Hua Xin Securities: First time giving a "buy" rating to Xiohongya DeYing (02250.HK) and entering the trend of mergers and acquisitions in the toy industry.

Wisdom Financial APP learned that Huaxin Securities released a research report stating that DeYing (02250.HK), the company behind Little Yellow Duck, has seen a significant increase in performance. The new self-operated urban park has brought new revenue growth points, overseas business expansion is going smoothly, and mergers and acquisitions of play companies have further improved the IP matrix. Internal and external expansion is driving the company's development in a positive direction. According to the 2025 interim performance announcement, the bank predicts that the company's EPS for 2025-2027 will be 0.01/0.04/0.13 yuan respectively, with corresponding PEs of 119/30/10 times. This is the first coverage and a "buy" investment rating is given.