PNJ's capitalization lost more than VND 2,260 billion on July 3rd.
PNJ shares of Phu Nhuan Jewelry Joint Stock Company fell 7% to 58,700 VND/share right from the beginning of the trading session.
At the end of the morning session, this code recorded more than 11.3 million shares outstanding for sale at the floor price, with no outstanding purchases. Matched order liquidity reached more than 917,000 shares.
After this decline, PNJ's market price was about 8% lower than at the beginning of the year, bringing the market capitalization of the enterprise from 32,300 billion VND at the closing session on July 2 to 30,038 billion VND. Thus, compared to before the floor price decrease, PNJ's capitalization has evaporated about more than 2,260 billion VND.
Revenue and profit continuously increase sharply
PNJ was established in 1988 and is one of the few gold, silver and gemstone businesses listed on the stock market.
Regarding business results, from 2022 to now, the company's revenue has always maintained over 33,000 billion VND. Of which, 2024 reached the highest level with more than 37,800 billion VND. The main source of revenue comes from gold, silver, gemstone and jewelry business activities.
PNJ's after-tax profit has been maintained at trillions of VND for many consecutive years and set a record in 2025. Net revenue in 2025 reached 34,976 billion VND, after-tax profit reached 2,828 billion VND, an increase of 34% compared to 2024 and exceeding about 44% of the profit plan approved by the Annual General Meeting of Shareholders.
In the revenue structure, the jewelry segment continues to play a key role when contributing more than 80% of total revenue in 2025. In which, the retail channel accounts for nearly 70%, while the wholesale channel contributes about 11%.
Although purchasing power is affected by the increase in gold prices, retail sales for the whole year still increased by more than 11% compared to the previous year, while wholesale sales only increased by 1.7%.
In the opposite direction, 24K gold revenue decreased by nearly 43% due to a shortage of raw materials and product supply lasting from the second half of 2024 to the end of 2025. However, the average gross profit margin of enterprises still improved from 17.6% to 22%.
By the end of 2025, PNJ's total assets reached 20,163 billion VND, an increase from 17,207 billion VND in 2024. In which, inventory increased from 13,015 billion VND to 15,835 billion VND, causing the proportion of inventory on total assets to increase from 75.7% to 78.6%.
In this year, businesses expanded short-term loans to 4,223 billion VND, an increase of 26.4% compared to 2024.
Strongly reduce inventory
Stepping into Q1/2026, PNJ recorded consolidated net revenue of VND 17,245 billion, up 79% compared to the same period last year. After-tax profit reached VND 1,467 billion, up 116.5%. This is the quarter with the highest business results in the company's operating history.
In the revenue structure, retail revenue increased by 21.7% compared to the same period, while wholesale jewelry revenue increased by 33.9%.
Notably, 24K gold revenue reached nearly 7,400 billion VND, an increase of 324.7% compared to the same period. This is a record revenue level for this segment, 12% higher than the total 24K gold revenue of the whole year 2025 and 2-3 times higher than the 24K gold revenue in the years 2017-2021.
However, the increase in the proportion of 24K gold revenue also caused the average gross profit margin in Q1/2026 to decrease to 20%, lower than the 21.3% level in the same period of 2025 because 24K gold has a lower profit margin than the jewelry segment.
By the end of March 2026, PNJ has 430 stores nationwide, including 422 PNJ stores, 3 Style by PNJ stores, 4 CAO Fine Jewellery stores and 1 wholesale business center.
Regarding asset scale, after a sharp increase in 2025, PNJ began to adjust in the first quarter of this year. By the end of the first quarter of 2026, the total assets of the enterprise were still more than 19,692 billion VND.
In which, inventory decreased from 15,835 billion VND at the beginning of the year to 13,419 billion VND, equivalent to a decrease of more than 2,400 billion VND.
As of the end of Q1/2026, PNJ's payables were VND 5,291 billion, down 23.2% compared to the beginning of the year. In which, short-term loan balance decreased from VND 4,223 billion to VND 2,893 billion. Equity reached VND 14,401 billion, up 8.5% compared to the beginning of the year.
