Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 46

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 46
---
 shafts that are designed in accordance with the brand customers’ specification.
The Company manufactures, if acting as an OEM partner, or designs and manufactures, if acting as an ODM partner, the standard shafts based
on the customers’ specification. The standard shafts are typically incorporated into the pre-packaged branded clubs offered
by the customers. As a result, the Company offers the end users a limited level of customization.

The Company offers economy shafts to other non-branded golf club
manufacturers. The non-branded golf clubs target beginners with low budgets. Therefore, the Company manufactures economy shafts based
on industry standard specifications with little customization, and generally in bulk orders.

The Company primarily markets steel golf club shafts. Beginning in
2017, the Company expanded its product offering to include carbon fiber (graphite) shafts. Graphite shafts are typically lighter than
steel shafts, which allows golfers to generate greater clubhead speed and distance. They are also typically offered in ultra-lite weight
series of products, which can help golfers with slower swing speeds achieve greater distance. Steel shafts are generally heavier than
graphite shafts, which makes them more stable during the swing, and is generally preferred by stronger, faster-swinging golfers who
value control over distance.

Premium Shafts

The Company’s premium shafts are marketed under the Company’s
own KBS brand. For the year ended December 31, 2024, sales of the premium shafts made up approximately 48.28% of the Company’s
revenues. Premium shafts are distinguished from the Company’s other products in that they are manufactured entirely to the Company’s
proprietary designs, with different tooling and manufacturing processes to ensure consistency and reduce torque and are subject to the
most rigorous quality and inspection requirements out of all of the Company’s products. The premium shafts also include additional
coating which gives them a premium finish and appearance.

The Company primarily supplies premium shafts to (a) major international
golf club brands to be fitted in their premium clubs, (b) national golf merchandise distributors to be resold in their shops as standalone
products, and (c) retail customers who desire to upgrade their equipment using a custom fitting process through the Company’s
online store or KBS Golf Experience store.

The Company produces and designs a full product line of premium shafts
including irons, drivers, wedges, and putters.

Shafts for Irons