起亚二季度营业利润同比下滑并拖累现代汽车集团盈利预期

Kia (000270.KS) shares fell nearly 13% after the automaker reported a roughly 5% decline in second-quarter operating profit. Kia posted record-high revenue of 33.037 trillion won in the second quarter, but operating profit came in at 2.6285 trillion won, down from 2.7647 trillion won in the second quarter of last year. Hyundai Motor (005380.KS) saw its operating profit fall about 20% over the same period, raising concerns about deteriorating profitability across the group.
According to the Korea Exchange, Kia was trading at 130,600 won as of 2:59 p.m. on the 24th, down 12.82% from the previous trading day. Kia traded in the 140,000 won range early in the session before falling to the 130,000 won range as losses widened in the KOSPI market. The stock later showed a slight rebound, but the decline steepened after the release of second-quarter earnings that showed a lower profit margin.
Kia said in a regulatory filing that it recorded revenue of 33.037 trillion won and operating profit of 2.6285 trillion won in the second quarter. While revenue marked a quarterly record, operating profit declined 4.9% from the second quarter of last year. Kia explained that this resulted from "aggressive pricing and incentive (sales promotion) policies to respond to Chinese electric vehicle brands, and an increase in won-denominated sales warranty provisions (repair costs such as free warranties) due to the decline in the won's value (rising exchange rate)."
However, concerns over declining profitability are growing in the market. Hyundai Motor posted preliminary second-quarter revenue of 49.2153 trillion won and operating profit of 2.8509 trillion won. While revenue reached a quarterly high, operating profit fell 20.8% from the second quarter of last year, reducing its profit margin. Rising costs, production disruptions, and incentive burdens were cited as the main causes of Hyundai Motor's operating profit decline.
Meanwhile, NH Investment & Securities (005940.KS) released a report the same day, lowering its target price for Hyundai Motor to 760,000 won from 860,000 won. The firm cited uncertainty over the timing of humanoid mass production as its basis. The report said, "The company is preparing to develop new businesses across physical AI, including humanoids and autonomous driving, but progress is slower than market expectations," adding, "Despite the rapid streamlining of external factors such as regulations, its pace is lagging behind competitors."
Kia said, "Our operating profit margin has risen for three consecutive quarters since bottoming out (5.1%) in the third quarter of last year," adding, "Unlike last year, when we struggled somewhat in terms of profit and loss due to the impact of U.S. auto tariffs, this year we are showing a recovery in fundamental profit strength."