On October 30, 2025, S.F. Holding Co., Ltd. convened its sixth board of directors’ 25th meeting and resolved to cancel 175,062 units (17.5062万份) of stock options granted under the company’s 2022 A-Share Stock Option Incentive Plan. According to the announcement, six participants lost eligibility due to departure and other factors, leading to the cancellation of 155,625 units; two participants had 8,375 units expire unexercised; and three participants did not meet performance thresholds for 11,062 units.

After these cancellations, the total reserved stock options under the program decreased from 902,818 units to 727,756 units, with 395,938 units remaining unexercised. The company stated that the cancellations are in compliance with applicable regulations and the original plan provisions, do not adversely affect financial or operational stability, and have been approved by the board and the supervisory board.