Company: FSTWF
Filing Date: 2025-07-25
Form Type: 424B3
Source: 0001213900-25-067790
Chunk: 56

Company: FST Corp.
Filing Date: 2025-07-25
Form: 424B3
Chunk 56
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BS shafts. Since 2016, the Group has assumed brand management responsibilities by directly providing golf shafts to PGA players. As of June1, 2025, 73 PGA players were using KBS brand shafts in their professional competitions, with 114 game tournaments won. Propelled by the professional endorsement and high market visibility, the Group has successfully evolved from being an OEM for international brands to a trusted provider of golf shafts under its proprietary brand “KBS”. To further raise the brand awareness and directly connect with customers, the Group has established the KBS Golf Experience stores in the U.S., Taiwan and Japan, located in Carlsbad, California, Taipei and Tokyo, Japan, respectively. These stores sell customization and fitting golf clubs for individual customers (as the amount generated from these customized services is immaterial, we have not disclosed them as a separate revenue stream in our consolidated financial statements), and are equipped with simulation tracking technology, software tools, and data recording systems. By quantifying the performance of golf clubs used on courses and analyzing consumer preferences 37 and swing performance on -site, the staffs are able to recommend suitable golf equipment for golfers of different age, gender, and experience level. The Group believes the direct interactions with customers will enhance brand awareness and loyalty. Feedback from customers serves as valuable reference points for future product development, which, in turn, helps sustain the competitiveness of the Group’s products. The Group believes that it will be able to continue improve the competition positioning by adhering closely to consumer demand, augmented by strong brand development efforts, a comprehensive product line, and online and offline sale touch points. Key Factors Affecting Operating Results The Group believes its performance depends on several factors that present significant opportunities for it but also pose risks and challenges. Consumer demand and global economic conditions. Consumer demand for our products and services may be affected by the performance of the general economy and is also sensitive to personal discretionary spending levels. Declining consumer demand due to adverse general economic conditions, risks affecting or reducing leisure spending, lower consumer confidence and adverse political conditions can subject and have subjected our revenues to significant volatility. Proprietary brand value Compared with the other golf equipment suppliers in Taiwan, the Group is one of few manufacturers in the Taiwanese golf industry which markets products globally under its proprietary brand (KBS). The Group’s design team caters to the needs of PGA professional players to design and develop the shafts based on the players’ needs and suggestions. As the Group controls the brand channels, it can enjoy the