Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 48

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 48
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 as a part of its marketing campaigns to drive up interest in its
products. Currently, the Company offers the following limited-edition shafts: the C-TAPER Black Limited Edition and the C-TAPER LITE
Black Limited Edition steel shafts, the TD Driver/Wood Limited Edition graphite shafts, the HI-REV 2.0 Wedge Major Green Limited
Edition series wedges, and the HI-REV 2.0 Wedge Liberty Limited Edition wedges.

Standard Shafts

Standard shafts are exclusively steel shafts. The Company manufactures
and primarily supplies standard shafts to international golf club brands as part of their standard or economy clubs or to other Taiwanese
golf club OEMs. The standard shafts typically bear the brand of the customers. The Company produces and designs for a full product line
of standard shafts including drivers, wedges and putters for its branded customers.

The Company offers standard shafts as an OEM or ODM, based on the branded
customers’ requirements. As an OEM, the Company manufactures the shafts based on the design provided by the customer. As an ODM,
the Company will first design the shafts based on the specification provided by the customers. After the customer approves the design,
a prototype based on the approved design is made. After the prototype is approved by customer, the Company can start to take orders from
the customer. For the year ended December 31, 2024, standard shafts made up approximately 41.01% of the Company’s revenues.

Because golf clubs fit with standard shafts are typically priced at
a lower price point than premium clubs, the per unit sale price of standard shafts is typically lower than that of premium shafts. The
Company also uses a more cost-efficient manufacturing process for standard shafts to balance final pass yield and production costs,
as compared with premium shafts.

Economy Shafts

Economy shafts are exclusively steel shafts. The Company manufactures
and supplies economy shafts primarily to non-branded golf club makers or their OEMs to be assembled in generic clubs. The Company
produces a full product line of economy shafts including drivers, wedges and putters for its non-branded customers.

The non-brand golf clubs are typically sold in bulk and at competitive
pricing points to attract price sensitive golfers. For the year ended December 31, 2024, economy shafts made up approximately 2.71%
of the Company’s revenues. The Company manufactures economy