PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q2–2026Q1) · Dividend yield is based on ₩50 per share · Prices as of the 2026-10-02 close
Dongwon Metal has renamed itself Dongwon Mobility as it expands EV-oriented body-parts supply, with revenue growth and balance-sheet improvement proceeding in parallel.
The company officially renamed itself Dongwon Mobility in July 2026, formalizing its shift toward a future-mobility business.
Revenue rose for four straight years from KRW 387.4 billion in 2022 to KRW 626.2 billion in 2025, while the operating margin improved from 3.0% to 6.7%.
In Q4 2025, net income swung to a loss despite a positive operating profit, illustrating quarter-to-quarter earnings volatility.
The debt ratio has declined for four consecutive years, from 643.7% in 2022 to 288.0% in 2025, indicating improving financial structure.
The company is pursuing expanded cooperation with Hyundai Motor Group's Georgia EV plant (HMGMA) in the United States.
Dongwon Mobility (formerly Dongwon Metal), founded in 1971, is an automotive body-parts specialist that renamed itself Dongwon Mobility on July 24, 2026, declaring a shift toward a future-mobility business.
Its core products are structural body components such as door frames, seat frames, and battery frames, along with door frames, bumper beams, and cowl cross members supplied to automakers.
Roll-forming technology applied to ultra-high-tensile steel is the company's core competitive edge, and it has been expanding supply of related parts in response to Hyundai Motor Group's rising EV production. Its main customers are Hyundai Motor and Kia, and it also supplies parts to GM Korea and KG Mobility.
Headquarters are in Gyeongsan, Gyeongsangbuk-do, with production sites including one in Asan, Chungcheongnam-do. The Korea IR Service has characterized the company as a lightweight auto-parts specialist built on roll-forming and precision-welding technology.
As a supplier concentrated on a small number of automakers, the business structure is sensitive to shifts in those OEMs' production plans.
More recently, the company has been pursuing expanded cooperation with Hyundai Motor Group's Georgia EV plant (HMGMA) in the United States, attempting to integrate into an overseas supply chain.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q1 | ₩168B | ₩13.1B | 7.8% |
| 2025Q2 | ₩155.6B | ₩8.5B | 5.4% |
| 2025Q3 | ₩157.1B | ₩7.4B | 4.7% |
| 2025Q4 | ₩145.5B | ₩13B | 9.0% |
| 2026Q1 | ₩193.7B | ₩14.4B | 7.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩387.4B | ₩11.7B | ₩22.7B | 3.0% | 36.9% | 643.7% |
| 2023 | ₩538.6B | ₩35.6B | ₩18.2B | 6.6% | 20.3% | 443.8% |
| 2024 | ₩568.2B | ₩35.7B | ₩18.3B | 6.3% | 17.2% | 349.6% |
| 2025 | ₩626.2B | ₩42B | ₩21.2B | 6.7% | 15.9% | 288.0% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Consolidated revenue reached KRW 626.2 billion in 2025, up from KRW 568.2 billion in 2024, and more than 60% higher than the KRW 387.4 billion recorded in 2022.
Operating profit rose from KRW 11.7 billion (3.0% margin) in 2022 to KRW 35.6 billion (6.6%) in 2023, KRW 35.7 billion (6.3%) in 2024, and KRW 42.0 billion (6.7%) in 2025, reflecting an improving margin structure.
The company attributes this growth to increased production at major customers such as Hyundai and Kia and expanded supply of products using ultra-high-tensile roll-forming technology, together with efficiency gains from its production system.
Net income attributable to owners fell from KRW 22.7 billion in 2022 to KRW 18.2 billion in 2023 and KRW 18.3 billion in 2024, before recovering to KRW 21.2 billion in 2025.
On a quarterly basis, after posting revenue of KRW 168.0 billion, operating profit of KRW 13.1 billion, and net income of KRW 5.5 billion in Q1 2025, revenue softened slightly to KRW 155.6 billion and KRW 157.1 billion in Q2 and Q3, yet net income actually rose to KRW 9.9 billion and KRW 10.6 billion.
In contrast, Q4 2025 posted revenue of KRW 145.5 billion and a positive operating profit of KRW 13.0 billion, but net income swung to a loss of KRW 4.8 billion, highlighting a notable divergence between operating and bottom-line results.
In Q1 2026, revenue climbed to KRW 193.7 billion, up more than 15% year-on-year, with operating profit of KRW 14.4 billion and net income of KRW 13.9 billion, marking a clear quarterly recovery.
Over the most recent four quarters (Q2 2025 through Q1 2026), net income attributable to owners totaled roughly KRW 29.6 billion, while the debt ratio continued its multi-year decline, falling from 643.7% in 2022 to 288.0% in 2025.
The auto body-parts industry in which Dongwon Mobility operates is closely tied to automakers' production cycles and the pace of the EV transition.
Hyundai and Kia have been expanding production centered on their dedicated EV plant in Georgia, United States (HMGMA), and parts suppliers are correspondingly increasing local production and supply of high-tensile-steel components.
The company has stated that it is strengthening its local production ratio and global OEM order strategy in response to intensifying US protectionist trade policy.
Lightweighting and high-strength material adoption have emerged as key competitive factors in the body-parts market, putting companies with roll-forming technology in a relatively favorable position.
At the same time, as a supplier heavily concentrated on a small number of automakers, the company's results remain directly exposed to shifts in downstream demand and trade-policy changes.
More broadly, the domestic auto-parts industry operates in an environment sensitive to external variables such as changing part specifications from the EV transition, raw-material prices, and exchange rates.
Through its July 2026 name change, Dongwon Mobility formalized a transition from a traditional body-parts manufacturer toward a future-mobility company. The company has stated it plans to respond to Hyundai Motor Group's rising EV production by expanding supply of parts using ultra-high-tensile roll-forming technology.
If cooperation with the Georgia HMGMA plant in the United States materializes further, it could serve as a foothold for integration into an overseas supply chain and expansion of related revenue.
However, quantitative guidance such as the scale of new capacity additions or specific order values has not yet been disclosed.
The company has voted on dividend proposals at its annual general meeting following each fiscal year-end, and whether this dividend policy continues will be worth confirming at the next settlement.
Changes in part specifications driven by the EV transition, adjustments to automakers' production plans, and shifts in US trade policy remain variables that could directly affect future results.
Dongwon Mobility's shares tend to trade at a multiple below net asset value, with the stock price sitting below book value per share. Relative to earnings as well, the multiple sits in a range below both the broader market average and the company's own historical trading band.
The company has voted on cash dividends at its annual general meeting following each fiscal year-end, and dividend payments have continued during periods when net income remained positive.
That said, as seen in Q4 2025, when net income turned negative despite a positive operating profit, quarter-to-quarter earnings volatility remains a factor to be aware of. The steady multi-year decline in the debt ratio is a factor that can be read positively from a financial-structure perspective.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-05
The debt ratio declined for four consecutive years, from 643.7% in 2022 to 443.8% in 2023, 349.6% in 2024, and 288.0% in 2025, reflecting an improving trend in financial stability. Over the same period, total equity grew from KRW 61.4 billion to KRW 133.0 billion, accompanied by capital expansion.
Operating cash flow also rose from KRW 45.0 billion in 2022 to about KRW 75.0 billion in 2025, underpinning cash-generation capacity.
The operating margin rose from 3.0% in 2022 to a range of 6.3–6.7% in 2023–2025. The company attributes this improvement to expanded supply of higher-value-added products using ultra-high-tensile roll-forming technology, along with more efficient production systems.
In Q1 2026, revenue reached KRW 193.7 billion with operating profit of KRW 14.4 billion, showing quarterly revenue expansion versus the prior-year period.
The company is pursuing expanded cooperation with Hyundai Motor Group's Georgia EV plant (HMGMA) in the United States, and in July 2026 it changed its name to Dongwon Mobility, formalizing its transition toward a future-mobility company.
It holds an EV-oriented product portfolio including battery frames, giving it room to raise the share of related revenue as automakers expand EV production.
Most revenue is concentrated among a small number of automakers such as Hyundai and Kia, directly exposing results to changes in those customers' production plans or model cycles. Supply to GM Korea and KG Mobility exists but is limited in scale, so the diversification effect is not significant.
In Q4 2025, operating profit was KRW 13.0 billion, yet net income swung to a loss of KRW 4.8 billion. This is presumed to reflect one-off non-operating items and illustrates that a gap can open between operating profit and net income. Net income recovered to KRW 13.9 billion in Q1 2026, but quarter-to-quarter variation remains substantial.
Even after declining for four straight years, the debt ratio remained at 288.0% at end-2025, still higher than the broader market average. As a small-cap name within the KOSPI, trading liquidity may be relatively limited.
Revenue is heavily dependent on orders from a small number of automakers such as Hyundai and Kia, so production cuts or model-changeover timing at these customers could affect results.
As a tier-2/tier-3 supplier, the company's ability to respond to automakers' inventory adjustments or part-specification changes may be limited. It may also have weaker negotiating leverage compared with peers that have a more diversified customer base.
If US protectionist trade policy intensifies further, local-production requirements or tariffs could add to cost burdens. The company has said it is responding by expanding its local production ratio and global order strategy, but uncertainty remains over the direction and timing of policy changes.
Fluctuations in raw-material prices such as steel and in exchange rates directly affect the cost structure. Given the nature of the auto-parts industry, pricing power relative to automakers may be limited, creating a structural risk that cost increases cannot be fully passed through to selling prices.
The quarterly report for Q2 2026 (July–September) is expected to be filed — worth checking whether the revenue recovery and operating-margin trend continue.
News on the utilization rate of Hyundai Motor Group's Georgia EV plant (HMGMA) and related parts-supply expansion should be checked for its linkage to the company's results.
It is worth watching for follow-up disclosures on new businesses or organizational changes following the rebranding to Dongwon Mobility.
Results for the 42nd fiscal year (April 2026–March 2027) and whether the dividend policy continues can be confirmed at the annual general meeting.
Dongwon Mobility (formerly Dongwon Metal) is an automotive body-parts specialist that has sustained revenue growth and an improving debt ratio over multiple years through 2025. Its operating margin rose from 3.0% in 2022 to the 6% range in 2023–2025, and Q1 2026 saw both revenue and net income expand year-on-year.
That said, as seen in Q4 2025, when net income turned negative despite a positive operating profit, quarter-to-quarter earnings volatility is a point worth noting.
Following its July 2026 rebranding, the company is pursuing a transition toward a future-mobility business through EV-oriented parts and expanded cooperation with Hyundai Motor Group's Georgia plant (HMGMA) in the United States.
Because revenue is concentrated among a small number of customers such as Hyundai and Kia, results remain shaped by downstream demand and trade-policy developments, a factor that will continue to warrant monitoring.
The pace of financial-structure improvement and execution of the business-transition strategy are likely to be key variables in gauging future earnings trends.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.