Equity incentives, as a key long-term incentive mechanism, are of great significance in solving the prevalent principal-agent problem. This paper takes Enterprise H as the case study object and utilizes the exploratory case study method to explore it in depth. Firstly, we briefly introduce Enterprise H and its shareholding structure, and then analyze the current situation of the implementation of equity incentives in Enterprise H. From the definition of the scope of the incentive target and the setting of the assessment indexes, we present an all-round compendium. Accordingly, the main problems of equity incentives in Enterprise H are summarized, such as the coverage of incentive targets is too small, the performance assessment indexes are defective, and the fixed exercise price is not scientific, etc. Digging deeper into the root cause, it may be due to the lack of science in the internal control mechanism of the enterprise, the market of professional managers is not yet perfect, and the external market environment is still not yet mature and other factors. In the end, for the problems and causes, put forward the corresponding perfect countermeasures, this study not only adds personalized cases for the academic field of equity incentives, enriching the research connotation, but also provides valuable reference for the implementation of equity incentives for China’s listed companies, helping them to build a scientific and efficient incentive system, and promoting the sustainable development of the enterprise and the enhancement of its value.