FST Corp. manufactures golf club shafts through its Taiwanese operating subsidiary, Femco, founded in 1976. The core product is the golf club shaft — the tube connecting the grip to the club head — which affects shot distance, trajectory, spin, and feel. FST sells shafts under three tiers: premium shafts under its own KBS brand (~50% of revenue), standard OEM/ODM shafts made to customer specifications (~44% of revenue), and economy commodity shafts (~2% of revenue). FST sells through branded retail channels (direct online, KBS Golf Experience stores in California, Tokyo, and Taipei, and golf equipment distributors), OEM/ODM supply to golf club brands, and bulk economy sales to generic club makers. FST's vertically integrated model — owning both manufacturing and the KBS brand — is central to its margin structure, allowing it to capture brand premiums on roughly half its revenue. All steel shafts are produced in-house at FST's Chiayi, Taiwan facility; graphite shafts are outsourced to a single carbon fiber specialist. FST launched the KBS brand in 2008 through PGA Tour sponsorships, and as of December 2025, 69 players were using KBS shafts across 105 professional competitions. FST's growth strategy focuses on three areas: acquiring graphite shaft manufacturers to bring that production in-house, expanding its KBS Golf Experience retail footprint into China, South Korea, Southeast Asia, Europe, and the Middle East, and developing the China market, which FST views as a significant growth opportunity.