越南最大上市珠宝零售商Phu Nhuan Jewelry JSC计划大幅下调2026年营收目标，并预计亏损6.27万亿盾（约2.41亿美元）。在钻石走私丑闻发生后，公司为客户回购计提了巨额拨备。
By Nguyen Kieu Giang Phu Nhuan Jewelry JSC, Vietnam’s largest listed jewelry retailer, plans to slash its 2026 revenue target and forecasts a 6.27 trillion dong ($241 million) loss as it sets aside a huge provision for customer buybacks following a diamond-smuggling scandal.
公司在声明中表示，将提议把营收目标从此前的48.66万亿盾下调至39.06万亿盾。公司还将针对以旧换新及回购政策可能造成的损失，计提7.07万亿盾的拨备。
PNJ, as the company is known, will propose cutting its revenue goal to 39.06 trillion dong from 48.66 trillion dong previously, it said in an emailed statement. It will set aside a 7.07 trillion dong provision for potential losses tied to its exchange and repurchase policy.
PNJ表示：“调整目标、预提拨备和筹备资本，是PNJ全面评估各项影响，并在重组阶段主动实施必要改革的一部分。”
“Adjusting the target, anticipating provisions and preparing capital are part of PNJ’s comprehensive assessment of the impacts and proactive implementation of necessary changes during the restructuring phase,” PNJ said.
此次重组凸显了钻石走私调查动摇钻石行业信心后，这家越南知名消费企业所面临的财务冲击。PNJ目前正努力改善资产负债表、重建客户信任并重塑门店网络，同时应对利润率下降和钻石市场低迷等问题。
The overhaul shows the financial fallout facing one of Vietnam’s best-known consumer companies after a smuggling investigation shook confidence in the diamond trade. PNJ is now trying to shore up its balance sheet, rebuild customer trust and reshape its store network while dealing with weaker margins and difficult conditions in the diamond market.
如果不计入回购拨备，PNJ预计今年税后利润约为8000亿盾，低于原定约3.41万亿盾的目标。修订后的目标和拨备方案将提交10月21日举行的特别股东大会审议。
Without the buyback provision, PNJ projects after-tax profit of about 800 billion dong this year, below its original target of about 3.41 trillion dong. The revised targets and provision will be put to shareholders at an extraordinary meeting on Oct. 21.
据另一份声明，PNJ还计划筹集最多8万亿盾，用于未来三年的重组和营运资金需求。筹资细节将在10月会议上公布。由董事长曹氏玉蓉（Cao Thi Ngoc Dung）家族提供的一笔贷款中，约7000亿盾已经发放。
PNJ separately plans to raise as much as 8 trillion dong to fund its turnaround and working-capital needs over the next three years, according to another statement. Details of the fundraising will be presented at the October meeting. About 700 billion dong of a loan from Chairwoman Cao Thi Ngoc Dung’s family has already been disbursed.
压力已经体现在PNJ最新公布的业绩中。今年7月和8月，尽管营收同比增长4.5%，公司仍亏损约610亿越南盾。毛利率从约18.5%降至约10%，PNJ将这一下降归因于利润率下滑、钻石市场的不利变化以及季节性因素。
The strain is already showing in PNJ’s latest results. The company posted a loss of about 61 billion dong in July and August even as revenue rose 4.5% from a year earlier. Its gross margin fell to about 10% from roughly 18.5%, with PNJ citing the margin decline, unfavorable developments in the diamond market and seasonal factors.
麻烦始于PNJ全资宝石鉴定机构PNJ-LAB前负责人 Dang Ngoc Thao 在一项跨国钻石走私调查中被拘留。警方上月表示，与此案有关的3万多颗钻石被出售给个人客户，且未进入PNJ的零售网络。调查人员称，PNJ拥有完整的进口文件，其自身的钻石分销也符合相关规定。
The troubles followed the detention of Dang Ngoc Thao, former head of PNJ’s wholly owned gem-certification unit PNJ-LAB, in a transnational diamond-smuggling probe. Police said last month that more than 30,000 diamonds linked to the case were sold to individual customers and did not enter PNJ’s retail network. Investigators said PNJ had complete import documentation and that its own diamond distribution complied with regulations.