耐克寻路：在华销售大跌21%丨运动财报观察

Core Viewpoint - Nike is experiencing a significant decline in revenue and profit across various regions, indicating a global trend of weakening demand in the sportswear market [2][3][6]. Financial Performance - For the fiscal year 2025, Nike reported revenue of $46.309 billion, a 10% decrease year-over-year, and a net profit of $3.219 billion, down 44% [2]. - In Q4, Nike's revenue was $11.097 billion, reflecting a 12% decline year-over-year, with net profit dropping 86% to $211 million [3]. Regional Performance - All regions reported revenue declines, with the Greater China region experiencing the largest drop of 21%, totaling $1.48 billion [5][10]. - North America sales fell 11% to $4.7 billion, while EMEA saw a 9% decrease to $3 billion, and Asia-Pacific and Latin America dropped 8% to $1.58 billion [6]. Product Performance - Nike's classic shoe lines have seen a significant reduction in supply, contributing to a 40% decline in sales for these products [7]. - Apparel sales decreased by 9% to $3.002 billion, while footwear sales fell 12% to $7.185 billion in the latest quarter [7]. Strategic Initiatives - Nike is implementing the "Win Now" strategy to adjust its product lines and clear inventory, which has negatively impacted short-term performance [7][9]. - The company plans to enhance its focus on core sports areas through a new initiative called "Sport Offense," aimed at improving brand differentiation and product offerings [9]. Market Conditions - The ongoing price war in the Chinese market is affecting sales, with DTC channel revenue down 15% and wholesale channel revenue down 24% in the Greater China region [10][11]. - The competitive landscape includes significant discounts from competitors, impacting overall market dynamics [15][16]. Inventory Management - Nike reported an 11% decrease in inventory, indicating efforts to manage stock levels amid declining sales [11]. Future Outlook - Despite current challenges, Nike's leadership expresses confidence in long-term opportunities in the Chinese market and plans to increase investments [21][22].