Hi, Mike, actually, it looks like they're meant to represent either the Garde zu Fuss or the Kaiser-Alexander Garde-Grenadier Regiment from the Imperial Army. Homecast is a possibility, though I'm not familiar with any molds that would make these castings as such, though they could be modified. Are they solid?
The stance relative to the base, for example, suggests classic Britains as a starting point. That is, I can see a modeler taking a classic Britains marching infantryman, making a mold to make copies, and then adding a grenadier's head from a Prins August SYW Prussian, for example. The flag reminds me of castings from German molds like Nurnburger Meisterzinn.
It is an attractive toy soldier set, whatever its origin, congrats on your find!
Prost!
Brad