Dyna-Flites was a brand of die-cast toy model airplanes sold in the 1970s, '80s and '90s by Zee Toys. The line was part of a series of Dyna die-cast products that included toy cars, construction vehicles, bikes and tanks.
The Dyna-Flites range included 79 aircraft with over 206 color and marking variations released until production ceased in 1996.
Dyna-Flites reached their peak in the late 1980s, with most mass retailers carrying the line. They were often available for purchase for $1 or less each, a feature that often saw them marketed as an impulse purchase line at checkouts and newsagents. Dyna-Flites were also sold in at least two dedicated aircraft giftsets, as well as other giftsets with various themes.
ZEE Toys ceased production in 1996, but the line was purchased by Red Box Toys of Hong Kong in 1997. Production continues to this day, but are sold under the brand Hot Wings, In Air and sometimes under generic brands, often with cast-in marks removed. Former Dyna-Flites pieces can be identified by the "Axxx" reference number moulded into the body. Twenty six of the original moulds have now been retired, being either updated or replaced by other subjects. Red Box Toys went on to release 3 new pieces in 1999 which continued the series' numbering sequence.
Compared to some of the other Hong Kong lines from the time (e.g. Mandarin, Cragstan, Wheeler), Dyna-Flites could be of unusually high quality - well beyond what was needed in a $1 toy! It was this model-like quality that made them popular and endearing over the ensuing decades. They are now collectible entities for this reason.
Source and more info: Wikipedia.