德林国际(01126)绩后跌超10%，股价暂现四连阴。截至发稿，跌5.91%，报14.64港元，成交额2860.58 万港元。 公开资料显示，德林国际为全球最大的毛绒玩具生产商之一，该公司的产品线主要包括毛绒玩具、塑胶 手板模型、防水布罩及注塑产品，其中毛绒玩具和塑胶手板模型产品主要通过OEM模式(代工)提供给欧 美等客户。国证国际此前研报指出，德林国际作为全球领先的玩具制造商，和同行相比具有多方面的优 势。该行认为公司在潮流玩具盛行的趋势下，有望通过持续扩充产能来获取更多生意机会，从而推动业 绩的增长。 消息面上，德林国际发布中期业绩称，受惠于北美及亚洲市场需求畅旺，加上为减低关税上调影响而向 越南转移订单，上半年集团收入25.78亿港元，同比增长12.39%；净利润3.07亿港元，同比增长10.1%； 每股盈利0.454港元；董事会建议就本期间派付中期股息每股普通股25港仙，去年同期为20港仙。 ...

智通财经APP获悉，德林国际(01126)绩后跌超10%，股价暂现四连阴。截至发稿，跌5.91%，报14.64港 元，成交额2860.58万港元。 消息面上，德林国际发布中期业绩称，受惠于北美及亚洲市场需求畅旺，加上为减低关税上调影响而向 越南转移订单，上半年集团收入25.78亿港元，同比增长12.39%；净利润3.07亿港元，同比增长10.1%； 每股盈利0.454港元；董事会建议就本期间派付中期股息每股普通股25港仙，去年同期为20港仙。 公开资料显示，德林国际为全球最大的毛绒玩具生产商之一，该公司的产品线主要包括毛绒玩具、塑胶 手板模型、防水布罩及注塑产品，其中毛绒玩具和塑胶手板模型产品主要通过OEM模式(代工)提供给欧 美等客户。国证国际此前研报指出，德林国际作为全球领先的玩具制造商，和同行相比具有多方面的优 势。该行认为公司在潮流玩具盛行的趋势下，有望通过持续扩充产能来获取更多生意机会，从而推动业 绩的增长。 ...

Group 1: Market Overview - The report indicates that concerns over economic recession have eased, with US stock markets reaching new highs, suggesting that Hong Kong stocks may follow suit [2][4] - The Hang Seng Index showed slight fluctuations, closing at 24,498 points, down 18 points or 0.08%, with trading volume decreasing to 236.4 billion HKD, an 8.7% drop from the previous day [2][3] - Northbound trading maintained a net inflow status, with a net inflow of 1.855 billion HKD, an increase of 15.7% from the previous day [2] Group 2: Sector Performance - Among the 12 Hang Seng Composite Industry Indices, 6 rose and 6 fell, with the healthcare sector leading with a significant increase of 5.17% [3] - Other sectors that performed well included consumer staples and industrials, with gains ranging from 0.67% to 0.21% [3] - The materials, energy, and financial sectors experienced declines, with losses between 1.00% and 0.31% [3] Group 3: Company Analysis - Derlin International (1126.HK) - Derlin International is a leading global toy manufacturer, established in 1992 and listed in Hong Kong in 2002, focusing on designing, developing, producing, and selling toys [6] - The company reported revenues of 27.66 billion HKD from plush toys (50.7% of total revenue) and 23.11 billion HKD from plastic models (42.4% of total revenue) for 2024 [6][8] - Derlin operates 27 factories with an average capacity utilization rate of 80.2% in 2024, with plans for further capacity expansion in Indonesia and Vietnam to meet diverse supply chain demands [7][9] Group 4: Financial Performance - Derlin's revenue over the past three years showed fluctuations: 62.53 billion HKD in 2022, 53.52 billion HKD in 2023, and 54.50 billion HKD in 2024, with a year-on-year growth of 30.27%, -14.40%, and 1.82% respectively [8] - The gross profit margins were 19.65%, 25.12%, and 23.01% for the same years, influenced by product mix changes [8] - The net profit figures were 6.87 billion HKD, 8.30 billion HKD, and 7.38 billion HKD, reflecting a growth of 255%, 20.78%, and a decline of 11.01% respectively [8] Group 5: Future Outlook - Derlin International is positioned to benefit from the trend of popular toys, supported by a strong design and R&D team, with four design centers and approximately 150 designers [9] - The company’s ownership of factories in China and Vietnam provides a competitive edge in the context of supply chain diversification [9] - The report anticipates that as the demand for trendy toys increases, Derlin will continue to expand its capacity and seize more business opportunities [9]