Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 44

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 44
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 PGA engagements, which can also be leveraged to inform and anticipate the preferences in
the retail market. The Company plans to continue to invest in analytical tools and data analysis to drive product development and product
line expansions.

Acquisition of Other Golf Shafts Producers

FST’s KBS brand is known primarily for its steel shafts. In recent
years, FST has launched a variety of graphite shafts. However, the Company currently lacks its own graphite shaft production line and
outsources all its graphite shaft production to a third party. Since graphite shafts typically command higher prices than steel shafts,
developing its own graphite product lines at various price points could lead to increased revenue for FST. To achieve this, FST is interested
in acquiring small and medium-sized companies with established graphite shaft brands that have their own production lines and a strong
market reputation. The Company is currently evaluating the market to identify potential acquisition targets that meet these criteria.

Expansion of KBS Golf Experience Store Network

Due to the popularity and prestige of the KBS brand, the Company believes
that there is latent demand for its products in many geographic markets, such as the PRC, South Korea, Southeast Asia, Europe, and the
Middle East, where the Company does not yet have a physical presence and its products may not be easily obtainable. The Company is exploring
its market entry strategies for these markets. In addition, the Company believes that further expansion in the U. S. and Japanese
markets through opening additional KBS stores will cover more of the market’s population, which could, in turn, increase sales in
those markets.

To initiate or expand its sales channels in these markets, the Company
plans to open KBS Golf Experience stores, either on its own or in collaboration with local partners. In these stores, the Company plans
to showcase its full golf shaft product line and golf accessories in conjunction with the personalized club fitting services that KBS
Golf Experience stores are already known for. The Company believes that opening stores in new markets and additional stores in the U. S. and
Japan will help increase KBS brand awareness and generate additional sales from these markets.

With more KBS Golf Experience stores opening worldwide, the Company
hopes to diversify its revenue sources from mainly shaft sales to a mix of shaft sales, golf equipment and golf accessories through sales
in-store and online, and revenue from fitting and customization services.

Expanding into the PRC and other Global Markets

The maturation of the