Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 72

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4A
Chunk 72
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 Braly.

The Group first introduced
its KBS brand into the U. S. market through its presence in the PGA tour in 2008. Since its launch, the Group continuously cultivated
the KBS brand through the launch of golf shaft series that are well respected by the golf community: KBS Tour shaft series in 2008, KBS
C-Taper steel shaft series in 2011, KBS Tour Hybrid series in 2017, KBS Tour-TGI graphite series in 2018 and KBS TD Driver graphite shafts
series in 2020. Through the expansion of its product lines to encompass both steel shafts and carbon fiber shafts, the Group believes
that this comprehensive approach addresses customers’ preferences for one-stop shopping, significantly enhancing the Group’s
and brands’ capabilities to accept orders and negotiate. Since 2016, the Group has supplied golf shafts directly to PGA players.
This initiative allows PGA players to test the shafts and participate in competitions using them, and opens up a pathway for the Group
to collect feedback from professional players. Close interactions with the top professional players also provide the Group with opportunities
to market its KBS shafts. Since 2016, the Group has assumed brand management responsibilities by directly providing golf shafts to PGA
players. As of December 31, 2023, 27 PGA players were using KBS brand shafts in their professional competitions. Propelled by the
professional endorsement and high market visibility, the Group has successfully evolved from being an OEM for international brands to
a trusted provider of golf shafts under its proprietary brand “ KBS”.

To further raise the brand
awareness and directly connect with customers, the Group has established the KBS Golf Experience stores in the U. S., Taiwan and Japan,
located in Carlsbad, California, Taipei and Tokyo, Japan, respectively. These stores sell customization and fitting golf clubs for individual
customers (as the amount generated from these customized services is immaterial, we have not disclosed them as a separate revenue stream
in our consolidated financial statements), 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 staffs
are able to recommend suitable golf equipment for golfers of different age, gender, and experience level. The Group believes the direct
interactions with customers will enhance brand awareness and loyalty. Feedback from customers serves as valuable reference points