Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 45

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 45
---
 U. S. golf market has prompted major international
golf brands to seek new opportunities abroad. The PRC, with its stable economic growth and rising disposable income in the last few decades,
has emerged as a battleground for major international golf brands.

Several factors contribute to the PRC’s burgeoning golf market:

  Growing Affluence: As disposable income increases, Chinese                                      

  Sporting Success: The impressive performance                                                               

  Policy Support: The inclusion of golf in the                                                                

The Company also recognizes growth potential of its products in Japan,
Korea, and Europe and plans to strategically position itself to capitalize on the potential in the PRC as well as in these other regions.
The Company’s expertise in manufacturing and brand building makes it a well-positioned competitor in this dynamic landscape.

Expanding into Graphite Shaft Production

Although in recent years the Company has diversified its product offering
by launching a variety of graphite shafts, the Company currently does not have its own graphite shaft production line, outsourcing all
of its graphite shaft production to a third party. The Company recognizes that developing its own graphite product lines at different
price points can potentially result in revenue growth and the development of a reputation as a branded graphite shaft manufacturer, complementing
its reputation as a steel shaft manufacturer. Therefore, the Company plans to acquire the know-how and capability to expand into
graphite shaft production in the near future.

Products and Services Offerings

Current Product Offerings

The Company specializes in the development and manufacturing of high-performance golf
club shafts, catering to golfers of all skill levels and price sensitivities through three distinct product lines: premium shafts, standard
shafts, and economy shafts.

The Company exclusively markets its premium shafts under the KBS brand.
The Company sells KBS branded shafts to both retail customers, international golf brands and sports retailers. The Company’s premium
shafts, crafted from top quality materials such as steel and carbon fiber (graphite), are meticulously engineered to meet the rigorous
demands of PGA professionals and serious players. In addition, the premium shafts undergo a sophisticated manufacturing process to increase
symmetry and reduce torque. As a result, these shafts provide precise control over the center of gravity and torque, optimizing hitting
accuracy and feel. With multiple lengths and stiffness options, they allow the customers to customize a shaft specifically for his or
her style.

The Company offers its standard shafts to other international brands
as an OEM or ODM partner. The standard shafts are steel