Boway Alloy cancels parts of 2023 stock option incentive plan

Ningbo Boway Alloy Material announced on November 26, 2025, that its board of directors approved the cancellation of a portion of its 2023 stock option and restricted stock incentive plan. This decision follows a series of approvals and adjustments made by the board and supervisory committees since April 2023.

Specifically, the company will cancel 300,000 stock options due to 12 participants no longer being eligible because of departure. An additional 22,500 stock options will be canceled because three participants did not meet the 2024 performance assessment, resulting in a 50% personal exercise ratio. In total, 322,500 stock options under the 2023 plan will be canceled.

The company's compensation and assessment committee confirmed that these cancellations comply with relevant laws and regulations and will not materially impact the company's financial status, operating performance, or the continued implementation of the incentive plan.