Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 71

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4A
Chunk 71
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ITEM 4A. UNRESOLVED STAFF COMMENTS

None.

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

You should read the following
discussion and analysis of the financial condition and results of operations of FST Corp. (In this section, “ FST” or the “ Group,”
refers to FST Corp. and its subsidiaries, FST Merger Ltd., Femco Steel Technology Co., Ltd, FST America, Inc. and FST Japan LLC. )
in conjunction with FST’s consolidated financial statements and the related notes included elsewhere in this Form 20-F (including
information incorporated by reference therein, the “ Report”). This discussion contains forward-looking statements that involve
risks and uncertainties. FST’s actual results and the timing of events could differ materially from those anticipated in these forward-looking
statements as a result of various factors, including those set forth under “ Item 3. Key Information - D. Risk Factors”
in the Report.

A. Operating Results

Company Overview

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

Since 1992, the Group has engaged
in the research and development, manufacturing and sales of golf shafts. The Group currently produces and sells golf shafts under the
Group’s own high-performance “ KBS” golf 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 services. The Group also develops its retail presence in Taiwan, U. S. and Japan markets through its
KBS Golf Experience stores, which provide retail customers with experiential service like customized equipment building and retro-build
for existing clubs (as the amount generated from these services is immaterial, we have not disclosed them as a separate revenue stream
in our consolidated financial statements).

In 2007, the Group first used
the “ KBS” brand as a part of broader initiatives to transition from an OEM for other international golf brands to an operator
of an independent and competitive brand. The development of KBS brand is led by renowned designer Kim