J-Star Holding Co., Ltd. (NASDAQ: YMAT)

J-Star Holding Co., Ltd. develops and commercializes carbon fiber composite products, focusing on key structural parts for bicycles and rackets, as well as automobile and healthcare components. The company leverages over 50 years of expertise in material composite technology to design and manufacture lightweight, high-performance products using proprietary resin systems and advanced production processes. Its operations are primarily based in Taiwan, with research and development activities centered in Taichung and manufacturing outsourced to facilities in the PRC, U. S., and Europe.

The company generates revenue through three main divisions: sales of bicycle parts for sports and electric bicycles, sales of rackets for tennis, badminton, squash, and beach tennis, and sales of other products including automobile parts, healthcare products, and carbon fiber prepreg sheets. Revenue streams are driven by customer-specific orders under OEM and ODM business models, where products are manufactured according to client specifications and supplied under the customers’ brand names. In 2023, 2024, and 2025, bicycle parts accounted for 64.0%, 82.0%, and 47.1% of total revenue; rackets contributed 29.6%, 9.6%, and 1.9%; and other products represented 6.4%, 8.4%, and 35.7%, respectively.

The company operates through the following segments:

• Bicycle Parts: This segment includes the design and manufacturing of key structural components such as frames, seat posts, front forks, cranks, handlebars, and seat stays for sports and electric bicycles. Products are made from carbon fiber reinforced polymers using proprietary resin systems like Nano-CT and Nano-GS to enhance stiffness and weight savings. Notable customer collaborations include Colnago, where J-Star supplied parts for the V3-R model ridden by Tadej Pogacar in Tour de France victories, and a Swiss-based brand for electric mountain and urban models.

• Rackets: This segment focuses on carbon fiber tennis, badminton, squash, and beach tennis rackets, along with stringing services. The company develops products based on customer specifications to improve efficiency, endurance, and functionality, with rackets delivered via FOB Hong Kong. Key branded customers include Groupe Magellan S. A., distributor of Twistpower X100 and Pro Rebel 950 rackets, and Tecnifibre, which markets the Carboflex 125S and Wall Master 360 PHD models used by elite players like Mohamed El Shorbagy and Ramy Ashour.

• Other Products: This segment comprises automobile parts such as air intakes, air-collecting hoods, engine rods, and seatbacks, as well as healthcare products including wheelchairs, senior walkers, medical robotic arms, and drone parts. The segment also includes prepreg sheets and carbon fiber boards. Development follows customer-driven specifications, with applications in electric vehicles and industrial robotics leveraging carbon fiber’s strength, stiffness, and vibration-dampening properties.

J-Star Holding Co., Ltd. is positioned as one of the major global leading players in the carbon fiber bicycle parts and carbon fiber racket parts industries, according to a Frost & Sullivan industry report commissioned by the company. Its competitive advantage stems from in-house resin technology development, enabling customized formulations for durability, heat resistance, and cure times, which competitors using preset formulas cannot replicate. The company benefits from over five decades of composite manufacturing experience, a strong R&D team with 19 personnel as of 2025, and a robust intellectual property portfolio of 39 registered patents across Taiwan, PRC, Japan, Europe, and the U. S.

The company supplies its products directly or indirectly to reputed branded customers in the electric bicycle, sports bicycle, sporting goods, automobile, and healthcare industries, with a significant presence in Europe. Key customers include Colnago (Italy), Tecnifibre (France), and Groupe Magellan S. A. (France), which distributes Twistpower X100 and Pro Rebel 950 rackets for an American branded global manufacturer. Additional customer regions span Switzerland, France, Italy, the Netherlands, Germany, Japan, Australia, Canada, and the U. S., reflecting a diversified international base.