Phu Nhuan Jewelry (HOSE: PNJ) | 2025 PNJ AGM

2025 Business Guidance

o       Revenue: VND 31,606bn (-17.3% YoY)

o       NPAT: VND 1,959bn (-7.3% YoY)

Q1 2025 earnings estimate: Consolidated revenue of VND 9,635bn (-23.5% YoY) and NPAT of VND 678bn (-8.1% YoY), completing 30% and 34% of the full-year target, respectively.

Jewelry Retail:

o       2025 will be a challenging year, but PNJ still has the budget to open 12–25 new stores in tier 2 and 3 areas annually depending on the puchasing power. PNJ will continue to develop the Style by PNJ product line. At the same time, PNJ is trying to identify customer segments that still have purchasing power to maintain its market share.

o       PNJ will continue to repurchase gold from customers; this source currently accounts for 20–30% of raw materials. PNJ will rebrand its art jewelry brand and plan to shift its business model from selling gold to selling jewelry.

o       Q1 2025, revenue reached VND 6,490bn (-6.1% YoY), accounting for 69.3% of total revenue. There were no new store openings in Q1 2025. PNJ recorded positive revenue on the God of Wealth Day as customers shifted from buying gold bars to 24K gold jewelry. Jewelry sales on International Women’s Day continued to grow, but sales volume declined in April and May.

o       At times, PNJ had to let goldsmiths take a few days off due to a lack of gold for production.

o       Besides, PNJ also launched the new Mancode product line under a shop-in-shop model at 10 stores, with revenue currently tripling in Q1 2025. If performance remains strong, independent stores will be opened. PNJ is also co-investing with startups to expand into more men’s fashion brands, including an upcoming Italian fashion line. The five-year vision is for Mancode to contribute 25% to one-third of PNJ’s jewelry revenue.

24K Gold

o       In 2025, sales are expected to drop by 60–70% YoY.

o       Q1 2025, revenue reached VND 1,695 bn (-65.8% YoY). No revenue was recorded from gold bar sales on the God of Wealth Day and Valentine’s Day.

Other Activities

o       Expenditure: Increased investment in innovation and production, including an AI project aimed at enhancing customer experience and employee productivity. Marketing activities will be intensified. A review of the production workforce is underway to optimize resources.

o       Share buyback plan: Total number of shares to be repurchased: up to 8,000,000 shares, equivalent to 2.5% of total outstanding shares to protect shareholder interests and corporate value.

o       Dividend policy: PNJ plans to (i) pay a 20% cash dividend in 2025; and (ii) issue ESOP at a rate of 0.96%, equivalent to 3,243,890 shares, with an issue price of VND 20,000/share.

AGM documents 2025: https://www.pnj.com.vn/quan-he-co-dong/dai-hoi-dong-co-dong/

AGM resolution 2025: https://cdn.pnj.io/images/quan-he-co-dong/2025/25b-20250427-PNJ-Nghi-quyet-DHDCD-thuong-nien-2025-EN.pdf