Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 49

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 49
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 shafts based on industry standard designs with little customization.

Economy shafts are made from substantially the same materials as standard
shafts, but using a more streamlined production process. Moreover, the quality and inspection standards applied to economy shafts are
far more lenient than that for standard shafts. Therefore, the unit sale price of economy shafts is lower than that of standard shafts.

Golf Accessories

The Company sells KBS-branded golf accessories in its online store
and in KBS Golf Experience Stores. Golf accessories include KBS-branded golf apparel, golf bags, vessel bags, putter covers, duffle
bags. The Company sources its KBS-branded golf accessories from other third-party suppliers.

Custom Fitting Services

KBS Golf Experience Stores

The Company operates KBS Golf Experience stores in Carlsbad, California,
Tokyo, Japan, and in Taipei, Taiwan, which were opened in 2019, 2021, and 2024 respectively.

The Company primarily provides new equipment build services and retro-build services
for existing clubs through the KSB Golf Experience stores. The new equipment build service allows a customer to custom build a new golf
club or set of golf clubs at the customer’s customized parameters and specifications. The retro-build service allows a customer
to keep the customer’s existing club heads and customize all of the other parts of a golf club from the grip down to the label.
The Company offers exclusive KBS shafts, and other parts of a golf club, including club heads, grip and the label, of other major international
brands. In both new build and retrofit processes, customers work one-on-one with the Company’s fitters and builders to customize
golf clubs tailored to each individual customer’s preferences and needs.

The Company’s fitters will evaluate a customer’s current
equipment, performance data, and consult customers regarding their golf game and aspirations on the golf course, in order to determine
the appropriate equipment to improve the customer’s accuracy and distance on the course. After gaining an initial understanding
of the customer’s needs, fitters will test different shafts to determine the one that best suits the customer’s swing profile,
focusing on distance, feel, and shot dispersion among the various shaft options.

Online Fitting Tool

Utilizing the Company’s online fitting tool available on the
Company’s website, Find Your Fit, customers can choose among shafts for irons, wedges, putters, and woods to find the shafts best
suited