Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 50

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 50
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 for the customer’s playing abilities. Customers can then purchase these shafts on the website and mail their existing clubs
to a store for the Company to replace the existing shafts with the newly purchased shafts.

Fittings are offered in many different packages, ranging from: comprehensive
full-bag fitting; fitting the entire bag from driver to putter; partial bag fitting; fitting to optimize a specific iron, driver,
wedges and/or putter; long-game fitting, focusing on the top portion of the bag to ensure consistent yardage gapping and performance;
fairway or hybrid fitting, to optimizing distance gapping and consistency in the long part of the bag; and junior golfer fitting.

PGA Tour Trucks

For each of the 39 PGA tour events held annually, the Company deploys
on-site customized KBS-branded PGA Tour trucks outfitted with new equipment build and retro-build services to bring its
KSB custom fitting expertise to support professional players. As in KBS Golf Experience Stores, in these trucks, golfers work directly
with our expert fitters to individually tailor golf clubs for players based on their needs and preferences.

Other Services

Restaurant and Bar

The Company operates a restaurant in Chiayi, Taiwan, “ Hit Cat
Kitchen”, where it sells Western cuisine, and a bar in Taipei, Taiwan “ Hit Cat Brewing”, where it sells imported craft
beer and wines. The Company’s establishments are decorated with KBS merchandise and located near golf resorts, with the aim to introduce
and immerse the customers with the KBS brand.

Manufacturing Process

The Company operates at the forefront of golf club shaft manufacturing,
with proprietary processing technology for advanced materials such as metal and machine components. The Company’s facilities house
specialized equipment for making golf club shafts, including blunt furnaces, burn-in furnaces, hydrogen annealing furnaces, straightening
furnaces, pipe making machines, and dedicated golf club shaft straighteners. This robust infrastructure reflects the Company’s decades-long commitment
to manufacturing excellence.

The Company continues to improve its production process, employing
and constantly upgrading its self-designed smart manufacturing software to implement automated production, streamline production
procedures, shorten the production process, monitor the health and status of repair of production equipment, and reduce manufacturing
cost.

The typical manufacturing process of a shaft is illustrated by the
flowchart below. The process starts by welding steel coils into tubes, then heating the tubes for a period of time using spherodizing
annealing to improve duct