PNJ – 3Q2025: Beating expectations and turning to growth, results improve in the second half
• 3Q2025 Revenue: Reached VND 8,136 bn (+14.1% YoY, +7.3% QoQ), primarily driven by an 88.3% YoY surge in gold-related revenue from a low base, as gold-buying demand strengthened amid continuously rising gold prices. This trend led to a significant shift of consumer cash flow toward gold rather than jewelry.• 3Q2025 NPAT-MI: Recorded VND 496 bn (+129.8% YoY, +12.5% QoQ), marking PNJ’s highest 3Q net margin. This was supported by: (1) Price increasing to reflect gold price rising while maintaining a low COGS thanks to the favorable prices achieved when recycling liquidated jewelryand previously procured gold raw materials; (2) Tighter operating cost control at the store level with SG&A/sales ratio declining in Q3 after strong expense during Q1-Q2/2025.
• Outlook for 4Q2025: We expect PNJ’s 4Q2025 results to improve further YoY, supported by a stronger recovery in the jewelry sector as Q4 coincides with festive and celebratory occasions that stimulate demand for both women’s and men’s jewelry. Additionally, jewelry spending has been rebounding among high-income customers after a slowdown in late 2024 and is expected to remain strong throughout Q4.
• Update on Decree 232/2025/ND-CP: PNJ has submitted all required documents for approval. The SBV has received the preliminary data and is currently reviewing and assessing. In addition to the company’s production capability, the quota will also depend on foreign-exchange supply-demand conditions, macroeconomic factors, and SBV’s policy stance. Although PNJ has not yet received specific information on the quota, the company has fully prepared the necessary resources.
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