Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 54

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 54
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 product portfolio into
graphite shafts for the first time, resulting in an increase in the adoption of KBS shafts by international golf club brands. The launch
in 2020 of the TD Driver graphite shafts series further complemented the Company’s product line and was well received by the market.

In recent years, the Company has further strengthened its presence
by establishing KBS brand flagship brick-and-mortar stores - the KBS Golf Experience stores - in
two major golf markets, the U. S. and Japan. These stores offer golf club customization and fitting services for individual customers,
and are equipped with simulation tracking technology, software tools, and data recording systems. By quantifying the performance of golf
clubs used on courses and analyzing consumer preferences and swing performance on-site, the Company is able to recommend suitable golf
equipment for a wide variety of golfer types. This approach validates customer needs, enhances brand awareness and loyalty, and serves
as a valuable reference for product development or improvement, thereby sustaining the Company’s product competitiveness.

Customers serviced by the Company can broadly be categorized into four
general types: golf equipment companies, OEM companies that manufacture golf equipment for golf equipment brand companies, and golf equipment
distributors, as well as individual golf customers serviced by the Company on its website and through KBS Golf Experience Stores.

Currently, the Company has its own field sales representatives in Taiwan,
the United States and Japan, primarily covering major corporate clients.

The Company believes that its sales representatives are an integral
part of our brand image. They are tasked with key aspects of customer service, including lead discovery, client management, merchandise
display, product recommendation, and after-sales return visits.

The Company’s field sales agents also cover corporate customers
including major international golf club brands, other OEMs, and national distributors. They are tasked with key aspects of sales generation
activities, including developing relationship with potential clients, tracking demands of existing clients, attending trade conference
to boost brand awareness, hosting event to generate sales leads.

As of December 31, 2024, the Company employed 90 sales representatives
worldwide focused on the sale of shafts.

Research and Development

The core technologies powering the Company’s products result
from the Company’s deep expertise and sustained investment in golf club shaft R& D. The Company prioritizes internal innovation,
maintaining full control over its proprietary intellectual property, and reducing reliance on external R& D collaborations.

Leveraging Expertise for High-Performance Shafts

The Company’s entry