Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 39

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 39
---
 at www. sec. govthat contains reports,
proxy and information statements, and other information regarding registrants that make electronic filings with the SEC. Investors should
contact us for any inquiries through the address and telephone number of our principal executive office. Our principal website is https://fstcorp. com/.
The information contained on our website is not a part of this Annual Report on Form 20-F.

B. Business Overview

The Company is a renowned manufacturer and innovator in the golf industry
with a growing portfolio of innovative golf products, including acclaimed golf club shafts and other equipment. Founded in Taiwan in 1976
and commencing golf club shaft manufacture in 1992, the Company has spent more than three decades meticulously crafting high-performance shafts
for golfers worldwide.

Since 1992, the Company has engaged in the research and development,
manufacturing and sales of golf club shafts. The Company currently produces and sells golf club shafts under the Company’s own high-performance “ KBS”
golf club shaft brand, and serves as an original equipment manufacturer (OEM) and original design manufacturer (ODM) for other world-renowned golf
equipment brands, golf equipment OEMs, and golf equipment distributors that provide consumers with customized golf club services. The
Company also develops its retail presences in the U. S. and Japan markets through its KBS Golf Experience stores, which provide retail
customers new equipment build services and retro-build services for existing clubs.

Starting from 2007, the Company started using the “ KBS”
brand as a part of a broader initiative to transition from an OEM for other international golf brands to an operator of an independent
and competitive brand. The development of the KBS brand is led by renowned designer Kim Braly.

The
Company first introduced the KBS brand into the U. S. market through the PGA tour in 2008. Since its launch, the Company has
continuously cultivated the KBS brand through the launch of golf shaft series that are well respected by the golf community: KBS
Tour shaft series in 2008, KBS C-Taper steel shaft series in 2011, KBS Tour Hybrid series in 2017, KBS Tour-TGI graphite
series in 2018 and KBS TD Driver graphite shafts series in 2020. Through the expansion of its product lines to encompass both steel
club shafts and carbon fiber club shafts, the Company believes it can addresses its customers’ preference for
one-stop