In the past 16 years of the Hong Kong stock market, an unexpected company has emerged as the star stock with the highest cumulative rise. From 2009 to 2025, Derlin International (01126) has demonstrated amazing growth potential, prompting investors to rethink the traditional OEM model.

This phenomenon prompts us to delve into the development prospects of the OEM industry. Although OEM is usually not regarded as an ideal business model, in fact, several OEM companies have successfully created impressive stock market performances. In addition to Delin International, companies such as Shenzhou International, Jiu Xing Holdings, and star technology in the A-share market have also achieved significant accomplishments in this field.

Some may question that after the 2009 financial crisis, many companies saw their stock prices plummet, and the significant rise of Derlin International might just be a low base effect. However, we cannot help but ask, why is it that among the many companies that also experienced lows, it is precisely Derlin International that has managed to stand out and become the king of rise in 2016?

This phenomenon deserves our in-depth consideration. Perhaps the OEM model is not as simple as it appears. In the context of globalization, efficient supply chain management, meticulous production processes, and long-term stable partnerships with well-known brands may all be key factors for OEM companies to succeed in fierce competition.

The successful case of Derlin International reminds us not to hastily draw conclusions about any business model. In the rapidly changing market environment, companies with core competitiveness and adaptability, regardless of the business model they adopt, have the potential to create value beyond imagination.

This phenomenon also provides investors with a new perspective, reminding us that when evaluating a company's value, we should not be limited to superficial judgments of the business model, but rather conduct an in-depth analysis of the company's core competitiveness, management capabilities, and long-term development strategy.