently viewed as a bullish catalyst for crypto, as it increases the likelihood of Fed rate cuts.Bitcoin (BTC) eyes $70,000 resistance with support at $65,500; XRP faces a breakout target of $1.50 with immediate support at $1.32.XRPL validator reminds about risks tied to earning yield on XRPWith the rapid development of the XRP Ledger ecosystem and the emergence of new financial products within it, especially decentralized ones, a popular contributor and member of the XRP community known online as "Vet" issued a friendly reminder today — for every "ounce," as he notes, of yield you receive on your XRP, there is a certain level of risk involved.

This, in his view, is often forgotten or not fully understood, and despite the fact that yield is an essential part of the DeFi sphere, it is necessary to remember good due diligence.

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even then in this hypothetical, can you liquidate fast enough the collateral to cover your loss?

imagine you have XRP as collateral for a loan, you default, the lender gets the XRP but XRP price is crashing. Now your 80% LTV might only be 50%.

— Vet (@Vet_X0) March 2, 2026 It is likely that Vet's words were triggered by the recent integration of Flare XRP (fXRP) into the popular wallet Xaman, which is built exclusively for working with XRP. In particular, as both Flare and Xaman note, thanks to this integration, it is possible to stake XRP in various pools at certain APRs, which in some of them reach double-digit percentages — something that cannot be not attractive for XRP holders.

However, as Vet points out — and he is undoubtedly right — the "higher the yield, the higher the risk" — an equivalence that has existed in global financial markets for hundreds of years. The same logic applies to earning yield on XRP in wallets.

So yes, the yield is part of DeFi, but as was said, "Don't sleep on good diligence."

Satoshi innovated with Bitcoin, admits Peter Schiff with sarcastic twistThe next interesting story of this morning in crypto is about Peter Schiff, and no, if you read the headline and thought that the most well-known and probable the loudest critic of Bitcoin suddenly changed his position overnight, that is not the case.

Still, he emphasized something that had not previously been voiced by him, calling Bitcoin a "decentralized Ponzi," which, in his opinion, is precisely where the innovation of the leading cryptocurrency lies. His advice on what to do with Bitcoin remains the same as it has always been — sell it while it has not gone lower.

It's a decentralized Ponzi. That's the innovation.

— Peter Schiff (@PeterSchiff) March 2, 2026 It would be interesting to hear Satoshi Nakamoto’s reaction to these words, since he created Bitcoin and, therefore, the "decentralized Ponzi" scheme innovation would belong to him. However, the creator of Bitcoin disappeared 13 years ago and has not made it back to the public, which, in Schiff’s view, is what makes this "Bitcoin Ponzi scheme" a decentralized one.

Six key macro reports to affect crypto market this weekThe week on the crypto market promises to be highly volatile, and this is not due to renewed geopolitical tensions, but mainly because of macro factors, especially in the United States. Considering how closely the crypto market is tied to the dollar, the U.S. economy and its key indicators are currently decisive for price action across the entire market. 

One of the main events will take place today, Monday, with the release of the U.S. ISM Manufacturing PMI, which should reveal early growth signals from U.S. manufacturing.

It can be interpreted as follows: if the reading is strong and high, market participants will likely see this as global risk-on sentiment and rising optimism, which is a bullish scenario for crypto. However, weakness and a print below expectations will, of course, reverse sentiment toward a bearish one.

Further, on Wednesday, March 4, the U.S. ADP Private Payrolls report and the Fed’s Beige Book are due. Here we receive a preview of employment data and a regional summary from the Federal Reserve, which is decisive both in rhetoric, decisions and expectations regarding monetary policy. Inflation and the Fed rate decision come later in March, but whether it changes or remains unchanged, will flow from the tone of the Beige Book. 

Crypto Total Market Cap in USD, Source: TradingViewLooking ahead, since the U.S. Non-Farm Payrolls are expected on Friday, strong Payrolls data earlier in midweek can build a hawkish case before Friday, therefore implying a bearish setup. Weak employment data, on the other hand, would increase hopes for rate cuts, which means a liquidity tilt.

Then on Thursday, March 5, U.S. Initial Jobless Claims follow — basically, the weekly pulse check of the labor market. As always, there is a direct relationship. The lower the claims, meaning a stronger labor market, the more bearish the tilt as it supports tighter Federal Reserve policy. Rising claims, however, signal a weakening labor market, which is bullish for easing expectations and crypto.

Friday closes the week with U.S. Non-Farm Payrolls, the Unemployment Rate, plus wage growth. This is the most comprehensive monthly labor report and the most important macro event of the week. A hot print there, meaning strong jobs and wages, implies a strong dollar, higher rates and a lower probability of a Fed rate cut, which is a bearish scenario for crypto. A soft or mixed print, however, increases the probability of rate cuts and implies broader upside potential. 

Summing it up in one sentence, weak U.S. employment data is the cleanest upside catalyst for crypto. Strong data implies continued pressure. In any case, high volatility should be expected.

Crypto market outlook: XRP, BTC price updatesIn light of all of the above, attention should be focused on the following key price levels: 

Bitcoin (BTC): $65,500-66,400 range is currently where price is concentrated and represents strong support. Resistance is located above at $67,000-$68,200. The initial upside target is positioned at $70,000. In contrast, the $60,000 level set almost a month ago in February remains untouched and is a major downside target. XRP: Price continues to move around the $1.36 mark, with immediate support located at $1.32 and stronger support at $1.27. Resistance is positioned at $1.42 per token. The main breakout objective stands at $1.50 for XRP.Both assets are range-bound amid macro uncertainty and in anticipation of Friday’s Non-Farm Payrolls. A bullish catalyst for both would be weak employment data and developments related to international relations.

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Analysts argue that geopolitical shocks have failed to invalidate the existing bullish short-term and bearish mid-term outlooks.

Bitcoin’s reaction to escalating geopolitical tensions over the weekend was limited, even as traditional markets reacted more sharply. BTC slipped to around $65,500 on Monday after trading in a volatile range between roughly $63,000 and $68,000, as markets responded to rising US-Iran tensions and reports that Iran’s Supreme Leader, Ayatollah Ali Khamenei, was killed in a joint US-Israeli airstrike.

Despite the intense, volatile backdrop, market commentators say that the conflict has not changed Bitcoin’s trajectory.

High Risk Zone In a post on X, Mr. Wall Street stated that “nothing changed with the new war.” He said that he does not believe the cycle bottom is in at $60,000. According to him, the cycle bottom will form later this year, around $45,000, but only after Bitcoin first rallies to the $80,000-$85,000 range.

The analyst’s outlook is bullish in the short term, bearish in the mid-term. This indicates that while geopolitical shocks may create volatility, he does not believe they invalidate the expectation of a near-term pump followed by a deeper corrective phase. Another prominent crypto market commentator, Doctor Profit, also maintained that the war does not alter his broader bearish positioning.

He wrote that Bitcoin “remains in an absolute high risk zone” and that the market has not bottomed yet.

“The war changes nothing in my bearish outlook for Crypto and Stocks.”

He also added that he remains fully bearish and that his “big short” has remained open since September. Both analysts, despite differing on short-term direction, emphasized that the geopolitical escalation has not fundamentally changed their pre-existing market theses.

US-Iran Conflict Already Priced In? Trader CrypNuevo said the market had already been pricing in the US-Iran conflict throughout the previous week. He went on to explain that markets cannot fall much further because the event was largely anticipated, but pointed to uncertainty around the length of the war and the status of the Strait of Hormuz. According to them, stock futures, which Bitcoin tends to follow, would probably open negatively, and could potentially recover as soon as de-escalation talks emerge.

You may also like: Arthur Hayes Explains How US-Iran Conflict Could Boost Bitcoin Bitcoin Price Jumps to $67K After Reports That Iran’s Supreme Leader Was Killed U.S. Strikes on Iran Spark Debate Over Bitcoin Hashrate and Market Stability They said a prolonged conflict is unlikely, citing concerns that extended closure of the Strait of Hormuz would push oil prices higher and spike US CPI inflation, something they do not expect to occur. The strategy is to wait for Monday’s stock market reaction. As such, if there is a sharp sell-off, they would long Bitcoin around $61,000-$60,000 ahead of de-escalation news. On the other hand, if there is only a slight decline, sideways movement, or a pump, they would delay entering a long position until later in the week.

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Bitcoin outperforms equities in risk-off session as Iran conflict enters third dayBitcoin rebounded to $66,500 after weekend strikes on Iran triggered $300 million in liquidations. Oil jumped, equities slid and select DeFi tokens outperformed. Mar 2, 2026, 11:30 a.m.

Map of Iran (Tudoran Andrei/Shutterstock)What to know: BTC traded near $66,500 after U.S. and Israeli strikes on Iran killed the country’s supreme leader, sparking around $300 million in long liquidations and a return to mid-range prices.Safe-haven demand lifted gold and silver, and oil rose to multi-month highs as equities sold off. BTC showed resilience vs S&P 500 and Nasdaq 100 index futures.Altcoins largely mirrored BTC, with MORPHO, JUP, AAVE and LDO in the green while WLFI fell further.Bitcoin BTC$66,277.31 is trading near $66,500 after adding 1.1% since midnight UTC and more than 5% from the weekend low of $63,000.

The crypto market is back in the middle of a trading range that has persisted since the start of February, with a volatile past week testing $70,000 to the upside and $62,500 to the downside.

Weekend price action was driven by the military strikes that killed Iran’s Supreme Leader Ayatollah Khamenei, triggering retaliatory attacks and raising concerns about potential disruption to traffic in the Strait of Hormuz.

According to trading firm QCP, the strike sparked roughly $300 million in long liquidations — but the scale of forced selling was relatively contained, suggesting markets were already positioned for a volatile weekend.

The escalation pushed investors toward traditional havens, sending gold and silver to their highest levels in more than a month. Oil surged 13% to $82 a barrel, the highest price since July 2024.

U.S. equity index futures fell, with the S&P 500 futures and Nasdaq 100 down 1.1% and 1.5%, respectively, since midnight UTC.

The crypto market showed resilience, with most of the losses occurring on Saturday when U.S. markets were closed.

Derivatives positioningThe fallout from the Iran war has been more contained than might have been expected. While cumulative crypto futures open interest has dropped 2% to $93.78 billion, it remains above the recent low of $92.40 billion.Over $300 million in leveraged bets have been liquidated by centralized exchanges in 24 hours, with bullish bets accounting for most of the tally. Annualized perpetual funding rates for major cryptocurrencies, including bitcoin and ether, are little changed to negative, indicating a slightly bearish bias. Still, the market isn't showing signs of panic, as evidenced from the bitcoin 30-day annualized implied volatility index, BVIV. It remains steady at around 58.8%, well within the price range seen last week. The same is true for the ether volatility index. On Deribit, short-term bitcoin puts traded at an 8%-10% volatility premium to calls, a sign of heightened downside worries. The $60,000 put, or bearish bet, remains the most popular on the exchange. Block flows featured demand for bitcoin put spreads.Token talkThe altcoin market largely tracked bitcoin over the weekend, but one of the fastest to recover was lending token MORPHO, which continued its impressive two-week streak with a 5% jump over the past 24 hours having risen by 2.6% since midnight UTC.Decentralized finance (DeFi) tokens JUP, AAVE and LDO are all in the black as speculative appetite remains relatively strong despite a global shift to haven investments.Hyperliquid's HYPE token surged by more than 29% on Saturday to snap February's downtrend. While it lost 3.8% on Monday, losing 3.8% it remains above the crucial $30 level of support.WLFI$0.1052, the DeFi token linked to U.S. President Donald Trump's family, exentended declines, falling 2.5% of its value since midnight. It is now down by more than 44% since mid-January following a series of lower highs and lower lows.CoinDesk's DeFi Select (DFX) Index is the only benchmark that is positive over the past 24 hours. The worst performing was the CoinDesk Computing Select Index (CPUS) and the CoinDesk Smart Contract Platform Select Capped Index (SCPXC), down by 1.87% and 1.71%, respectively.More For You

U.S. equity futures fall in pre-market trading as oil, gold retreat from highs

53 minutes ago

Oil and gold pulled back after surging on the breakout of hostilities in Iran, while equities and crypto stocks face pressure.

What to know:

WTI crude briefly hit $75 before easing, gold climbed above $5,400 to near record levels and then retreated, and volatility gauges VIX and MOVE jumped by more than 10%.U.S. equity index futures declined, with the Nasdaq 100-tracking QQQ exchange-traded fund losing 1.5%Bitcoin held above $66,000 in a divergence from its software-stock correlation, even as crypto-related equities traded lower.Top Stories

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Data shared by the Shibburn portal has revealed a massive plunge in the daily SHIB burn metric, as it has declined by nearly 100%.

The amount of meme coins burned this time is tiny and is not even as high as 100,000 SHIB. This considerable decline comes after an opposite weekend, in which tens of millions of Shiba Inu were burned by the community. This also aligns with the general volatility rise in the crypto market on the whole at the moment.

SHIB burns stall, dropping by 100%The aforementioned data source revealed that over the past 24 hours, the Shiba Inu community’s burn activity has faced a substantial drop, with only 20,176 SHIB torched overnight. As a result, the daily SHIB burn rate shows a drop of 99.88%.

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In stark contrast to Monday, a day before Shibburn registered two large transactions of meme coins to unspendable wallets — 73,527,022 SHIB and 10,335,917 SHIB. Both burns were conducted by anonymous cryptocurrency users from unknown wallets.

Source: ShibburnThe past week was not the biggest for the SHIB community in terms of the amount of Shiba Inu coins burned. The largest batches of meme coins sent to dead-end wallets contained 10,000,000 SHIB and 15,882,343 SHIB four and five days ago, respectively, according to the Shibburn website.

Overall, by now the SHIB army has managed to dispose of 410,754,474,679,250 SHIB in total since early 2021. In May of that year, the mysterious creator of SHIB, known as Ryoshi, sent half of the initial quadrillion SHIB supply to the Ethereum leader Vitalik Buterin as a sign of gratitude; SHIB was created on the Ethereum blockchain. Buterin decided that the best thing to do was to burn nearly all of that SHIB gift.

However, the SHIB community continues to gradually reduce the remaining SHIB supply by small burns like these. The goal is to make this meme coin as scarce as is necessary to make its price go parabolic in the future.

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SHIB price crashes 15% in past weekSince Wednesday last week, the popular meme-inspired coin Shiba Inu has demonstrated a drastic price decline of more than 15%. SHIB reached a local high of $0.00000654 and has gradually come down to $0.00000552 by now.

On this trajectory, SHIB made two powerful attempts to recover and has hit the $0.00000552 level for the third time since Wednesday, with this level now acting as a solid support zone.

BEIJING — Uncertainty is growing over U.S. President Donald Trump's high-stakes trip to China after Washington targeted a second foreign leader in two months.

Trump announced over the weekend that joint U.S.-Israel strikes on Iran killed its Supreme Leader Ayatollah Ali Khamenei. In early January, the U.S. also captured Venezuelan leader Nicolas Maduro and his wife from their residence.

Analysts say those actions could complicate Trump's high-stakes trip to Beijing.

"President Xi Jinping won't feel easy about the death of the top leader of Iran," said George Chen, partner at The Asia Group, noting Beijing's relatively good relations with Tehran and Caracas.

"How can Xi feel everything is normal and alright and be prepared to welcome Trump to visit in [a] happy mood?" he said. Chen added that "investors should manage their expectations on what Trump can achieve for his China trip — if he still goes."

Trump is scheduled to visit Beijing from March 31 to April 2, following a fragile trade truce with China reached in late October. It would mark the first trip by a sitting U.S. president since 2017.

But Beijing has yet to confirm the dates.

China's Foreign Ministry on Sunday condemned Khamenei's killing and called it "a grave violation of Iran's sovereignty and security." Beijing urged for an immediate ceasefire, although it was less direct about the U.S. role than it had been after Maduro's capture.

"I worry the U.S. side might use Iran, if it's going poorly, to delay the trip," said a foreign business executive tracking meeting preparations very closely, who requested anonymity due to the sensitivity of the matter.

"I think the risk [of the trip falling apart] is on the U.S. side more than the Chinese side," the executive added.

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U.S.-based prediction markets signaled a greater likelihood of a delayed Trump trip.

As of late Monday morning, Polymarket showed a sharp drop in expectations that Trump would visit China by March 31, to 42%, from 83.9% on Feb. 21, while wagers on a visit by April 30 remained high at 81%.

Kalshi showed a slight drop in expectations that Trump would visit China by 2027, though it remained a high 91%.

While many analysts still expect the trip to proceed, it's less clear how U.S. businesses will navigate plans for deals in the world's second-largest economy.

Several U.S. executives had been expected to accompany Trump on his Beijing trip, following a pattern of business delegations following leaders of different countries on their trips this year to China in a bid to strike deals.

"Prior to the attack on Iran, many American CEOs were already unwilling to go with Trump to China. Now the situation is even more tricky," according to an active member of the American business community in China, who also requested anonymity due to the sensitivity of the matter.

The White House and China's Foreign Ministry did not immediately respond to a CNBC request for comment.

The Chinese readout so far indicates an "unusually softer tone," said Jack Lee, analyst at China Macro Group. He expects Trump to visit Beijing as planned, but is watching whether Washington signals restraint on arms sales to Taiwan.

The democratically self-ruled island, claimed by Beijing, remains a central flashpoint in U.S-China relations.

Risks of prolonged conflictTrump, meanwhile, told British newspaper the Daily Mail that U.S. strikes on Iran could last four weeks — a point that Chinese state media highlighted Monday morning. That timeframe would run into the planned March 31 start date for his trip to China.

"If the conflict escalates into a regional war beyond what the U.S. originally planned, it's not impossible that Trump might delay the trip," said Yue Su, principal economist at the Economist Intelligence Unit.

"Still, I expect Trump and [Xi] to have a phone conversation about this at some point," she said. Her base case remains that Trump goes ahead with his China trip later this month.

China this week kicks off an annual parliamentary meeting, where top diplomat Wang Yi typically speaks to the press. In mid-February, Wang told U.S. Secretary of State Marco Rubio on the sidelines of the Munich Security Conference that the U.S. and China should work to expand areas of cooperation.

In foreign policy, Beijing has prioritized its own interests by forging bilateral ties while encouraging multilateral engagement. Official statements around past U.S.-China meetings have noted the need to create "conditions" for developing bilateral relations.

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The U.S. actions in Iran have eroded trust between the two countries, said Dong Shaopeng, a senior researcher at Renmin University of China. While he still expects Trump and Xi to meet in a few weeks, he said he hopes the conflict does not spread to other countries in the Middle East.

State-affiliated Chinese columnist "Niutanqing" on Monday described the Iran "war" as more intense than the conflict in Ukraine, drawing several lessons. Of the several lessons from the turn of events, the columnist said that Khamenei's death revealed "traitors" can emerge from within, and that negotiations may conceal the true intentions of an adversary, according to a CNBC translation of the post in Chinese.

If the Trump-Xi meeting proceeds as planned, it could offer an opportunity for broader peace talks while addressing strained U.S.-China relations.

"The issues that they have to work out, China-U.S. trade, are pretty important, and the meeting has been scheduled to be in place for a long time, and so cancelling it would be pretty radical at this point," said Gary Dvorchak, managing director at Blueshirt Group.

"I don't think it would ... help the situation to cancel the meeting for any reason."

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Written by Sam Kovacs

High-Yield Stocks Are Crushing It The Global X SuperDividend US ETF (DIV) is up 13.28% year to date. The Vanguard High Dividend Yield ETF (VYM) is up 8%. At

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of BTI OHI ENB VZ AVGO PFE AMGN ABBV GTY either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Stocks slumped as the conflict in the Middle East crippled travel through some of the world's most crowded transit arteries.

March 02, 2026 04:59 ET  | Source: Shore Capital Stockbrokers Limited

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the “Code”)

1.        KEY INFORMATION

(a)        Name of exempt principal trader:Shore Capital Stockbrokers Ltd(b)        Name of offeror/offeree in relation to whose relevant securities this form relates:
        Use a separate form for each offeror/offereeCAB Payments Holdings Plc(c)        Name of the party to the offer with which exempt principal trader is connected:CAB Payments Holdings Plc(d)        Date dealing undertaken:27 February 2026(e)        Has the EPT previously disclosed, or is it today disclosing, under the Code in respect of any other party to this offer?No 2.        DEALINGS BY THE EXEMPT PRINCIPAL TRADER

(a)        Purchases and sales

Class of relevant securityPurchases/ sales Total number of securitiesHighest price per unit paid/receivedLowest price per unit paid/receivedOrdinaryPurchases6,39084.11p82.788pOrdinarySales11,92584.35p84.2p (b)        Derivatives transactions (other than option)

Class of relevant securityProduct description
e.g. CFDNature of dealing
e.g. opening/closing a long/short position, increasing/reducing a long/short positionNumber of reference securitiesPrice per unit      (c)        Options transactions in respect of existing securities

(i)        Writing, selling, purchasing or varying

Class of relevant securityProduct description e.g. call optionWriting, purchasing, selling, varying etc.Number of securities to which option relatesExercise price per unitType
e.g. American, European etc.Expiry dateOption money paid/ received per unit         (ii)        Exercising

Class of relevant securityProduct description
e.g. call optionNumber of securitiesExercise price per unit     (d)        Other dealings (including subscribing for new securities)

Class of relevant securityNature of dealing
e.g. subscription, conversionDetailsPrice per unit (if applicable)     The currency of all prices and other monetary amounts should be stated.

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

3.        OTHER INFORMATION

(a)        Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
If there are no such agreements, arrangements or understandings, state “none”None

(b)        Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:
(i)        the voting rights of any relevant securities under any option; or
(ii)        the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”None

Date of disclosure:02 March 2026Contact name:Justin BallTelephone number:0207 601 6116 Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at [email protected]. The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

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

[1] Include net revenues from Galénic, DR.WU (its mainland China business), Eve Lom and other skincare brands of the Company.

[2] Non-GAAP net income (loss) is a non-GAAP financial measure. Non-GAAP net income (loss) is defined 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.

[3] Include Perfect Diary, Little Ondine, Pink Bear and other color cosmetics brands of the Company.

[4] Non-GAAP income (loss) from operations is a non-GAAP financial measure. Non-GAAP income (loss) from operations is defined 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.

[5] Non-GAAP operating income (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP net income (loss) from operations as a percentage of total net revenues.

[6] ADS refers to American depositary shares, each of which represents twenty Class A ordinary shares.

[7] Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is a non-GAAP financial measure. Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is defined as non-GAAP net income (loss) attributable to ordinary shareholders divided by the weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP net income (loss) attributable to ordinary shareholders is defined 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.

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.

United States (toll free):

+1-888-346-8982

International:

+1-412-902-4272

Mainland China (toll free):

400-120-1203

Hong Kong, SAR (toll free):

800-905-945

Hong Kong, SAR:

+852-3018-4992

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

United States:

+1-855-669-9658

International:

+1-412-317-0088

Replay Access Code:         

2950633

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: [email protected]

YATSEN HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share, per share data or otherwise noted)

December 31,

December 31,

December 31,

2024

2025

2025

RMB'000

RMB'000

USD'000

Assets

Current assets

Cash and cash equivalents

817,395

765,379

109,448

Restricted cash

-

42,117

6,023

Short-term investments

539,130

246,008

35,179

Accounts receivable, net

214,558

220,870

31,584

Inventories, net

386,054

508,730

72,747

Prepayments and other current assets

381,404

450,970

64,488

Amounts due from related parties

9,113

114

16

Total current assets

2,347,654

2,234,188

319,485

Non-current assets

Investments

664,579

653,560

93,458

Property and equipment, net

74,373

77,014

11,013

Goodwill, net

155,029

155,029

22,169

Intangible assets, net

559,708

537,509

76,863

Deferred tax assets

1,381

1,435

205

Right-of-use assets, net

147,501

173,915

24,870

Other non-current assets

20,642

14,332

2,049

Total non-current assets

1,623,213

1,612,794

230,627

Total assets

3,970,867

3,846,982

550,112

Liabilities, redeemable non-controlling interests and shareholders' equity

Current liabilities

Accounts and notes payable

72,090

149,371

21,360

Advances from customers

19,574

28,821

4,121

Accrued expenses and other liabilities

460,143

348,700

49,863

Amounts due to related parties

28,884

21,262

3,040

Income tax payables

20,088

13,690

1,958

Lease liabilities due within one year

39,409

53,435

7,641

Total current liabilities

640,188

615,279

87,983

Non-current liabilities

Deferred tax liabilities

103,306

107,906

15,430

Deferred income-non current

14,832

-

-

Lease liabilities

109,526

123,157

17,611

Total non-current liabilities

227,664

231,063

33,041

Total liabilities

867,852

846,342

121,024

Redeemable non-controlling interests

50,984

1,337

191

Shareholders' equity

Ordinary Shares (US$0.00001 par value; 10,000,000,000 ordinary shares authorized,
comprising of 6,000,000,000 Class A ordinary shares, 960,852,606 Class B ordinary shares
and 3,039,147,394 shares each of such classes to be designated as of December 31, 2024
and December 31, 2025; 2,096,600,883 Class A shares and 600,572,880 Class B ordinary
shares issued as of December 31, 2024 and December 31, 2025; 1,234,627,468 Class A
ordinary shares and 600,572,880 Class B ordinary shares outstanding as of December 31,
2024, 1,276,663,163 Class A ordinary shares and 600,572,880 Class B ordinary shares
outstanding as of December 31, 2025)

173

173

25

Treasury shares

(1,276,330)

(1,250,678)

(178,845)

Additional paid-in capital

12,273,767

12,296,367

1,758,357

Statutory reserve

28,147

31,527

4,508

Accumulated deficit

(8,057,297)

(8,141,545)

(1,164,225)

Accumulated other comprehensive income

86,866

74,760

10,693

Total Yatsen Holding Limited shareholders' equity

3,055,326

3,010,604

430,513

Non-controlling interests

(3,295)

(11,301)

(1,616)

Total shareholders' equity

3,052,031

2,999,303

428,897

Total liabilities, redeemable non-controlling interests and shareholders' equity

3,970,867

3,846,982

550,112

YATSEN HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(All amounts in thousands, except for share, per share data or otherwise noted)

For the Three Months Ended December 31,

For the Year Ended December 31,

2024

2025

2025

2024

2025

2025

RMB'000

RMB'000

USD'000

RMB'000

RMB'000

USD'000

Total net revenues

1,148,522

1,379,443

197,258

3,393,414

4,298,124

614,624

Total cost of revenues

(255,536)

(308,105)

(44,058)

(776,236)

(936,780)

(133,958)

Gross profit

892,986

1,071,338

153,200

2,617,178

3,361,344

480,666

Operating expenses:

Fulfilment expenses

(63,517)

(77,025)

(11,014)

(216,540)

(253,926)

(36,311)

Selling and marketing expenses

(690,584)

(893,771)

(127,808)

(2,268,793)

(2,852,288)

(407,872)

General and administrative expenses

(100,122)

(74,443)

(10,645)

(444,373)

(303,628)

(43,418)

Research and development expenses

(26,345)

(38,788)

(5,547)

(109,287)

(137,296)

(19,633)

Impairment of goodwill

(403,076)

-

-

(403,076)

-

-

Total operating expenses

(1,283,644)

(1,084,027)

(155,014)

(3,442,069)

(3,547,138)

(507,234)

Loss from operations

(390,658)

(12,689)

(1,814)

(824,891)

(185,794)

(26,568)

Financial income

20,973

6,947

993

86,136

40,721

5,823

Foreign currency exchange (loss) gain

(22,129)

1,176

168

(20,399)

13,374

1,912

(Loss) income from equity method investments, net

(8,104)

2,304

329

1,386

5,940

849

Impairment of investments

-

(13,453)

(1,924)

-

(13,453)

(1,924)

Other income, net

18,726

20,150

2,881

44,461

46,690

6,677

(Loss) income before income tax expenses

(381,192)

4,435

633

(713,307)

(92,522)

(13,231)

Income tax benefits (expenses)

2,388

(1,398)

(200)

3,086

108

15

Net (loss) income

(378,804)

3,037

433

(710,221)

(92,414)

(13,216)

Net loss (income) attributable to non-controlling interests and
redeemable non-controlling interests

(5,430)

5,028

719

2,047

11,546

1,651

Net (loss) income attributable to Yatsen'sshareholders

(384,234)

8,065

1,152

(708,174)

(80,868)

(11,565)

Shares used in calculating loss per share(1):

Weighted average number of Class A and Class B ordinary shares:

    Basic

1,930,413,426

1,879,474,484

1,879,474,484

2,025,072,131

1,862,554,166

1,862,554,166

    Diluted

1,930,413,426

2,018,668,765

2,018,668,765

2,025,072,131

1,862,554,166

1,862,554,166

Net (loss) income per Class A and Class B ordinary share

    Basic

(0.20)

0.00

0.00

(0.35)

(0.04)

(0.01)

    Diluted

(0.20)

0.00

0.00

(0.35)

(0.04)

(0.01)

Net (loss) income per ADS (20 ordinary shares equal to 1 ADS)

    Basic

(3.98)

0.09

0.01

(6.99)

(0.87)

(0.12)

    Diluted

(3.98)

0.08

0.01

(6.99)

(0.87)

(0.12)

*   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.

For the Three Months Ended December 31,

For the Year Ended December 31,

2024

2025

2025

2024

2025

2025

Share-based compensation expenses are included in the
operating expenses as follows:

RMB'000

RMB'000

USD'000

RMB'000

RMB'000

USD'000

Fulfilment expenses

237

2

0

387

213

30

Selling and marketing expenses (income)

2,259

1,411

202

(42)

4,959

709

General and administrative expenses

17,443

10,940

1,564

89,941

48,646

6,956

Research and development expenses

356

1,636

234

888

5,213

745

Total

20,295

13,989

2,000

91,174

59,031

8,440

(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.

YATSEN HOLDING LIMITED

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for share, per share data or otherwise noted)

For the Three Months Ended December 31,

For the Year Ended December 31,

2024

2025

2025

2024

2025

2025

RMB'000

RMB'000

USD'000

RMB'000

RMB'000

USD'000

Loss from operations

(390,658)

(12,689)

(1,814)

(824,891)

(185,794)

(26,568)

Share-based compensation expenses

20,295

13,989

2,000

91,174

59,031

8,440

Impairment of goodwill

403,076

-

-

403,076

-

-

Amortization of intangible assets resulting from assets and business
acquisitions

60,447

10,502

1,502

106,385

42,729

6,110

Non-GAAP income (loss) from operations

93,160

11,802

1,688

(224,256)

(84,034)

(12,018)

Net (loss) income

(378,804)

3,037

433

(710,221)

(92,414)

(13,216)

Share-based compensation expenses

20,295

13,989

2,000

91,174

59,031

8,440

Impairment of goodwill

403,076

-

-

403,076

-

-

Impairment of investments

-

13,453

1,924

-

13,453

1,924

Amortization of intangible assets resulting from assets and business
acquisitions

60,447

10,502

1,502

106,385

42,729

6,110

Revaluation of investments on the share of equity method
investments

7,386

(3,475)

(497)

(10,019)

(15,839)

(2,265)

Tax effects on non-GAAP adjustments

(5,421)

3,725

533

(8,644)

1,435

205

Non-GAAP net income (loss)

106,979

41,231

5,895

(128,249)

8,395

1,198

Net (loss) income attributable to Yatsen's shareholders

(384,234)

8,065

1,152

(708,174)

(80,868)

(11,565)

Share-based compensation expenses

20,295

13,989

2,000

91,174

59,031

8,440

Impairment of goodwill

403,076

-

-

403,076

-

-

Impairment of investments

-

13,453

1,924

-

13,453

1,924

Amortization of intangible assets resulting from assets and business
acquisitions

60,079

10,228

1,463

104,853

41,390

5,919

Revaluation of investments on the share of equity method 
investments

7,386

(3,475)

(497)

(10,019)

(15,839)

(2,265)

Tax effects on non-GAAP adjustments

(5,393)

3,724

533

(8,533)

1,490

213

Non-GAAP net income (loss) attributable to Yatsen's shareholders

101,209

45,984

6,575

(127,623)

18,657

2,666

Shares used in calculating loss per share:

Weighted average number of Class A and Class B ordinary shares:

    Basic

1,930,413,426

1,879,474,484

1,879,474,484

2,025,072,131

1,862,554,166

1,862,554,166

    Diluted

2,049,750,667

2,018,668,765

2,018,668,765

2,025,072,131

2,009,621,005

2,009,621,005

Non-GAAP net income (loss) attributable to ordinary shareholders per
Class A and Class B ordinary share

    Basic

0.05

0.02

0.00

(0.06)

0.01

0.00

    Diluted

0.05

0.02

0.00

(0.06)

0.01

0.00

Non-GAAP net income (loss) attributable to ordinary shareholders per
ADS (20 ordinary shares equal to 1 ADS)

    Basic

1.05

0.49

0.07

(1.26)

0.20

0.03

    Diluted

0.99

0.46

0.07

(1.26)

0.19

0.03

SOURCE Yatsen Holding Limited

Global officials are expected to closely examine the $111 billion deal, which ties together two entertainment powerhouses, over potential competition issues.

Key Takeaways

Enterprise mobile hotspot, redefined: MiFi PRO M4 delivers standalone 5G across major U.S. carriers, Wi-Fi 7, and uplink carrier aggregation in a compact, portable form factor built for business-critical use.Powered by ConnectOS: Expanded client capacity up to 50 devices, WPA3 and FIPS 140-3 security, redesigned unified web UI, and advanced remote diagnostics bring router-class networking and hardened security to mobile deployments.Fully integrated into the wireless edge: Native integration with Inseego Connect enables zero-touch deployment, policy enforcement, performance visibility, and remote troubleshooting at enterprise scale. BARCELONA, Spain, March 02, 2026 (GLOBE NEWSWIRE) -- Mobile World Congress 2026 – Inseego Corp. (Nasdaq: INSG), Inseego, the cloud-first wireless edge company, today introduced the Inseego MiFi® PRO M4, a next-generation enterprise mobile router built on the company’s ConnectOS software and the Qualcomm Dragonwing™ MBB Gen 3 platform.

With the MiFi PRO M4, Inseego advances mobile connectivity beyond what is expected from a hotspot to deliver router-class performance, enterprise security, and cloud-based management in a compact form factor designed for business-critical use.

“For too long, mobile hotspots have operated outside enterprise visibility and control,” said Juho Sarvikas, Chief Executive Officer of Inseego. “MiFi PRO M4 changes that. Built with our ConnectOS software, it brings enterprise-grade networking, security, and cloud integration into a portable device, turning every mobile connection into a managed extension of the corporate network.”

Powered by ConnectOS: A New Software Foundation

MiFi PRO M4 is the first MiFi device built on Inseego’s ConnectOS software, delivering significantly expanded networking capability, hardened security, and a unified management experience across MiFi and FWA products.

Key enhancements include:

Expanded client capacity, increasing maximum connected devices from 32 to 50 to support higher-density deploymentsModern enterprise Wi-Fi security, including WPA2/WPA3, AES encryption, Wi-Fi privacy separation, NAT firewalling, hardened OS protections, and FIPS 140-3 supportA fully redesigned web-based user interface, unified across MiFi and FWA devices for simplified setup, configuration, and troubleshootingDeeper Inseego Connect integration, including remote speed test with historical analytics, connected client topology view, and advanced remote CLI diagnostics Together, these capabilities create a secure, policy-controlled network environment for users on the move. Leveraging ConnectOS, MiFi PRO M4 establishes an encrypted “secure bubble” that extends enterprise-grade protection beyond traditional office boundaries.

Router-Class Performance in a Compact Form

MiFi PRO M4 combines advanced 5G and Wi-Fi capabilities to support demanding enterprise use cases, from distributed teams and field operations to pop-up retail and public sector deployments.

Unlike smartphone tethering or consumer-grade hotspots, MiFi PRO M4 is purpose-built as a dedicated mobile router, featuring optimized radios, advanced antennas, and enterprise networking capabilities designed for consistent, high-performance connectivity.

Performance features include:

5G Advanced across major U.S. carriers, with expanded 5G band combinationsUplink carrier aggregation, delivering improved upload speeds and smoother video collaborationWi-Fi 7 support for higher capacity and lower latencyOptional external antenna connectors to extend coverage rangeOn-device speed testing with historical visibility for real-time performance insight The device also supports battery-less AC-powered operation, allowing sustained 24/7 deployment without thermal risk. If the battery is removed, the router continues to operate reliably as a full-time plug-in connectivity solution.

“Our work with Inseego over many generations of mobile broadband and fixed wireless access solutions continues to demonstrate the power of pairing advanced Qualcomm Technologies platforms with industry-leading product design,” said Gautam Sheoran, Senior Vice President & General Manager of Wireless Broadband and Communications at Qualcomm Technologies, Inc. “By leveraging the Dragonwing MBB Gen 3 platform, the Inseego MiFi PRO M4 can take advantage of cutting-edge 5G modem-RF capabilities, intelligent traffic handling, and energy-efficient performance to deliver a new class of mobile routing experience. We’re pleased to collaborate with Inseego as they bring this innovation to market.”

Cloud-Integrated Management at Scale

MiFi PRO M4 integrates natively with Inseego Connect™, enabling:

Zero-touch deployment and configurationCentralized policy enforcementFleet-wide visibility into usage, health, and locationAdvanced remote troubleshooting for service assurance For carriers and channel partners, this integration enables differentiated managed mobile connectivity offerings, reducing support costs while increasing visibility and control across distributed deployments.

With millions of MiFi devices deployed globally, Inseego builds on a proven heritage of mobile broadband leadership. MiFi PRO M4 represents the next evolution of that platform, engineered for modern enterprise requirements.

Advancing the Wireless Edge

As wireless increasingly becomes primary infrastructure rather than backup connectivity, organizations require the same visibility, policy enforcement, and lifecycle control across mobile endpoints that they expect from fixed networks.

Inseego’s broader strategy is to unify mobile broadband, fixed wireless access, and cloud-based management into a cohesive wireless edge architecture. Across mobile routers, FWA devices, IoT gateways, and cloud platforms, the company is building an integrated framework that delivers:

High-performance 5G connectivityCloud-based network and device managementEnterprise-grade security and policy enforcementDeep visibility and analytics across distributed environmentsSubscriber lifecycle management for service providers MiFi PRO M4 represents the first step in a broader reinvention of the MiFi product line, with additional models to follow as part of Inseego’s continued expansion of its enterprise wireless edge solutions.

The Inseego MiFi PRO M4 begins shipping through select carriers and channel partners in Q1 2026.

For more information, visit https://inseego.com/products/mobile-hotspot-routers/mifi-pro-m4

About Inseego

Inseego is a leader in cloud-first wireless edge solutions, delivering secure, resilient connectivity across people, places, and machines. As wireless becomes foundational infrastructure, Inseego unifies connectivity, management, security, and subscriber lifecycle management into a platform that orchestrates cellular, satellite, Wi-Fi, and emerging wireless technologies at the edge.

Its portfolio includes 5G fixed wireless access routers, MiFi mobile routers, IoT solutions under the Skyus brand, and cloud platforms including Inseego Connect and Inseego Subscribe, all designed in the U.S. Built on its core strength and long-term leadership in cellular technology, Inseego solutions enable service providers and channel partners to deploy and manage enterprise-grade wireless solutions at scale. Learn more at www.inseego.com.

©2026. Inseego Corp. All rights reserved. Inseego is a registered trademark of Inseego Corp. Inseego Connect and MiFi are trademarks of Inseego Corp. 

Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Qualcomm and Qualcomm Dragonwing are trademarks or registered trademarks of Qualcomm Incorporated.

Media Relations Contact:
Jodi Ellis
[email protected]

BRUSSELS, March 2 (Reuters) - The European Commission does not expect the widening conflict in the Middle East to have any immediate impact on the European Union's security of oil supply, it said in an email seen by Reuters on Monday.

Oil prices rose by 9% on Monday after shipping in the Strait of Hormuz was disrupted by retaliatory Iranian attacks following initial bombing by Israel and the United States that killed Iranian Supreme Leader Ali Khamenei.

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"At this stage, we do not foresee an immediate oil SOS (security of supply) impact," the Commission said in an email to EU governments.

The Commission has asked EU governments to share their own assessments of the security of oil supplies today, the email showed.

Oil tankers pass through the Strait of Hormuz, December 21, 2018. REUTERS/Hamad I Mohammed/File Photo Purchase Licensing Rights, opens new tab

Brussels is also considering convening a virtual meeting of the EU's oil coordination group later this week, the email said.

That group facilitates coordination between representatives of EU countries' governments in case of oil supply problems.

Analysts expect oil prices to remain elevated over the coming days as they assess the impact of the Middle East conflict on supplies, especially flows through the Strait of Hormuz, a conduit for more than 20% of global oil.

A Commission spokesperson did not immediately respond to a request for comment.

Reporting by Kate Abnett, editing by Bart Meijer and Barbara Lewis

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Kate Abnett covers EU climate and energy policy in Brussels, reporting on Europe’s green transition and how climate change is affecting people and ecosystems across the EU. Other areas of coverage include international climate diplomacy. Before joining Reuters, Kate covered emissions and energy markets for Argus Media in London. She is part of the teams whose reporting on Europe’s energy crisis won two Reuters journalist of the year awards in 2022.

SAN DIEGO--(BUSINESS WIRE)-- #5G--AirHop Communications, the industry leader in AI-powered Radio Access Network (RAN) automation, today announced a pivotal collaboration with Nokia to integrate its Auptim portfolio of RAN automation and optimization solutions with the Nokia SMO Service Management and Orchestration (SMO) platform. This partnership marks a significant milestone in the evolution of AI-RAN, combining AirHop's specialized AirHopAITM algorithms with Nokia's industry-leading autonomous netw.

U.S. stock futures fell sharply on Monday following Friday's losses. Futures of the major benchmark indices were negative amid the ongoing Iran-U.S. conflict.

Greg Abel has told shareholders that he plans to follow Warren Buffett's blueprint as he starts his own era at Berkshire Hathaway.

Lumen Technologies is executing a transformation, focusing on AI-driven growth, deleveraging, and strategic revenue mix shifts. LUMN expects free cash flow to reach $1.3 billion in 2026, with adjusted EBITDA guidance of $3.1–$3.3 billion and capital expenditures up to $3.4 billion. Post-asset sale, LUMN's debt load is projected to drop below $13 billion, with no significant maturities until 2029, supporting improved financial flexibility.

March 02, 2026 05:41 ET  | Source: Dimensional Fund Advisors Ltd

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1.KEY INFORMATION   (a)Full name of discloser:Dimensional Fund Advisors Ltd. in its capacity as investment advisor and on behalf its affiliates who are also investment advisors (”Dimensional”). Dimensional expressly disclaims beneficial ownership of the shares described in this form 8.3. (b)Owner or controller of interests and short positions disclosed, if different from 1(a):
The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.  (c)Name of offeror/offeree in relation to whose relevant securities this form relates:
Use a separate form for each offeror/offereeJust Group PLC (d)If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  (e)Date position held/dealing undertaken:
For an opening position disclosure, state the latest practicable date prior to the disclosure27 February 2026 (f)In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
If it is a cash offer or possible cash offer, state “N/A”N/A   2.POSITIONS OF THE PERSON MAKING THE DISCLOSURE   If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security. (a)Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)   Class of relevant security:10p ordinary (GB00BCRX1J15)  InterestsShort Positions  Number%Number% (1)Relevant securities owned and/or controlled:23,357,8622.25 %   (2)Cash-settled derivatives:     (3)Stock-settled derivatives (including options) and agreements to purchase/sell:      Total23,357,862 *2.25 %   * Dimensional Fund Advisors LP and/or its affiliates do not have discretion regarding voting decisions in respect of 51,686 shares that are included in the total above.   All interests and all short positions should be disclosed.Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

     (b)Rights to subscribe for new securities (including directors’ and other employee options)   Class of relevant security in relation to which subscription right exists:  Details, including nature of the rights concerned and relevant percentages:    3.DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE   Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.The currency of all prices and other monetary amounts should be stated.

 (a)Purchases and sales   Class of relevant securityPurchase/saleNumber of securitiesPrice per unit 10p ordinary (GB00BCRX1J15)Sale4,1092.1675 GBP There was a Transfer In of 379 shares of 10p ordinary   (b)Cash-settled derivative transactions   Class of relevant securityProduct description e.g. CFDNature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short positionNumber of reference securitiesPrice per unit         (c)Stock-settled derivative transactions (including options) (i)Writing, selling, purchasing or varying Class of relevant securityProduct description e.g. call optionWriting, purchasing, selling, varying etc.Number of securities to which option relatesExercise price per unitType e.g. American, European etc.Expiry dateOption money paid/ received per unit          (ii)Exercise   Class of relevant securityProduct description e.g. call optionExercising/ exercised againstNumber of securitiesExercise price per unit         (d)Other dealings (including subscribing for new securities)        Class of relevant securityNature of dealing e.g. subscription, conversionDetailsPrice per unit (if applicable)        4.OTHER INFORMATION   (a)Indemnity and other dealing arrangements   Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none” None   (b)Agreements, arrangements or understandings relating to options or derivatives   Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none” None   (c)Attachments   Is a Supplemental Form 8 (Open Positions) attached?NO   Date of disclosure02 March 2026 Contact nameThomas Hone Telephone number+44 20 3033 3419    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

, /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Snowflake Inc. ("Snowflake" or "the Company") (NYSE: SNOW) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company's securities between June 27, 2023 and February 28, 2024, inclusive (the "Class Period"), are encouraged to contact the firm before April 27, 2026.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Snowflake's tiered storage pricing and customer efficiency gains were likely to have a negative impact on revenues and consumption. The Company's positive comments about customer demand and potential revenues were not based in reality. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Snowflake, investors suffered damages.

Join the case to recover your losses

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.          

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com

Office: 310-301-3335

[email protected]

SOURCE The Schall Law Firm

, /PRNewswire/ -- The DJS Law Group reminds investors of a class action lawsuit against  Snowflake Inc. ("Snowflake" or "the Company") (NYSE: SNOW) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Shareholders who purchased shares of SNOW during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointments. Appointment as lead plaintiff is not required to partake in any recovery.

CLASS PERIOD:  June 27, 2023 to February 28, 2024

DEADLINE: April 27, 2026

CASE DETAILS: According to the Complaint, the Company made false and misleading statements to the market. Snowflake's pricing changes and efficiency gains by customers threatened its consumption levels and revenues. The Company continued to make positive claims about its future performance despite these challenges. Based on these facts, Snowflake's public statements were false and materially misleading throughout the class period.

If you are a shareholder who suffered a loss, contact us to participate .

WHY DJS LAW GROUP?  DJS Law Group's primary focus is to enhance investor return through balanced counseling and aggressive advocacy. We specialize in securities class actions, corporate governance litigation, and domestic/international M&A appraisals. Our clients are some of the largest and most sophisticated hedge funds and alternative asset managers in the world. The litigation claims of our clients are extraordinarily valuable assets that demand respect, focus, and results.

Join the case to recover your losses.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT: 
David J. Schwartz
DJS Law Group
274 White Plains Road, Suite 1
Eastchester, NY 10709
Phone: 914-206-9742
Email: [email protected]

SOURCE DJS Law Group LLP

, /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Corcept Therapeutics Incorporated ("Corcept" or "the Company") (NASDAQ: CORT) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company's securities between October 31, 2024 and December 30, 2025, inclusive (the "Class Period"), are encouraged to contact the firm before April 21, 2026.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Corcept misled investors about the viability of its product candidate, relacorilant. Despite claiming relacorilant was "approaching approval," the Company knew that the FDA considered its clinical data was not adequate for approval. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Corcept, investors suffered damages.

Join the case to recover your losses

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.          

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
[email protected]

SOURCE The Schall Law Firm

Data is the fuel that keeps Wall Street's engine turning -- and one of the most important data releases of the entire quarter occurred two weeks ago. By no later than Feb. 17, institutional investors with at least $100 million in assets under management were required to file Form 13F with the Securities and Exchange Commission.

A 13F offers a way for investors to track which stocks Wall Street's brightest investors, including billionaire Dan Loeb of Third Point, bought and sold in the most recent quarter. Third Point's 13F detailing fourth-quarter trading activity shows Loeb was a buyer of artificial intelligence (AI) superstar Nvidia (NVDA 4.43%) for a fourth consecutive quarter, but was also a seller of another "Magnificent Seven" stock in the AI arena.

Image source: Getty Images.

Billionaire Dan Loeb is loading up on Nvidia According to Third Point's latest filing, Loeb purchased 100,000 shares of Nvidia in the December-ended quarter, which follows additions of 50,000 shares in the third quarter, 1.35 million shares in the second quarter, and 1.45 million shares in the first quarter of 2025.

The allure of Nvidia is undoubtedly its unmatched graphics processing units (GPUs). The company's Hopper (H100), Blackwell, and Blackwell Ultra chips hold a virtual monopoly in AI-accelerated data centers and, thanks to persistent GPU scarcity, continue to command a premium selling price.

Furthermore, no other companies are in the same zip code as Nvidia's AI hardware in terms of compute capabilities. CEO Jensen Huang is spending aggressively to ensure his company can introduce a new advanced chip annually and maintain its compute superiority.

Today's Change

(

-4.43

%) $

-8.20

Current Price

$

176.69

The other unsung hero for Nvidia is its CUDA software platform. This is the toolkit developers use to maximize the compute potential of their Nvidia GPUs. The ongoing evolution of CUDA not only keeps existing clients loyal to the company's ecosystem of products and services but also extends the utility of prior-generation chips.

With Nvidia's gross margin holding firm in the mid-70% range and GPU scarcity ongoing, it's evident that billionaire Dan Loeb sees Wall Street's most valuable company becoming even larger.

Image source: Getty Images.

Third Point's billionaire boss unfriends Facebook parent Meta Platforms Although Dan Loeb is typically attracted to growth stocks with well-defined competitive advantages, Third Point's 13F shows social media colossus Meta Platforms (META 1.34%) was given the heave-ho. Following two straight quarters of purchases, Loeb dumped all 220,000 shares.

Loeb's about-face with the parent company of Facebook may be based on simple profit-taking. Between April and October, Meta stock rallied by more than 50%. With an average hold time of less than 18 months for all of the securities in Third Point's portfolio, it's clear Loeb isn't afraid to cash in his chips.

But there may be more to this story than just profit-taking.

Today's Change

(

-1.34

%) $

-8.83

Current Price

$

648.18

Meta has also been increasing its capital expenditures forecast for its AI Superintelligence Lab on a near-quarterly basis. While AI has investors seeing dollar signs, higher costs may weigh on earnings growth. It's not uncommon for Meta CEO Mark Zuckerberg to wait years before monetizing new projects.

Lastly, it's possible that Third Point's billionaire boss was concerned about a potential U.S. recession. Meta generates nearly 98% of its net sales from ads (advertising is highly cyclical), effectively tying it to the U.S. economy.

, /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Paysafe Limited ("Paysafe" or "the Company") (NYSE: PSFE) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company's securities between March 4, 2025 and November 12, 2025, inclusive (the "Class Period"), are encouraged to contact the firm before April 7, 2026.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Paysafe had material exposure to a high-risk client in its e-commerce business. The Company understated its credit loss reserves and/or write-offs. The Company suffered from higher risk Merchant Category Codes, which it failed to disclose. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Paysafe, investors suffered damages.

Join the case to recover your losses

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.          

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com

Office: 310-301-3335

[email protected]

SOURCE The Schall Law Firm

, /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Navan, Inc. ("Navan" or "the Company") (NASDAQ: NAVN) for violations of the federal securities laws.

Investors who purchased the Company's securities pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company's October 31, 2025, initial public offering ("IPO"), are encouraged to contact the firm before April 24, 2026. 

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Navan misled investors by failing to inform them that it would need to massively ramp up its sales and marketing expenditures after the IPO to achieve usage yield growth, grow its Gross Booking Volume, and sustain revenues. Based on these facts, the Company's public statements were false and materially misleading throughout the IPO period. When the market learned the truth about Navan, investors suffered damages.

Join the case to recover your losses.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
[email protected]

SOURCE The Schall Law Firm

BAE Systems PLC (LSE:BA.), the FTSE 100 defence and aerospace group, surged 7.2% in early London trading on Monday after the United States and Israel launched a bombardment of Iran over the weekend, driving investors into defence stocks.

The attack, which began on Saturday, sent traders rushing to buy shares in companies that stand to benefit from heightened geopolitical tension and the prospect of increased military spending.

Babcock International PLC (LSE:BAB), the defence and engineering services company, also rose, while QinetiQ Group PLC (LSE:QQ.), the defence technology group, was similarly well bid in early deals.

The moves extended a strong run for UK defence stocks, which have rallied significantly over the past year as governments across Europe and beyond have committed to higher military budgets in response to a more unstable global security environment.

BAE, which makes everything from combat aircraft and submarines to artillery ammunition and cyber defence systems, is regarded as one of the primary beneficiaries of rising Western defence expenditure, given the breadth of its product range and its deep relationships with governments in the United Kingdom, United States and Australia.

Babcock, which provides support services for the Royal Navy and other armed forces, and QinetiQ, which supplies testing, research and advisory services to defence customers worldwide, are similarly positioned to benefit from any sustained increase in procurement activity.

Analysts have noted that sustained conflict or further escalation in the Middle East could accelerate defence procurement timelines and support order books across the sector.

, /PRNewswire/ -- The DJS Law Group reminds investors of a class action lawsuit against uniQure N.V. ("uniQure " or "the Company") (NASDAQ: QURE) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Shareholders who purchased shares of QURE during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointments. Appointment as lead plaintiff is not required to partake in any recovery.

CLASS PERIOD: September 24, 2025 to October 31, 2025

DEADLINE: April 13, 2026

CASE DETAILS: According to the Complaint, the Company made false and misleading statements to the market. UniQure's Pivotal Study design, including the comparison of the Pivotal Study to the ENROLL-HD data set, did not achieve full FDA approval. The Company understated the chances its BLA application with the FDA would face delays caused by the need for additional studies. Based on these facts, uniQure's public statements were false and materially misleading throughout the class period.

If you are a shareholder who suffered a loss, contact us to participate.

WHY DJS LAW GROUP? DJS Law Group's primary focus is to enhance investor return through balanced counseling and aggressive advocacy. We specialize in securities class actions, corporate governance litigation, and domestic/international M&A appraisals. Our clients are some of the largest and most sophisticated hedge funds and alternative asset managers in the world. The litigation claims of our clients are extraordinarily valuable assets that demand respect, focus, and results.

Join the case to recover your losses.

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CONTACT:

David J. Schwartz

DJS Law Group

274 White Plains Road, Suite 1

Eastchester, NY 10709

Phone: 914-206-9742

Email: [email protected]

SOURCE DJS Law Group LLP