X0202 SCHEDULE 13D/A 0001794862 XXXXXXXX LIVE 1 Class A Ordinary Shares, par value $0.15 per share 11/06/2025 false 0001738758 G39973139 Cheer Holding, Inc.

19F, Block B, Xinhua Technology Bldg No. 8 Tuofangying Rd, Chaoyang Beijing F4 100016

Jia Lu 86-138-1035-5988 19F, Block B, Xinhua Technology Bldg No. 8 Tuofangying Rd, Chaoyang Beijing F4 100016 0001794862 N Jia Lu a OO N F4 1.00 4370.00 1.00 4370.00 4371.00 N 0.3 IN All of the share numbers presented in this Amendment have been adjusted to reflect the following share consolidations effected by the Issuer: a one-for-ten share consolidation completed on November 24, 2023, a one-for-fifty share consolidation completed on December 22, 2025, and a one-for-three share consolidation completed on April 6, 2026. The calculation of the percent of class in Row 13 is based on 1,562,119 Class A ordinary shares, par value $0.15, outstanding of the Issuer as of April 10, 2026, based on information provided to the Reporting Person by the Issuer. Y Enjoy Starlight Limited a OO N D8 0.00 4370.00 0.00 4370.00 4370.00 N 0.3 CO All of the share numbers presented in this Amendment have been adjusted to reflect the following share consolidations effected by the Issuer: a one-for-ten share consolidation completed on November 24, 2023, a one-for-fifty share consolidation completed on December 22, 2025, and a one-for-three share consolidation completed on April 6, 2026. The calculation of the percent of class in Row 13 is based on 1,562,119 Class A ordinary shares, par value $0.15, outstanding of the Issuer as of April 10, 2026, based on information provided to the Reporting Person by the Issuer. Class A Ordinary Shares, par value $0.15 per share Cheer Holding, Inc. 19F, Block B, Xinhua Technology Bldg No. 8 Tuofangying Rd, Chaoyang Beijing F4 100016 This Amendment No. 1 to Schedule 13D (this "Amendment") amends and supplements the Schedule 13D filed with the United States Securities and Exchange Commission (the "SEC") on February 24, 2020 (the "Original Schedule 13D") by Enjoy Starlight Limited, a British Virgin Islands company ("ESL"), and Mr. Jia Lu (each, a "Reporting Person" and together with ESL, the "Reporting Persons"). Capitalized terms used herein and not otherwise defined shall have the respective meanings ascribed to them in the Original Schedule 13D. Except as specifically provided herein, this Amendment does not modify any of the information previously reported in the Original Schedule 13D. This Amendment is being filed because each Reporting Person has ceased to be the beneficial owner of more than five percent of the Class A Shares as a result of an increase in the number of Class A Shares outstanding of the Issuer. This Amendment is the final amendment to the Original Schedule 13D and constitutes an "exit filing" for each Reporting Person. 1(b) and 2(b) of Item 2 of the Original Schedule 13D are amended as follows: The principal business address of each of the Reporting Person is 19F, Block B, Xinhua Technology Building, No. 8 Tuofangying South Road, Jiuxianqiao, Chaoyang District, Beijing, China 100016. Rows 11 and 13 of each Reporting Person's cover page to this Amendment set forth the aggregate number of shares of Class A Shares and percentages of the shares of Class A Shares beneficially owned by such Reporting Person and are incorporated by reference. Mr. Lu is the sole director and sole shareholder of ESL and is deemed to be the beneficial owner of all of the Class A Shares held by ESL. As of the date hereof, Mr. Lu may be deemed to beneficially own an aggregate of 4,371 Class A Shares. The calculation of the percentage of Class A Shares outstanding beneficially owned by such Reporting Person is based upon 1,562,119 Class A Shares outstanding as of April 10, 2026 based on information provided to the Reporting Person by the Issuer. Rows 7 through 10 of each Reporting Person's cover page to this Amendment set forth the number of shares of Class A Shares as to which such Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition and are incorporated by reference. Mr. Lu is the sole director and sole shareholder of ESL and is deemed to be the beneficial owner of all of the Class A Shares held by ESL. None. None. As a result of an increase in the number of Class A Shares outstanding of the Issuer, on November 6, 2025 each Reporting Person ceased to be the beneficial owner of more than five percent of the Shares. Jia Lu /s/ Jia Lu 04/16/2026 Enjoy Starlight Limited /s/ Jia Lu 04/16/2026